ABB INDIA

limited
Integrated
annual REPORT
2024
“We help industries outrun – leaner and cleaner”
underpins the next phase of the Company’s
development as a leader in electrification and
automation following its successful transformation
period. It articulates what ABB wants to be known for
in the minds of its customers.

The new brand positioning centers around the word

“Outrun” and its meaning consists of two parts:
Keeping ABB’s partners running consistently at high
performance and at the same time helping them run
more productively, efficiently and sustainably so they
can outperform.

“Leaner” stands for ABB’s global leadership role in

automation, improving the productivity and efficiency
of every industry’s critical day-to-day operations.

“Cleaner” represents the Company’s leadership

in electrification, decarbonizing the world’s most
essential industries.

ABB’s new tagline is ‘Engineered to Outrun’. The new

brand positioning is in line with ABB’s purpose of
enabling a more sustainable and resource-efficient
future with its technology leadership in electrification
and automation.
ABB India Limited | Integrated Annual Report 2024

ABB Group
ABB is a global technology productive and sustainable so
leader in electrification and they outperform.
automation, enabling a more
sustainable and resource- At ABB, we call this ‘Engineered
efficient future. By connecting to Outrun’. With a rich history
its engineering and digitalization spanning over 140 years, our
expertise, ABB helps industries company employs approximately
run at high performance, while 110,000 people with nearly 170
becoming more efficient, manufacturing sites globally.

ABB’S PURPOSE

We enable a more sustainable

and resource-efficient
future with our technology
leadership in electrification
and automation.

Addressing the world’s energy challenges

02
 Transforming industries

Leading with technology

Embedding sustainability

Creating success

03
ABB India Limited | Integrated Annual Report 2024

About ABB India’s Report

The ABB India Integrated Annual Report outlines how

we create value through the ABB Way. It provides a
comprehensive view of our business strategy, governance,
performance and the outcomes generated across our
divisions, all unified under the ABB brand. The report covers
key financial and sustainability strategies, targets and
performance, primarily for shareholders and the investment
community, but also for other stakeholders such as
customers, employees, partners, governments and suppliers.

This Integrated Annual Report 2024 is part of our annual reporting

suite, with a focus on financial and sustainability performance for
the full year, reflecting the status as of December 31, 2024.

→ About the cover:

The cover page shows our
Nelamangala campus, ABB
India’s youngest location is one
of the most enriched in terms of
milestones and achievements. It
is a manufacturing campus where
dual armed industrial robots
co-exist in harmony with parrots.
Where productivity is not only
defined by autonomous guided
vehicles on industry 5.0 shopfloor
but are complemented by the
equally keen efforts for water
conservation, increasing the
water table by three times in the
arid area, This location is notable
for many firsts, including being
ABB India’s first site to become
water positive. The campus has
shopfloors for robotic solutions,
low and medium voltage drives,
traction equipment, high power
rectifiers, excitation system and
MCB, RCCB, ACB, MCCB, SFU, TOLR,
UPS and Contactors.

04
 Voluntary Disclosure • Integrated Report
and Sustainability • Business Responsibility
Information and Sustainability Report

ABB INDIA
• Board’s Report
INTEGRATED
• Corporate
ANNUAL
Governance
REPORTING
Report
SUITE 2024
• Management
Discussion and Statutory Financial
Analysis Disclosure Information
• Notice of AGM
• Secretarial
Audit Report

• Financial Statements

Key regulatory and reporting frameworks OUR VALUE CREATION MODEL

DEFINING THE STRUCTURE OF OUR
• The Companies Act, 2013 REPORT
• Indian Accounting Standards
• The Securities and Exchange Board of Our value creation model outlines how we deliver on our
India (Listing Obligations and Disclosure purpose by transforming inputs into sustainable value
Requirements) Regulations, 2015 through our decentralized operating model, the ABB
• Business Responsibility and Sustainability Way. This model drives short-, mid- and long-term value
Reporting (BRSR) based on the National creation, resulting in leading financial performance,
Guidelines for Responsible Business Conduct world-class technology, a low-carbon society, resource
(NGRBC) preservation and social progress. It is supported by a
• International Integrated Reporting Council (IIRC) culture of integrity and transparency.
Frameworks
• United Nations Sustainable Development Goals
Principles (UNSDGs)

05
ABB India Limited | Integrated Annual Report 2024

Table of
contents

01
ABB India –
Corporate overview
09 Chairman and Managing
Director’s message
12 ABB India Limited at a glance
14 75 years of manufacturing
and innovation in India
16 Our business
18 Five-year summary
19 Financial highlights 2024
20 Driving progress
34 Sustainability in practice

02
Integrated thinking
approach
37 Integrated thinking
framework
38 Value creation model

03
Inputs
Resources that drive ABB India’s
value creation

41 Stakeholder engagement and

materiality assessment
44 Mega trends shaping
our business
46 Strategic capital allocation
and financial resilience

06
04 07
Process STATUTORY REPORTS AND
ABB India’s business model DISCLOSURES
and execution 80 Notice of AGM
92 Board’s Report
49 The ABB way
142 Management Discussion and Analysis
53 Contribution towards the UNSDGs
156 Business Responsibility and
54 Risk management
Sustainability Report

05 08
Outputs and outcomes FINANCIAL STATEMENTS
Measurable results and long-term 201 Independent Auditor’s Report
stakeholder and societal impact 214 Balance Sheet
57 Sustained value creation and 215 Statement of Profit and Loss
financial excellence 216 Statement of Cash Flows
59 Sustainability leadership 217 Statement of Changes in Equity
64 People-focused 218 Notes to the Financial Statements
68 Social impact 276 Route map to the Venue of the AGM

06
Corporate governance
and ethics
Integrity, transparency, accountability
and sustainable growth
75 Corporate governance and ethics
77 Board of Directors
78 Company information
79 Country management

07
01
ABB INDIA –
CORPORATE
OVERVIEW

09 Chairman and Managing Director’s message

12 ABB India Limited at a glance
14 75 years of manufacturing and innovation in India
16 Our business
18 Five-year summary
19 Financial highlights 2024
20 Driving progress
34 Sustainability in practice
 Corporate overview

Chairman and Managing

Director’s message

Dear Shareholders, leadership in automation, driving productivity

and efficiency across industries. ‘Cleaner’
As we present this message, we mark a highlights our pioneering role in electrification,
significant milestone in reaching our 75th leading the decarbonization of crucial sectors.
anniversary of serving this dynamic nation. This strategic re-positioning of our brand marks
Growing along with the country, we feel our next phase as leaders in electrification and
this achievement as a partnership built automation, focusing on delivering superior
on technological leadership, a focus on value by helping industries become leaner
sustainability and a deep understanding of the and cleaner, or as we like to say – ‘outrun’ the
country’s evolving requirements. For three- competition.
quarters of a century, we have been helping
industries outrun leaner and cleaner. We at ABB Driving growth through innovation and
India have been progressing across utilities, market focus
industries, infrastructure and transportation, The year 2024 has been noteworthy for ABB
aligning our efforts with India’s national India, characterized by record achievements
priorities. in orders, revenue and margins. Building upon
a robust performance in the preceding years,
A legacy of innovation and strategic we have continued our growth trajectory. Our
investments revenue expanded by a commendable 17%.
Our 75th year in India is a time for both Our order backlog saw a healthy 12% year-
reflection and renewed commitment. Starting on-year increase, reaching H 9,380 Crores as
with a focused portfolio, ABB India now of December 31, 2024. This strong backlog
operates across 23 diverse and strategically provides revenue visibility and aligns well with
important market segments. our growth plans for the coming periods.

Our best-in-class manufacturing facilities in We are immensely proud of the dedication

Bengaluru, Nashik, Vadodara and Faridabad and performance of the ABB India team, which
continue to support the ‘Make in India’ initiative, has consistently delivered a CAGR of 20% in
allowing us to provide customized solutions topline in the last five years and bottom-line
that meet the specific needs of our customers. growth has doubled over the last four years.
This consistent performance, achieved amid
The past year has witnessed a significant various economic and geopolitical dynamics,
surge in demand for energy-efficient and cost- highlights our resilience and customer-centric
effective solutions, propelled by India’s strong approach. Our diversified portfolio, strategically
economic growth and its ambitious goals deployed across numerous customer segments,
towards sustainability and emissions reduction. allows us to navigate the complexities of the
Our strategic investments in local sourcing, Indian market with agility and to capitalize on
research and development and advanced emerging opportunities.
manufacturing have been crucial in enabling us
to address these demands effectively, building Serving diverse customer segments
stronger collaborations and partnerships within The recently announced India Union Budget
the local ecosystem. 2025 outlines a clear vision for the nation’s
future with the key focus areas deeply
New brand positioning – how do we want to be resonating with ABB India’s strategic direction.
known to our customers Announcements in the budget like the urban
Our new brand positioning at ABB centers on challenge fund, extension of Jal Jeevan Mission,
‘Outrun.’ We have helped industries consistently the National AI Mission, setting up CoEs in
achieve high performance while empowering manufacturing and clean tech manufacturing
them to enhance productivity, efficiency mission augur well for ABB India’s growth given
and sustainability, ultimately enabling them its portfolio to cater to energy transition and
to outperform. ‘Leaner’ signifies our global solutions in digitalization and AI.

09
ABB India Limited | Integrated Annual Report 2024

ADRIAN GUGGISBERG
Chairman

Keeping these tailwinds on our sail, we at a significant portion of our supplier partners
ABB have set the standard for each of the actively involved in our green initiatives. In 2024,
bouquets of customer segments we serve. we achieved an impressive ~86% reduction in
We provide low-voltage distribution panels our Scope 1 and 2 GHG emissions compared to
based on our electrification technology to our 2019 baseline and 50% of our manufacturing
frozen food companies through our channel facilities are now water-positive and zero
partners and integrators. We are partnering waste to landfill. A key highlight is that supplier
with power distribution and automation participation in our ESG program increased
companies in their modernization efforts. Our to 40.5%, a 33% rise from 2023, as we actively
low-voltage and medium-voltage solutions partner with them in their sustainability journey
and equipment are key to making data centers and strengthen our BRSR reporting.
more energy efficient especially in an age of AI
and hyperscale verticalizations. Our solar pump Across all our campuses, we are advancing
drives are enabling sustainable water supply sustainability, having achieved significant
and helping cold storages use clean energy carbon footprint reductions and optimized
reliably in parts of northern India. energy consumption through our own energy-
efficient technologies and renewable solutions
In the metals manufacturing sector, we like solar power, alongside practices like
continue to provide automation solutions for rainwater harvesting and waste recycling.
both existing plant expansions and greenfield
projects. The rapidly expanding electronics Long-term vision and strategic outlook
sector is increasingly adopting our robotics Throughout our 75 years in India, ABB India
solutions, recognizing our global expertise and has been at the forefront of introducing
local capabilities. We are also a key supplier of cutting-edge global technologies adapted
propulsion technology for railways, including and engineered locally. Our experienced
for high-speed trains, in addition to providing leadership team across all divisions will
electrification solutions for metros and continue to navigate opportunities and
airports. challenges with agility and foresight, ensuring
sustainable growth and value creation for all our
Sustainability at ABB India stakeholders.
Sustainability remains a core focus in all our
operations at ABB India. We are dedicated to ABB India’s ‘local for local’ strategy, combined
resource conservation across our business, with with our efficient and sustainable portfolio,

10
 Corporate overview

SANJEEV SHARMA
Managing Director

positions us strongly to serve the diverse needs sincere gratitude to our shareholders for their
of all our market segments. This ensures that continued trust and support. We also deeply
we offer world-class ABB technologies that are appreciate the dedication and hard work of the
competitive and relevant to the Indian market. entire ABB India team, whose commitment is
We have witnessed an increasing demand for instrumental to our success.
more sophisticated and premium products
from tier 2 and 3 cities, which are hallmarks of Our innovations are closely aligned with India’s
our global portfolio with local engineering. Be ambitious national goals and we look forward
it packaged or solar pump drives, robotics pixel with enthusiasm to continuing our journey as
paint technology, localizations in flameproof a trusted partner in shaping a smarter, greener
or smoke venting motors or eco-efficient and more resilient future for the country.
switchgears and many other such examples
across divisions – ABB has been expanding its Regards,
portfolio to serve customer needs in an evolving
market condition. In the process we have also
built and helped develop a robust value chain
of partners and suppliers of home grown
entrepreneurs. ADRIAN GUGGISBERG SANJEEV SHARMA
Chairman Managing Director
We see strong potential in segments such
as chemicals, pharmaceuticals, automotive,
power distribution, water, electronics and
data centers, which are expected to attract
significant investments in the upcoming
financial year. We will remain vigilant in
monitoring the global geopolitical situation and
its potential impact on the local economy.

To a bright future
As ABB India celebrates 75 years of partnership
with this great nation, we reiterate our profound
pride in our contributions to India’s industrial
journey and growth story. We extend our

11
ABB India Limited | Integrated Annual Report 2024

ABB India Limited at a Glance

With over 100 years of presence in India, ABB India celebrated 75 years of
manufacturing and innovation, driving global R&D and business services.

Faridabad

Vadodara

Nashik

Mumbai
Pune

Head office, Bengaluru

Manufacturing locations
Bengaluru
Sales and Branch offices
Map not to scale, for representation purposes only R&D center

3,625 1,249 10% 5

Employees Third-party Employees Gender diversity Manufacturing Locations

Exporting to

25
Shop Floors
28
Sales Offices
750+
Channel Partners
30+
Countries

12
 Corporate overview

Head office and Peenya Campus, Bengaluru Maneja Campus, Vadodara

Nelamangala Campus, Bengaluru Faridabad Campus

Nashik Campus ABB Business Services, Bengaluru*

*Entity part of
ABB Innovation Center, Bengaluru* ABB Innovation Center, Hyderabad* ABB Group

13
ABB India Limited | Integrated Annual Report 2024

ABB India continues to contribute to India’s

transformation by advancing energy solutions,
revolutionizing manufacturing and supporting the growth
of emerging sectors such as green hydrogen, battery
storage and data centers. Through collaboration and
innovation, we are helping build a more sustainable and
future-ready industrial landscape.

14
 Corporate overview

Partnering India’s
Growth journey
SINCE ITS INCEPTION IN 1949, ABB INDIA HAS
FACILITATED NATION’S AUTOMATION, DIGITALIZATION
AND ELECTRIFICATION.

ABB technology is seamlessly entrenched in the fabric of Indian life

900+ Electric locos 300+ renewable energy

for Indian Railways projects across India

26 states use ABB’s power 80% of India’s

distribution technology metro networks

60% of mobile phone 30% of hyperscale

manufacturers data centers

We have earned a place to be a trusted partner in India’s growth story

First of its kind AI enabled Motors and drives saved 20 TWh

gas distribution network energy annually over the last decade

A first-of-its-kind Industry 5.0 Supported India’s Water Network

factory for electrical equipment with accurate flow measurement
in over 15 cities

An industry-first introduction of
robotics PixelPaint for automotives

With each step, we build a sustainable future

>80% reduction* in Scope 1 and 2 50% of our facilities are certified

GHG emissions since 2019 water positive
*As compared to the baseline of 2019

All 5 manufacturing locations 50% of our facilities are certified on

certified as ‘Green Factory Buildings’ zero waste to landfill

The next 75 years: Our vision for a smarter, sustainable and digitally empowered India of tomorrow

Commitment to India’s smart Focus on energy transition,

infrastructure and mobility goals digitalization, electronics and
advanced manufacturing

Deepening our R&D Fostering diversity, inclusion and

and localization skilling future engineers

15
ABB India Limited | Integrated Annual Report 2024

Our Business

Our business is driven by a clear purpose that guides

our strategic direction and shapes our operating model,
known as the ABB Way. We have four core business areas:
Electrification, Motion, Process Automation and Robotics
and Discrete Automation. Each area manages its divisions,
ensuring we meet our purpose through leadership in
electrification and automation. Our divisions, totaling 18,
are closest to our customers and are fully responsible for
their strategies, performance and resources.

16
 Corporate overview

ELECTRIFICATION MOTION
ABB’s Electrification division is a global leader in efficient ABB’s Motion division is the world’s largest supplier of
and reliable electricity use, from source to socket. We work drives and motors, driving productivity and sustainability.
with customers and partners to address key challenges We offer a full range of electrical motors, drives,
in electrical distribution and energy management. generators and services, along with integrated digital
Our portfolio includes digital innovations for low- powertrain solutions. Our energy-efficient, decarbonizing
and medium-voltage systems, such as electric vehicle solutions support a low-carbon future. We serve diverse
(EV) infrastructure, modular substations, distribution automation needs across sectors, helping customers
automation, power protection, switchgear and more. improve performance, safety and reliability.

Divisions Divisions
• Distribution Solutions • Drive Products
• Smart Power • System Drives
• Smart Buildings • Motion Services
• Installation Products • NEMA Motors
• Service • IEC LV Motors
• Large Motors and Generators
• Traction

PROCESS AUTOMATION ROBOTICS AND DISCRETE

AUTOMATION
ABB’s Process Automation division helps customers
manage large, complex industrial operations across ABB’s Robotics and Discrete Automation division helps
essential sectors, from energy and water supply companies become more resilient, flexible and efficient
to goods production and transportation. We offer with robotics and automation solutions. We offer
automation, electrification and digital solutions for integrated systems and application expertise across
process, hybrid and maritime industries, including various industries, delivering real customer value. Our
industry-specific control systems, software and innovation focus includes AI, digital partnerships and
measurement and analytics services. expanding production and research capabilities.

Divisions Divisions
• Energy Industries • Robotics
• Process Industries • Machine Automation1
• Marine and Ports
• Measurement and Analytics
1 – Machine Automation division is not part of ABB India and is run separately
out of ABB B&R

17
ABB India Limited | Integrated Annual Report 2024

Five-year Summary
(H in Crores)

Description 2024 2023 2022 2021 2020

Sources of Funds

Shares capital 42 42 42 42 42

Reserves 7,033 5,903 4,897 4,003 3,564

Net worth 7,075 5,945 4,939 4,045 3,606

Borrowings - - - - -

Funds employed 7,075 5,945 4,939 4,045 3,606

Income and Profits

Revenue from operations 12,188 10,447 8,568 6,934 5,821

Operating profit before Interest and depreciation 2,655 1,783 1,129 699 368

Profit before tax and exceptional 2,509 1,651 1,011 586 231

Profit before tax and after exceptional 2,509 1,651 1,350 707 289

Profit after tax 1,872 1,242 1,016 520 219

Other comprehensive income/(loss)(net of tax) -11 -4 -12 25 -28

Dividend/Dividend tax 730 233 110 106 102

Retained earnings 1,131 1,005 906 414 86

Other data

Gross fixed assets 1,721 1,577 1,376 1,208 1,130

Debt equity ratio 0.00:1 0.00:1 0.00:1 0.00:1 0.00:1

Net worth per equity share-Rs 334 281 233 191 170

Earnings per equity share-Rs 88 59 48 25 10

Dividend per equity share-Rs 44.16* 29.3 5.5 5.2 5

Profit after taxes as % to average net worth 29 23 23 14 6

Orders received 13,079 12,319 10,028 7,666 5,932

Orders backlog 9,380 8,404 6,468 4,912 4,114

Number of permanent employees 3,625 3,384 3,139 3,149 3,255

* Includes proposed dividend of Rs. 33.5 per share

18
 Corporate overview

Financial highlights 2024

J13,079 J9,380
Orders (Crores) Order backlog (Crores)

J12,188 J2,513
Revenue (Crores) Profit before tax (Crores)

J1,875 J88.46
Profit after tax (Crores) Earnings per share

51% 26.5%
Increase in dividend Return on capital employed

19
ABB India Limited | Integrated Annual Report 2024

Driving Progress
INVESTING IN A
STRONGER FOUNDATION

Faridabad

Upgradation and
expansion of
motors factory
and office

Nelamangala

Renovation of
administration
building

20
 Corporate overview

Nashik

Upgradation and
expansion of Gas Insulated
Switchgear shopfloors,
factory acceptance test
and production offices

Vadodara

Modernization of office space and

warehousing and storage for large
motor division

Mumbai

New sales and marketing office

21
ABB India Limited | Integrated Annual Report 2024

Driving Progress
LOCAL EXPERTISE FOR ADVANCED
TECHNOLOGICAL SOLUTIONS

ACH180
COMPACT DRIVE
FOR HVACR

The latest addition to ABB’s

HVACR drive portfolio,
the ACH180 is designed
for expert control of high-
efficiency motors. Its
compact design ensures
space savings, reduced
capital expenditure and
seamless commissioning,
making it an ideal solution
for modern HVACR
applications.

NEXT-GENERATION ENERGY-
EFFICIENT MOTORS

Reinforcing ABB’s commitment to ‘Make in ABB’s focus on energy efficiency is already making an impact, with
India’, two advanced motor solutions have been nearly 55% of motors ordered in 2024 meeting higher efficiency
introduced: standards (IE3 and IE4)

• IE4 Super Premium Efficiency Motors (Small

Frame, Cast Iron) – Expanding ABB’s IE4
portfolio, these motors offer exceptional
energy efficiency, lower operating costs and
reduced emissions, driving sustainability
across industries
• IE3 Aluminium Motors – Designed for
lightweight and corrosion-resistant
applications, these motors ensure durability
while delivering high efficiency for diverse
operational needs

22
 Corporate overview

In 2024, ABB India maintained

its strategy of combining global
technology and local engineering to
localize some of the best technology
available, spanning a range from home
automation to motors and relays.

The launch of ABB-free@home®, a

wireless Smart Home automation
system, brought seamless
interoperability, enhancing comfort,
security and energy efficiency. This
solution is witnessing good traction in
the metro city apartment owners.

2024 was also the year

when the miniature circuit
breaker (MCB) celebrated
a 100-year global legacy
with a quarter century of
manufacturing in India.

From the Measurement and Analytics division,

ABB’s AquaMaster electromagnetic flowmeters
completed 20 years, with the first installation in
Bengaluru and more than 500 units are now in
operation.

ABB also launched ChloroStar™, a family of

sensors, transmitters and accessories for accurate
and reliable chlorine measurement and analysis
that enable users in the water, wastewater
and other industries to control chlorine more
efficiently, enhancing treatment and increasing
process uptime.

23
ABB India Limited | Integrated Annual Report 2024

Driving Progress
PARTNERING IN
NATION BUILDING

Medium voltage switchgears commissioned for critical

tunnel and rail link corridors connecting J&K with the
rest of the country

Solutions for ‘PM KUSUM Yojana’ projects aimed at

providing solar pumps to farmers and decentralized
renewable projects on barren land

A range of solutions including compact

substations, power distribution centers,
switchgears were supplied for India’s largest
container handling terminal port

24
 Corporate overview

Critical and advanced electrification solutions have Breakthrough orders for motors to support the
been provided for several of India’s major infrastructure Government’s ‘Jal-Jeevan Mission’
projects, including the Mumbai-Pune highway link, Dwarka
expressway, Varanasi ropeway and Zozila tunnel

System Drives and Services delivered large

drives to critical nation-building projects,
including India’s largest blast furnace and pump
storage power plant

25
ABB India Limited | Integrated Annual Report 2024

Driving Progress
STRENGTHENING INFRASTRUCTURE
AND CONNECTIVITY

Robotics solution for upgrading the existing production line

of an automotive major’s EV passenger vehicle manufacturing

26
 Corporate overview

Propulsion equipment
and composite convertors
for Indian Railways

Electrification solutions
and traction orders,
including motors for metro
rail projects in three major
Indian cities

27
ABB India Limited | Integrated Annual Report 2024

Driving Progress
MULTI-CHANNEL CUSTOMER
ENGAGEMENT

IMTEX, Bengaluru

IFAT India 2024, Mumbai

Energy Efficiency Summit 2024 organized by CII

All Odisha Rice Millers Conclave

CII Datacenter Blueprint Summit, Mumbai

Technology Day for cold storage industries, Aligarh

Product training at customers’ locations

28
 Corporate overview

Wind Power Conclave 2024, Bengaluru

Safety Technology exposition

Technology Day event, Guwahati

Empowering customers with strategic insights

through onsite service campaign, Vizag

Motion India’s Channel Partner Meet 2.0, Bengaluru

Robotics Value Provider Conference, Bengaluru

Distributors Meet 2024, Dharamshala

29
ABB India Limited | Integrated Annual Report 2024

Driving Progress
Strengthening partnerships and
collaborations for innovation

Witt India Partnership: Collaborating to deliver

cutting-edge tunnel ventilation solutions with
ABB's smoke extraction motors powering Witt
India’s Banana® Jet Fans for airflow, smoke
control and energy efficiency

NAMTECH MoU: MoU with New Age Makers’

Institute of Technology (NAMTECH) to bridge
the education gap in automation and establish
a School of Robotics, advancing robotics skills
and industry integration in India

IIT Bombay Collaboration: Setting up a state-

of-the-art teaching lab at the Department
of Energy Science and Engineering on its
campus for electrical machines and drives,
simulating industrial applications like wind
turbines and EV drivetrains

PwC India Alliance: Combining

ABB’s digital solutions with PwC’s
consulting expertise to deliver
transformative solutions across
sectors in digital operations,
cybersecurity and ESG initiatives

30
 Corporate overview

Awards and accolades

for excellence

Frost and Sullivan for Smart Power Division Ranked fourth among the top 5 most sustainable companies in India
at the Sustainability ‘Cooperative’ – The Sustainable World Conclave
2024, organized by Business World

Collaborative Innovation Excellence Award at

HINDALCO’s Business Partner Meet

ABB Peenya location won ‘Outstanding Performance

Award for Green Buildings 2024’ by Indian Green
Building Council

31
ABB India Limited | Integrated Annual Report 2024

Driving Progress
NURTURING POTENTIAL THROUGH EDUCATION
AND SKILL-DEVELOPMENT INITIATIVES

Mobile health care units for communities Medical health camps for children to
in Peenya, Nelamangala, Nashik,Faridabad screen for congenital heart diseases
and Vadodara

Support for medical treatment Supporting Skill India Mision - Training and
and equipment certifictaion program for youth at the Smart
Electrician Center Faridabad

Teachers’ training program and supporting children from

Government schools for improved learning outcomes

32
 Corporate overview

SAFEGUARDING THE ENVIRONMENT

AND EMPOWERING COMMUNITIES

Vocational training for youth across Road infrastructure upgradation

multiple locations project Nashik

Rural road infrastructure upgradation Women engineering scholarship and

project Nelamangala, Bengaluru holistic development program

Community IT skills center for

skilling in Faridabad

33
ABB India Limited | Integrated Annual Report 2024

Sustainability
in practice
ABB India is driving the shift to a low-carbon
future by providing innovative products, solutions
and services that help customers minimize their
environmental impact. We are also committed
to reducing emissions within our operations and
throughout our entire value chain.

100% 86%
Green Certified Units by Reduction of own scope 1
IGBC under green factory and 2 GHG emissions*
building rating *as compared to baseline 2019

50% 50%
Zero waste to landfill Water Positive
Certified Units Certified Units

98% 40%
˜
Waste diverted away
from landfill
˜
Supplier engagement
(awareness and assessment)
*spent basis

* Compared to 2019 baseline and all figures are on a cumulative basis

34
 Corporate overview

CUMULATIVE IMPACT OF SUSTAINABILITY EFFORTS

Reduction >13,000 >350 Million liters

Ton of own scope-1 of annual rainwater
and 2 GHG emissions* harvesting potential
*as compared ro baseline 2019

>98% of our waste being >50% of sourcing

recyled (including energy from sustainable
recovery) contributing value chain
towards circularity

35
 ~30% of hyperscale data centers
Pan-India use ABB solutions

02
INTEGRATED
THINKING
APPROACH

37 Integrated thinking framework

38 Value creation model
 Integrated thinking approach

Integrated Thinking
Framework
ABB India’s integrated thinking is embedded in its business
strategy, ensuring a holistic approach to value creation
that aligns with stakeholder expectations, sustainability
imperatives and long-term growth. Our integrated thinking
framework connects financial performance, innovation,
sustainability and governance to deliver sustainable value
and resource-efficient future to all stakeholders.

KEY PILLARS OF ABB INDIA’S INTEGRATED THINKING FRAMEWORK

Strategic alignment Stakeholder-centric approach

• Embedding sustainability, digitalization and operational • Understanding and addressing the needs of customers,
excellence into business strategy investors, employees and society
• Aligning our decisions with global megatrends, • Engaging proactively through materiality assessments
emerging market needs and stakeholder priorities and stakeholder dialogues

Capital allocation for long-term value Sustainability and ESG integration

• Strategic investment in innovation, smart manufacturing • Driving carbon neutrality, energy efficiency and circular
and digitalization to enhance efficiency economy initiatives
• Responsible financial management to balance • Embedding ESG considerations in supply chain
short-term profitability with long-term resilience management and product development

Risk-aware, agile decision-making Performance measurement and continuous improvement

• Proactive identification of risks and opportunities • Monitoring financial, operational and ESG performance
through data-driven insights through a balanced scorecard approach
• Leveraging digital technologies like AI and predictive • Implementing real-time tracking and reporting to ensure
analytics for dynamic decision-making accountability and progress

37
ABB India Limited | Integrated Annual Report 2024

Value Creation Model

INPUTS THE ABB WAY

USING THE INPUTS, WE RUN OUR BUSINESS ACTIVITIES

IN LINE WITH OUR OPERATING MODEL, THE ABB WAY
Financial
• Disciplined capital allocation
• Robust risk management frameworks CE
AN
N
• Long-term financial stability R CU S
V
E FO
N
IO

O
G
T

ST

A
IZ
BU
Manufactured

L
TA
• Manufacturing locations – 5

RO

DIG I
• Shop floors – 25
• Sales offices - 28
GOVERNANCE
• Advanced production facilities
and smart factories leveraging
automation and AI

Intellectual
• Best of global technology with local
engineering
PURPOSE
• Technology leadership in digital
transformation

BUSINESS
P

MODEL
TU

Human
• Skilled workforce and leadership
SE
S

talent
ED
C

• Learning and development programs

PI

IZ

• Safe and inclusive workplace culture

O

L
T

A
L

R
IA NT E
R DEC
ATE
M
Natural
• Reduction of environmental impact
through waste management,
reduced emissions and eco-friendly DIVERSE BUSINESSES PORTFOLIO
materials
• Emphasis on resource efficiency Electrification Motion Process Automation
in manufacturing processes and
customer solutions
CATERING TO 23 MARKET SEGMENTS

Datacenter Renewables Automotive Water & Wastewater

Social and Relationship

Railways Electronics Warehouse Power Buildings &
• CSR and community development
& Metro & Logistics Distribution Infrastructure
programs
• Industry collaboration through
High: > 20% market growth Moderate: 7-20% market growth
forums, partnerships and
knowledge-sharing

38
 Integrated thinking approach

WHAT WE CREATE OUTPUT AND OUTCOME

BY TRANSFORMING INPUTS INTO PRODUCTS

AND SOLUTIONS, WE CREATE SUSTAINABLE
VALUE FOR ALL OUR STAKEHOLDERS
RI
SK
STR O N M
G A
PR N
Customers
E
A

S • Engaged with 5,000+ customers across 30+ tier II and tier III markets
G
EM
E

• Increased penetration and customer presence from tier 3 markets

N
C

EN

• Reduced environmental impact and supplied almost ~19GW of solar

E

SCADA and vacuum circuit breakers for renewable energy projects

T
AC
RO

PEOPLE &
SS

CULTURE
Employees
• High employee satisfaction and engagement scores,
retention and productivity
• A culture of innovation and collaboration
• Focus on overall well-being and gender neutral policies

Governments and civil society including NGOs

• Enabling a low carbon society through sustainable
operations and portfolio
• Strengthened partnerships for social impact initiatives
• Water recycling and conservation efforts increased
BRAND
OPE

water table at certain locations by 3 times

RA

QU
TI
N

Investment community
G

LI

C
O • 21.9% CAGR in orders over last 4 years
T

NT Y
• Healthy double-digit top-line growth in last 5 years
EX F
T IR
• New all-time high Return on capital employed (ROCE) of 26.5%
ST
• Dividend of J 33.50 per share

Partnerships
Robotics and Discrete Automation • Strengthened industry networks in emerging areas of
digitalization and sustainability
• Partnerships with universities and research
institutions for emerging sectors of the future
Rubber Metals & • Accelerated innovation and new market opportunities
Textiles & Plastics Mining Cement

Food & Marine Oil, Gas & Pharma & Pulp &
Beverage & Ports Chemicals Healthcare Paper Suppliers
• Participation in supplier sustainability awareness and
Low: <7% market growth assessment increased by 33% YoY
• Building an eco-system of suppliers and partners of home
grown entrepreneurs
• Responsible local sourcing and reduced environmental impact

39
 >60% of mobile phone manufacturing facilities
deploy advanced ABB Robotics solution

03
INPUTS
Resources that drive ABB’s value creation

41 Stakeholder engagement and materiality assessment

44 Mega trends shaping our business
46 Strategic capital allocation and financial resilience
 Inputs

Stakeholder Engagement and

Materiality Assessment
ABB India continuously engages with a wide range of
stakeholders, understanding their diverse perspectives and
using these insights to guide our strategic direction, risk
management and opportunity identification. This approach
is fundamental to achieving sustainable growth and value
creation across all dimensions—economic, environmental,
social and governance (ESG).

41
ABB India Limited | Integrated Annual Report 2024

STAKEHOLDER
ENGAGEMENT

Engaging with
stakeholders is integral to
ABB India’s business model.
Our key stakeholders
include employees,
customers, suppliers,
investors and governments
and civil society. We
promote transparent, open
communication through
regular interactions,
collaborations and
partnerships. This dialogue
is a vital part of our
decentralized, the ABB
Way, operating model,
enabling us to align our
strategies with the needs
and expectations of those
who are impacted by or
influence our operations.

Stakeholder group Primary engagement channels

• Memberships in associations and initiatives

Collaborative
• Technology, research and innovation partnerships with leading companies, start-ups and
partnerships
universities/technical institutes
• Customer requests
• Customer service and relationships
Customers
• Customer trade shows
• Partnerships, including on sustainability
• Annual performance reviews and employee engagement survey
• Collective bargaining associations
Employees • Dialogue with the ABB employees
• Network of employee resource groups promoting D&I in the workplace
• Learning and development opportunities
• Direct dialogue and meetings with regulators and community representatives
• Corporate Social Responsibility (CSR) programs, donations and volunteering
Governments • Engagement with Government agencies and other stakeholders to demonstrate the value of
and civil society our products
• Participation in national and international initiatives to address national and global issues
• Strategic partnerships
• Annual general meeting
Investment • Investor meets
community • One-on-one meetings
• Reporting, press releases, investor webcasts and investor relations website
• Co-development initiatives
• Early engagement during new product development
• Monitoring through our Sustainable Supply Base Management (SSBM) program
Suppliers
• On-site evaluations and audits
• Town hall and supplier day events
• Trainings and engagement in special projects on sustainability performance

42
 Inputs

MATERIALITY
ASSESSMENT

ABB at the Group level ABB’S DOUBLE MATERIALITY MATRIX

conducted its first double
materiality assessment

Highest
in 2023, reflecting both
an impact and a business
perspective. This allowed
us to get a clearer picture
of our actual or potential
environment and society including people

impacts on the economy,

the environment, society Responsible
Impact of ABB on the economy,

sourcing
and people, as well Health & safety Climate

as to understand the
Products,
business implications Corporate & sustainability Circularity solutions and
governance
emerging from risks and services

opportunities related to Human rights &

labor standards
our material topics. Employee development
& well-being

The methodology took into Data privacy &

cyber security
consideration regulatory Business
performance &
requirements and guidance resilience
of reporting standards and
sustainability disclosure
standards. The results of
our dialogue on material
topics with our internal
Lowest

and external stakeholders

are summarized in our
materiality matrix 2023,
which identifies 10
Lowest Impact on ABB’s success Highest
material topics.

43
ABB India Limited | Integrated Annual Report 2024

Mega trends shaping

our business
As India undergoes rapid industrial and economic
transformation, ABB India is well-positioned to capitalize
on key megatrends that are shaping the future of business,
technology and infrastructure. These trends not only
create new growth avenues but also necessitate agility in
navigating risks and disruptions.

44
 Inputs

MACROECONOMIC AND INVESTMENT-LED GROWTH AND

GEOPOLITICAL UNCERTAINTIES INDUSTRIAL ACCELERATION

Global economic uncertainties, fluctuating inflation and India is experiencing a surge in infrastructure
volatile commodity prices continue to shape investment development, fueled by government-led capital
trends. Rising interest rates and trade restrictions impact expenditure and increasing private sector participation.
industrial growth, while geopolitical tensions disrupt Policies such as ‘Make in India’ and incentives for local
supply chains and raw material availability. These factors manufacturing are driving expansion across industries
influence both domestic and export markets, requiring such as energy, transportation and electronics. As
businesses to remain agile and resilient. companies look to modernize operations, there is a
growing demand for automation, energy efficiency and
sustainable industrial solutions.

ABB India’s diversified portfolio, strong local With 75 years of local manufacturing expertise and
supply chain and disciplined financial strategy a broad portfolio of industrial solutions, ABB India
provide the flexibility to navigate economic cycles. is well-positioned to support this transformation.
By focusing on operational efficiency and strategic By offering automation, electrification and
capital allocation, ABB ensures business continuity digitalization technologies, ABB helps industries
while creating long-term value for stakeholders. increase productivity, optimize energy use and
build resilient operations.

DIGITALIZATION AND AI-DRIVEN SUSTAINABLE URBANIZATION

ECONOMY AND SMART MOBILITY

The rapid adoption of 5G, cloud computing and artificial Rapid urban expansion and rising environmental concerns
intelligence is transforming industries, leading to a sharp are driving the need for cleaner, more efficient transport
rise in data consumption and processing needs. This has solutions. The Indian government’s push for metro rail
resulted in exponential growth in data centers, which expansion, high-speed rail and electric mobility is creating
require reliable energy management, cooling systems significant demand for advanced traction technologies
and automation to operate efficiently. Meanwhile, and energy-efficient infrastructure. With more people
advancements in robotics and industrial IoT are reshaping relying on public transport, metro rail, airports networks
manufacturing, making production more intelligent and are being modernized for greater efficiency, safety and
cost-effective. sustainability.

We play a crucial role in enabling this shift, with ABB India’s cutting-edge solutions already power
~50% of hyperscale data centers already using 80% of India’s metro rail systems and over 900
ABB solutions. ABB Genix™ combines the power of electric locomotives, enabling safer, smarter
industrial analytics and artificial intelligence into and more energy-efficient transportation. Its
an enterprise-grade digital platform and suite. technologies support the shift to electric mobility,
This portfolio of smart electrification, automation enhancing the reliability and sustainability of
and robotics technologies helps data centers, urban transport networks. ABB also provides
manufacturers and technology-driven industries switching technology and other electrification
improve operational efficiency while reducing solutions for airports across the country.
energy consumption.

45
ABB India Limited | Integrated Annual Report 2024

Strategic capital allocation

and financial resilience
ABB India’s financial strategy is centered on sustainable
growth, operational efficiency and strategic capital
allocation to ensure long-term value creation. Our ‘local
for local’ approach, backed by 75 years of manufacturing
excellence, enables us to capitalize on India’s broad and
evolving market landscape across 23 industry segments,
each with distinct growth cycles.

46
 Inputs

BALANCED GROWTH
STRATEGY

• A well-diversified portfolio ensures resilience

amid market fluctuations, balancing core
capex-driven sectors, fast-growing emerging
segments and stable revenue streams
• Strong execution of both base and large
orders, optimizing capacity utilization and
revenue mix
• Proactive investment in high-growth sectors
such as data centers, renewables and
automation, while leveraging opportunities in
infrastructure, energy and industrial capex

ABB India’s resilient

business model, coupled
with agility in navigating
evolving market dynamics,
positions it to deliver
sustained growth.
• Disciplined cost management and pricing
strategy drive superior margins and
profitability
• Strategic inventory management supports
seamless backlog execution and revenue
growth
• Diversified revenue streams, including
exports and domestic market expansion,
ensure steady cash flows

47
 >80% of metros
deploy ABB technology

04
PROCESS
ABB India’s business model and execution

49 The ABB way

53 Contribution towards the UNSDGs
54 Risk management
 Process

The ABB Way

ABB’s strategic direction is deeply rooted in our

purpose and designed to achieve our overarching
objective of creating superior value for all our
stakeholders. It is realized through the ABB Way,
our decentralized operating model. ABB India’s
core strategic focus is to align itself to the long-
term market trends driving growth of industries
in India and derive actions for market penetration.
Each year we revisit our priorities and set our
current and long-term actionable targets aligned
to our purpose and ABB group priorities.

The ABB Way serves as the ‘glue’ that holds the

Group together and empowers our divisions
with full ownership and accountability for their
respective strategies, performance and resources.
It provides select standardized policies, processes
and systems (including portfolio and performance
management), supports a strong culture of
governance and integrity and enables us to build
and protect our brand and reputation.

49
ABB India Limited | Integrated Annual Report 2024

STRATEGIC DIRECTION
FOR VALUE CREATION

Building on our decentralized operating model, • Increasing ABB’s exposure to high growth,
key strategic priorities for ABB India across our profitable markets that are benefiting from
Business Areas and Divisions are: key megatrends
• Embedding sustainability in all our processes
• Allocating capital systematically for organic and across our value chain
growth and acquisitions, aligned with ABB’s
purpose

The ABB Way

• Decentralized setup – full • Values

divisional accountability • People
• Performance management • Leadership
• Portfolio management
L PEO
DE PL
E
O
M &
S

C
ES

U
IN

LT
U
B US

RE

PURPOSE
GO
VE

D
R

A
N

N R
• Code of Conduct C B • Positioning
E
• Internal controls • Reputation
and compliance management
• Risk management
• Regulations, processes
and policies

HOW WE CREATE VALUE

THE ABB WAY

With our purpose at its core, the ABB Way • Our business model
defines ‘how’ we create superior value for • Our people and culture
our stakeholders through our business areas, • Governance
divisions and lean corporate center. It has four • Brand
components:

50
 Process

BUSINESS MODEL

ABB’s business model guides us in how we work accountability for their strategies, performance
together in a decentralized set-up, drive best-in- and resources. This decentralized set-up enables
class performance, allocate capital and manage us to make decisions close to our customers
our portfolio of 18 divisions. It ensures that all and to operate with greater accountability,
divisions not only follow the Group’s strategic transparency and speed. Our divisions are
direction and can contribute to achieving our organized into and governed by four business
financial and sustainability targets but also areas, while our lean corporate functions act
pursue opportunities to collaborate to best as the key enabler for the Group, providing
serve our customers. the frameworks for business, performance,
portfolio management, capital allocation,
Decentralized Operations people and culture, governance and brand.
Our divisions are the highest operational level
at ABB, empowered with full ownership and

PEOPLE AND CULTURE

ABB India is committed to promoting a work balances high performance with integrity. We
environment that is not only safe and inclusive inspire our employees to reach their fullest
but also equitable, where every individual is potential while maintaining a steadfast
empowered to thrive and grow. Anchored in dedication to safety, strict adherence to internal
our core values of Courage, Care, Curiosity controls and an uncompromising commitment
and Collaboration, we cultivate a culture that to our Code of Conduct.

51
ABB India Limited | Integrated Annual Report 2024

GOVERNANCE

ABB India’s strong governance framework

ensures accountability, transparency
and responsible risk management in our
decentralized operations. It safeguards our
business, people, assets and reputation through
internal controls, policies and procedures,
including our Code of Conduct. This foundation
→ To read more, supports our commitment to integrity, ethical
refer to page
116
behavior and human rights, guiding us to
responsibly adopt technological advancements
like artificial intelligence across our value chain.

BRAND

The ABB brand is an expression of our company Helping industries outrun

purpose, our values and long history of Industries are the beating heart of the modern
innovation. Today, the iconic red ABB logo has world. They power us; protect us; move and
become a sign of trust, quality and superior connect us; make things for us. Today, how
value for our customers, partners, investors industries run is critical. From energy, power and
and employees. By focusing on delivering on mining to building, transport, manufacturing
our purpose in everything we do, we continue and more – they need to meet global demand,
to foster our reputation as a reliable business be more sustainable, efficient and manage
partner and technology leader and to be the transitions. To them, ‘running’ is no longer
preferred choice for our stakeholders. enough – they need to outperform. Or as we say
at ABB, they need to ‘outrun’, leaner and cleaner.

With our leading technologies in electrification

and automation, we help industries run at high
performance and become more productive,
efficient and sustainable, enabling them to
outperform. At ABB, we call this

‘Engineered
to Outrun’

52
 Process

Contribution towards the

United Nations Sustainable
Development Goals
ABB has always been a strong advocate of the The selection of these four SDGs is fully
United Nations’ Sustainable Development Goals aligned with ABB’s purpose of enabling a more
(SDGs). Following the update of our materiality sustainable and resource-efficient future with
assessment in 2023, we mapped the topics our technology leadership in electrification
that we identified in our double materiality and automation. While ABB contributes most
assessment against the 169 sub targets of the to the four SDGs below, we recognize the
SDGs. This process allowed us to identify four importance of the other SDGs and endeavor to
SDGs on which we have the greatest impact. contribute to their achievement whenever and
wherever possible.

Ensure access to Promote sustained, Build resilient Take urgent action

affordable, reliable, inclusive and infrastructure, to combat climate
sustainable and sustainable promote inclusive change and its
modern energy for all. economic growth, and sustainable impacts.
full and productive industrialization and
employment and foster innovation.
decent work for all.

WHAT ABB IS DOING

ABB enables access ABB contributes to ABB’s innovative By reducing our own
to affordable and decent work and technologies GHG emissions,
sustainable energy economic growth by actively contribute empowering
through our portfolio providing safe and fair to sustainable customers to avoid
of electrification, employment, paying industrialization and emissions and
automation and taxes and supporting give us, our business integrate renewables
energy-efficient local communities. partners and our and working with
solutions. customers the ability suppliers and partners
to move, work and live to reduce their
more sustainably. carbon footprints,
ABB is enabling
decarbonization and
climate action.

53
ABB India Limited | Integrated Annual Report 2024

Risk Management
The proactive and strategic management of risks is an
integral part of how we do business. Our defined risk
management framework enables us to identify and assess
risks early and ensures that we have appropriate responses
to manage and mitigate their effects across all levels of
ABB. At the same time, we seek to turn the risks we face
into potential opportunities and strive to manage both
risks and opportunities in a responsible way. This approach
supports the creation and protection of value for ABB, our
stakeholders and society.

RISK GOVERNANCE

In ABB, Risk Management is present in many areas and is essential to allow the company
to make risk – based decisions. As a key element of Governance in ABB Purpose, Risk
Management is present in all levels of the organization. To perform a structured risk
assessment focused on the risk at higher level of the organization, ABB has a structured
Enterprise Risk Management process in place.

Business Model People & Culture

• Decentralized setup • Values

• Division accountability • People
• Performance management • Leadership
ABB
• Portfolio management
Purpose

Governance Brand

• Code of Conduct internal • Positioning

control and compliance • Reputation management
• Risk management
• Processes and policies

54
 Process

ENTERPRISE RISK
MANAGEMENT

The enterprise risk management The ERM process relies on the

(ERM) process is our holistic approach ongoing identification, assessment,
to identifying risks which could mitigation and monitoring of the
adversely impact the achievement most critical risks affecting ABB. Our
of ABB’s strategic business detailed methodology starts with
objectives and lead to a material the identification of our strategic
financial impact. The ERM process is business objectives. Then, we identify
embedded in our ABB Way operating the most critical risks which could
model and encompasses all levels prevent us from achieving these
of our organization. It provides our objectives and lead to a potential
leadership, including our Executive material financial impact in the next
Committee and the Finance, Audit five years.
and Compliance Committee (FACC)
of the Board of Directors, with a These risks are then assessed in
comprehensive overview of the most terms of their potential impact,
critical risks faced by our business. likelihood and speed of occurrence.
Specific responses to address these
This intelligence informs our overall risks are then planned, implemented
strategy and risk discussions and and continuously monitored to ensure
allows us to make well-informed they remain effective. We strive to
decisions to safeguard value and take turn risks into opportunities not
calculated risks to create value amidst only to minimize their downsides
a dynamic societal and business but to create value for ABB and our
landscape. stakeholders, wherever possible.

ABB’S ENTERPRISE RISK MANAGEMENT PROCESS

1 Identification of strategic
business objectives 2 Identification
and assessment of risks

4 Risk mitigation
effectiveness monitoring 3 Risk mitigation planning
and implementation

55
 ~30% installed wind and solar
projects use ABB solutions

05
OUTPUTS AND
OUTCOMES
Measurable results and long-term
stakeholder and societal impact

57 Sustained value creation and financial excellence

59 Sustainability leadership
64 People-focused
68 Social impact
 Outputs and outcomes

Sustained value
creation and
financial excellence
ABB India continues to build on its legacy of
consistent growth, operational excellence and
stakeholder value creation. Our performance in
2024 highlights resilience, strategic agility and
financial discipline, delivering strong results across
key financial metrics while maintaining a robust
foundation for future expansion.

RECORD-HIGH FINANCIAL PERFORMANCE

Revenue and Order growth

Achieved the highest-ever orders of H 13,079 Crores and record revenue of
H 12,188 Crores, marking a strong upward trajectory with a CAGR of 21.9% in
orders over the past four years.

REVENUE ORDERS
(H in Crores) (H in Crores)

22%1 17%1 23%1 6%1

12,188 13,097
12,319
10,447 10,028
8,568

2022 2023 2024 2022 2023 2024

YoY comparable
1

57
ABB India Limited | Integrated Annual Report 2024

Return On Capital Employed (ROCE) Earnings Per Share (EPS)

Achieved a new benchmark of ABB India reported an EPS of J 25.10
26.5%, up 560 bps YoY, more than for Q4, up from H 16.29 YoY and
doubling since pre-COVID levels J 88.46 for 2024, reflecting a strong
and cementing its position among 50% YoY growth over H 58.90 in 2023.
industry leaders.

ROCE EPS
(%) (H)

+27% 22%1 50%1

26.5%

88.5
58.9
20.8% 20.9% 48.4

2022 2023 2024 2022 2023 2024

YoY comparable
1

Dividend payout and shareholder returns - The Board has recommended a final dividend
of J 33.50 per share, in addition to the interim dividend of J 10.66 per share declared in
Q3 2024, leading to a 51% YoY increase in total dividend payouts.

SUSTAINED MOMENTUM FOR THE FUTURE

ABB India has demonstrated a consistent ability to navigate economic cycles, geopolitical
shifts and evolving market dynamics. Over the last 5 years, we have achieved healthy
double-digit top-line growth, driven by a 21.9% CAGR in orders over the past 4 years. This
strong performance is a result of our diversified revenue streams, agile business strategy
and efficient capital allocation, culminating in a record-breaking year with all business
segments contributing to growth. The ability to leverage market demand, optimize costs
and drive innovation has been instrumental in ABB India’s performance. With strong
liquidity and a resilient balance sheet, ABB India remains well-positioned to fund future
expansion, invest in innovation and enhance stakeholder returns.

58
 Outputs and outcomes

Sustainability
Leadership
WE ENABLE A LOW-CARBON SOCIETY

At ABB, enabling a low-carbon society is at the heart

of our purpose, value proposition and Sustainability
Agenda. We remain dedicated to helping customers
lower and prevent emissions through our innovative
products, solutions and services. At the same time,
we continue to make strides in reducing emissions
within our own operations and across our value chain.

59
ABB India Limited | Integrated Annual Report 2024

Validation of ABB group’s scope 1, 2 and 3 net-zero science-based targets for

2050 by the Science Based Targets initiative (SBTi). This includes near-term
targets for 2030. ABB India has aligned its sustainability targets in line with the
2030 and 2050 targets set by the ABB group as mentioned below:

NEAR-TERM TARGETS

80%
reduction of scope 1 and 2 GHG
emissions by 2030 (compared to 2019)

25%
reduction of scope 3 GHG emissions
by 2030 (compared to 2022)

LONG-TERM TARGETS

100%
reduction of scope 1 and 2 GHG
emissions by 2050 (compared to 2019)

90%
reduction of scope 3 GHG emissions
by 2050 (compared to 2022)

Reach net-zero
GHG emissions across the value chain by 2050

• Achieved a GHG emissions reduction of 86% compared to 2019 baseline for scope 1 and 2
• Realized significant progress on Climate Group initiatives RE100, EV100 and EP100
• Engaged with key customers and suppliers to reduce energy and GHG emissions

60
 Outputs and outcomes

ABB’s operational emissions ABB’s value chain emissions

ABB group is committed to three ABB India has an ambition for a
initiatives of the Climate Group of low-carbon society extending
global companies and aiming towards to our customers and suppliers.
sourcing 100 percent of its electricity ABB company conducts various
from renewable energy sources awareness programs along with best
(RE100 initiative), improving energy practices sharing for reducing GHG
efficiency and productivity across emissions at its value chain.
its operations (EP100 initiative) and
electrifying its vehicle fleet (EV100 During the year 2024, company
initiative) to enable a low carbon conducted around 14 ESG awareness
society. ABB India has also adopted programs including 58.38% of value
national/international frameworks chain partners (spent basis) to bring
(such as IGBC/LEED), where 100% of more awareness on GHG emissions
its own factories are certified under and also in the process of capturing
green factory building rating system, the GHG emissions across its value
demonstrating its strong commitment chain through ECOVADIS platform
towards resource conservation as well as internally developed
including GHG emissions reduction. assessment system.

In line with the RE100 commitment,

ABB India has realized various
renewable energy projects including
inhouse solar panel installations
(year-on-year installed capacity
enhancement), procurement of
renewable energy through third party
Power Purchase Agreements (PPAs)
and renewable energy certificates
which contributed towards eliminating
scope-2 GHG emission from its
operations. Under EP100 commitment,
several energy efficiency improvement
activities have been carried which
include replacing old motors with
IE3/IE4 motors, reducing usage
artificial lighting with provisions of
sky lighting, provision of energy-
efficient lighting, upgrading our
HVAC systems to enhance energy
efficiency, implementing the Building
Management System (BMS) etc. With
electric vehicle chargers strategically
deployed across its locations, the
company is actively driving fleet
electrification (EV100) to reduce its
fleet related GHG emissions.

61
ABB India Limited | Integrated Annual Report 2024

PRESERVE RESOURCES

We collaborate with our stakeholders • Zero Waste to Landfill (ZWL)

to safeguard natural resources in our and circularity targets included
value chain by embedding circularity in ABB’s long-term planning
principles in our operations and process (LPP) with all divisions
products, increasing recycling and contributing to reaching the
reusability rates and reducing waste targets by 2030
and water use in areas at water risk. • 50% of our own factories are
We are committed to preserving certified as ‘ZWL’ sites
biodiversity and to using land • >98% of our waste diverted away
responsibly. from landfill

• 50% of our own factories are

certified as ‘Water Positive’ and
we are expanding our water
stewardship based on the Alliance
for Water Stewardship (AWS)
standard

62
 Outputs and outcomes

Approach
ABB India has been working towards embedding circularity across its operations,
products and solution as well as value chain based on its commitment towards
resource preservation as per ABB Group’s 2030 sustainability targets. Across
its manufacturing operations, we have established a comprehensive waste
management system with systematic 5R approach namely, refuse, reduction,
recyclability, reuse and recovery of energy from waste.

5R
Refuse

Reduction

Recyclability

Reuse

Recovery

A clear guideline is also in place to services and lifetime extension

ensure the compliance with the and modernization services, thus
legal requirements in terms of supporting principles of a circular
segregation, storage, transportation economy. We are working closely with
and disposal of waste. In line with the customers, suppliers and partners
‘Zero Waste to Landfill’, we have taken to embed circularity throughout our
various measures to enhance waste entire value chain. By assessing the
management system such reduction impact of our offerings throughout
of Non-hazardous/hazardous their complete life cycle, our product
waste generation, diverting waste managers and relevant functions
away from landfill and disposing identify ways to improve circularity
through waste to energy processes. across our product portfolio. This
Till 2024, 50% of Company’s own process encourages cooperation and
manufacturing sites have been partnerships with key stakeholders
certified on ‘Zero Waste to Landfill’ by across industries and sectors
external party by achieving >99% of on a wide range of activities –
waste diversion rate at these sites. from engaging with suppliers to
source materials with a smaller
Beginning with the design stage, environmental footprint or reduced
we are committed to increasing the raw material content.
resource efficiency of our solutions
and to making them more durable by
means of our lifecycle management

63
ABB India Limited | Integrated Annual Report 2024

People-focused
Our people and culture are what make the difference
and are the foundation of ABB India’s success. Build-
ing on ABB’s four values – Courage, Care, Curiosity and
Collaboration – we maintain a safe, fair, equitable and
inclusive working environment in which everyone can
succeed and develop.

By promoting a ‘high performance – high integrity’ culture, our employees are

encouraged to drive performance by unleashing their full potential, always
mindful of safety, internal controls, adherence to our Code of Conduct and our
values. To continue to push the boundaries of technology and deliver on our
purpose, we create opportunities for our people to focus on development and
integrate learning into their work, encouraging them to gain new experiences
and take the next step in their careers in ABB India.

Learn Connect Grow (LCG) Day - In 2024, Learning and Development Achievements -
LCG Day focused on ‘Grow,’ with over 40% of India ranks #2 in global consumption of our
employees participating to enhance their skills learning platforms and has earned #2 in course
and knowledge. completion badges for three consecutive years.

Learn-O-Holic Program - For the last four Manager as Coaches - Leaders at ABB take
years, this program has brought internal and on the role of coaches, nurturing talent and
external speakers to provide valuable insights building a strong leadership pipeline.
on relevant industry topics.

64
 Outputs and outcomes

Global and Local Mentoring Programs - Our Employee Resource Group (ERG) - Our growing
mentoring programs connect employees with ERG community drives key D&I initiatives,
mentors globally and locally to support their fostering an inclusive work environment
professional growth. through regular activities.

Empowering War Widows - We provide STEM Graduate Opportunities for Women -

empowerment opportunities for war widows ABB supports STEM graduates through the Lila
in locations like Maneja, helping them gain Poonawala Foundation scholarship program,
financial independence. promoting women engineers of the future.

Women’s Skill Training and Vocational Digitalization and Gender Diversity - At ABB
Centers - We helped establish a women’s skill Motion Services, an all-women team leads the
training and vocational center in Faridabad to remote monitoring center, managing ABB Ability
empower women with essential skills. Condition Monitoring.

The IoT implementation and the smart

Engagement Programs for Girls and LGBTQ+ production line at our Smart Power factory is
Communities - Multiple divisions offer led by women.
factory visits and programs for local girls and
LGBTQ+ communities to encourage careers in
manufacturing and technology.

65
ABB India Limited | Integrated Annual Report 2024

HEALTH AND SAFETY

The active management of Health, Safety, In addition to monitoring the physical impact
Environment and Security (HSE&S) is a natural on our workforce, mental well-being is also a
extension to our business. Our talented and very important topic for ABB. Beside division-
skilled employees are our most valuable asset. and business area-led mental well-being
Promoting a safe and healthy work environment initiatives, we are providing global support
is a fundamental responsibility of ABB. It is through the Employee Assistance Program
our ambition, therefore, that no person shall as well as the new meQuilibrium app, which
suffer injury or ill health as a direct consequence is specifically aimed at strengthening the
of ABB’s industrial undertaking and that any mental resilience of line managers. To realize
negative impacts on the economy, society and global leadership in health, safety and well-
our environment are minimized. being in our operations, we have launched our
Guiding Principles for Resilient Operations.
This is reflected in our Group-wide HSE&S These support our HSE&S Management System,
policy that reinforces ABB’s commitment to which is based on internationally recognized
putting health, safety, the environment and standards, principles and commitments. The
security at the heart of our activities. This Guiding Principles combine a more human-
commitment encompasses material sourcing, centric way of looking at HSE&S topics with our
product design, operations, services and values Courage, Care, Curiosity and Collabo-
includes safe and healthy working conditions, ration and have been agreed to by all divisions
identifying opportunities to eliminate hazards, and business areas. They will form the model
reducing risks and adverse impacts and for HSE&S going forward.
applying risk control and monitoring systems.

66
 Outputs and outcomes

The following three guiding principles set a framework

underpinned by a set of behaviors we strive to follow at every level
of our organization to achieve our objectives:

01 02 03
Lead with care: Engage and involve: Learn and improve:
• Means that leaders at • Means everyone • Means everyone is
every level create an collaborates and encouraged to have the
environment where draws on each other’s curiosity to learn and
colleagues feel safe, knowledge and strengths to support continuous
cared for and are to ensure colleagues feel improvement both as
confident to speak up included and encouraged individuals and as a team
to contribute to our and organization
programs and HSE&S
performance

HSE guiding principles

Each division is encouraged to develop safety

programs that are appropriate for their
operations. We coordinate preparations and
responses to emergency situations, conduct
internal safety inspections and obtain third-
party verifications for our health, safety and
well-being reporting. We have well-defined
procedures to investigate work-related injuries
and incidents and act promptly to mitigate
negative impacts. We continuously strive to
further reduce health and safety hazards.

Thanks to our health and safety measures,

we continue to see a downward trend in our
lost-time injury frequency rate (LTIFR) to in-
dustry-leading levels with a 2024 LTIFR of 0.5.
In 2024, we recorded 5 work-related injuries.
An investigation into the workplace-related
incidents has been concluded and we have
drawn on the lessons learned to prevent any
future recurrence.

67
ABB India Limited | Integrated Annual Report 2024

Social impact
COMMUNITIES AND ENVIRONMENT

Access to basic public infrastructure

and local devolopment

Public infrastructure development is a critical to upgrading several stretches estimated 4

initiative that ABB India encourages others km stretch has been redone so far, with major
to emulate, contributing to the much needed interventions in Nelamangala and Nashik in
infrastructure upgrades and assisting the 2024. These efforts reflect our dynamic and
government in its mission. forward-thinking approach in enhancing
India’s road infrastructure, fostering long-
We have made significant investments in term economic growth and development
improving road infrastructure over the while ensuring safe and hassle-free roads for
past five years, in Peenya, Nelamangala and movement.
Nashik. We have emphasized on world-class
road infrastructure, integrating several key Some of the other key local development
interventions to enhance safety through better initiatives include watershed management. We
designs, improved road markings, signages and have constructed water management structures
clear, disabled-friendly pathways. for catchment of water during monsoon in
drought prone villages of Nashik
Through partnerships with local Government
bodies and Panchayats, we have contributed

Construction of water
check dams in Nashik

Upgradation of public road

infrastructure in Nashik
Upgradation of rural roads
in Nelamangala

68
 Outputs and outcomes

Mobile healthcare units operating in Peenya,

Nelamangala, Nashik, Faridabad and Vadodara

Access to healthcare

A key objective of our focus is to enhance We work closely with non-profit organizations,
the accessibility and affordability of medical foundations, to meet the needs of cancer
services. Many of our programs target patients and their families. We have a patient-
rural and underserved areas, providing free centricity approach and over the years have
medical camps, mobile health clinics and referral partnered with charitable organizations that
services. support cancer care. We have introduced
different CSR programs to address key touch
The initiatives specifically focus on vulnerable points of cancer treatment such as patient
groups, including geriatric care and children’s support, supporting towards procurement of
health, particularly cancer care and congenital much needed top of the art technology and
heart diseases. These programs ensure that medical equip, for patients, early detection,
people in remote areas can access quality cancer prevention and improving access and
healthcare without the burden of high costs. affordability to cancer care and treatment.
To date, ABB India’s healthcare initiatives have
directly impacted nearly one lakh beneficiaries.

69
ABB India Limited | Integrated Annual Report 2024

EDUCATION AND SKILLING

Supporting foundational education

Improving the quality of education

delivered by public schools is a focus
for ABB India. To achieve this, we set
out to partner with organizations
which has the expertise and repute to
have scalable and replicable programs
that the Governments can take over
and run it across all its schools.

Foundation literacy and numeracy skills program in

Government schools, Peenya and Nelamangala

Foundational education
bears the highest
significance owing to the
fact that about 80% of
cognitive development of a
child happens during those
years. To address this, the
Foundational Literacy and
Numeracy (FLN) program
is being run across 148
schools across Peenya and
Nelamangala.

70
 Outputs and outcomes

Teacher training programme in Peenya and Nelamangala

In an effort to provide further support to on climate change including projects for

teachers to improve education delivery and children. Extensive teachers training to
support them towards imparting education support them with the needed educational
ABB Teachers Tech Resource Centers (ATTRC) material and course planning and delivery
and ABB Advance STREAM Labs (AASL) have methods are provided. We have also piloted
been established. Extensive teachers training, implementable sustainable practices in schools
supporting the use of technology for teaching such as rain water harvesting systems, waste
and for managing various programs in schools management segregation, composting and
have been effected. energy conservation efforts and have 'Green
school campuses' that walks the talk in terms
We run programs that focus on special of implementation of sustainable practies in
education on these themes to Government school serving as a live example for children
school children that include separate modules studying in these schools.

Green school campus program, Peenya and Nelamangla

71
ABB India Limited | Integrated Annual Report 2024

SKILL DEVELOPMENT

There is a critical need to bridge the unemployment-employability

gap in the country. To augment Governmental efforts in the ‘Skill
India’ mission, we have substantial investments in education,
employment and skilling related community initiatives. Some
of the key programs include refurbishment of Government run
Industrial Technical Institutes (ITI’s). Administering the ‘Smart
electrician centre’ where in around 150 candidates are currently
being trained and all of them placed for jobs. We also run the multi-
skill certification and skilling programs across locations to better
access to skill development opportunities to the underprivileged and
deserving youth, so that these can bridge the growing gap between
employment opportunities and a skilled workforce.
Smart electrician training program,
Faridabad

In an effort to have impactful corporate academic partnerships through our CSR budgets, we support
premium research organizations such as Indian Institute of Technology (IIT). We have partnered with IIT-
Bombay to advance research in the areas of technology and have supported the establishment of ‘Lab
for Rotating Machines and Drives’ at IIT, Bombay campus.

IT skills training for youth

in Faridabad

72
 Outputs and outcomes

DIVERSITY AND INCLUSION

IN COMMUNITIES
Embracing diversity and inclusion drives
innovative thinking, breaks down barriers and
leads to groundbreaking solutions to societal
challenges. Embracing gender equality and
inclusion is a key objective in our approach to
holistic community development. Recognizing
that inclusive growth can only be achieved when
all segments of society are empowered. Our
programs are focused on inclusion, ensuring
that women, persons with disabilities and
marginalized groups are given equal access to
resources and opportunities.
Women Engineering Scholarship
Program, India

We run a flagship women engineering scholarship program

that offers scholarship for meritorious and deserving
women pursuing engineering degrees along with
providing them with the needed technical and life skills to
get them into the technical career path.

We support a special school to mainstream children with

special needs. Mainstream schools caters predominantly
to children with special needs and this inclusive education
means all children learn together in the same schools and
the school provides an exclusive education system that
supports them to learn, along with their abilities and
special requirements and also address medical, health and
special needs alongside continuing education.

Community skill development

centre for women in Faridabad

Shradhanjali Integrated school for

children with special needs, Bengaluru

Our livelihood promotion programs recognizes that the

need to support the poor and disadvantaged groups and
some further burdened with special needs. Our skills
programs are for the disadvantaged women and men who
have limited or no livelihood options and thus support
them with employable skills to push them to the income
generating markets. We run a horticulture program for
adults with a range of learning difficulties and special
needs and this course equips participants with the
theories and practical knowledge required to begin a Livelihood skilling program for people
client-centred horticulture enterprise and the program with special needs
itself being therapeutic.

73
 ~20 smart cities deploy ABB
technology in various areas of resource
efficiency from energy to water

06
CORPORATE
GOVERNANCE
AND ETHICS
Integrity, transparency, accountability
and sustainable growth

75 Corporate governance and ethics

77 Board of Directors
78 Company information
79 Country management
 Corporate governance & ethics

Corporate
Governance
and Ethics
ABB India is committed to the highest
standards of corporate governance. We
embed a culture of integrity and transparency
throughout our operations. We recognize the
importance of doing business ethically and
maintaining ethical business relationships.
This is reinforced in our structure, processes
and rules, as outlined in more detail in our
Corporate Governance Report (Annexure F to
the board’s report).

ABB Code of Conduct is our individual

and collective commitment to uphold
the highest standards of business
ethics throughout our global value
chain. It guides our employees,
business partners and suppliers to do
business with integrity.

Here are the five integrity principles that guide everything we do at ABB:

01 02 03 04 05
We behave and We work in We build We protect We speak up
do business in an a safe and trust with all ABB’s assets and do not
ethical way sustainable way stakeholders and reputation retaliate

75
ABB India Limited | Integrated Annual Report 2024

GRIEVANCE AND
REMEDIATION
MECHANISM

At ABB, we are committed to a culture of ethics

and transparency and encourage our people
to speak up. We offer multiple channels for
our stakeholders to report integrity violations
and non-compliance with our Code of
Conduct. Confidential reporting processes are
available for both employees and our broader
community of stakeholders, including options
for anonymous reporting. Our commitment to
non-retaliation applies whenever someone has
ABB India adopts a group wide ‘Integrity
raised a potential integrity concern in good
Program’ which includes various integrity
faith, including cooperation in an investigation.
learnings and communications. The learning
modules are delivered in a virtual e-learning
ABB’s business ethics helpline permits web
format as well as face-to-face. We actively
and phone reporting and is operated by an
promote selfdriven learning for all employees,
independent service provider, which forwards
supplemented by bespoke and role-specific
the report to a dedicated investigations team
mandatory training for those that face higher
within the Legal and Integrity function at ABB.
integrity risks. Alongside these integrity-
All reports are subject to appropriate review
focused learning modules, managers at all levels
and are brought to full closure using systematic
of the company are expected to model integrity
processes and tracking systems so that due
behaviors and hold team discussions to ensure
process is followed across our internal in-
that our teams understand what is expected
vestigations. An employee or stakeholder who
when it comes to ethical conduct and treating
files a report can follow up on the status of their
people with respect.
report and continue to engage with the ABB
investigator using a personal PIN. The helpline
In 2024, we continued to develop and
permits reporting on conduct relating to all
strengthen our integrity culture. This included
aspects of the ABB Code of Conduct, including
delivering Straight Talk learnings, which
corruption, fraud, trade compliance, antitrust,
continues to provide impactful real-life integrity
data privacy, workplace behavior, human rights,
learnings at our company in support of our
environment, occupational health and safety
speak-up culture. We also created a platform of
violations, workplace violence and more.
Integrity Champion network, which is piloted
by Motion divisions in India. These champions
help in collaborating and delivering key integrity
messages at their divisions. Trainings on
antitrust topics and on behavior drivers for
misconduct were delivered across divisions. Our
divisions also implemented tailored integrity
learning programs for their teams, based on
their bespoke risk management plans.

To track potential indicators of the

effectiveness of our integrity-related initiatives
and assess risk, we utilize data analytics
provided by ABB analytics dashboard. An
Integrity Analytics Report, a live dashboard is
available throughout ABB via an integrity web
portal, which provides insights into integrity
program performance. Our Investigation
updates are also made available to the
appropriate stakeholders as part of our risk
assessment and management strategy.

76
 Corporate governance & ethics

Board of Directors

Adrian Guggisberg Sanjeev Sharma Carolina Granat

Chairperson, Managing Director Non-Executive, Non-
Non-Executive, Independent Director
Non-Independent Director

Shobinder Duggal Gopika Pant Monica Widhani

Non-Executive, Non-Executive, Non-Executive,
Independent Director Independent Director Independent Director

KEY SKILLS, BOARD

EXPERTISE AND DIVERSITY
COMPETENCIES

• Business and Leadership

50% 50%
Experience
• Finance and Accounting
• Sustainability
• Digital/Technology Women Independent
• Governance/Legal Directors Directors
• Risk Management
• Strategic Management

C- Chairperson M - Member

AC- Audit Committee RMC- Risk Management Committee

SRC- Stakeholders Relationship Committee CSRC- Corporate Social Responsibility Committee
N&RC- Nomination and Remuneration Committee

77
ABB India Limited | Integrated Annual Report 2024

Company Information
Board of Directors Chief Financial Officer and Chief Registrar and Share Transfer Agents
Adrian Guggisberg Investor Relations Officer KFin Technologies Limited
Sanjeev Sharma T. K. Sridhar Selenium Tower B, Plot Nos. 31 & 32
Carolina Yvonne Granat Financial District, Nanakramguda
Shobinder Duggal Hyderabad – 500 032, Telangana
Gopika Pant
Monica Widhani

Audit Committee Company Secretary and Bankers

Shobinder Duggal Compliance Officer Axis Bank Limited
Gopika Pant Trivikram Guda Bank of America, N.A.
Monica Widhani Deutsche Bank AG
Adrian Guggisberg HDFC Bank Limited
ICICI Bank Limited
IDBI Bank Limited
JP Morgan Chase Bank, N.A.
Stakeholders Relationship Auditors Standard Chartered Bank
Committee B S R & Co. LLP Chartered The Hong Kong and Shanghai Banking
Gopika Pant Accountants Corporation Limited
Sanjeev Sharma Embassy Golf Links Business Park Yes Bank Limited
Monica Widhani Pebble Beach, B Block, 3rd Floor
Off Intermediate Ring Road
Bengaluru 560 071

Nomination and Remuneration Secretarial Auditors Corporate Identity Number

Committee S. N. Ananthasubramanian & Co. L32202KA1949PLC032923
Shobinder Duggal Company Secretaries
Gopika Pant 10/25-26, 2nd Floor, Brindaban,
Carolina Yvonne Granat Thane (W) – 400 601

Corporate Social Responsibility Cost Auditor

Committee Ashwin Solanki & Associates
Monica Widhani Cost Accountant
Sanjeev Sharma D/104, Koyna, Shantivan Near
Gopika Pant National Park Borivali (East)
Carolina Yvonne Granat Mumbai - 400 066

Risk Management Committee Registered Office

Shobinder Duggal Disha – 3rd Floor
Monica Widhani Plot No. 5 & 6, 2nd Stage Peenya
Sanjeev Sharma Industrial Area IV Peenya,
T. K. Sridhar Bengaluru - 560 058
Karnataka, India

78
 Corporate governance & ethics

Country Management

Sanjeev Sharma TK Sridhar

Managing Director Chief Financial Officer

Raman Kumar Singh Trivikram Guda

Country Human Regional General Counsel
Resources Officer and Company Secretary

Kiran Dutt Ganesh Kothawade

President – Electrification President – Electrification
Products Distribution Solutions

G Balaji
Sanjeev Arora President – Energy
President – Motion Industries Division
Markets Process Automation

Sohini Mookherjea
Subrata Karmakar Head of Corporate
President – Robotics Communications

79
ABB India Limited | Integrated Annual Report 2024

Notice
NOTICE is hereby given that the SEVENTY FIFTH (‘‘75th’’) Special Business:
ANNUAL GENERAL MEETING (‘‘AGM’’) of the Members of
ABB India Limited (‘‘the Company’’) will be held on Saturday, Item No. 4 – Appointment of Secretarial Auditors:
May 10, 2025 at 11.00 A.M. (IST) at the registered office of the
Company situated at Disha, Plot No. 5 & 6, 2nd Stage, Peenya To consider and, if thought fit, to pass the following
Industrial Area IV, Peenya, Bengaluru - 560 058 to transact Resolution as an Ordinary Resolution:
the following businesses:
“RESOLVED THAT pursuant to the provisions of Section
Ordinary Business: 204 of the Companies Act, 2013 read with Companies
(Appointment and Remuneration of Managerial Personnel)
Item No. 1 – Consideration and Adoption of Audited Financial Rules, 2014, Regulation 24A of SEBI (Listing Obligation and
Statements of the Company for the Financial Year ended Disclosure Requirement) Regulations, 2015 [including any
December 31, 2024 and Reports of the Board of Directors statutory modification(s) or re-enactment(s) thereof for
and the Auditors thereon: the time being in force] M/s. S. N. ANANTHASUBRAMANIAN
& Co, (Firm Registration No. P1991MH040400) Company
To consider, and if thought fit, to pass the following Secretaries, be and hereby appointed as Secretarial Auditors
Resolution as an Ordinary Resolution: of the Company for conducting Secretarial Audit and issue
the Secretarial Compliance Report for the term of 5 (five)
“RESOLVED THAT the Audited Financial Statements of the years from Financial Year January 1, 2025 to December 31,
Company for the financial year ended December 31, 2024 and 2029 at such remuneration, as may be mutually agreed
the Reports of the Board of Directors and Auditors thereon, between the Board of Directors of the Company and the
as circulated to the Members, be and hereby adopted.” Secretarial Auditors.”

Item No. 2 – Declaration of Dividend: Item No. 5 – Ratification of remuneration to Cost Auditor of
the Company for financial year ending December 31, 2025:
To consider and, if thought fit, to pass the following
Resolution as an Ordinary Resolution: To consider and, if thought fit, to pass the following
Resolution as an Ordinary Resolution:
“RESOLVED THAT a Dividend of H 33.50 (Rupees Thirty-Three
and Fifty Paise only) (i.e. 1,675%) per Equity Share of the “RESOLVED THAT pursuant to the provisions of Section
face value of H 2 each for the financial year ended December 148(3) and other applicable provisions, if any, of the
31, 2024 on 21,19,08,375 Equity Shares of the Company as Companies Act, 2013 [including any statutory modification(s)
recommended by the Board of Directors be declared and or re-enactment(s) thereof for the time being in force] read
that the said Dividend be distributed out of the profits for with the Companies (Audit and Auditors) Rules, 2014, as
the year ended December 31, 2024.” amended from time to time, Ashwin Solanki & Associates,
Cost Accountants, having Firm Registration Number 100392,
Item No. 3 – Re-appointment of Ms. Carolina Yvonne Granat appointed by the Board of Directors of the Company on
(DIN: 09477744) as a Director liable to retire by rotation: the recommendation of the Audit Committee, as Cost
Auditors of the Company to conduct audit of the cost
To consider and, if thought fit, to pass the following records maintained by the Company as prescribed under
Resolution as an Ordinary Resolution: the Companies (Cost Records and Audit) Rules, 2014, as
amended from time to time, for the Financial Year ending
“RESOLVED THAT Ms. Carolina Yvonne Granat December 31, 2025 be paid remuneration of ₹ 27,00,000
(DIN: 09477744), who retires by rotation and being eligible (Rupees Twenty Seven Lakhs only) plus reimbursement of
for re-appointment, be and is hereby re-appointed as a out of pocket expenses and applicable taxes and to seek
Director of the Company.” certification services as and when required (along with
necessary fees).

80
 Notice of AGM

RESOLVED FURTHER THAT approval of the Company be and is hereby accorded to the Board of Directors of the Company
(including its Committee thereof) to do all such acts, deeds, matters and things as may be necessary, expedient and desirable
for the purpose of giving effect to this resolution.”

By Order of the Board

Trivikram Guda
Company Secretary
Place: New Delhi ACS: 17685
Date: February 17, 2025

Registered Office:
Disha – 3rd Floor, Plot No. 5 & 6, 2nd Stage
Peenya Industrial Area IV, Peenya, Bengaluru - 560 058 Karnataka, India
CIN: L32202KA1949PLC032923
E-mail: [Link]@[Link]
Website: [Link]/in
Tel: +91 80 22949113

81
ABB India Limited | Integrated Annual Report 2024

NOTES:

1. A Statement setting out material facts pursuant to the For convenience of Members, route map of the
provisions of Section 102(1) of the Companies Act, 2013 venue of the AGM is enclosed in this Annual Report
(the “Act”) in respect of special businesses set out at at page no.- 276.
Item No. 4 & 5 of the Notice is annexed hereto. Further,
additional information with respect to Item No. 3 is 5. Only Members / Proxies / Representatives / Invitees
also appended hereto. of the Company are permitted to attend the Meeting
at the venue. Attendance of any other individuals,
2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE including relatives and acquaintances accompanying
MEETING IS ENTITLED TO APPOINT ONE OR MORE Members, is strictly prohibited.
PROXIES TO ATTEND AND VOTE INSTEAD OF HIMSELF/
HERSELF AND A PROXY NEED NOT BE A MEMBER OF 6. Members are encouraged to regularly check the
THE COMPANY. PROXIES IN ORDER TO BE EFFECTIVE Company's website viz; 75th Annual General Meeting
MUST BE DULY FILLED, STAMPED, SIGNED AND SHOULD section for important updates regarding safety
BE DEPOSITED AT THE COMPANY’S REGISTERED measures, security protocols, logistics and other
OFFICE NOT LATER THAN FORTY–EIGHT HOURS important notifications related to the upcoming AGM
BEFORE THE COMMENCEMENT OF THE MEETING. to be held at the registered office of the Company.
PROXIES SUBMITTED ON BEHALF OF LIMITED
COMPANIES, SOCIETIES, PARTNERSHIP FIRMS, ETC., 7. The Register of Directors and Key Managerial Personnel
MUST BE SUPPORTED BY APPROPRIATE RESOLUTION and their shareholding maintained under Section 170
/ AUTHORITY AS APPLICABLE, ISSUED ON BEHALF OF of the Act and Register of Contracts or arrangements
THE APPOINTING ORGANISATION. A PERSON CAN ACT in which directors are interested maintained under
AS PROXY ON BEHALF OF MEMBERS NOT EXCEEDING Section 189 of the Act and relevant documents referred
FIFTY (50) AND HOLDING IN THE AGGREGATE NOT to in this Notice of AGM and explanatory statement,
MORE THAN 10% OF THE TOTAL SHARE CAPITAL OF will be available for inspection by the Members during
THE COMPANY CARRYING VOTING RIGHTS. IN CASE A the AGM. All documents referred to in the Notice will
PROXY IS PROPOSED TO BE APPOINTED BY A MEMBER also be available for electronic inspection without
HOLDING MORE THAN 10% OF THE TOTAL SHARE any fee by the Members on all working days between
CAPITAL OF THE COMPANY CARRYING VOTING RIGHTS, 10.00 a.m. IST to 5.00 p.m. IST from the date of
THEN SUCH PROXY SHALL NOT ACT AS A PROXY circulation of this Notice up to the date of AGM, i.e. May
FOR ANY OTHER PERSON OR MEMBER. THE PROXY- 10, 2025. Members seeking to inspect such documents
HOLDER SHALL PROVE HIS IDENTITY AT THE TIME OF can send an e-mail to [Link]@[Link]
ATTENDING THE MEETING.
8. The Register of Members and the Share Transfer Books
IN CASE OF JOINT HOLDERS ATTENDING THE MEETING, of the Company will remain closed from Sunday, May 4,
ONLY SUCH JOINT HOLDER WHO IS HIGHER IN THE 2025 to Saturday, May 10, 2025 (both days inclusive) for
ORDER OF NAMES WILL BE ENTITLED TO VOTE. ascertaining entitlement of Members eligible to receive
the dividend if declared in the meeting.
3. Members / Proxies / Representatives are requested to
bring the attendance slip, annexed herewith (page no.- 9. The dividend, as recommended by the Board of
273 - 274, for attending the meeting, duly completed Directors of the Company, if approved at the AGM,
and signed mentioning therein details of their DP ID would be paid subject to deduction of tax at source, as
and Client ID / Folio No. may be applicable after May 15, 2025, to those persons
or their mandates:
4. The Annual Report of the Company for the year ended
December 31, 2024 along with Notice, process and a) whose names appear as Beneficial Owners
manner of remote e-voting, Attendance Slip and Proxy as at the end of business hours on Saturday,
form are being sent by e-mail to those Members who May 3, 2025 in the list of Beneficial Owners to
have registered their e-mail address with Company's be furnished by National Securities Depository
Registrar and Share Transfer Agents viz; KFin Limited (NSDL) and Central Depository Services
Technologies Limited (‘‘KFin’’) (‘‘RTA’’) or with their (India) Limited (CDSL) in respect of shares held in
respective Depository Participant (‘‘DP’’). dematerialized form; and

A letter containing the web link, along with the exact b) whose names appear as Members in the Register
path to access the complete details of the Annual Report, of Members of the Company as at the end of the
is being sent to shareholders who have not registered business hours on Saturday, May 3, 2025 after
their email address with the Company’s RTA or DP. giving effect to valid request(s) received for
transmission/ transposition of shares.

82
 Notice of AGM

10. In continuation with the MCA General Circulars No. The deadline for requesting participation is May 7,
20/2020 dated May 5, 2020, SEBI Circular Nos. SEBI/ 2025, at 5:00 p.m. IST. The Company or its RTA officials
HO/CFD/CMD2/CIR/P/2021/11 dated Jan 15, 2021 will contact the selected members to complete the
and in accordance with the General Circular No. registration process. A trial run may also be arranged
09/2024 dated Sep 19, 2024 SEBI/HO/CFD/ to ensure a smooth conduct of the AGM. Detailed
PoD-2 PCIR/2024/133 dated Oct 3, 2024 the financial instructions for attending the meeting through video
statements (including Board’s Report, Auditor’s Report conferencing will be available on the Company's
or other documents required to be attached therewith) website under the 75th Annual General Meeting section.
for the financial year ended December 31, 2024 pursuant It may be noted that the attendance of the members
to Section 136 of the Act and Notice calling the AGM participating through video conference shall not be
pursuant to Section 101 of the Act read with the counted for the purpose of quorum.
Rules framed thereunder, such statements including
the Notice of AGM are being sent only in electronic 12. Members who are attending the meeting in person
mode to those Members whose e-mail addresses are and would like to express their views/have questions,
registered with the Company / KFin or the Depository may register themselves as a speaker by sending their
Participant(s). A letter containing the web link, along request in advance mentioning their name, demat
with the exact path to access the complete details account number/ folio number, e-mail id, mobile
of the Annual Report, is being sent to shareholders number at [Link]@[Link] from the
who have not registered their email address with the date of this notice up to May 7, 2025 (5:00 p.m. IST).
Company’s RTA or DP. The physical copies of such Those Members who have registered themselves as
statements and Notice of AGM will be dispatched only a speaker will only be allowed to express their views/
to those shareholders who request for the same. ask questions during the AGM. The Company reserves
the right to restrict the number of speakers depending
Members who are desirous of obtaining hard copy of the on the availability of time for the AGM. Members are
Annual Report should send a request to the Company’s requested to share their questions if any in advance on
e-mail id viz., [Link]@[Link] clearly [Link]@[Link]
mentioning their Folio number / DP ID and Client ID.
In case of any query and/or help, in respect of attending
A copy of the Notice of this AGM along with integrated AGM kindly contact the Company at [Link]@
Annual Report for the FY 2024 is available on the [Link], or Ms. Shobha Anand, Vice President, KFin at
website of the Company at [Link] Selenium, Tower B, Plot No. 31-32, Gachibowli, Financial
website of the Stock Exchanges where the shares of District, Nanakramguda, Hyderabad, Telangana – 500
the Company are listed i.e. BSE Limited and National 032 or at the email ID evoting@[Link] or on
Stock Exchange of India Limited at [Link] phone No.: 040-6716 2222 or call KFin’s toll free No.:
and [Link] respectively and on the website 1800-3094-001 for any further clarifications.
of KFin at [Link]
13. Members are requested to note that dividends not
11. ADDITIONAL FACILITY TO PARTICIPATE IN THE AGM encashed or remaining unclaimed for a period of 7
THROUGH VIRTUAL MEANS (seven) years from the date of transfer to the Company’s
Unpaid Dividend Account, shall be transferred, under
Your Company is pleased to provide the facility of Section 124 of the Act, to the Investor Education and
live webcast of proceedings of AGM. Members who Protection Fund (“IEPF”), established under Section
are entitled to participate in the AGM can view the 125 of the Act. Further, pursuant to the provisions
proceeding of AGM by logging on the e-voting website of Section 124 of the Act and IEPF Rules, all shares
of KFin at [Link] using their on which dividend has not been paid or claimed for
secure login credentials. Members are encouraged to seven consecutive years or more shall be transferred
use this facility of webcast. to IEPF Authority as notified by the Ministry of
Corporate Affairs.
The Company aims to provide an additional
opportunity for the members participating through a The Members / claimants whose shares, unclaimed
video conferencing platform to express their views. A dividend, sale proceeds of fractional shares etc. have
limited number of registered members will be allowed been transferred to IEPF may claim the shares or apply
to participate in the AGM through a video conferencing for refund by making an application to IEPF Authority
platform and express their views or ask questions. in Form IEPF 5 (available on [Link]. in) along
Shareholders interested in availing this facility should with requisite fees. The Member / claimant can file
send their request in advance to [Link]@ only one consolidated claim in a Financial Year as per
[Link], including their name, demat account the IEPF Rules.
number/folio number, email id, and mobile number.

83
ABB India Limited | Integrated Annual Report 2024

It is in the Member’s interest to claim any un-encashed Account Details, or updated Specimen Signature, will
dividends and for future, opt for Electronic Clearing only be eligible for any payment, including dividends,
Service, so that dividends paid by the Company are interest, or redemption, through electronic mode
credited to the Member’s account on time. from April 01, 2024, as per SEBI directives. Therefore,
Members holding shares in physical form are requested
14. Members who have not yet encashed the dividend to update the mentioned details by completing
warrant(s) from the financial year ended December 31, the appropriate ISR forms with the RTA to ensure
2017 onwards are requested to forward their claims to receipt of dividends.
the Company’s Registrar and Share Transfer Agents
on or before May 20, 2025. It may be noted that once 17. Procedure to be followed by the Members updation of
the unclaimed dividend is transferred to IEPF as above, bank account mandate for receipt of dividend:
no claim shall rest with the Company in respect of
such amount. It may also be noted that the unclaimed I. Send a request to KFintech at [Link]@[Link]
dividend amounts which were lying with the Company by providing the following details alongwith
upto the year ended on December 31, 2016, have been form ISR 1:
transferred to IEPF.
a) Folio No., Name of the Member/s;
The details of the unclaimed dividends are available b) Name and Branch of the Bank in which you
on the Company’s website at [Link] and IEPF wish to receive the dividend;
website at [Link]. Members are requested c) Bank Account type;
to contact KFin Technologies Limited, Unit: ABB d) Bank Account Number allotted by their
India Limited, Selenium Tower B, Plot 31-32, Financial bank after implementation of Core
District, Nanakramguda, Gachibowli, Hyderabad – 500 Banking Solutions;
032, Telangana, Company's RTA, to claim the unclaimed e) 9 digit MICR Code Number; and
/ unpaid dividends. f) 11 digit IFSC Code

15. SEBI has made it mandatory for all companies to use II. Along with the request, attach the scanned copy
the bank account details furnished by the Depositories of Share Certificate (front and back), PAN (self-
and the bank account details maintained by the RTA for attested scanned copy of PAN card), scanned
payment of dividend to Members electronically. The copy of cancelled cheque bearing the name of the
Company has extended the facility of electronic credit first Shareholder.
of dividend directly to the respective bank accounts of
the Member(s) through the Electronic Clearing Service 18. Members are requested to note that, in order to avoid
(ECS) / National Electronic Clearing Service (NECS)/ any loss/ interception in postal transit and also to
National Electronic Fund Transfer (NEFT)/Real Time get prompt credit of dividend through NECS / ECS
Gross Settlement (RTGS)/Direct Credit, etc. As directed they should submit their NECS/ECS details to the
by SEBI, Members holding shares in physical form are Company’s RTA. The requisite NECS/ECS application
requested to submit particulars of their bank account form can be obtained from the Company’s RTA.
in Form ISR 1 along with the original cancelled cheque
bearing the name of the Member to KFin / Company 19. The Members may send their complaints/queries, if any to
to update their bank account details. Members holding the Company’s RTA at e-mail id: [Link]@[Link]
shares in demat form are requested to update their or to the Company’s designated/exclusive e-mail id:
bank account details with their respective Depository investorhelpdesk@[Link]
Participant (“DP”). The Company or KFin cannot act
on any request received directly from the Members 20. Members can avail of the facility of nomination in respect
holding shares in demat form for any change of bank of shares held by them in physical form pursuant to the
particulars. Such changes are to be intimated only to provisions of Section 72 of the Act and Rule 19(1) of the
the Depository Participants of the Members. Further Companies (Share Capital and Debentures) Rules, 2014.
instructions, if any, already given by them in respect of Members desiring to avail of this facility may send their
shares held in physical form will not be automatically nomination in the prescribed Form No. SH-13 duly filled
applicable to shares held in the electronic mode. in to KFin at the aforementioned address. Members
Shareholders are requested to ensure that their bank holding shares in electronic form may contact their
account details in their respective demat accounts respective DP for availing this facility.
are updated, to enable the Company to provide timely
credit of dividend in their bank accounts. 21. Members may kindly note that in accordance with
SEBI Circular reference SEBI/HO/OIAE/OIAE_IAD-1/P/
16. Members holding shares in physical form, whose CIR/2023/131 dated July 31, 2023, the Company is
folio(s) lack PAN, Contact Details, Mobile Number, Bank registered on the newly launched SMART ODR Portal

84
 Notice of AGM

(Securities Market Approach for Resolution through Non-resident members can avail beneficial tax rates
Online Disputes Resolution Portal). This platform aims under Double Tax Avoidance Agreement (‘‘DTAA’’) i.e.
to enhance investor grievance resolution by providing tax treaty between India and their country of residence.
access to Online Dispute Resolution Institutions for Non-resident members are required to provide details
addressing complaints. Members can access the SMART on applicability of beneficial tax rates and provide
ODR Portal via the following link: [Link] following documents:
in/login. Members may feel free to utilize this online
conciliation and/or arbitration facility, as outlined a) Copy of PAN card, if any, allotted by Indian Income
in the circular, to resolve any outstanding disputes Tax Authorities duly self-attested by the member
between Members and the Company (including RTA).
b) Copy of Tax Residency Certificate (‘‘TRC’’) for
22. As per Regulation 40 of the Securities and Exchange the FY 2025-26 obtained from the revenue
Board of India (Listing Obligations and Disclosure authorities of country of tax residence duly self
Requirements) Regulations 2015, (‘‘Listing Regulations’’) attested by the member
as amended, securities of listed companies can be
transferred only in dematerialised form with effect c) Self-Declaration in Form 10-F
from April 1, 2019, except in case of transmission
or transposition of securities. Further, SEBI vide its d) No-PE [permanent establishment] certificate
Master Circular dated May 17, 2023, has mandated that
securities shall be issued only in dematerialised mode e) Self-Declaration of beneficial ownership by the
while processing duplicate / unclaimed suspense / non-resident members
renewal / exchange / endorsement / sub-division /
consolidation / transmission / transposition service f) Lower withholding Tax certificate, if any, obtained
requests received from physical securities holders. from the Indian Tax Authorities
In view of the above and to eliminate risk associated
with physical shares and to avail various benefits The members/shareholders are required to provide
of dematerialisation, Members are advised to above documents/declarations by sending an E-mail
dematerialise their shares held in physical form. to [Link]@[Link] on or before Tuesday,
April 29, 2025. The Shareholders in the category of
Members are accordingly requested to get in touch with Mutual Funds are required to submit their respective
any Depository Participant having registration with SEBI Registration Certificates to [Link]@kfintech.
SEBI to open a Demat account or alternatively, contact com on or before Tuesday, April 29, 2025. The aforesaid
the nearest branch of KFin to seek guidance in the documents are subject to verification by the Company
demat procedure. Members may also visit website of and in case of ambiguity, the Company reserves its right
depositories viz. National Securities Depository Limited to deduct the TDS as per the provisions of the Income
at [Link] or Central Depository Tax Act, 1961. In case of Foreign Institutional Investors
Services (India) Limited at [Link] / Foreign Portfolio Investors tax will be deducted
for further understanding the demat procedure. under Section 196D of the Income Tax Act @20% plus
applicable Surcharge and Cess or at the rate as per the
23. Effective April 1, 2020, dividend income is taxable in the relevant DTAA, whichever is beneficial.
hands of shareholders. Hence the Company is required
to tax deducted at source (‘‘TDS’’) from the amount 24. E-Voting:
of dividend paid to shareholders at the prescribed
rates. A Resident individual shareholder with PAN i. In compliance with the provisions of Section
and who is not liable to pay income tax can submit a 108 of the Act, and Rule 20 of the Companies
yearly declaration in Form No. 15G/15H, to avail the (Management and Administration) Rules, 2014 as
benefit of non-deduction of tax at source by e-mail amended from time to time and the provisions
to [Link]@[Link] on or before Tuesday, of Regulation 44 of the Listing Regulations, the
April 29, 2025. Further no tax shall be deducted on the Members are provided with the facility to cast their
dividend payable to a resident individual shareholder vote electronically, through the remote e-voting
if the total amount of dividend to be received from services provided by KFin on all resolutions set
the Company during the Financial Year 2025-26 does forth in this Notice.
not exceed ₹10,000/-. Members may note that in case
PAN is not updated with the Depository Participant/ ii. The remote e-voting period commences at 9.00
Registrar of the Company, the tax will be deducted at a a.m. IST on Tuesday, May 6, 2025 and ends at
higher rate of 20%. 5.00 p.m. IST on Friday, May 9, 2025. During this

85
ABB India Limited | Integrated Annual Report 2024

period members of the Company, holding shares iv. In case of Individual Members holding securities
either in physical form or in dematerialized form, in demat mode and who acquires shares of the
as on the cut-off date i.e., Saturday, May 3, 2025, Company and becomes a Member of the Company
may cast their vote electronically in the manner after sending of the Notice and holding shares as
and process set out here in above. The remote of the cut-off date may follow steps mentioned
e-voting module shall be disabled for voting below under “Other Instructions”.
thereafter. Once the vote on a resolution is cast by
the Member, the Member shall not be allowed to v. The details of the process and manner for remote
change it subsequently. e-Voting are explained herein below:

iii. Any person holding shares in physical form and Step 1: Access to Depositories e-Voting
non- individual members, who acquires shares system in case of individual members holding
of the Company and becomes a Member of the shares in demat mode.
Company after sending of the Notice and holding
shares as of the cut-off date, may obtain the Step 2: Access to KFin e-Voting system in case
login ID and password by sending a request at of members holding shares in physical and non-
evoting@[Link]. However, if he / she is individual members in demat mode.
already registered with KFin for remote e-Voting
then he / she can use his / her existing User ID and Step 3: Voting during the AGM.
password for casting the vote.

Type of shareholders Login Method

Individual 1. User already registered for IDeAS facility:
Shareholders I. Visit URL: [Link]
holding securities
II. Click on the “Beneficial Owner” icon under “Login” under ‘IDeAS’ section.
in demat mode with
NSDL III. On the new page, enter User ID and Password. Post successful authentication, click on
“Access to e-Voting”
IV. Click on company name or e-Voting service provider and you will be re-directed to
e-Voting service provider website for casting the vote during the remote e-Voting period.
2. User not registered for IDeAS e-Services
I. To register click on link : [Link]
II. Select “Register Online for IDeAS” or click at [Link]
[Link]
III. Proceed with completing the required fields.
IV. Follow steps given in point 1.
3. Alternatively by directly accessing the e-Voting website of NSDL
I. Open URL: [Link]
II. Click on the icon “Login” which is available under ‘Shareholder/Member’ section.
III. A new screen will open. You will have to enter your User ID (i.e. your sixteen-digit demat
account number held with NSDL), Password / OTP and a Verification Code as shown on
the screen.
IV. Post successful authentication, you will be requested to select the name of the company
and the e-Voting Service Provider name, [Link].
V. On successful selection, you will be redirected to KFintech e-Voting page for casting your
vote during the remote e-Voting period.

86
 Notice of AGM

Type of shareholders Login Method

Individual 1. Existing user who have opted for Easi / Easiest
Shareholders I. Visit URL: [Link] or URL: [Link]
holding securities
II. Click on New System Myeasi
in demat mode with
CDSL III. Login with your registered user id and password.
IV. The user will see the e-Voting Menu. The Menu will have links of ESP i.e. KFintech e-Voting
portal.
V. Click on e-Voting service provider name to cast your vote.
2. User not registered for Easi/Easiest
I. Option to register is available at [Link]
II. Proceed with completing the required fields.
III. Follow the steps given in point 1.
3. Alternatively, by directly accessing the e-Voting website of CDSL
I. Visit URL: [Link]
II. Provide your demat Account Number and PAN No.
III. System will authenticate user by sending OTP on registered Mobile & Email as recorded
in the demat Account
IV. After successful authentication, user will be provided links for the respective ESP, i.e
KFintech where the e- Voting is in progress.
Individual I. You can also login using the login credentials of your demat account through your DP
Shareholder login registered with NSDL /CDSL for e-Voting facility.
through their demat II. Once logged-in, you will be able to see e-Voting option. Once you click on e-Voting option,
accounts / Website you will be redirected to NSDL / CDSL Depository site after successful authentication,
of Depository wherein you can see e-Voting feature.
Participant
III. Click on options available against company name or e-Voting service provider – Kfintech
and you will be redirected to e-Voting website of KFintech for casting your vote during the
remote e-Voting period without any further authentication.

Important note: Members who are unable to retrieve User ID / Password are advised to use Forgot user ID and Forgot
Password option available at respective websites.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. NSDL and CDSL.

Login type Helpdesk details

Securities held with Please contact NSDL helpdesk by sending a request at evoting@[Link] or call at toll free no.:
NSDL 1800 1020 990 and 1800 224 430
Securities held with Please contact CDSL helpdesk by sending a request at [Link]@[Link] or
CDSL contact at 022-23058738 or 022-23058542-43

Details on Step 2 are mentioned below: i. Launch internet browser by typing the URL:
[Link]
I. Login method for e-Voting for shareholders other
than Individual shareholders holding securities in ii. Enter the login credentials (i.e. User ID and
demat mode and shareholders holding securities password). In case of physical folio, User
in physical mode. ID will be EVEN (E-Voting Event Number)
8758, followed by folio number. In case of
Members whose e-mail IDs are registered with Demat account, User ID will be your DP ID
the Company / Depository Participants (s), will and Client ID. However, if you are already
receive an e-mail from KFin which will include registered with KFintech for e-voting, you
details of E-Voting Event Number (EVEN), USER can use your existing User ID and password
ID and password. They will have to follow the for casting the vote.
following process:

87
ABB India Limited | Integrated Annual Report 2024

iii. After entering these details appropriately, any number of times till they have voted on
click on “LOGIN”. the Resolution(s).

iv. You will now reach password change menu xii. Corporate / Institutional Members (i.e. other
wherein you are required to mandatorily than Individuals, HUF, NRI etc.) are also required
change your password. The new password to send scanned certified true copy (PDF
shall comprise of minimum 8 characters Format) of the Board Resolution / Authority
with at least one upper case (A-Z), one lower Letter etc., authorizing its representative to
case (a-z), one numeric value (0-9) and a attend the AGM on its behalf and to cast its
special character (@,#,$, etc.,). The system vote through remote e-voting. Together with
will prompt you to change your password attested specimen signature(s) of the duly
and update your contact details like mobile authorised representative(s), to the Scrutinizer
number, e-mail ID etc. on first login. You may at e-mail id chandra@[Link]
also enter a secret question and answer of with a copy marked to evoting@kfintech.
your choice to retrieve your password in case com. The scanned image of the above-
you forget it. It is strongly recommended that mentioned documents should be in the
you do not share your password with any naming format “ABB India Limited 75th Annual
other person and that you take utmost care General Meeting”.
to keep your password confidential.
Details on Step 3 are mentioned below:
v. You need to login again with the
new credentials. The Members who have not cast their vote(s) through
remote e-voting can exercise their voting rights at the
vi. On successful login, the system will prompt AGM. The Company will make necessary arrangements
you to select the “EVEN” i.e., “ABB India in this regard at the AGM Venue. The facility for voting
Limited- AGM” and click on “Submit”. through electronic voting system (Insta Poll) shall be
made available at the Meeting. Members who have
vii. On the voting page, enter the number of already cast their votes by remote e-voting are eligible
shares (which represents the number of to attend the Meeting; however, these Members are
votes) as on the Cut-off Date under “FOR/ not entitled to cast their vote again in the Meeting.
AGAINST” or alternatively, you may partially A Member can opt for only single mode of voting i.e.
enter any number in “FOR” and partially through Remote e-voting or voting at the AGM.
“AGAINST” but the total number in “FOR/
AGAINST” taken together shall not exceed 25. Other Instructions:
your total shareholding as mentioned herein
above. You may also choose the option i. Members holding shares in electronic mode, who
ABSTAIN. If the Member does not indicate have not registered their email addresses are
either “FOR” or “AGAINST” it will be treated requested to register their email addresses with
as “ABSTAIN” and the shares held will not be their respective DP.
counted under either head.
Members holding shares in physical mode are
viii. Members holding multiple folios / demat requested to update their email addresses with
accounts shall choose the voting process KFIN by following the process detailed below:
separately for each folio / demat accounts.
Members holding shares in physical mode are
ix. Voting has to be done for each item of the hereby notified that based on SEBI Circular number:
notice separately. In case you do not desire to SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37,
cast your vote on any specific item, it will be dated March 16th, 2023, shall register the e-mail
treated as abstained. ID, mobile number, postal address with PIN code
for their corresponding folio numbers. Members
x. You may then cast your vote by selecting an can register/update the contact details through
appropriate option and click on “Submit”. submitting the requisite ISR 1 form along with the
supporting documents. ISR 1 Form can be obtained
xi. A confirmation box will be displayed. Click by following the link: [Link]
“OK” to confirm else “CANCEL” to modify. clientservices/isc/[Link]
Once you have voted on the resolution (s),
you will not be allowed to modify your vote. ISR Form(s) and the supporting documents can be
During the voting period, Members can login provided by any one of the following modes.

88
 Notice of AGM

a) Through ‘In Person Verification’ (IPV): The c) Members who may require any technical
authorized person of the RTA shall verify the assistance or support before or during the
original documents furnished by the investor AGM are requested to contact KFintech at toll
and retain copy(ies) with IPV stamping with free number 1800 309 4001 or write to them
date and initials; or at evoting@[Link].

b) Through Post: Hard copies which are self- iv. However, if you are already registered with KFin
attested, can be sent to the address below; or for remote e-voting then you can use your existing
Name KFIN Technologies Limited user ID and password for casting your vote. If
Address Selenium Building, Tower-B, you forgot your password, you can reset your
Plot No 31 & 32, Financial District, password by using
Nanakramguda, Serilingampally,
Hyderabad, Rangareddy, “Forgot User Details / Password” option available
Telangana India - 500 032. on [Link] or call KFin Toll
Free No. 1800 309 4001.
c) Through electronic mode with e-sign service
through the link: [Link] v. The voting rights of Members shall be in
clientservices/isc/[Link]# proportion to their shares of the paid-up equity
share capital of the Company as on the cut-off
Detailed FAQ can be found on the link: https:// date i.e. Saturday, May 3, 2025.
[Link]/[Link] For more information
on updating the email and Mobile details for vi. The Board of Directors has appointed Mr. K. Chandra
securities held in electronic mode, please reach Shekar, (Membership No. A14441 / CP No. 24363),
out to the respective DP(s), where the Demat Practicing Company Secretary, Bengaluru as the
A/c is being held. Scrutinizer to scrutinize the voting process in a fair
and transparent manner.
ii. In case of any other queries, you may refer Help
& FAQ section of [Link] or vii. The scrutinizer shall immediately after the
call KFin Toll Free No. 1800 309 4001. conclusion of voting at the general meeting, count
the votes cast at the meeting and votes cast
iii. In case a person has become a Member of the through remote e-voting in the presence of at least
Company after dispatch of AGM Notice but on or two witnesses who are not in the employment of
before the cut-off date for E-voting, he / she may the Company and within a period not exceeding two
obtain the User ID and Password in the manner as working days from the conclusion of the meeting,
mentioned below: submit a consolidated Scrutinizer’s Report of the
total votes cast in favour or against, if any, to the
a) If the mobile number of the member is Chairman or person authorized by the Chairman in
registered against Folio No./ DP ID Client writing for counter signature.
ID, the member may send SMS: MYEPWD
<space> E-Voting Event Number+Folio No. or viii. The Results shall be declared either by the Chairman
DP ID Client ID to 9212993399 or the person authorized by the Chairman in writing
and the resolutions will be deemed to have been
1. Example for NSDL: passed on the AGM date subject to receipt of the
MYEPWD <SPACE> IN12345612345678 requisite number of votes in favour thereof.
2. Example for CDSL:
MYEPWD <SPACE> 1402345612345678 ix. Promptly after declaration of results, the same
3. Example for Physical: shall be placed along with the Scrutinizer’s Report
MYEPWD <SPACE> XXXX1234567890 on the Company’s website at [Link] and
on the KFin’s website at [Link]
b) If e-mail address or mobile number of the com and communicated to BSE Limited and
member is registered against Folio No. / DP ID National Stock Exchange of India Limited, where
Client ID, then on the home page of https:// the shares of the Company are listed for placing
[Link]/ the member may click the same in their website.
“Forgot Password” and enter Folio No. or DP
ID Client ID and PAN to generate a password. x. A person who is not a member as on the
cut-off date, should treat this Notice for
information purpose only.

89
ABB India Limited | Integrated Annual Report 2024

Annexure to the Notice of AGM

Additional Information with respect to Item No. 3

Name of the Director Carolina Yvonne Granat

Director Identification Number (DIN) 09477744
Date of Birth / Age 14.02.1972/ 53 years
Date of Appointment on the Board 01.04.2022
Qualification Master in Human Resources
Brief profile and nature of their expertise in specific Ms. Granat is currently working as Chief Human Resources
functional areas Officer of ABB. She is a Member of the Group Executive
Committee of ABB Ltd, Switzerland. She is having more
than two decades of rich experience in Human Resources
Management, Talent and Performance management,
People development, etc in multi-national and consulting
firms
Current remuneration (last drawn remuneration) Not applicable
Details of remuneration sought to be paid NIL
Key terms and conditions of appointment Ms. Granat is a Non-Executive and Non-Independent
Director of the Company. She is required to comply with
the applicable provisions of the Companies Act, 2013,
Listing Regulations and other applicable laws.
Relationship with other Directors, Manager and other Key Ms. Granat is not related to any other Director and / or Key
Managerial Personnel of the Company Managerial Personnel of the Company.
Number of meetings of the Board attended during the year During the Financial Year 2024, Ms. Granat has attended 4
Board meetings
Directorships, Memberships / Chairmanships of committees Directorships
of Listed Entities Boards as on December 31, 2024 [along NIL
with listed entities from which the person has resigned in Committee Membership/ Chairmanship
the past three years] Carolina is member of Corporate Social Responsibility
Committee and Nomination and Remuneration Committee
of ABB India Limited
Ms. Granat has not resigned from any listed entities from
past three years

Ms. Carolina Yvonne Granat is not debarred from holding efficiency in conduct of audit, independence, etc., the
the office of Director pursuant to any Order issued by Board of Directors of the Company has, based on the
the Securities and Exchange Board of India (SEBI) or any recommendation of the Audit Committee, at its meeting
other authority. held on February 17, 2025, proposed the appointment of M/s.
S. N. ANANTHASUBRAMANIAN & Co, (Firm Registration No.
Save and except Ms. Carolina Yvonne Granat, and her P1991MH040400) Company Secretaries, as the Secretarial
relatives, none of the other Directors, Key Managerial Auditors of the Company, for a term of five consecutive
Personnel (“KMP“) of the Company and their relatives are, in years from Financial Year January 1, 2025 to December 31,
any way, concerned or interested, financially or otherwise, in 2029, at such remuneration, as may be mutually agreed
the Resolution set out at Item No. 3 of the Notice. The Board between the Board of Directors of the Company and the
recommends the Ordinary Resolution set out at Item No. 3 Secretarial Auditors.
of the Notice for approval of the Members.
The remuneration paid to M/s. S. N. ANANTHASUBRAMANIAN
This Explanatory Statement is in terms of Section 102 of the & Co, for the financial year 2024 was Rs. 3,15,000/- (Rupees
Companies Act, 2013 and Regulation 36(5) of the Securities Three Lakhs Fifteen Thousand only) excluding taxes and
and Exchange Board of India (LODR) Regulations, 2015. reimbursement of out of pocket expenses for carrying
out Secretarial Audit and issue the Secretarial compliance
Item No. 4 – Appointment of Secretarial Auditors Report for the financial year 2024.

After evaluating and considering various factors such The remuneration approved for the financial year 2025 is
as industry experience, competence of the audit team, Rs. 3,45,000/- (Rupees Three Lakhs Forty Five Thousand

90
 Notice of AGM

only) excluding taxes and reimbursement of out of pocket of the cost records of the Company, for the financial year
expenses for carrying out Secretarial Audit and issue the ending December 31, 2025, at a remuneration of ₹ 27,00,000
Secretarial compliance Report. (Rupees Twenty Seven Lakhs only) plus reimbursement of
out of pocket expenses and applicable taxes and to seek
M/s. S. N. ANANTHASUBRAMANIAN & Co. have consented certification services as and when required (along with
to their appointment as Secretarial Auditors and has necessary fees).
confirmed that their appointment will be in accordance with
Section 204 of Companies Act, 2015 read with SEBI (LODR) Pursuant to Section 148 of the Companies Act, 2013 read with
Regulations, 2015. the Companies (Audit and Auditors) Rules, 2014, Members
of the Company are required to ratify the remuneration to
Accordingly, consent of the Members is sought for passing be paid to the cost auditors of the Company.
an Ordinary Resolution as set out at Item No. 4 of the Notice.
Accordingly, consent of the Members is sought for passing
None of the Directors, Key Managerial Personnel of the an Ordinary Resolution as set out at Item No. 5 of the Notice.
Company and their relatives are, in any way, concerned or
interested, financially or otherwise, in the Resolution set out None of the Directors, Key Managerial Personnel of the
at Item No. 4 of the Notice. Company and their relatives are, in any way, concerned or
interested, financially or otherwise, in the Resolution set out
Item No. 5 – Ratification of remuneration to Cost at Item No. 5 of the Notice.
Auditor of the Company for financial year ending
December 31, 2025:
By Order of the Board
The Board of Directors, at its Meeting held on February 17,
2025, upon the recommendation of the Audit Committee, Trivikram Guda
approved the appointment of Ashwin Solanki & Associates, Company Secretary
Cost Accountants having Firm Registration Number 100392, Place: New Delhi ACS: 17685
as Cost Auditors of the Company for conducting the audit Date: February 17, 2025

91
ABB India Limited | Integrated Annual Report 2024

Boards’ Report
Your Directors have pleasure in presenting their Seventy Fifth Annual Report together with Audited Financial Statements for
the financial year ended December 31, 2024.

1. Financial Summary and Highlights:

(H in lakhs)
For the year ended
Particulars
December 31, 2024 December 31, 2023
Revenue from operations 12,188.31 10,446.52
other income 353.40 301.69
Profit before tax and exceptional items 2,509.29 1,650.70
Profit before tax and after exceptional items 2,509.29 1,650.70
Tax expense:
- Current tax 629.88 421.14
- Deferred tax 7.77 (12.49)
Profit after tax 1,871.64 1,242.05
Other comprehensive income / (loss) (net of tax) (10.60) (3.76)
Balance brought forward from previous year 1,861.04 2,254.20
Amount available for appropriation 5,120.43 3,492.49
Appropriations:
Equity dividend paid 730.24 223.10
Balance carried forward 4,390.19 3,259.39
Networth 7,075.40 5,944.60

2. Dividend: 4. Transfer to Reserves:

The Board of Directors, at its meeting held on The Board of Directors have decided not to transfer any
August 8, 2024, declared an interim dividend of amount to the General Reserve for the year under review.
J 10.66/- (Rupees ten and sixty-six paise only) i.e.
(533%) on 21,19,08,375 Equity Shares of face value of 5. Share capital:
J 2/- each fully paid up for the financial year 2024.
During the year under review, there was no change in
Based on the Company’s good performance and a share capital of the Company.
strong cash flow, your Directors are pleased to propose
a final dividend at the rate of J 33.50 per share (Rupees 6. Performance and State of the
Thirty-Three and Fifty Paise only) per equity share of company’s affairs:
the face value of J 2/- each (1,675%) on 21,19,08,375
equity shares of the Company for financial year During the year, orders from continuing operations
ended December 31, 2024. Dividend pay-out has been touched an all-time high of ₹ 13,079 Crores in 2024 as
determined in accordance with the Company’s dividend against ₹ 12,319 Crores in 2023. In 2024, the Company
distribution policy. Dividend will be payable subject to was able to optimize the conducive macro environment
approval of members at the ensuing Annual General offered in the country as compared to global headwinds
Meeting and deduction of tax at source to those of uncertainty and soft landing. Proactive engagement
Shareholders whose names appear in the Register of with identified sectors of high and moderate growth
Members as on the Record Date. and the government’s focus programs like local
manufacturing, digitalization and data centers, value
3. Dividend Distribution Policy: added manufacturing and transportation provided
significant traction to the journey of consistent
The Dividend Distribution Policy containing the profitable performance. The order backlog at the end
requirements mentioned in Regulation 43A of the of the year held steady at ₹ 9,380 Crores, up by 12%,
SEBI (Listing Obligations and Disclosure Requirements) which continued to provide visibility to the future
Regulations, 2015 (“Listing Regulations”) can be revenue streams. The revenue for the Company for the
accessed at the following Web-link: [Link] year 2024 reached ₹12,188 Crores for the first time as
com/docs/librariesprovider19/default-document- compared to ₹10,447 Crores in 2023. For the full year,
library/dividend-distribution-policyca47b9f2c1f463c0953 the Company’s profit before tax before exception stood
[Link]

92
 Board’s Report

at ₹ 2,513 Crores as compared to ₹ 1659 Crores in 2023. ensuing Annual General Meeting of the Company, and
Profit after tax for the year was ₹ 1,875 Crores up by being eligible, offers herself for re-appointment.
50% year -on-year. For the year, all the business areas
posted a solid double digit growth on higher margins Brief profile and details of Ms. Granat, Director
along with operating leverage across diverse market proposed to be re-appointed as required under
segments. The earnings per share for 2024 at ₹ 88.46 the Listing Regulations are contained in the Notice
vis-à-vis ₹58.90 in 2023. convening the ensuing 75th Annual General Meeting
of the Company.
Discussion on the performance and state of Company’s
affairs, has been covered as part of the Management The tenure of Mr. V K Viswanathan (DIN: 01782934),
Discussion and Analysis which forms part of this Report. as Non-Executive & Independent Director was ended
with effect from November 12, 2024. Consequently, the
7. Management Discussion & Analysis: Board of Directors of the Company at its meeting held
on August 8, 2024 recommended appointment of Mr.
The Management Discussion & Analysis of your Shobinder Duggal (DIN: 00039580) as Non-Executive &
Company’s performance is discussed in the Independent Director of the Company for term of three
Management Discussion and Analysis Report, which consecutive years effective from November 4, 2024 and
forms part of this Annual Report. the same was approved by the Shareholders by way of
postal ballot on October 3, 2024.
8. Material changes and commitment, if any,
affecting financial position of the Company Apart from aforesaid changes there are no changes in
from the end of Financial Year and till the date Directors and Key Managerial Personnel of the Company.
of this Report:
Details of Directors and composition of various
No material changes and commitments have occurred Committees of the Board are provided in the Corporate
after the closure of the Financial Year 2024 till the date Governance Report forming part of this report.
of this Report, which would affect the financial position Details of the familiarization Programme for Directors
of your Company. have been provided under Corporate Governance
section of the report.
9. Subsidiaries, joint ventures and
associate companies: Mr. Sanjeev Sharma (DIN: 07362344), Managing
Director, Mr. T.K. Sridhar, Chief Financial Officer, and
During the year under review, no company has Mr. Trivikram Guda, Company Secretary continues to
become or ceased to be subsidiaries, joint ventures or remain Key Managerial Personnel of the Company.
associate companies.
During the Financial Year, none of the Directors
10. Board Meetings and Annual General Meeting: and Key Managerial Personnel of the Company had
any material pecuniary relationship or transactions
During the year under review four Board Meetings were with the Company.
held on: February 20, 2024, May 10, 2024, August 8, 2024
and November 4, 2024. Also, a meeting of Independent 12. Independent Directors:
Directors was held on June 28, 2024 as prescribed
under Schedule IV of the Companies Act, 2013 (the All the Independent Directors of the Company have
"Act"). For details of the meetings of the Board and its submitted the requisite declarations stating that they
Committees, please refer to the Corporate Governance meet the criteria of independence as prescribed under
Report forming part of this Report. The intervening gap Section 149(6) of the Act and Regulation 16(1)(b) of the
between the Board meetings was within the period Listing Regulations. The Board reviewed and assessed
prescribed under the Act. the veracity of the aforesaid declarations, as required
under Regulation 25(9) of the Listing Regulations. In the
The 74th Annual General Meeting (AGM) of the Company opinion of the Board, all the Independent Directors fulfil
was held on May 11, 2024. the said conditions as mentioned in Section 149(6) of
the Act and the Listing Regulations and are independent
11. Directors and Key Managerial Personnel: of the Management. All the Independent Directors of
the Company have complied with the provisions of sub
In accordance with the provisions of the Act read rule (1) and (2) of Rule 6 of the Companies (Appointment
with Article 157 of the Articles of Association of the and Qualification of Directors) Rules, 2014 with respect
Company, Ms. Carolina Yvonne Granat, Non-Executive to registration with the Indian Institute of Corporate
Non Independent Director, will retire by rotation at the Affairs for the Independent Directors’ Database. There

93
ABB India Limited | Integrated Annual Report 2024

has been no change in the circumstances affecting 14. Nomination and Remuneration Policy:
their status as Independent Directors of the Company.
In the opinion of the Board, the Independent Directors The details of Nomination and Remuneration Policy of
possess the requisite integrity, experience, expertise the Company for Directors, Key Managerial Personnel
and proficiency required to fulfill their duties as (KMP), Senior Management Personnel (SMP) and other
Independent Directors. employees along with other related matters have been
provided in the Corporate Governance Report.
13. Annual evaluation of Board Performance and
Performance of its Committees and Directors: The copy of the Nomination and Remuneration policy
can be accessed by clicking on weblink [Link]
Pursuant to applicable provisions of the Act, and the [Link]/docs/librariesprovider19/default-document-
Listing Regulations, the Board has carried out annual library/nomination-and-remuneration-policy_new.
evaluation of its own performance, performance of the pdf?sfvrsn=4548880a_2
Directors including Chairman’s assessment as well as
the evaluation of the working of its Committees. 15. Particulars of Employees and Remuneration:

The NRC has defined the evaluation criteria and the The information required under Section 197(12) of the
mechanism for carrying out the Performance Evaluation Act, read with Rule 5 of the Companies (Appointment
process for the Board, its Committees and Directors. and Remuneration of Managerial Personnel) Rules,
2014 is attached as Annexure A which forms part
During the year, feedback was sought by way of of this Report. The information required under Rule
structured questionnaires and evaluation was carried 5(2) and (3) of the Companies (Appointment and
out based on various criteria and the responses Remuneration of Managerial Personnel) Rules, 2014
received from the Directors. forms part of Annexure B.

The criteria for performance evaluation of the Board Further, the Report and the Financial Statements
included aspects such as Board composition and are being sent to the Members excluding Annexure
quality, setting strategy, overall direction, effectiveness B statement. In terms of Section 136 of the Act, the
of Board processes, Board and management relations, said statement will be open for inspection upon
contribution, board development, timeliness of specific request made in writing to the Company
information etc., The criteria for performance by the Members. Any Member interested in obtaining
evaluation of the Committees included aspects the same may write to the Company Secretary at
such as structure and composition of Committees, [Link]@[Link]. None of the employees
effective participation of members of the Committees, listed in the said Annexure is related to any Director /
deliberations and suggestions made by the Committee, KMP of the Company. The said information is available
effectiveness of the Committee’s recommendation for for inspection by the Members on any working day
the decisions of the Board, etc., A separate peer review of the Company up to the date of the 75th Annual
exercise was carried out to evaluate the performance General Meeting.
of Individual Directors. The performance evaluation
of the Chairman of the Board was also carried out, 16. Particulars of loans, guarantees or
considering the views of all the remaining Directors. investments under Section 186 of the Act :

The Directors noted that the results of the performance Particulars of loans, guarantees and investments
evaluation of the Board and its Committees, covered under Section 186 of the Act, if any, forms
Chairperson and individual directors indicated a high part of notes to the Financial Statements provided in
degree of satisfaction among the Directors. A few this Annual Report.
areas of improvement which were suggested included
Succession Planning, to conduct training programs 17. Deposits:
which are focused in new areas of technology and
markets positioning etc. During the year under review, the Company has
neither accepted nor renewed any deposits under
Further, the Independent Directors, at their Chapter V of the Act.
exclusive meeting held during the year, reviewed the
performance of the Board, its Chairman and Non- 18. Internal Control Systems and their adequacy:
executive Directors and other items as stipulated under
the Listing Regulations. Your Company has in place adequate internal financial
controls with reference to the Financial Statements

94
 Board’s Report

commensurate with the size, scale and complexity of 20. Conservation of Energy, Technology
its operations. Your Company has an Internal Audit Absorption, Foreign Exchange Earnings and
team that is responsible for independently evaluating Outgo:
the adequacy and effectiveness of all internal control
designs and implementation, risk management, The information on conservation of energy, technology
systems and processes. Internal Audit team is manned absorption and foreign exchange earnings and outgo
by appropriately skilled, experienced and qualified stipulated under Section 134(3)(m) of the Act read
personnel. The Internal Audit plan is also aligned with with Rule 8 of the Companies (Accounts) Rules, 2014 is
the business objectives of the Company which is attached as Annexure C which forms part of this Report.
reviewed and approved by the Audit Committee. The
details on Internal Control Systems and their adequacy 21. Related Party Transactions:
are provided in the Management’s Discussion and
Analysis which forms part of this Report. All contracts or arrangements entered into by and
between the Company with Related Parties are on arm’s
19. Directors’ Responsibility Statement: length basis and in the ordinary course of business.
Hence, pursuant to Section 134(3)(h) of the Act read
Your Directors, based on the representations received with Rule 8(2) of the Companies (Accounts) Rules, 2014,
from the operating management and after due enquiry, there are no related party transactions to be reported
confirm in pursuance of Sections 134(3) and 134(5) under Section 188(1) of the Act and Form AOC-2 is
of the Act, that: not applicable.

a. in the preparation of the annual accounts for All related party transactions are placed before the Audit
the financial year ended December 31, 2024, Committee for its review and approval on a quarterly
the applicable accounting standards have been basis. An omnibus approval of the Audit Committee
followed along with proper explanation and there is obtained for the related party transactions which
are no material departures; are repetitive in nature. Further, the related party
transactions are reviewed by the Statutory Auditors of
b. they have selected such accounting policies and the Company. In addition, the Company had engaged
applied them consistently and made judgments the services of an external professional firm viz; Ernst
and estimates that are reasonable and prudent so & Young LLP (EY) for verification of the related party
as to give a true and fair view of the state of affairs transactions during the year and confirmation that the
of the Company as on December 31, 2024, and of transactions carried out were in the ordinary course
the profit of the Company for that period; of business and at arm’s length basis. EY submits
its detailed Report to the Audit Committee at its
c. they have taken proper and sufficient care for the quarterly meetings.
maintenance of adequate accounting records in
accordance with the provisions of the Companies During the year under review, your Company had not
Act, 2013 for safeguarding the assets of the entered into any Material Related Party Transactions,
Company and for preventing and detecting fraud i.e. transactions exceeding rupees one thousand crore
and irregularities; or ten per cent of the annual consolidated turnover as
per the last audited financial statements.
d. the annual accounts have been prepared on a
going concern basis; Related Party disclosures as per Ind AS 24 have
been provided in Notes to accounts annexed to the
e. they have laid down adequate internal financial financial statements.
controls to be followed by the Company and
such internal financial controls were operating The Policy on Materiality of and Dealing with Related
effectively during the Financial Year ended Party Transactions as approved by the Board is
December 31, 2024; and uploaded on the Company’s website and can be
accessed at the Web-link: [Link]
f. they have devised proper systems to ensure librariesprovider19/default-document-library/rpt-
compliance with the provisions of all applicable policy-approved_feb-[Link]?sfvrsn=185cdf09_2
laws and that such systems are adequate and
operating effectively.

95
ABB India Limited | Integrated Annual Report 2024

22. Statutory Auditors: of the Company for Financial Year ended December 31,
2024. The Secretarial Audit Report for the financial year
Pursuant to provisions of Section 139 of the Act read ended December 31, 2024, as required under Section
with the Companies (Audit and Auditors) Rules, 2014, 204 of the Act and Regulation 24A of the SEBI Listing
Messrs. B S R & Co. LLP, Chartered Accountants (Firm Regulations, is appended as Annexure D to this Report.
Registration No.101248W / W-100022), were appointed The Secretarial Audit Report does not contain any
as Statutory Auditors of the Company for a term of 5 qualification, reservation or adverse remark. Further,
years, to hold office from the conclusion of 72nd Annual as per Section 204 of the Companies Act, 2013 read
General Meeting held on May 5, 2022 until the conclusion with Companies (Appointment and Remuneration of
of 77th Annual General Meeting to be held in 2027. Managerial Personnel) Rules, 2014, and SEBI (LODR)
read with SEBI (LODR) (Third Amendment) Regulations,
The Auditor’s Report for the financial year 2024 does 2024 the Board has recommended to appoint
not contain any qualification, reservation or adverse M/s. S. N. ANANTHASUBRAMANIAN & Co, (Firm
remark. The Auditor’s Report is enclosed with the Registration No. P1991MH040400) Company
Financial Statements in this Annual Report. Secretaries as the Secretarial Auditors of the
Company for the term of 5 (five) years i.e. from Financial
23. Cost Auditor: Year January 1, 2025 to December 31, 2029.

The Board of Directors, on the recommendation of 26. Annual Secretarial Compliance Report:
the Audit Committee, has appointed Ashwin Solanki &
Associates, Cost Accountants (Registration No: 100392) The Company has undertaken an audit for the Financial
as Cost Auditors to audit the cost accounts of the Year ended December 31, 2024 for all applicable
Company for the Financial Year 2025 under section 148 compliances as per Listing Regulations and Circulars
of the Act. Ashwin Solanki & Associates have confirmed / Guidelines issued thereunder. The Annual Secretarial
that their appointment is within the limits of section Compliance Report duly signed by Mr. S. N. Viswanathan,
141(3)(g) of the Act, and have also certified that they Partner, M/s. S. N. ANANTHASUBRAMANIAN & Co,
are free from any disqualifications specified under Company Secretaries, has been submitted to the Stock
section 141(3) and proviso to section 148(3) read with Exchanges and is attached as Annexure E to this Report.
section 141(4) of the Act. The Audit Committee has also
received a Certificate from the Cost Auditors certifying 27. Corporate Governance Report and Certificate:
their independence and arm’s length relationship with
the Company. As per the provisions of the Companies As required under Regulation 34 (3) read with Schedule
Act, 2013, the remuneration payable to the Cost Auditor V (C) of the Listing Regulations, a report on Corporate
is required to be placed before the Members in a General Governance and the certificate as required under
Meeting for their ratification. Accordingly, a Resolution Schedule V (E) of the Listing Regulations is obtained
seeking Members’ ratification for the remuneration from Messrs. V. Sreedharan and Associates, Practicing
payable to Ashwin Solanki & Associates, Cost Auditors Company Secretaries, regarding compliance of
is included in the Notice convening the Annual General conditions of Corporate Governance are attached as
Meeting. Cost Audit and Compliance reports for the Annexure F and Annexure G respectively to this Report.
year 2023 were filed with the Ministry of Corporate
Affairs, within the prescribed time limit. 28. Risk Management:

24. Reporting of Frauds: The Company has a Risk Management Policy and
constituted a Risk Management Committee as required
During the year under review, the Statutory Auditor, under Listing Regulations. The Committee oversees the
Cost Auditor and Secretarial Auditor have not reported Risk Management process including risk identification,
any instances of frauds committed in the Company by impact assessment, effective implementation of the
its Officers or Employees to the Audit Committee and / mitigation plans, risk reporting and carries out other
or Board under section 143(12) of the Act. related activities as per the Listing Regulations. The
purpose of the Committee is to assist the Board of
25. Secretarial Audit: Directors in fulfilling its oversight responsibilities with
regard to enterprise risk management.
Pursuant to the provisions of section 204 of the Act,
and the Companies (Appointment and Remuneration The details and the process of Risk Management as
of Managerial Personnel) Rules, 2014, the Company implemented in the Company are provided as part of
had appointed M/s. S. N. ANANTHASUBRAMANIAN Management’s Discussion and Analysis which forms
& Co, Company Secretaries (Firm Registration No. part of this Report.
P1991MH040400) to undertake the Secretarial Audit

96
 Board’s Report

29. Vigil Mechanism and Whistle Blower Policy: 32. Business Responsibility and Sustainability
Report:
The Company has a Vigil Mechanism for Directors and
Employees to report their concerns about unethical In accordance with Regulation 34(2)(f) of the
behavior, actual or suspected fraud or violation of Listing Regulations, the Business Responsibility and
the Company’s Code of Conduct. The mechanism Sustainability Report (BRSR) forms a part of this
provides for adequate safeguards to employees and Annual Report describing the initiatives undertaken
business associates reporting unethical practices and by the Company from an environmental, social and
encourages employees to report genuine concerns governance perspective for the Financial Year ended
or grievances such as unethical behaviour, actual or December 31, 2024.
suspected fraud or violation of the Company’s Code of
Conduct. It also provides for multiple ways to promptly 33. Transfer to Investor Education and Protection
report any suspected or potential violation of ABB Code Fund:
of Conduct. Stakeholders are encouraged to report any
suspected or potential violations of laws or regulations Pursuant to the applicable provisions of the Act and
or ABB Code of Conduct, through any of the channels Investor Education and Protection Fund Authority
mentioned in therein. All employees and Directors have (Accounting, Audit, Transfer and Refund) Rules,
access to the Chairperson of the Audit Committee in 2016 (“IEPF Rules”), as amended from time-to-time,
appropriate and exceptional circumstances. the declared dividends, which remained unpaid or
unclaimed for a period of 7 (seven) years and shares
The Vigil Mechanism and Whistle Blower Policy is in relation to such unpaid/unclaimed dividend shall be
available on the Company’s website at [Link] transferred by the Company to the Investor Education
and Protection Fund (IEPF) established by the
30. Significant and Material Orders Passed by the Central Government.
Regulators or Courts or Tribunals impacting
the going concern status of the Company: As required under Section 124 of the Act, unclaimed
dividend amount aggregating to J 40.93 lakhs lying with
During the Financial Year under review, no regulator the Company for a period of seven years pertaining to
or court has passed any significant and / or material the financial year ended on December 31, 2016 along
orders impacting the going concern status of the with the shares thereof, were transferred during the
Company and its future operations. Financial Year 2024, to IEPF established by the Central
Government. The Members have an option to claim
31. Corporate Social Responsibility (CSR): their shares and/or amount of dividend transferred
to IEPF. The Company has sent notices to respective
The Company has been carrying out various CSR activities. shareholders who have not claimed a dividend for 7
These activities are carried out in terms of Section 135 (seven) consecutive years and whose shares were liable
read with Schedule VII of the Act and the Companies to be transferred to IEPF during the Financial Year 2024.
(Corporate Social Responsibility Policy) Rules, 2014, as The list of equity shareholders whose shares are liable
amended from time-to-time. The brief outline of the CSR to be transferred or which have been transferred to IEPF,
policy of the Company and the initiatives undertaken as the case may be, can be accessed on the website of
by the Company on CSR activities during the year under the Company at the link: [Link]
review are set out in Annexure H of this report in the subcontinent/investors/share-information
format prescribed in the Companies (Corporate Social
Responsibility Policy) Rules, 2014. 34. Secretarial Standards:

The CSR liability of the Company for Financial Year ended Your Company is in compliance with the applicable
2024 as per Section 135 of the Act and the Companies Secretarial Standards issued by The Institute of
(Corporate Social Responsibility Policy) Rules 2014, as Company Secretaries of India and approved by the
amended from time to time, was J 21.96 Crores. Central Government under Section 118(10) of the Act
for the Financial Year ended December 31, 2024.
For the Financial Year ended December 31, 2024, your
Company’s spend on CSR Projects was J 26.23 Crores, 35. Disclosure as per the Sexual Harassment of
which includes an amount of J 12.56 lakhs as CSR Women at Workplace (Prevention, Prohibition
administrative overheads. During the previous year and Redressal) Act, 2013:
your Company has spent J 4.27 Crores surplus CSR
which will be set off in succeeding financial years. Your Company has zero tolerance towards sexual
harassment at the workplace and has adopted a policy

97
ABB India Limited | Integrated Annual Report 2024

on prevention, prohibition and redressal of sexual no transactions / events on these items during the
harassment at workplace in line with the provisions year under review:
of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the 1. Issue of equity shares with differential rights as to
Rules thereunder. As required under law, the Company dividend, voting or otherwise.
has constituted an Internal Committee for conducting
inquiry into the sexual harassment complaints at the 2. Issue of Shares (including Sweat Equity Shares) to
work place and for taking such actions as stipulated employees of the Company under any Scheme.
under the said act.
3. Voting rights which are not directly exercised
Any complaint pertaining to sexual harassment is by the employees in respect of shares for the
diligently reviewed, investigated and treated with great subscription/ purchase of which loan was given
sensitivity. The Internal Committee members have been by the Company (as there is no scheme pursuant
trained in handling and resolving complaints and have to which such persons can beneficially hold shares
also designed an online POSH e-learning awareness as envisaged under section 67(3)(c) of the Act).
module, for its employees.
4. There has been no change in the nature of business
During the year 2024, three complaints of sexual of your Company.
harassment were received, and all three complaints
were addressed and closed during the Financial Year 5. The Company has not made any one-time
ended December 31, 2024. settlement for loans taken from the Banks or
Financial Institutions.
36. Annual Return:
6. There was no revision of financial statements and
Pursuant to section 134(3)(a) and section 92(3) of the Board’s Report.
Act, read with Rule 12(1) of the Companies (Management
and Administration) Rules, 2014, a copy of the annual 38. Acknowledgements:
return is placed on the website of the Company and can
be accessed at Annual Returns [Link] Your Directors appreciate and value the co-operation
docs/librariesprovider19/default-document-library/ and support of the Company’s parent company,
form_mgt7abbindia_2024.pdf customers, members, suppliers, bankers, associates,
Central & State Governments and employees at all levels
37. Proceedings under the Insolvency and and look forward to continuance of the supportive
Bankruptcy Code, 2016: relations and assistance in the future.

During the Financial Year under review, neither

any application nor any proceeding is initiated
against the Company under the Insolvency and
Bankruptcy Code, 2016.
For and on behalf of the Board
Other Disclosures:
Adrian Guggisberg
Your Directors state that no disclosure or reporting is Place : New Delhi Chairman
required in respect of the following items as there were Date : February 17, 2025 DIN: 09590850

98
 Board’s Report

Annexure - A to Boards’ Report

Statement of Disclosure of Remuneration

The information relating to remuneration of Directors/Key Managerial Personnel as required under Section 197(12)
of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.

1. Ratio of the remuneration of each Executive Director to the median remuneration of the employees of the Company for
the Financial Year 2024, the percentage increase in remuneration of Chief Executive Officer (MD), Chief Financial Officer
and Company Secretary during the Financial Year 2024.

Ratio of Remuneration of Percentage

Sl.
Name of the Director / Key Managerial Personnel Designation each Director to median increase in
No.
remuneration of employees Remuneration
1. Mr. Sanjeev Sharma Managing Director 42.63:1 NA
2. Mr. T. K. Sridhar Chief Financial Officer 15.82:1 10.00%
3. Mr. Trivikram Guda Company Secretary 08.42:1 10.00%

Notes:

a) Percentage of increase in remuneration was effective March 1, 2024.

b) Independent Directors of the Company are entitled for sitting fees and commission as per the Statutory Provisions
and within the limits approved by the Shareholders. As a Policy, the Non-executive and Non-independent Directors
are neither paid sitting fee nor paid any commission. The details of remuneration of Independent Directors are
provided in the Corporate Governance Report. The ratio of remuneration and percentage increase for Non-executive
Directors Remuneration is therefore not considered for the above purpose.

2. Percentage increase in the median remuneration of employees for the financial year:10%.

3. Number of permanent employees on rolls of the Company as on December 31, 2024: 3625

4. Average percentile increase already made in the salaries of employees other than managerial personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof
and to point out if there are any exceptional circumstances for increase in the managerial remuneration:

There are no exceptional circumstances for increase in the managerial remuneration. Average increase in salaries of
employees is as per Company’s increment guidelines.

5. Key parameters for any variable component of remuneration availed by the directors:

Annual performance incentive to the Managing Director is based on achievement of a ABB score card and is predominantly
based on following key areas:

• ABB Global performance

• ABB India performance
• Personal leadership performance

6. Affirmation that the remuneration is as per remuneration policy of the Company: Yes

For and on behalf of the Board

Adrian Guggisberg
Place : New Delhi Chairman
Date : February 17, 2025 DIN: 09590850

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ABB India Limited | Integrated Annual Report 2024

Annexure - C to boards’ Report

Conservation of energy, technology absorption, foreign exchange earnings and outgo.

Pursuant to provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies
(Accounts) Rules, 2014

A. Conservation of energy

1. Steps taken or impact on conservation of energy:

• Timer based energy saving panel installation for AC operation

• EMS installation for Lights & AC operation

• Use of small air compressor during week-end /3rd shift compressed air requirements

• BMS installation for Lighting, AC control

• Conversion of ductable roof ACs with VRV AC

• Downsizing of external street lights in the campus and connecting it to dedicated panel with timer operation

• Conversion of conventional star & delta starter EOT crane operating panel to energy efficient VFE based
operating panel

• Regenerative type energy efficient testing VFD PM Kit upliftment

• Optimum Utilization -Lower Rating Air Compressor

• AHU Blower speed optimization

• Robot cell fume extraction blower automation

• ABB Ability EMS -Real time energy monitoring system implemented

• AC units replaced with the 5 star, VRF Models & Inverter Type with R410A Environment Friendly Refrigerant for the
good efficiency at Unnati block+ compatible to BMS Integration

• Replaced All Air Filters and Honeycomb pads for AHUs, which taking 2% less power

2. The steps taken by the company for utilizing alternate sources of energy:

• PV Solar Street LED lights installation at Plant Boundary

• Solar Street Lights 60 Watts for boundary lights

3. The Capital Investment on energy conservation equipment’s:

• Addition of rooftop PV Solar Plant 200 KWp to increase solar generation plant capacity up to 500 KWp

• CNC press break machine hydraulic power pack motor upgraded & replaced with higher available efficiency class

• New KAESER made IE5 Compressor Implemented

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 Board’s Report

B. Technology absorption

1. The efforts made towards technology absorption:

• 36kV ZX0.2 GIS gas tank localization

• 24kV SF6-free Ring Main Unit

• Localization of EK7 earthing switch in 12kV ZS1 AIS and STE earthing switch in 36kV ZS2 AIS

• ConVac Vacuum Contactor ranging from 7.2kV to 12kV

• 12kV VD4X0 Indoor Circuit Breaker for GIS PrimeGear ZX0

• Technology Centre Laboratory got accreditation from NABL for ISO/IEC 17025:2017 for Electrical Testing

2. The benefits derived as a result of technology absorption:

Benefits have been reflected in terms of improvement of product reliability and quality, standardization of various
products, improved product variants, introduction of new product lines, better aesthetics, meeting specific
customer requirements, improved measurement range and accuracy level, cost reduction, reduction in carbon
emission and increased acceptability products in local and global markets.

3. Technologies imported during the last three years

- Product updates in Emax2.0 2022

- Launched Xt5 and Xt6 MCCBs 2022
- Online Quality Control System (QCS) and Offline Quality 2022 2022
Measurement systems (LnW) for Paper
- 750 Vdc Switchgear and its associated apparatus 2023
- E max 2 Mechanism 2023
- Digital Portfolio for Cement, Mining and Paper 2023
- Flatness Control System for Steel 2023
- AF80 Contactor 2024
- UPS- Power Scale – 30/40/50 kVA 2024
- XT7 MCCB 2024

All technologies are fully absorbed.

4. The expenditure incurred on Research and Development:

Considering the nature of research and development, complexity, competency required, time frame, amount and also
to optimize overall cost, all major R&D efforts are pooled centrally at the Group level. Certain development activities
were carried out by the Company and have been billed to the central technology center. The expenditure had been
mainly in the nature of payment of license fee for use of technology knowhow reported as royalty and technology
fees under other expenses. Local R&D activities undertaken by the Company were mainly in localizing the products,
adoption of global products to local environment, carrying out cost saving actions and other improvements.

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ABB India Limited | Integrated Annual Report 2024

C. Foreign exchange earnings and outgo

Total foreign exchange used and earned

(H in Crores)
2024 2023
(i) Foreign exchange earned 1,364.77 1,088.71
(ii) Foreign exchange used 6,138.57 5,586.85

For and on behalf of the Board

Adrian Guggisberg
Place : New Delhi Chairman
Date : February 17, 2025 DIN: 09590850

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 Board’s Report

Annexure - D to boards’ Report

FORM NO. MR – 3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST DECEMBER 2024

[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014]

To,
The Members,
ABB INDIA LIMITED
CIN: L32202KA1949PLC032923
Disha - 3rd Floor, Plot No. 5 & 6, 2nd Stage,
Peenya Industrial Area IV, Peenya,
Bengaluru – 560058

We have conducted the Secretarial Audit of the compliance of the applicable statutory provisions and the adherence to good
corporate practices by ABB India Limited (hereinafter called ‘the Company’). Secretarial Audit was conducted in a manner
that provided us a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing our
opinion thereon.

Based on our verification of the Company’s books and papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the
audit period covering the Financial Year ended 31st December 2024, complied with the statutory provisions listed hereunder
and also, that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:

We have examined the books and papers, minute books, forms and returns filed and other records maintained by the Company
for the Financial Year ended 31st December 2024 according to the provisions of:

(i) The Companies Act, 2013 (‘the Act’) and the rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings – Not Applicable to the extent
of Overseas Direct Investment and External Commercial Borrowings as there was no reportable event during the
financial year under review;

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’):

a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 – Not
applicable as there was no reportable event during the financial year under review;

d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 –
Not applicable as the Company has not issued any shares/ options to directors/ employees during the financial
year under review;

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ABB India Limited | Integrated Annual Report 2024

e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client – Not applicable as the Company is not registered as Registrar
to an Issue and Share Transfer Agent during the financial year under review;

f) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 – Not applicable as the
Company has not delisted/ proposed to delist its equity shares from any Stock Exchange during the financial
year under review;

g) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 – Not applicable as the
Company has not bought back/ proposed to buy-back any of its securities during the financial year under review;

h) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 –
Not Applicable as the Company has not issued and listed Non-Convertible Securities during the financial year
under review and;

i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015.

(vi) The management has identified and confirmed the following laws as being specifically applicable to the Company: -

1) The Factories Act, 1948 & the Central Rules or concerned State Rules, made thereunder;

2) The Petroleum Act, 1934;

3) The Gas Cylinder Rules, 1981 (under Indian Explosives Act);

4) The Static and Mobile Pressure Vessels (Unfired) Rules, 1981 (under Indian Explosives Act);

5) The Environment (Protection) Act, 1986 and Environment (Protection) Rules, 1986;

6) The Water (Prevention and Control of Pollution) Act, 1974 & Central Rules / concerned State Rules;

7) The Air (Prevention and Control of Pollution) Act, 1981 & Central Rules / concerned State Rules;

8) The Noise Pollution (Regulation and Control) Rules, 2000;

9) The Legal Metrology Act, 2009 and concerned State Rules;

10) The Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016;

11) The E-Waste (Management) Rules, 2016;

12) The Plastics Waste Management Rules, 2016;

13) The Bio-Medical Waste Management Rules, 2016;

14) The Battery Waste Management Rules, 2022.

We have also examined compliance with the applicable provisions of the following:

(i) Secretarial Standards with regard to Meetings of Board of Directors (SS-1) and General Meetings (SS-2) issued by the
Institute of Company Secretaries of India;

(ii) Listing Agreements entered into by the Company with the BSE Limited and National Stock Exchange of India Ltd.

During the period under review, the Company has complied with provisions of the Act, Rules, applicable Regulations,
Guidelines, Standards etc. mentioned above.

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 Board’s Report

We further report that:

• The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors, Independent Directors including Woman Director. The changes in the composition of the Board that took place
during the year under review were carried out in compliance with the provisions of the Act;

• Adequate notice is given to all Directors to schedule Board and Committee Meetings; agenda and detailed notes on
agenda were sent at least seven days in advance before the meeting, and a system exists for seeking and obtaining further
information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting;

• All the decisions of the Board and Committees thereof were carried unanimously.

We further report that based on review of compliance mechanism established by the Company and on the basis of the
Compliance Certificate(s) issued by the Managing Director and taken on record by the Board of Directors at their meeting(s),
we are of the opinion that the management has adequate systems and processes commensurate with its size and operations,
to monitor and ensure compliance with all applicable laws, rules, regulations and guidelines.

We further report that during the review period, no major action having a bearing on the Company’s affairs in pursuance of
the above referred laws, rules, regulations, guidelines, standards, etc. above have taken place.

This Report is to be read with our letter of even date which is annexed as Annexure-A and forms an integral part of this report.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 5218/2023

S. N. Viswanathan
Managing Partner
ACS: 61955 | COP No.: 24335
ICSI UDIN: A061955F003947980
February 17, 2025
Thane

105
ABB India Limited | Integrated Annual Report 2024

Annexure- A

To,
The Members,
ABB INDIA LIMITED
CIN: L32202KA1949PLC032923
Disha - 3rd Floor, Plot No. 5 & 6, 2nd Stage,
Peenya Industrial Area IV, Peenya,
Bengaluru - 560058

Our Secretarial Audit Report for the financial year ended 31st December 2024 of even date is to be read along with this letter.

Management’s Responsibility:

1. It is the responsibility of management of the Company to maintain secretarial records, devise proper systems to ensure
compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and
operate effectively.

Auditor’s Responsibility:

2. Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the
Company with respect to secretarial compliances.

3. We have conducted the Audit as per the applicable Auditing Standards issued by the Institute of Company
Secretaries of India.

4. We believe that audit evidence and information obtained from the Company’s management is adequate and appropriate
for us to provide a basis for our opinion.

5. Wherever required, we have obtained reasonable assurance whether the statements prepared, documents or Records, in
relation to Secretarial Audit, maintained by the Company, are free from misstatement.

6. Wherever required, we have obtained the management’s representation about the compliance of laws, rules and
regulations and happening of events etc.

Disclaimer:

7. The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted affairs of the Company.

8. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 5218/2023

S. N. Viswanathan
Managing Partner
ACS: 61955 | COP No.: 24335
ICSI UDIN: A061955F003947980
February 17, 2025
Thane

106
 Board’s Report

Annexure - e to boards’ Report

To,
The Members,
ABB INDIA LIMITED
CIN: L32202KA1949PLC032923
Disha - 3rd Floor, Plot No. 5 & 6, 2nd Stage,
Peenya Industrial Area IV, Peenya,
Bengaluru - 560058

Sir/ Madam,

Annual Secretarial Compliance Report for the Financial Year 2024

We have been engaged by ABB India Limited (hereinafter referred to as ‘the listed entity’) bearing CIN: L32202KA1949PLC032923
whose equity shares are listed on National Stock Exchange of India Limited and BSE Limited, to conduct an audit in terms
of Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, read with read
with SEBI’s Master Circular SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023 and to issue the Annual Secretarial
Compliance Report thereon.

It is the responsibility of the management of the listed entity to maintain records, devise proper systems to ensure compliance
with provisions of all applicable SEBI Regulations and circulars/ guidelines issued thereunder from time to time and to ensure
that the systems are adequate and are operating effectively.

Our responsibility is to verify compliances by the listed entity with provisions of all applicable SEBI Regulations and circulars/
guidelines issued there under from time to time and issue a report thereon.

Our audit was conducted in accordance with Guidance Note on Annual Secretarial Compliance Report issued by the Institute
of Company Secretaries of India and in a manner which involved such examinations and verifications as considered necessary
and adequate for the said purpose.

The Annual Secretarial Compliance Report is enclosed.

S. N. Viswanathan
Managing Partner
ACS: 61955 | COP No.: 24335
Date: Febuary 17, 2025
Thane

107
ABB India Limited | Integrated Annual Report 2024

ANNUAL SECRETARIAL COMPLIANCE REPORT OF ABB INDIA LIMITED

FOR THE FINANCIAL YEAR ENDED 31ST DECEMBER 2024

We have examined:

(a) all the documents and records made available to us and explanations provided by ABB India Limited (‘the listed entity’);

(b) filings/ submissions made by the listed entity to the stock exchanges;

(c) website of the listed entity;

(d) any other document / filing, as may be relevant, which has been relied upon to make this certification;

for the financial year ended 31st December 2024 (‘Review Period’), in respect of compliance with the provisions of:

(a) the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) and the Regulations, circulars, guidelines issued
there under; and

(b) the Securities Contracts (Regulation) Act, 1956 (‘SCRA’), rules made there under and the Regulations, circulars, guidelines
issued there under by the Securities and Exchange Board of India (‘SEBI’).

The specific Regulations, whose provisions and the circulars/ guidelines issued there under, have been examined, include:

(a) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;

(b) Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 – Not Applicable
as there was no reportable event during the year under review;

(c) Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

(d) Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 – Not Applicable as there was no
reportable event during the year under review;

(e) Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 – Not
Applicable as there was no reportable event during the year under review;

(f) Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 – Not
Applicable as there was no reportable event during the year under review;

108
 Board’s Report

(g) Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; and circulars/ guidelines
issued there under.

and based on the above examination, we hereby report that, during the review period:

(a) The listed entity has complied with the provisions of the above Regulations and circulars/ guidelines issued
thereunder, except in respect of matter specified in Annexure – A to the report.

(b) The listed entity has taken the actions to comply with the observations made in previous reports, as specified in
Annexure – B to the report.

(c) We hereby report that, during the review period the compliance status of the listed entity with the requirements is
as mentioned in Annexure – C to the report.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 5218/2023

S. N. Viswanathan
Managing Partner
ACS: 61955 | COP No.: 24335
ICSI UDIN: A061955F003948002
February 17, 2025
Thane

109
 Annexure- A

110
Compliance Type of Actions
Observations/
Requirement (Advisory/
Remarks of
Sr. (Regulations/ Regulation/ Clarification/ Details of Management
Deviations Action Taken by Fine Amount the Practicing Remarks
No. circulars/ guidelines Circular No. Fine/ Show Violation Response
Company
including Cause Notice/
Secretary
specific clause) Warning, etc.)
ABB India Limited | Integrated Annual Report 2024

1. NIL
 Annexure- b

Observations made
Observations/ Remarks of in the secretarial Details of violation / Comments of
Compliance Requirement
Sr. the Practicing Company compliance report deviations and actions taken Remedial actions, if any, taken by the PCS on the
(Regulations/circulars/guidelines
No. Secretary in the previous for the year ended ..... / penalty imposed, if any, on the listed entity actions taken by
including specific clause)
reports (the years are to be the listed entity the listed entity
mentioned)
1. Disclosure relating For the F.Y. 01st As per Regulation 30(4) and Details of violation/ Trainings have been provided to None
to order issued by January 2023 to 31st Schedule III – Part A – 20 and SEBI deviations - As mentioned in the employees to familiarise the
Additional Commissioner December, 2023 Circular dated 13th July, 2023, Events “Observations” column. employees on the requirements
of Customs, Group V which shall be disclosed without Actions taken/ penalty and harping the need to bring
A (Import) Mumbai on any application of the guidelines imposed, if any - None such orders to the notice of
20th July, 2023 was filled for materiality as specified in sub- compliance officials for onward
by Company with Stock regulation (4) of regulation (30): disclosure to Stock Exchanges.
Exchanges on 18th August, 1…..
2023.
2……
There was delay of 28 days
20. Action(s) taken or orders passed
in the disclosure
by any regulatory, statutory,
enforcement authority or judicial
body against the listed entity
or its directors, key managerial
personnel, senior management,
promoter or subsidiary, in
relation to the listed entity, in
respect of the following:
a…..
b. Imposition of fine or penalty;
shall be disclosed to the
Stock Exchanges within 24
hours of the event.

111
Board’s Report
112
Observations made
Observations/ Remarks of in the secretarial Details of violation / Comments of
Compliance Requirement
Sr. the Practicing Company compliance report deviations and actions taken Remedial actions, if any, taken by the PCS on the
(Regulations/circulars/guidelines
No. Secretary in the previous for the year ended ..... / penalty imposed, if any, on the listed entity actions taken by
including specific clause)
reports (the years are to be the listed entity the listed entity
mentioned)
2. Disclosure relating For the F.Y. 01st As per Regulation 30(4) and Details of violation/ Trainings have been provided to None
to order issued by January 2023 to 31st Schedule III – Part A – 20 and SEBI deviations - As mentioned in the employees to familiarise the
Principal Commissioner December,2023 Circular dated 13th July, 2023, Events “Observations” column. employees on the requirements
of Customs Airport which shall be disclosed without Actions taken/ penalty and harping the need to bring
and Air Cargo Complex any application of the guidelines such orders to the notice of
ABB India Limited | Integrated Annual Report 2024

imposed, if any - None

Commissionerate, for materiality as specified in sub- compliance officials for onward
Bangalore on 22nd regulation (4) of regulation (30): disclosure to Stock Exchanges.
August, 2023, was filed 1…..
by Company with Stock 2……
Exchanges on 28th
20. Action(s) taken or orders passed
August, 2023. There was
by any regulatory, statutory,
delay of 5 days in the
enforcement authority or judicial
disclosure.
body against the listed entity
or its directors, key managerial
personnel, senior management,
promoter or subsidiary, in
relation to the listed entity, in
respect of the following:
a…..
b. Imposition of fine or penalty;
shall be disclosed to the
Stock Exchanges within 24
hours of the event.
 Observations made
Observations/ Remarks of in the secretarial Details of violation / Comments of
Compliance Requirement
Sr. the Practicing Company compliance report deviations and actions taken Remedial actions, if any, taken by the PCS on the
(Regulations/circulars/guidelines
No. Secretary in the previous for the year ended ..... / penalty imposed, if any, on the listed entity actions taken by
including specific clause)
reports (the years are to be the listed entity the listed entity
mentioned)
3. Disclosure relating For the F.Y. 01st As per Regulation 30(4) and Details of violation/ Trainings have been provided to None
to orders issued by January 2023 to 31st Schedule III – Part A – 20 and SEBI deviations - As mentioned in the employees to familiarise the
Directorate General of December,2023 Circular dated 13th July, 2023, Events “Observations” column. employees on the requirements
Foreign trade on 30th which shall be disclosed without Actions taken/ penalty and harping the need to bring
October, 2023, was any application of the guidelines imposed, if any - None such orders to the notice of
filled by Company with for materiality as specified in sub- compliance officials for onward
Stock Exchanges on 27th regulation (4) of regulation (30): disclosure to Stock Exchanges.
November, 2023. There 1…..
was delay of 27 days in the
2……
disclosure
20. Action(s) taken or orders passed
by any regulatory, statutory,
enforcement authority or judicial
body against the listed entity
or its directors, key managerial
personnel, senior management,
promoter or subsidiary, in
relation to the listed entity, in
respect of the following:
a…..
b. Imposition of fine or penalty;
shall be disclosed to the
Stock Exchanges within 24
hours of the event.

11 3
Board’s Report
ABB India Limited | Integrated Annual Report 2024

Annexure- c

We hereby report that, during the review period, the compliance status of the listed entity is as given
hereunder:

Sr. Compliance status Observations /

Particulars
No. (Yes/No/NA) Remarks by PCS
1) Secretarial Standard Yes None
The compliances of the listed entity are in accordance with the applicable
Secretarial Standards (SS) issued by the Institute of Company Secretaries
India (ICSI), as notified by the Central Government under section 118(10) of the
Companies Act, 2013 and mandatorily applicable.
2) Adoption and timely updation of the Policies: Yes None

• All applicable policies under SEBI Regulations are adopted with the approval of
the Board of Directors of the listed entities.

•All the policies are in conformity with SEBI Regulations and have been reviewed
& timely updated as per the regulations/ circulars/guidelines issued by SEBI.
3) Maintenance and disclosures on Website: Yes None

• The Listed entity is maintaining a functional website.

• Timely dissemination of the documents / information under a separate section

on the website.

•Web-links provided in annual corporate governance reports under Regulation

27(2) are accurate and specific which re-directs to the relevant document(s)/
section of the website
4) Disqualification of Director: Yes None
None of the Directors of the Company are disqualified under Section 164 of
Companies Act, 2013, as confirmed by the listed entity.
5) Details related to Subsidiaries of listed entities have been examined w.r.t., Not Applicable The Company
a) Identification of material subsidiary companies does not have a
subsidiary.
b) Requirements with respect to disclosure of material as well as other
subsidiaries
6) Preservation of Documents: Yes None
The listed entity is preserving and maintaining records as prescribed under SEBI
Regulations and disposal/archival of records is being carried out as per Policy
of Preservation of Documents and Archival policy prescribed under SEBI Listing
Regulations.
7) Performance Evaluation: Yes None
The listed entity has conducted performance evaluation of the Board,
Independent Directors and the Committees at the start of every financial year/
during the financial year as prescribed in SEBI Regulations

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 Board’s Report

Sr. Compliance status Observations /

Particulars
No. (Yes/No/NA) Remarks by PCS
Related Party Transactions:
8) Related Party Transactions: Yes. None
a) The listed entity has obtained prior approval of Audit Committee for all NA No reportable
Related party transactions, or event
b) The Listed entity has provided detailed reasons along with confirmation
whether the transactions were subsequently approved/ ratified/ rejected by
the Audit Committee, in case no prior approval has been obtained.
9) Disclosure of events or information: Yes. None
The listed entity has provided all the required disclosure(s) under Regulation 30 (Subject to
read with Schedule III of SEBI Listing Regulations, 2015 within the time limits the deviation
prescribed thereunder. mentioned in the
report)
10) Prohibition of Insider Trading: Yes None
The listed entity is in compliance with Regulation 3(5) & 3(6) SEBI (Prohibition of
Insider Trading) Regulations, 2015.
11) Actions taken by SEBI or Stock Exchange(s), if any: Yes None
No Actions taken against the Company/ its promoters/ directors/ subsidiaries
either by SEBI or by Stock Exchanges (including under the Standard Operating
Procedures issued by SEBI through various circulars) under SEBI Regulations
and circulars/ guidelines issued thereunder.
12) Resignation of statutory auditors from the listed entity or its material
subsidiaries
In case of resignation of statutory auditor from the listed entity or any of
its material subsidiaries during the financial year, the listed entity and / or
its material subsidiary(ies) has / have complied with paragraph 6.1 and 6.2
of section V-D of chapter V of the Master Circular on compliance with the
provisions of the LODR Regulations by listed entities.
13) Additional Non-compliances, if any: Yes None
No additional non-compliance observed for any SEBI regulation/ circular/
guidance note etc.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 5218/2023

S. N. Viswanathan
Managing Partner
ACS: 61955 | COP No.: 24335
ICSI UDIN: A061955F003948002
February 17, 2025
Thane

115
ABB India Limited | Integrated Annual Report 2024

Annexure - f to Boards’ Report

Report on Corporate Governance

Your Directors are pleased to present the Corporate Governance Report.

1. Corporate Governance Philosophy

The Company is committed to good Corporate Governance and your Company’s actions are governed by its Values
and Code of Conduct. The Company considers itself a trustee of its shareholders and fully realises the rights of its
shareholders to information on the performance of the Company. The Company provides detailed information on
various issues concerning the Company’s business and financial performance to its shareholders. The basic philosophy
of Corporate Governance in the Company is to achieve business excellence and dedicate itself for increasing long-
term shareholder value, keeping in view the needs and interests of all its stakeholders. The Company is committed to
transparency in all its dealings and places emphasis on business ethics.

2. Board of Directors

I. The composition of the Board of Directors of the Company complies with Regulation 17 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and Sections
149 and 152 of the Companies Act, 2013 ("The Act"). The Board consists of six Directors, including three Independent
Directors and three Non-independent Directors. Among the Directors, two Independent Directors and one Non-
independent Director are women. The Non-independent Directors include the Non-executive and Non-independent
Chairman of the Company, the Managing Director, and a Non-Executive Non-Independent Director.

II. Two Non-executive, Non-independent Directors, apart from the Managing Director and Independent Directors,
are subject to retirement by rotation. At the upcoming Annual General Meeting, Ms. Carolina Yvonne Granat
(DIN: 09477744), a Non-executive, Non-independent Director, who is retiring by rotation and being found eligible, has
offered herself for re-appointment. The Explanatory Statement to the Notice of the Annual General Meeting (AGM)
contains the necessary details of the Director seeking re-appointment, as required by Regulation 36(3) of the Listing
Regulations and Secretarial Standard-2. There are no familial relationships or inter se relationships between any
of the Directors.

Mr. V K Viswanathan, an Independent Director, was re-appointed for a three-year term starting from November 13, 2022
and his second term on the Board was ended on November 12, 2024. Consequently, the Board with the approval of the
shareholders appointed Mr. Shobinder Duggal (DIN: 00039580) as an Independent Director on the Board of the Company
effective from November 4, 2024, for a period of 3 years. Ms. Gopika Pant, an Independent Director, was re-appointed for
a three-year term starting from April 27, 2024. Similarly, Ms. Monica Widhani was appointed as an Independent Director
for a term of three consecutive years starting from May 6, 2022.

Ms. Carolina Yvonne Granat (DIN: 09477744) was appointed as a Non-Executive & Non-Independent Director, effective
from April 1, 2022. Additionally, Mr. Adrian Guggisberg (DIN: 09590850) was appointed as the Chairman & Non-Executive
Non-Independent Director, effective from May 6, 2022. Mr. Sanjeev Sharma, who was re-appointed as the Managing
Director, will continue to serve in that role from January 1, 2022, until December 31, 2026.

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i. Composition / Category of Directors / Attendance at Meetings / Directorships and Committee Memberships in

other companies as on December 31, 2024.

Committee
Directorship in other Membership /
Attendance
Indian Companies(2) Chairmanship in
Public Companies(3)
Name Category(1)
No. of Board
Meetings attended Last AGM
Member Chairman Member Chairman
during the year attendance
(Total 4 Meetings)
Mr. Adrian Guggisberg NED 4 Yes Nil Nil 1 Nil
Mr. Sanjeev Sharma MD 4 Yes 3 Nil 1 Nil
Mr. Shobinder Duggal NED (I) 1 No 4 Nil 7 5
Ms. Gopika Pant NED (I) 4 Yes 4 Nil 4 1
Ms. Carolina Granat NED 4 Yes Nil Nil Nil Nil
Ms. Monica Widhani NED (I) 4 Yes 4 Nil 8 2

1) Category: NED: Non-executive Director, MD: Managing Director, NED (I): Non-executive Director
and Independent.

2) Includes directorships in private limited companies and Section 8 (Not for profit) companies. None of the
Directors of the Company holds independent directorships in more than 7 listed companies.

3) Includes only Audit Committee and Stakeholders Relationship Committee of public limited companies. None of
the Directors on the Board is a Member of more than 10 Committees and Chairman of more than 5 Committees
across all listed companies in which they are Directors.

All Directors on the Board comply with the requirements stated in Regulation 26(1) of the Listing Regulations. They are
not members of more than 10 Committees or Chairpersons of more than 5 Committees across all public companies
in which they hold Director positions. The necessary disclosures regarding committee positions have been made by
all the Directors.

None of the Directors hold office in more than 10 public companies as prescribed under Section 165(1) of the Act.
Furthermore, in compliance with Regulation 17A of the Listing Regulations, none of the Non-Executive Directors serve
as Independent Directors in more than 7 listed companies. It is important to note that the Managing Director does not
serve as an Independent Director in any listed company.

The Directors of the Company do not hold any shares in the Company. The Company has not issued any convertible
instruments, during the year under review.

ii. Board Meetings:

During the financial year ended December 31, 2024, four Board meetings were held on the following dates: February
20, 2024, May 10, 2024, August 8, 2024, and November 4, 2024.

The gap between two Meetings did not exceed 120 days and the Meetings were conducted in compliance with all
applicable laws. The necessary quorum was present for all the Board Meetings.

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ABB India Limited | Integrated Annual Report 2024

iii. Independent Directors:

The Independent Directors of the Company possess extensive experience and expert knowledge in their respective
fields, which are highly relevant and valuable to the Company's business. They come from diverse fields of
expertise, ensuring a well-rounded perspective. In accordance with Regulation 25(8) of the Listing Regulations, the
Independent Directors have affirmed that they are not aware of any circumstances that could compromise their
ability to discharge their duties with impartiality and without external influence. They have submitted the requisite
declarations stating that they meet the criteria of independence as prescribed under Section 149(6) of the Act and
Regulation 16(1)(b) of the SEBI Listing Regulations. The Board reviewed and assessed the veracity of the aforesaid
declarations, as required under Regulation 25(9) of the SEBI Listing Regulations. In the opinion of the Board, all
the Independent Directors fulfil the said conditions as mentioned in Section 149(6) of the Act and the SEBI Listing
Regulations and are independent of the Management. The terms and conditions of their appointment can be found
on the Company's website at [Link].

iv. Independent Directors Meeting:

During the year under review, a separate Meeting of the Independent Directors of the Company was held on June 28,
2024 as required under Schedule IV of the Act (Code for Independent Directors) and Regulation 25(3) of the Listing
Regulations. The Meeting was attended by all the Independent Directors.

v. Further the Board periodically reviews the compliance reports submitted by the management in respect of all laws
applicable to the Company.

vi. Certificate of Non-Disqualification of Directors pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of
the Listing Regulations is enclosed to this Annual Report.

III. Names of the listed entities where the person is a Director and the category of directorship.

Name of the Director Names of the listed entities Category of directorship

Mr. Adrian Guggisberg ABB India Limited Non-executive, Non-
(Chairman) independent

Mr. Sanjeev Sharma ABB India Limited Executive, Non-independent

(Managing Director)
Mr. Shobinder Duggal ABB India Limited Independent
Kirloskar Brothers Limited Independent
Sanofi Consumer Healthcare India Limited Independent
SBI Life Insurance Company Limited Independent
PI Industries Limited Independent
Ms. Carolina Granat ABB India Limited Non-executive,
Non-independent
Ms. Gopika Pant ABB India Limited Independent
Colgate - Palmolive (India) Limited Independent
Ms. Monica Widhani ABB India Limited Independent
Gujarat Pipavav Port Limited Independent
H.G. Infra Engineering Limited (PART IX) Independent
AstraZenaca Pharma India Limited Independent
Dreamfolks Services Limited Independent

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IV. Board’s core skills / expertise / competencies:

For effective functioning of the Board, your Company’s Board needs to have skills / expertise / competencies in the
areas of Business, Finance & Accounting and Governance / Legal. Your Company’s Board comprises of people from
diverse fields and across globe. Your Company’s Directors are qualified and possess the appropriate knowledge, skills,
experience, expertise, diversity and independence, covering Business, Finance & Accounting and Governance / Legal. In
the table given below, various skills / expertise / competencies of Board of Directors are given:

Areas of skills / expertise / competencies

Sl Strategic
Name of Directors Business, Leadership Finance & Governance
No. Management
experience Accounting Legal
1. Mr. Adrian Guggisberg   
2. Mr. Sanjeev Sharma   
3. Mr. Shobinder Duggal    
4. Ms. Gopika Pant   
5. Ms. Carolina Granat   
6. Ms. Monica Widhani    

Detailed profiles of the Directors are available on the Company’s website at Board of directors | Investors | ABB

V. Familiarisation Programme for Independent Directors:

The Company has a well-defined induction and familiarization programme for orientation and training of Directors at the
time of their joining to enable them to understand the businesses in which the Company operates, nature of industry,
business model, ABB’s core values & culture, macro-economic developments etc. The Program has been designed to
enable Directors to understand the Company’s purpose and help in contributing effectively to decision making at the
Board / Committee meetings.

The key managerial personnels of the Company provides regular updates to all the Directors by making presentation(s)
on critical parameters, such as, business strategy, new strategic initiatives, financial outlook, financial reports, risk,
compliance, market outlook/evolving trends, Sustainability initiatives, CSR, Human Resources, Safety, key regulatory
updates periodically. The Company has facilitated factory visits for the Directors, providing them with firsthand
experience and brief overview of the Company's operations at the respective locations.

Pursuant to Regulation 46 of the Listing Regulations, details of familiarisation programmes imparted to the Independent
Directors are available on the Company’s website at [Link]
library/[Link]

3. Audit Committee

i. Terms of Reference

The Audit Committee acts on the terms of reference given by the Board pursuant to Section 177 of the Act and
Regulation 18 of the Listing Regulations.

The terms of reference are briefly described below:

1. Oversight of the Company’s financial reporting process and the disclosure of its financial information to
ensure that the financial statement is correct, sufficient and credible;

2. Recommending the Board, appointment, re-appointment, replacement or removal (in the event of necessity)
of Statutory Auditors, Cost Auditors and / or any other auditors including fixation of remuneration;

3. Approval of payment to Statutory Auditors for any other services rendered by the Statutory Auditors;

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4. Reviewing, with the management, the annual financial statements before submission to the Board for approval,
with particular reference to:

a) matters required to be included in the Director’s Responsibility Statement to be included in the Board’s
report in terms of sub-section (5) of Section 134 of the Act;

b) changes, if any, in accounting policies and practices and reasons for the same;

c) major accounting entries involving estimates based on the exercise of judgment by management;

d) significant adjustments made in the financial statements arising out of audit findings;

e) compliance with listing and other legal requirements relating to financial statements;

f) disclosure of any related party transactions; and

g) qualifications in the draft audit report

5. Reviewing, with the management:

a) the quarterly financial statements before submission to the Board for approval;

b) performance of Auditors, Internal Auditors, adequacy of the internal control systems;

6. Review and monitor the auditor’s independence and performance and effectiveness of audit process;

7. Review the adequacy of Internal Audit function including the structure of the internal audit department staffing
and seniority of the head of the department, reporting structure coverage and frequency of internal audit;

8. Approval or any subsequent modification of transactions of the Company with the related parties;

9. Approval on appointment of Chief Financial Officer including the Whole-time Director-Finance or any other
person heading the finance function or discharging that function after assessing the qualification, experience
and background etc., of such incumbent;

10. Reviewing the proposal for discontinuation / closure of any of the business operations of the Company;

11. Scrutiny of inter-corporate loans and investments;

12. Valuation of undertakings or assets of the Company, wherever it is necessary;

13. Monitoring the end use of funds raised through public offers and related matters;

14. Review proposal for mergers, demergers, acquisitions, carve-outs, sale, transfer of business and its valuation
report and fairness opinion, if any, thereof;

15. Evaluation of internal financial controls and risk management systems;

16. Discussing with internal auditors any significant findings and follow up thereon;

17. Reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the
matter to the Board;

18. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well
as post-audit discussion to ascertain any area of concern;

19. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors;

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20. Review the functioning of the Whistle Blower mechanism.

21. Carry out such other functions as may be delegated by the Board from time to time.

22. Review various investment proposals before the same is submitted to the Board of Directors and also to
review the guidelines for investing surplus funds of the Company;

23. To appoint valuers for the valuation of the undertakings or assets of the Company, wherever it is necessary
including stocks, shares, securities, goodwill or any other assets or net worth of a Company or liability of the
Company under the provisions of the Act.

In addition to the above, the following items will be reviewed by the Audit Committee:

a) Management discussion and analysis of financial condition and results of operations;

b) Statement of significant related party transactions, (as defined by the Audit Committee)
submitted by management;

c) Management letters / letters of internal control weaknesses issued by the statutory auditors;

d) Internal audit reports relating to internal control weaknesses; and

e) Appointment, removal and terms of remuneration of the chief internal auditor.

The Audit Committee is vested with the necessary powers to achieve its objectives.

The Committee has discharged its role / function as envisaged under Regulation 18 (3) read with Part C of Schedule
II of the Listing Regulations and the provisions of Section 177 of the Act.

The Chairperson of the Audit Committee was present at the 74th Annual General Meeting held on May 11, 2024.

ii. Composition, names of members & Chairperson, meetings held during the year and attendance at meetings.

The Audit Committee presently consists of four Non-executive Directors, out of which three are Independent
Directors. The Committee has held four meetings during the Financial Year 2024 i.e., February 20, May 10,
August 8 and November 4, 2024. The composition of the Audit Committee as on December 31, 2024 and the
attendance of members at the meetings held during the Financial Year 2024 were as follows:

No. of
Members of the Committee meetings
attended
Mr. Shobinder Duggal (Independent Director) (Chairperson w.e.f November 4, 2024)* 1
Mr. V K Viswanathan (Independent Director) (Chairperson up to November 4, 2024)** 4
Ms. Gopika Pant (Independent Director) 4
Ms. Monica Widhani (Independent Director) 4
Mr. Adrian Guggisberg (Non-executive Non-Independent Director) 4

* Mr. Shobinder Duggal was appointed as Independent Director w.e.f. November 4, 2024
**The tenure of Mr. V K Viswanathan as Independent Director was ended on November 12, 2024.

Mr. Trivikram Guda, Company Secretary is the Secretary to the Audit Committee.

The gap between two Audit Committee Meetings did not exceed 120 days. The necessary quorum was present at
the above Meetings.

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4. Nomination and Remuneration Committee

i. Terms of Reference

The terms of reference and Role of the Nomination and Remuneration Committee are as per the provisions of
Section 178 of the Act and Regulation 19 of the Listing Regulations which includes:

1. Formulating criteria for determining qualifications, positive attributes and independence of a director.

2. Identifying persons who are qualified to become Directors and who may be appointed in Senior Management
and as KMP of the Company in accordance with the criteria laid down, recommend to the Board their
appointment and removal.

3. Recommending to the Board a policy, relating to the remuneration of the Directors, Senior Management, KMP
and other employees, as may be applicable.

4. Evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation,
prepare a description of the role and capabilities required of an independent director considering candidates
from a wide range of backgrounds, having due regard to diversity and time commitments of the candidates.

5. Formulating criteria for evaluation and manner of effective evaluation of Independent Directors, Board, its
committees and every Director’s performance.

6. Determine whether to extend or continue the term of appointment of the independent director, based on the
report of performance evaluation of independent directors.

7. Devising a policy on Board diversity.

8. Ensuring that level and composition of remuneration is reasonable and sufficient to attract, retain and
motivate Directors of the quality required to run the company successfully.

9. Recommend to the board, all remuneration, in whatever form, payable to senior management.

10. Carrying out any other function as is mandated by the Board from time to time and/or enforced by any
statutory notification, amendment or modification, as may be applicable.

11. Performing such other functions as may be necessary or appropriate for the performance of its duties.

The Nomination and Remuneration policy is framed by the Nomination and Remuneration Committee and
approved by the Board.

The Chairperson of the Nomination and Remuneration Committee was present at the 74th Annual General Meeting
held on May 11, 2024.

ii. Composition, name of members & Chairperson, meetings held during the year and attendance at meetings.

The Nomination and Remuneration Committee presently consists of three Non-executive Directors, two being
independent. The Chairperson is a Non-executive and Independent Director. The Committee has held two meetings
during the Financial Year 2024 i.e., on February 20 and August 8, 2024. The composition of the Nomination and
Remuneration Committee as on December 31, 2024 and the attendance of members at the meeting held during the
Financial Year 2024 were as follows:

No. of meetings
Members of the Committee
attended
Mr. Shobinder Duggal (Independent Director) (Chairperson wef November 4, 2024)* 0
Mr. V K Viswanathan (Independent Director) (Chairperson up to November 4, 2024)** 2
Ms. Gopika Pant (Independent Director) 2
Ms. Carolina Granat (Non-executive Non-Independent Director) 2

* Mr. Shobinder Duggal was appointed as Independent Director w.e.f. November 4, 2024
**The tenure of Mr. V K Viswanathan as Independent Director was ended on November 12, 2024.

The necessary quorum was present at the above Meetings.

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5. Stakeholders Relationship Committee

The Stakeholders Relationship Committee has been authorized to approve the transmission / transposition of shares
and issue of duplicate share certificates and to consider all other matters of shareholder interest.

In order to expedite the process, the Board of Directors has also delegated the authority severally to the Managing
Director and the Company Secretary to approve the share transmissions and accordingly, the Managing Director or the
Company Secretary approves the transmission of shares as and when required from time to time.

Four meetings of Committee were held during the Financial Year 2024 i.e., on February 20, May 10, August 8 and
November 4, 2024.

The Stakeholders Relationship Committee presently consists of three and one being executive director, two being
independent. The Chairperson is a Non-executive and Independent Director.

The composition of Stakeholders Relationship Committee as of December 31, 2024 and attendance of members at the
meetings held during the Financial Year 2024 were as follows:

No. of meetings
Members of the Committee
attended
Ms. Gopika Pant (Chairperson) (Independent Director) 4
Ms. Monica Widhani (Independent Director) 4
Mr. Sanjeev Sharma (Managing Director) 4

The necessary quorum was present at the above Meetings. Mr. Trivikram Guda, Company Secretary is the Secretary
to the Committee.

The Chairperson of the Stakeholders Relationship Committee was present at the 74th Annual General Meeting held
on May 11, 2024.

All investor grievances and correspondences, apart from court cases regarding share title disputes where the Company
is involved, are promptly addressed. The Company continuously strives to expedite the resolution of grievances to ensure
complete satisfaction for the investors.

Name, Designation and Address of Compliance Officer is as below:

Trivikram Guda
Company Secretary and Compliance Officer

ABB India Limited

Disha - 3rd Floor
Plot No. 5 & 6, 2nd Stage
Peenya Industrial Area IV, Peenya
Bengaluru - 560 058, Karnataka.
E-mail: [Link]@[Link]
Phone: +91 80 2294 9113

The details of investors’ complaints received and resolved during the Financial Year 2024 are as under:

No. of investors’ complaints No. of investors’ complaints Investors’ complaints

received during 2024 resolved during 2024 pending at the end of 2024
2,140 2,140 0

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6. Risk Management Committee

The Company has established a robust mechanism to keep Board Members informed about risk assessment and
mitigation procedures. This includes regular reviews to ensure that executive management effectively controls risk
through a well-defined framework. The Company has formulated a Policy on Risk Management and constituted a Risk
Management Committee.

Two meetings of Committee were held during the Financial Year 2024 i.e., on March 12, 2024 and September 27, 2024.

The composition of Risk Management Committee as at December 31, 2024 and attendance of members at the meetings
held during the Financial Year 2024 is provided as follows:

Members of the Committee No. of meetings

attended
Mr. Shobinder Duggal (Independent Director) (wef November 4, 2024)* 0
Mr. V K Viswanathan (Independent Director) (Chairperson up to November 4, 2024)** 2
Ms. Monica Widhani (Independent Director) 2
Mr. Sanjeev Sharma (Managing Director) 2
Mr. T.K. Sridhar (Chief Financial Officer) 2

* Mr. Shobinder Duggal was appointed as Independent Director w.e.f. November 4, 2024
**The tenure of Mr. V K Viswanathan as Independent Director was ended on November 12, 2024.

Mr. Trivikram Guda, Company Secretary is the Secretary to the Risk Management Committee.

The gap between two Risk Management Committee Meetings did not exceed requisite timeline as prescribed under the
law. The necessary quorum was present for both the Meetings.

7. Corporate Social Responsibility Committee

Pursuant to Section 135 of the Act, a Corporate Social Responsibility (CSR) Committee of the Board has been constituted.

Four meetings of Committee were held during the Financial Year 2024 i.e., on February 20, May 10, August 8 and
November 4, 2024.

The Chairperson is a Non-executive and Independent Director. The composition of Committee as at December 31, 2024
and attendance of members at the meetings held during the Financial Year 2024 were as follows:

No. of meetings
Members of the Committee
attended
Ms. Monica Widhani (Chairperson) (Independent Director) 4
Mr. Sanjeev Sharma (Managing Director) 4
Ms. Gopika Pant (Independent Director) 4
Ms. Carolina Granat (Non-Executive & Non-Independent Director) 4

The necessary quorum was present at the above Meetings.

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The Company has adopted a Corporate Social Responsibility (CSR) Policy and identified the following key focus areas for
implementing CSR initiatives:

• Education: Education & vocation skilling for children and youth to empower them to create generational impact for
their families & communities

• Diversity & Inclusion: Gender diversity, and inclusion in terms of equal opportunity with empowerment and skills
training for women, differently-abled and ethnicity

• Communities and Environment: Environmental and social local safeguard focused on environmental natural resource
conservation, cleanliness, hygiene, health care, safety and access to basic resources like water; community development
projects and disaster relief.

The Company’s CSR policy may be viewed on the Company’s website at [Link]
default-document-library/[Link]?sfvrsn=c5444009_2

The Annual Report on CSR activities for Financial Year 2024 forms part of the Annual Report, as Annexure H.

8. Senior Management

Mr. Kapil Agarwal was appointed as Process Automation Process Industries India Business Head & PAPI Metals PAMA
Cluster Business Leader (Senior Management Personnel) for ABB – Process Automation Process Industries division with
effect from March 05, 2024.

9. Details of remuneration to all the Directors paid during the Financial Year 2024

i. Remuneration Policy / Criteria for payments to Directors / Senior Management Employees

The remuneration for Whole-time / Executive / Managing Director, KMP, Senior Management Personnel, and
other employees are determined based on various factors, including attracting and retaining talented individuals,
reflecting the Company's operations and role complexity, adhering to compensation structures and policies,
considering market benchmarks, and complying with regulatory requirements.

Independent Directors receive sitting fees for attending Board Meetings and Committee Meetings, as approved
by the Board of Directors. Additionally, they are eligible for a yearly profit-related commission, subject to approval
by the Shareholders. The commission amount is determined taking into account factors such as attendance and
the role played by the Independent Director. The sitting fee for each Director per meeting is J 75,000/- for Board
and Audit Committee Meetings, and J 50,000/- for other Committees, including Corporate Social Responsibility,
Stakeholders Relationship, Nomination and Remuneration, and Risk Management.

The Non-executive, Non-independent Directors are neither paid sitting fee nor paid any commission.

The remuneration payable to the Managing Director and Senior Management personnel including KMP are structured
as fixed and variable components. The fixed remuneration comprises salaries, perquisites and retirement benefits
and the variable component comprises annual performance bonus which is linked to the achievement of the score
card fixed at beginning of the year.

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ii. disclosures with respect to remuneration paid during the Financial Year 2024
(H in lakhs)
Salary &
Name Sitting fees Commission* Stock option Pension
perquisites
Mr. Sanjeev Sharma** Nil 669.79 NA Nil Nil
Mr. V K Viswanathan*** 6.50 Nil 30.75 Nil Nil
Ms. Gopika Pant 8.75 Nil 37.00 Nil Nil
Ms. Carolina Granat Nil Nil NA Nil Nil
Ms. Monica Widhani 8.75 Nil 34.00 Nil Nil
Mr. Adrian Guggisberg Nil Nil NA Nil Nil
Mr. Shobinder Duggal 1.50 Nil Nil Nil Nil
* Commission for the financial year 2023 paid during the financial year 2024.
** In addition to the Salary / Perquisites mentioned above, as per Management Incentive Program (MIP) and Long-Term Incentive Plan of ABB
Group (which conditionally grants Options / Warrant appreciation rights / Equity shares of ABB Group Company to selected key employees),
the Managing Director being one of the key employee is entitled to both programs.
*** the tenure of V K Viswanathan (DIN: 01782934) as Non-executive and Independent Director ended with effect from November 12, 2024.

Commission to Independent Directors:

1. For Board Meetings: a fixed amount of J 25 lakh per Independent Director based on 100% participation by way
of attendance in the meetings.

2. For Committee Meetings: a fixed amount of J 3 lakh per Independent Director based on 100% participation by
way of attendance in the meetings.

3. For Chairman of the Audit Committee: a fixed amount of J 8 lakh for 100% participation by way of attendance
in the meetings.

The above commission payable to Independent Directors of the Company shall however not exceed in the aggregate
1% per annum of the net profits of the Company computed in the manner laid down in the Act. The Board authorizes
the Chairman to determine the amount payable to the eligible Independent Director.

Fixed Component / Performance Linked Incentive / Criteria

Performance related Bonus is payable to the Managing Director is as per the terms of Contract entered into between
the Company and the Managing Director and as approved by the Board of Directors.

Service Contract / Notice Period / Severance Fees

a) The Contract of Service entered by the Company with Mr. Sanjeev Sharma, Managing Director, provides that
the Company and the Managing Director shall be entitled to terminate the agreement by giving six months’
notice in writing on either side.

b) No severance fee is payable by the Company to the Managing Director on termination of the agreement/s.

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iii. Stock Option

The Company does not have stock option scheme therefore the same is not applicable.

None of the Non-executive Directors has any pecuniary relationship or transactions with the Company.

10. General Body Meetings

i. Location and time where last three Annual General Meetings (AGMs) held

For the Year Venue Day & Date Time

2023 Registered office at Disha, Plot No. 5 & 6, 2nd Stage, Saturday, May 11, 2024 11.00 a.m. (IST)
Peenya Industrial Area IV, Peenya, Bengaluru - 560 058
2022 “Aura”, Taj Yeshwantpur, 2275, Tumakuru Road, Thursday, May 04, 2023 11.00 a.m. (IST)
Yeshwantpur, Bengaluru-560 022
2021 Registered Office of the Company through Video Thursday, May 5, 2022 11.00 a.m. (IST)
Conferencing / Other Audio Visual Means

ii. Special Resolution passed in the previous three Annual General Meetings.

• No Special Resolution was passed at the 74th Annual General Meeting held on May 11, 2024.

• No Special Resolution was passed at the 73rd Annual General Meeting held on May 4, 2023

• Special Resolution passed at the 72nd Annual General Meeting held on May 5, 2022: Commission to Independent
Directors of the Company

iii. Postal Ballot

Resolutions passed by postal ballot during the financial year ended December 31, 2024.

• Re-appointment of Ms. Gopika Pant (DIN: 00388675) as Non-Executive and Independent Director of the Company
to hold office for a second term of 3 (three) consecutive years effective from April 27, 2024.

• Appointment of Mr. Shobinder Duggal (DIN: 00039580) as Non-Executive and Independent Director of the
Company to hold office for a term of three (3) consecutive years with effect from November 4, 2024.

11. Means of Communication

Quarterly Financial Results / Official News Releases

The quarterly/half-yearly/annual financial results are published in Business Standard/Financial Express/Business Line
(English Daily) and Vijaya Karnataka (Kannada Daily).

The financial results and the official news releases are also placed on the Company’s website at [Link]. The
Company has a dedicated help desk with e-mail ID: [Link]@[Link] in the Secretarial Department for
providing necessary information to the investors.

In addition to the above, after announcement of results, the Company holds conference call with financial analysts. The
transcript of the said concalls are uploaded on the Company’s website at [Link]

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ABB India Limited | Integrated Annual Report 2024

12. General Shareholder Information

i. Annual General Meeting Day, Date, Time and Venue:

The Company will be holding its 75th Annual General Meeting on Saturday, May 10, 2025 at 11.00 A.M. (IST) at the
registered office of the Company located at Disha - 3rd Floor, Plot No. 5 & 6, 2nd Stage, Peenya Industrial Area IV,
Peenya, Bengaluru, Karnataka, India, 560058

Agenda:
Item No. 1 - Consideration and Adoption of Audited Financial Statements of the Company for the Financial
Year ended December 31, 2024 and Reports of the Board of Directors and the Auditors thereon

Item No. 2 - Declaration of Final Dividend

Item No. 3 - Re-appointment of Ms. Carolina Yvonne Granat (DIN: 09477744) as a Director liable to retire by
rotation

Item No. 4 - Appointment of Secretarial Auditors

Item No. 5 - Ratification of remuneration to Cost Auditor of the Company for Financial Year ending December
31, 2025

a. Profile of Director seeking appointment/re-appointment

The profile of Director/s retiring by rotation and seeking appointment/re-appointment at the 75th Annual
General Meeting are given in the Annexure to the Notice convening the said Annual General Meeting.

None of the Directors are related to any other Director.

ii. Financial Year

Company’s financial year is January – December. The indicative calendar of events for the year 2025 (January -
December) excluding Extraordinary General Meeting(s), if any, are as under:

Fourth Quarter Financial Results (Year 2025) February 2025

First Quarter Financial Results May 2025
Annual General Meeting May 2025
Second Quarter Financial Results August 2025
Third Quarter Financial Results November 2025

iii. Dividend Payment Date

The dividend, as recommended by the Board of Directors, if declared at the ensuing Annual General Meeting will
be paid after May 15, 2025, to those Members whose names appear on the Company’s Register of Members as on
Saturday, May 03, 2025 being the Record Date for determining the shareholders who are entitled to receive Dividend.

iv. Date of Book Closure

The Register of Members and the Share Transfer Books of the Company will remain closed from Sunday, May 4, 2025
to Saturday, May 10, 2025 (both days inclusive) for the purpose of Dividend and AGM.

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 Board’s Report

v. Listing on Stock Exchanges

The equity shares of the Company are currently listed with BSE Limited (BSE) and National Stock Exchange of India
Limited (NSE). The Company has paid till date, the requisite listing fees to both the stock exchanges.

vi. Registrar and Share Transfer Agents

KFin Technologies Limited

Selenium Tower B, Plot Nos. 31 & 32 | Financial District
Nanakramguda |Serilingampally Mandal | Hyderabad - 500032 | Telangana Tel : +91 40 67161653
Fax No. +91 40 23420814 E-mail: [Link]@[Link] Website: [Link]

vii. Share Transfer System

The Company has engaged the services of registrar and share transfer agent Kfin Technologies Limited (“RTA”) for
the equity shares listed on NSE and BSE. All the requests relating to transmission, splitting of Share certificates,
dematerialisation and rematerialisation processing, payment of dividends etc. are done by the share transfer
agent. The Company’s shares being in compulsory demat list, are transferable through the depository system.
In terms of the Listing Regulations transfer of shares in the physical form is not permitted beyond April 1, 2019.
The transmission or transposition of shares are being processed by the RTA. In order to expedite the process, the
Board of Directors has delegated the authority severally to the Managing Director (MD) and the Company Secretary
to approve transmission or transposition of shares and accordingly, the MD or the Company Secretary approve
the transmission/ transposition of shares generally on a weekly basis. This process is reviewed by Stakeholders
Relationship Committee.

viii. Shareholding Pattern

As on 31.12.2023 As on 31.12.2024
Shareholders
No. of shares % No. of shares %
ABB Asea Brown Boveri Ltd, Zurich 15,89,31,281 75.00 15,89,31,281 75.00
Mutual Funds 1,04,40,974 4.93 76,68,773 3.62
Financial Institutions/Banks 29,793 0.01 1,500 0.00
Foreign Institutional Investors 2,27,09,433 10.72 2,51,12,129 11.85
Trusts 1,57,539 0.07 1,60,119 0.08
Resident Individuals 1,36,28,578 6.44 1,31,02,870 6.18
Non Resident Indians 1,79,200 0.08 8,11,104 0.38
Clearing Members 3,068 0.00 2,498 0.00
Qualified Institutional Buyer 41,98,921 1.98 39,86,718 1.88
Non Resident Indian - Non Repatriable 4,93,125 0.23 5,68,454 0.27
Bodies Corporates 6,29,249 0.3 6,76,376 0.32
Directors and their Relatives 0 0.00 0 0.00
IEPF 5,02,226 0.24 6,82,912 0.32
Foreign Nationals 4,988 0.00 5,069 0.00
Total 21,19,08,375 100 21,19,08,375 100

ix. Distribution of Shareholding as on December 31, 2024

No. of No. of % of equity

Category
Shareholders Shares held capital
1 – 5000 1,47,964 1,28,86,442 6.08
5001 – 10000 331 22,84,140 1.08
10001 – 50000 302 65,25,480 3.08
50001 – 100000 63 42,55,125 2.01
100001 and above 88 18,59,57,188 87.75
Total 1,48,748 21,19,08,375 100

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ABB India Limited | Integrated Annual Report 2024

• Top 10 Shareholders (other than Promoters) as on December 31, 2024

Sl % To total
Name of Shareholder Total shares Category
No. equity capital
1. NPS TRUST- A/C LIC PENSION FUND SCHEME - ATAL 14,11,168 0.67 QIB
PENSION YOJANA
2. KOTAK EQUITY OPPORTUNITIES FUND 12,83,462 0.61 MUT
3. NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA 10,52,441 0.50 MUT
ETFNIFTY NEXT 50 JUNIOR BEES
4. CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO 10,09,172 0.48 MUT
EMERGING EQUITIES
5. NOMURA INDIA INVESTMENT FUND MOTHER FUND 8,86,232 0.42 FPC
6. GOVERNMENT OF SINGAPORE - E 8,46,676 0.40 FPC
7. VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 7,44,476 0.35 FPC
8. INVESTOR EDUCATION AND PROTECTION FUND 6,82,912 0.32 IEP
AUTHORITY MCA
9. VANGUARD EMERGING MARKETS STOCK INDEX FUND, 6,76,616 0.32 FPC
A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX
FUNDS
10. STICHTING DEPOSITARY APG EMERGING MARKETS 6,57,207 0.31 FPC
EQUITY POOL

x. Dematerialisation of shares and liquidity

The equity shares of the Company are available under dematerialised form with National Securities Depository
Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The Company’s equity shares are
compulsorily traded in the dematerialised form.

As on December 31, 2024, out of 21,19,08,375 equity shares of the Company, 21,10,41,603 equity shares have been
dematerialised representing 99.59%.

Your Company confirms that the promoters’ holdings were converted into electronic form and the same is in line
with the circulars issued by SEBI.

Shareholders who are still holding shares in physical form are requested to dematerialize their shares at the earliest,
this will be more advantageous to deal in securities. For queries / clarification / assistance, shareholders are
advised to approach the Company’s Registrar and Share Transfer Agents.

xi. Outstanding GDRs/ADRs/Warrants or any Convertible Instruments, conversion date and likely impact on
equity.

As on date, the Company has not issued GDRs, ADRs or any other Convertible Instruments and as such, there is no
impact on the equity share capital of the Company.

xii. Commodity Price Risk / Foreign Exchange Risk and Hedging activities.

The Company is exposed to foreign exchange risk on account of import and export transactions entered and it is
exposed to commodity price risk on account of procurement of base metals (Copper and Aluminium) and precious
metals (Silver) to be used in manufacturing activities. Details of commodities exposure as on December 31, 2024
are provided below:

a) Total Exposure of the Company to commodities in J: 6,290,827,012

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 Board’s Report

b) Exposure of the Company to various commodities:

Exposure % of such exposure hedged through commodity

Exposure in in Quantity derivatives
INR towards terms towards Domestic market International market
Commodity Name
the particular the particular Total
OTC Exchange OTC Exchange
commodity
Copper 4,67,82,61,829 6,111 MT - - 91% 91%

Silver 87,84,37,724 3,71,039 Ounce - - 66% 66%

Aluminum 10,55,70,113 521 MT - - 0% 0%
Steel 62,85,57,346 12,616 MT - - 0% 0%
2024 Average USD/INR 83.6832

2024 Average Copper/MT 9147.88

2024 Average Silver/Ounce 28.2913

2024 Average Aluminum/MT 2420.23

2024 Average Steel/MT (LME Steel Rebar) 595.38

c) Commodity risks faced by the Company during the year and how they have been managed.

The Company is a sizable user of various commodities, including base metals & others, which exposes it to
the price risk on account of procurement of commodities. The Company is proactively mitigating these risks
by entering into commensurate hedging transactions with banks as per applicable guidelines and group risk
management instructions.

xiii. Plant Locations

The Company’s plants are located at Peenya and Nelamangala in Bengaluru, Maneja in Vadodara,
Faridabad and Nashik.

xiv. Address for correspondence

ABB India Limited

Disha – 3rd Floor, Plot No. 5 & 6, 2nd Stage, Peenya Industrial Area IV
Peenya, Bengaluru - 560 058, Karnataka, India Tel : +91 80 22949113
Fax No: +91 80 22949148
Corporate Secretarial E-mail ID: [Link]@[Link] Website: [Link]

xv. Credit ratings

The Company does not have any debt instrument, fixed deposit programme or any scheme or proposal for
mobilization of funds. Hence, during the Financial Year 2024, it had not obtained any credit rating for this purpose.

xvi. Disclosures

i. Disclosures on materially significant related party transactions.

There was no materially significant related party transaction during the year having potential conflict with
the interests of the Company. Transactions with related parties, as per requirements of Indian Accounting
Standard 24, are disclosed in the notes to accounts annexed to the financial statements. Further the Company
has not entered into any transaction of a material nature with the Promoters, subsidiaries of Promoters,
Directors or their relatives etc. that may have potential conflict with the interests of the Company.

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ABB India Limited | Integrated Annual Report 2024

All the transactions with related parties were in the ordinary course of business and on arm’s length basis,
except transactions, which are disclosed in the Boards’ Report. In terms of Regulation 23 of Listing Regulations
the Company obtains prior approval of the Audit Committee for entering into any transaction with related
parties. The Audit Committee granted omnibus approval for certain transactions to be entered into with the
related parties, during the year.

The Audit Committee further reviews the Related Party Transactions of the Company on a quarterly basis.
Policy on materiality of and dealing with Related Party Transactions can be viewed in the Company’s website.
Link for the same is [Link]
approved_feb-[Link]?sfvrsn=185cdf09_2

ii. Details of non-compliance by the Company, penalties and strictures imposed on the Company by the Stock
Exchanges or SEBI or any statutory authorities, on any matter related to capital markets during the last
three years.

During last three years, neither any penalty nor any stricture has been passed by SEBI, Stock Exchanges or any
other Statutory Authority on matters relating to capital markets.

iii. Whistle Blower Policy and affirmation that no personnel have been denied access to the Audit Committee.

The Company has adopted Whistle Blower Policy where it has a mechanism for directors and employees to
report concerns about unethical behaviour, actual or suspected fraud or violation of the Code of Conduct /
Business Ethics. The Policy provides for direct access to the Chairperson of the Audit Committee in appropriate
or exceptional cases. No personnel have been denied access to the Chairman of the Audit Committee, for
making complaint on any Integrity issue.

iv. Details of compliance with mandatory requirements and adoption of the non-mandatory requirements
under the Listing Regulations.

During the year, the Company has fully complied with the mandatory requirements as stipulated in
Listing Regulations.

The Company has adopted C, D & E of the Non-mandatory requirements as provided in Part E of Schedule II to
the Listing Regulations and not adopted A & B since they are discretionary requirements.

v. Company affirms that all the requirements under the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 are complied with.

vi. There were no instances of non-acceptance of any recommendations of the Board level Committees by the
Board.

vii. Prevention of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

a. Number of complaints filed during the financial year - 3

b. Number of complaints disposed of during the financial year - 3
c. Number of complaints pending as on end of the financial year - 0

viii. Material Subsidiary Company

The Company did not have material subsidiary in the financial year 2024. Hence, the Company has not
formulated any specific policy on dealing with material subsidiaries.

ix. Corporate Identity Number

The Corporate Identity Number (CIN), of the Company is L32202KA1949PLC032923.

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 Board’s Report

x. Compliance Officer

Mr. Trivikram Guda, Company Secretary (ACS 17685) is the Compliance Officer of the Company and Secretary
to all Committees of the Board.

xi. Managing Director (MD) and Chief Financial Officer (CFO) certification

The MD and CFO certification on the Financial Statements, Cash Flow Statement, and Internal Control
Systems for financial reporting has been obtained from Mr. Sanjeev Sharma, Managing Director, and Mr. T. K.
Sridhar, Chief Financial Officer, in accordance with Regulation 17 read with Part B of Schedule II of the Listing
Regulations. This certification is included in the Annual Report.

xii. Disclosures with respect to demat suspense account/ unclaimed suspense account

Pursuant to the Regulation 39 (4) read with Schedule VI of the Listing Regulations, the Company’s Registrar &
Share Transfer Agents have already sent three reminders to those shareholders whose share certificates were
returned undelivered and remain unclaimed so far. Further, as required, the Company has transferred the said
unclaimed shares to one folio in the name of “ABB India Limited-Unclaimed Suspense Account”, and the voting
rights thereon have been frozen till the shares are claimed by the rightful owners. Details are given below:

Aggregate number of shareholders and the outstanding shares in the suspense 5 shareholders and
account lying at the beginning of the year. 3,996 equity shares
Number of shareholders who approached issuer for transfer of shares from Nil
suspense account during the year.
Number of shareholders to whom shares were transferred from suspense account Nil
during the year.
Aggregate number of shareholders and the outstanding shares in the suspense 5 shareholders and
account lying at the end of the year. 3,996 equity shares

xiii. Discretionary requirements

• The Company does not maintain a separate office for the Non-executive Chairman.

• The quarterly financial results are published in the newspapers of wide circulation and not sent to individual
shareholders. Further the financial results are available on the website of the Company at [Link]
com/indian-subcontinent/investors/financial-results-and-presentations and of Stock Exchanges where the
shares of the Company are listed i.e., BSE and NSE.

• The Auditors’ opinion on the Financial Statements is unmodified.

• The Internal Auditor of the Company reports to the Audit Committee on periodical / quarterly basis to ensure
the independence of the Internal Audit function.

• The Company is in compliance with corporate governance requirements specified in regulation 17 to 27 and
clauses (b) to (i) of sub-regulation (2) of regulation 46 of Listing Regulation.

• The Company has not given any loans or advances to firms/companies in which Directors are interested
during the financial year ended December 31, 2024

For ABB India Limited

Adrian Guggisberg
Place : New Delhi Chairman
Date : February 17, 2025 DIN: 09590850

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ABB India Limited | Integrated Annual Report 2024

Declaration by the Managing Director under Listing Regulations regarding compliance with Business
Conduct Guidelines (Code of Conduct).

In accordance with the Listing Regulations, I hereby confirm that all the Directors and the Senior Management Personnel
of the Company have affirmed compliance with the Code of Conduct as applicable to them, for the Financial Year ended
December 31, 2024

For ABB India Limited

Sanjeev Sharma
Place : New Delhi Managing Director
Date : February 17, 2025 DIN: 07362344

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 Board’s Report

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,
The Members of ABB INDIA LIMITED,
CIN: L32202KA1949PLC032923
Disha - 3rd Floor, Plot No. 5 & 6, 2nd Stage,
Peenya Industrial Area IV, Peenya,
Bengaluru - 560058, Karnataka.

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of ABB India
Limited, having CIN:L32202KA1949PLC032923 (“the Company”) and having Registered Office at Disha - 3rd Floor, Plot No. 5
& 6, 2nd Stage, Peenya Industrial Area IV, Peenya, Bengaluru - 560058, Karnataka (hereinafter referred to as ‘the Company’),
produced before me by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with
Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

In my opinion and to the best of my information and according to the verifications including Directors Identification Number
(DIN) status at the portal [Link] as considered necessary and explanations furnished to me by the Company and its
Officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending
on December 31, 2024 have been debarred or disqualified from being appointed or continuing as Directors of companies, by
the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.

Sr. DIN (Director Date of

Name of the Director
No. Identification Number) appointment in Company
1. Mr. Sanjeev Sharma 07362344 01/01/2016
2. Mr. Adrian Guggisberg 09590850 06/05/2022
3. [Link] Pant 00388675 27/04/2021
4. Mr. Shobinder Duggal 00039580 04/11/2024
5. Ms. Monica Widhani 07674403 06/05/2022
6. Ms. Carolina Yvonne Granat 09477744 01/04/2022

My responsibility is to express an opinion on these based on my verification. Ensuring the eligibility of for the appointment /
continuity of every Director on the Board is the responsibility of the management of the Company. This certificate is neither
an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.

K JAYACHANDRAN
Practicing Company Secretary
Place: Bengaluru ACS No.11309/[Link].4031
Dated: 15.01.2025 UDIN: A011309F003684651

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ABB India Limited | Integrated Annual Report 2024

Annexure - G to boards’ Report

CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE

Corporate Identity No : L32202KA1949PLC032923

Nominal Capital : J 50 Crores

To
The Members of ABB India Limited,

We have examined all the relevant records of ABB India Limited for the purpose of certifying compliance of the conditions
of the Corporate Governance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the
financial year ended December 31, 2024. We have obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of certification.

The compliance of conditions of corporate governance is the responsibility of the Management. Our examination was limited
to the procedure and implementation process adopted by the Company to ensure compliance of the conditions of the
corporate governance.

This certificate is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which
the management has conducted the affairs of the Company.

In our opinion and to the best of our information and according to the explanation and information furnished to us, we
certify that the Company has complied with all the mandatory conditions of Corporate Governance as stipulated in the said
Regulations during the period under review.

As regards Discretionary Requirements specified in Part E of Schedule II of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the company has complied with items C, D, E and G.

For V. Sreedharan & Associates

Company Secretaries

(Pradeep B. Kulkarni)
Partner
FCS.7260; C.P No.7835
Address: Plot No.293, 201, 2nd Floor, 10th Main Road,
3rd Block Jayanagar, Bengaluru - 560011

Place: Bengaluru
Date: Febuary 17, 2025
UDIN: F007260F003949396
Peer Review certificate No. 5543/2024

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 Board’s Report

ANNEXURE - h TO THE BOARDS’ REPORT - 2024

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITIES

(CSR) ACTIVITIES

(1.) A brief outline of the Company’s CSR Policy:

ABB as a responsible corporate entity strives to reach out to wider community to ensure wellbeing of needy as a part of
its Corporate Social Responsibility (“CSR”). ABB in India has always believed in and contributed to the society. Along with
sustained economic performance, environmental and social stewardship is also a key factor for holistic business growth
and is internalized as an integral part of the Company’s strategy.

Objective if the Policy:

“ABB India views Corporate Social Responsibility (CSR) as a channel to further its cause for a better world by writing the
future together with its multiple stakeholders”. The Company is committed to sustainable and inclusive development
of the community’s social capital through active engagement. The Company’s CSR programs are aimed to contribute to
the social development predominantly in areas where it operates.

Company’s CSR focus areas:

1. Education (ABB value ‘Curiosity’)

2. Diversity & Inclusion (ABB value ‘Courage’)

3. Communities & Environmental (ABB value ‘Care’)

(2.) Composition of CSR Committee

Number of meetings Number of meetings of

Sr. Designation/ Nature of
Name of Director of CSR committee held CSR Committee attended
No. Directorship
during the year during the year
1. Ms. Monica Widhani Chairperson, NED (I) 4 4
2. Ms. Carolina Granat Member, NED 4 4
3. Mr. Sanjeev Sharma Member, MD 4 4
4. Ms. Gopika Pant Member, NED (I) 4 4

NED: Non-executive Director, MD: Managing Director, NED (I): Non-executive Director and Independent

(3.) Provide the weblink where Composition of CSR committee, CSR Policy and CSR projects approved by
the board are disclosed on the website of the Company: [Link] ([Link])

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ABB India Limited | Integrated Annual Report 2024

(4.) Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule
(3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable
(attach the report)

Sr. Partnering Impact Assessment

Name of the program
No. organization carried out (Yes/No)
1 Improving road safety, security cleanliness, hygiene aspects - ABB India Foundation Yes
Peenya industrial area - Phase 2 Lake Road
2 Rural road infrastructure upgradation Phase 2 – Nelamangala, ABB India Foundation Yes
Bangalore Rural
3 Women engineering scholarship program for meritorious and Lila Poonawalla Yes
deserving 30 selected women at Pune location for a 4 year Foundation
program (2020-2024)
4 Operation of mobile health care units for communities Helpage India Yes
5 Operation of the SIS integrated School for the academic year The Association of Yes
2023 -2024 People with Disability
6 Supporting with procurement of critical medical equipment for Sri Shankara Cancer Yes
diagnosis and cancer treatment Foundation
7 Supporting the operation of a pediatric cardiac center in Delhi Child Heart Foundation Yes
Impact assessment report available here

The above large projects for which a 3rd party independent impact assessment was carried out nd the same projects
continue to impact communities positively

(5.) Details of the amount available for set off in pursuance of the sub-rule (3) of the rule 7 of the
Companies (Corporate Social Responsibility Policy) rules, 2014 and amount required for set off for
the financial year if any-

Amount available for Amount available for

Sr.
Financial Year set off from preceding set off for the financial
No.
financial years (in ₹) years (in ₹)
1 2024 0 4,26,56,703

a) Amounts spend on CSR Projects (both Ongoing Project and ₹ 26,10,11,811

other than Ongoing Project):
b) Amount spent in Administrative Overheads: ₹ 12,56,034
c) Amount spent on Impact Assessment, if applicable: 0
d) Total amount spent for the financial year (a+b+c+d): ₹ 26,22,67,846
e) CSR amount spent for the financial year: ₹ 26,22,67,846

Amount unspent (in ₹)

Total Amount spent Total amount transferred to Unspent Amount transferred to any fund specified under
for the financial year. CSR account as per section 135 (6) Schedule VII as per second proviso to section 135 (5)
(In ₹) Total Amount spent for Total Amount spent for
Amount Date of transfer
the financial year. (In ₹) the financial year. (In ₹)
262,267,846 0 Not applicable 0 Not applicable

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 Board’s Report

f) Excess amount for set off, if any:

Sr.
Particular Amount (in ₹)
No.
(i) Two percent of average net profit of the Company as per section 135 (5) 21,96,11,142
(ii) Total amount spent for the Financial Year 26,22,67,846
(iii) Excess amount spent for the Financial Year 4,26,56,703
(iv) Surplus arising out of the CSR projects or programs or activities of the previous 0
financial years if any
(v) Amount available for set off in succeeding Financial Years [(ii)-(i)]: 4,26,56,703

(6.) Details of Unspent CSR amount for the preceding three financial years:

Amount Balance Amount transferred Amount

Amount
Transferred to Amount in to a Fund as specified remaining to
Preceding spent in the
Sr. unspent CSR Unspent CSR under schedule VII as be spent in Deficianct
Financial reporting
No. account under Account under per second proviso to succeeding if any
Year financial year
section 135 (6) section 135 (6) subsection (5) of section Financial Years
(in ₹)
(in ₹) (in ₹) 135, if any (in ₹) (in ₹)
1. 2021 0 0 0 0 Nil Nil
2. 2022 3,99,11,461 2,38,10,000 2,38,10,000 0 Nil Nil
3. 2023 4,57,37,403 4,57,37,403 4,57,37,403 0 Nil Nil

(7.) Whether any capital assets have been created or acquired through Corporate Social Responsibility
amount spent in the financial year:

Yes. If yes, enter the number of capital assets created/acquired

Short particulars Details of entity/ authority/ beneficiary of the registered

Amount
of the property or Pincode owner
of CSR
Sr. asset (s) including of the Date of CSR
amount
No. complete address property creation Registration
spent Name Registered address
and location of the or assets Number, if
(in ₹)
property applicable
1. Nelamangala rural 562123 November 74,61,099 NA Kanegowdanahalli Kanegowdanahalli
road upgradation 2024 Gram Panchayat Gram Panchayat
and development Nelamangala Nelamangala-562123
project phase 2
2. Taluk Government 562123 December 1,71,74,868 NA Government Government Hospital
hospital 2024 Hospital Nelamangala BH
upgradation and Nelamangala Road, Nelamangala,
medical equipments Taluk Tumkur District
supply phase 2 Nelamangala - 562123
3. External Road 422004 December 3,47,31,086 NA Nashik Municipal Nashik Municipal
infrastructure 2024 Corporation Corporation Rajiv
upgradation Gandhi Bhavan,
project- civil works Sharanpur Road
Nashik – 422004
4. Refurbishment 560022 March 38,25,181 NA Government ITI, Government
of Government 2024 Peenya ITI, Peenya,
Industrial Training Goruguntepalya,
Institute (ITI), Tumkur Road,
Peenya undertaken Bangalore -560022
for academic year
2023-2024

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ABB India Limited | Integrated Annual Report 2024

Short particulars Details of entity/ authority/ beneficiary of the registered

Amount
of the property or Pincode owner
of CSR
Sr. asset (s) including of the Date of CSR
amount
No. complete address property creation Registration
spent Name Registered address
and location of the or assets Number, if
(in ₹)
property applicable
5. Establishment of 110051 December 1,11,85,759 CSR00002419 Healing Himalayas Healing Himalayas
Material Recovery 2024 Foundation Foundation,B-24,
Center at Kasol, Anarkali Garden,
Himachal Pradesh Jagatpuri,
New Delhi -110051
6. Establishment of 400076 December 63,70,000 CSR00007536 Indian Institute IIT-B, Adi
a state-of-the-art 2024 of Technology Shankaracharya
Drives and Motors Bombay (IIT-B) Marg, Powai,
laboratory Mumbai - 400 076
7. Teachers 560001 December 50,09,120 CSR00001974 Meghshala Trust Meghshala Trust No.
Enablement 2024 77, 2nd Cross, Lavelle
Program and Road,
digitization of Bengaluru - 560001
Classrooms of 89
Government schools
in Peenya and
Nelamangala
8. Green school campus 380054 December 49,87,693 CSR00001260 Nehru Foundation CEE, Thaltej Tekra
and rainwater 2024 for Development Ahmedabad -380054
harvesting systems Center for
implementation at Environmental
select Government Education (CEE)
schools
9. Water shed 422005 December 11,20,000 CSR00008894 Vanvasi Kalyan Vanvasi Kalyan
management 2024 Ashram Ashram, Paschim
through Vibhag Prant
construction of Karyalaya,15, Krushi
water check dams, Nagar, Off College
Nashik Road,
Nashik- 422005.

(8.) Specify the reason (s), if the Company has failed to spend two percent of the average net profit
as per section 135 (5):

Not applicable. The Company has spent beyond two percent of the average net profit

Sanjeev Sharma Monica Widhani

Managing Director Chairperson – CSR Committee
DIN: 07362344 DIN: 07674403

Place: New Delhi

Date: February 17, 2025

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 Board’s Report

MD / CFO Certificate

To
The Board of Directors ABB India Limited
We certify that;

A. We have reviewed financial statements and the cash flow statement of ABB India Limited for the year ended
December 31, 2024 and that to the best of our knowledge and belief:

1. these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;

2. these statements together present a true and fair view of the listed entity’s affairs and are in compliance with
existing accounting standards, applicable laws and regulations.

B. To the best of our knowledge and belief, no transactions entered into by the Company during the year which are
fraudulent, illegal or violative of the Code of Conduct of the Company.

C. We accept responsibility for establishing and maintaining internal controls over financial reporting and that we have
evaluated the effectiveness of internal control systems of the Company over financial reporting and we have disclosed
to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls over financial
reporting, if any, of which we are aware and the steps we have taken, propose to take, to rectify these deficiencies. In our
opinion, there are adequate internal controls over financial reporting;

D. We have indicated to the Auditors and the Audit Committee that there are:

1. no significant changes in internal control over financial reporting during the year;

2. no significant changes in the accounting policies except as disclosed in the financial statements; and

3. no instances of fraud of which we have become aware and the involvement therein, if any, of the management or an
employee having a significant role in the Company’s internal control systems over financial reporting.

E. We affirm that we have not denied any personnel access to the Audit Committee of the Company and we have provided
protection to whistle blowers from unfair termination and other unfair or prejudicial employment practices.

We further declare that all Board members and senior management personnel have affirmed compliance with the Code of
Conduct and Ethics for the year covered by this report.

Sanjeev Sharma T.K. Sridhar

Managing Director Chief Financial Officer
DIN: 07362344

Place: New Delhi

Date: February 17, 2025

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ABB India Limited | Integrated Annual Report 2024

Management Discussion
and Analysis

Economic and market overview which combined productivity with equity and sustainability
and ways of driving growth in an intelligent age (of AI).
In 2024, the global economy was perceived to achieve some
stability after the last four years, with the much-discussed Growth in the global GDP (in %)
‘soft landing’ as it remained largely resilient. The global
economy grew by 3.2% in CY 2024 against a volatile global 3.3 3.3 3.2
economic landscape due to persisting geopolitical tensions.
Further to this, the advanced economies such as the US
and China grew by 1.7% whereas, the Emerging Market and
Developing Economies grew by 4.2 % (Source: IMF)1. There
were positive signs such as easing inflation level from
6.7% in CY 2023 to 5.8% in CY 20242 (Source: IMF), robust
trade growth, improvements in real incomes and more
accommodative monetary policy in many economies though
at a cautious pace. This was a year in which the World 2024 2025 (P) 2026 (P)
Economic Forum discussed new paradigms of prosperity P- projected
Source: World Economic Outlook January 2025, IMF

[Link]
1

2
[Link]

14 2
 Management Discussion and Analysis

The first half of 2024 in India was marked by slight the top 15 major markets in both percentage terms and
sluggishness due to national elections and fiscal tightening absolute gains. By the end of the year, India is poised to
on government spending. However, in the second half post secure its position as the world’s fifth-largest market by
elections, the government capital expenditure was resumed. capitalization. The interest in small and mid-cap stocks
This happened as the government aims to keep its fiscal with tailwinds in renewable, digital transformation and
gap under 4.9% for 2024-25, as initially targeted and plans infrastructure, have contributed to the growth story. India’s
to reduce it below 4.5% in the following financial year. foreign direct investment (FDI) peaked at a multi-decade
During the pandemic in 2020-21, the country's fiscal gap had high to reach USD 1 trillion since 2020. During the January-
surged to 9.3%. September period this year, foreign direct investment (FDI)
into the country increased by approximately 42%, reaching
For FY 2024-25 as per government and multiple other USD 42.13 billion. In comparison, the inflow was USD 29.73
revised projections, India’s GDP is likely to grow at 6.4%. billion during the same period last year.
According to the current estimates, it is a mixed record on
growth projections. Investments which grew by 9% the Sustainability remained a key focus area in 2024, with non-
fiscal before, is likely to grow by 6.4% and consumption fossil fuel-based energy making up 45% of the total energy
which comprises 58% of the GDP is set to expand by 7.3% mix of the country. The country is therefore projected to
year-on-year compared to 4% in the previous fiscal year. be on track to make it 50% by 2030. India has successfully
(Source: Press Information Bureau of India) reduced its emissions intensity by 40% compared to 2005
levels, demonstrating significant progress towards its
The HSBC India Manufacturing PMI fell to 56.4 in December NDC target of a 45% reduction by 2030. In 2024, a record-
2024, slightly down from 56.5 in November and revised breaking 24.5 GW of solar capacity and 3.4 GW of wind
lower from an initial estimate of 57.4. This represented capacity were added. This represents more than double the
the easing of momentum in operating conditions since solar installations and a 21% increase in wind installations
the beginning of the year. The sector has experienced compared to 2023.
expansion for over three years, consistently staying above
the 50-mark that distinguishes growth from contraction. With more than 75 years of manufacturing history in the
However, it stayed above its long-term average of 54.1, country, a deep service footprint and an expanding portfolio,
indicating a strong growth rate. Both output and new your company is maximally optimizing the country’s pockets
orders, which are key indicators of demand, continued to of growth complemented by an improving, albeit uncertain
increase in December although the pace of improvement global weather. Your company’s ‘local for local’ strategy
slowed. India's manufacturing activity concluded 2024 on and the development of a strong, diversified supply chain
a softer note, with moderate signs of a slowing trend in across the country-supported by capable partners near
the industrial sector. The expansion rate of new orders was its manufacturing locations-enhance its resilience against
gradual in the year, indicating potentially weaker growth in trade and tariff-related uncertainties to a significant extent.
future production. However, there was a notable increase
in new export orders, which grew at the fastest pace since
July 2024. Additionally, the rise in input prices eased slightly,
capping off a year where Indian manufacturers faced
significant cost pressures. The capacity utilization was at
75.8% as of September 2024. Capacity utilization in India
rose to 75.80% in the third quarter of 2024, up from 74% in
the second quarter. From 2008 to 2024, capacity utilization
in India averaged 73.44%, peaking at an all-time high of
83.20% in the first quarter of 2011 and hitting a record low
of 47.30%in the second quarter of 2020.

The rupee fell by 2.8% in 2024, closing the year at 85.6150

per US dollar. Despite this decline, it performed better than
many of its Asian counterparts, which saw drops ranging
from 3% to 12% due to the strong dollar and fluctuating
expectations regarding US policy rates. Despite the rupee's
challenges over the past three months, it remains the least
volatile major Asian currency, excluding the pegged Hong
Kong dollar. This stability is largely attributed to the central
bank’s regular two-sided interventions.

The Indian bourses on the other hand witnessed major

domestic retail investor resilience in the face of FII outflows,
this performance made India rank third globally among

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ABB India Limited | Integrated Annual Report 2024

India expected to become 3rd largest economy by 2027

Strong long-term demand outlook with services and industry being growth drivers
Figures are Nominal GDP in TUSD

US 19.5 US 25.5 US 31.4

China 12.3 China 17.9 China 22.3

3
Japan 4.9 Japan 4.2 India 5.4

Germany 3.7 Germany 4.1 Germany 5.3

5
UK 2.7 India 3.4 Japan 4.9

6
India 2.6 UK 3.1 UK 4.3

2017 2022 2027

Source: MF Data (October 2023) 2 – Average Range: Services: 50-55% ; Industry: 27-32%; Agri: 18-19%

undertaken as well as initiatives of various sustainability

Outlook parameters, be it natural resource optimization of
energy, water or asset and process efficiency including
As per the world economic outlook by IMF, the outlook building management solutions and waste management
for the global economy remains positive as the global were undertaken.
GDP is anticipated to increase by 3.3% in CY 2025. In
addition to this, the emerging market and developing ABB India has been expanding its footprint in tier II and
economies are anticipated to grow by 4.3% whereas, III cities, catering to 23 different market segments. This
the advanced economies will grow by 1.9% in CY 2025. growth is driven by the entrepreneurial spirit of channel
This growth in the global economies is anticipated to partners, customers and system integrators, as well as the
be supported by growth in economic activities due to a rapid development of infrastructure and industrial growth
decline in the global inflation level. in these areas. Reflecting the changing business landscape,
your company’s orders from tier III and below cities increased
In addition to this, the Indian economy is anticipated significantly led by Electrification and Motion business
to retain its position as the fastest-growing major areas. Process Automation increased its scope in tier I and
economy in FY 2025-26. The tax relief initiated in the II cities while tier III and below were also a growth hub for
Union Budget 2025-26 is expected to play a significant Robotics and Discrete Automation business opportunities.
role in shaping the economic growth especially by Further enhancing outreach to partners and customers in
increasing the household consumption. Additionally, these regions, your company organized ABB Technology Day
the capital expenditure is anticipated to increase to by divisions across multiple customer segments, attended
4.3% in comparison to 4.1% thereby, creating a limited by more than 5,000 customers across 31 cities in the country.
multiplier effectin enhancing the productivity and
growth in the Indian economy (Source: Press Information During the year, ABB India played a significant role
Bureau of India). in advancing the nation’s drive toward value-added,
advanced manufacturing, particularly in the electronics and
semiconductor sectors. Your company provided a range of
Operational overview solutions, including power distribution systems, low-voltage
panels, and robotics applications for the electronics and
In 2024, your company’s manufacturing locations worked semiconductor sectors. The rapid growth of data centers
diligently to upgrade, expand and improve operations across has positioned India as a leading global hub, creating
locations. Various productivity enhancement initiatives were significant opportunities for ABB India. This expansion has

14 4
 Management Discussion and Analysis

been complemented by the increasing adoption of ABB’s seamless and reliable operations and reducing grid power
products and solutions, ranging from medium to low voltage consumption. The best of ABB’s IE5+ EC Titanium motors
applications, including MNS switchgears, delivering greater and drives are going to be deployed to make buildings
value to businesses in the sector. more energy efficient. ABB’s large motors will now also be
supplied as part of the Indian government’s program of
ABB India’s diverse portfolio of solutions was successfully ‘water at every door-step’.
commissioned across various sectors, including compact
substations and power distribution centers (e-houses) at The service divisions across business areas have been
India’s premier container handling port. Moreover, your performing well, be it Process Automation and digital
company provided system drives and services for the services, expanding footprint of service to other countries
country’s largest blast furnace and its largest pumped in Motion or endeavoring to expand channel partner
storage power plant. Key opportunities included projects business and offering end of life, circularity add-ons and
ranging from data centers to automation solutions for an manufacturing and distribution solutions in Electrification.
energy major’s Centralized Pipeline Information Management
System (CPIMS), which manages 25 pipelines across India. In 2024, your company continued to promote the energy
With a growing customer focus on sustainability and energy efficiency movement through symposiums with customers,
efficiency, the motors business saw increased sales of IE3 partners and think-tanks, while highlighting energy-efficient
and IE4 energy-efficient motors, which offer 20% and 35% Motion offerings at key events organized by CII and AEEE.
lower energy losses, respectively, compared to the mandated ABB India's IEC low voltage (LV) motors business has
IE2 motors. This contributed significantly to energy savings, achieved a significant milestone in energy conservation.
alongside a rising demand for application-specific solutions, Its installed base over the last 5 years has contributed to
such as flameproof motors for the industrial sectors. annual energy savings of over 500 gigawatt hours (GWh) for
Indian industries which is equivalent to the annual energy
Supporting India’s energy transition and renewable energy consumption of Sikkim. Your company also demonstrated
plans, ABB India in 2024, supplied almost ~19GW of solar its domain expertise at prominent industry platforms such
SCADA and vacuum circuit breakers for high current pooling as ACREX, IFAT, Automation Expo and ISHRAE’s Pharma
stations of renewable energy projects. From underground Connect events.
metro tunnels and road tunnels connecting key states to
under-sea tunnels, ABB India provided ventilation systems While continuing the journey of profitable growth in 2024
with low-voltage panels as part of its solutions. for all its stakeholders, your company also prioritized
holistic growth by enabling employee well-being and
While these advancements improve transportation access creating an inclusive workplace. These initiatives, which
and connectivity, ABB also contributed to last-mile delivery will be discussed further in the human resources section,
by enabling gas-based facilities through distribution reflect the company’s continued commitment to a people-
networks and LPG bottling plants for households. Moreover, centric approach.
your company’s automation and digital solutions played a
crucial role in ensuring an efficient experience.

Sustainability is at the core of your company’s portfolio

offerings, from automotive to food and beverage. ABB
technology was present in a range of projects across
diverse sectors. ABB’s innovative PixelPaint technology has
been selected by Mahindra & Mahindra Ltd (M&M), India’s
leading SUV manufacturer, for its new electric vehicle paint
facility. This technology uses an award-winning paint head
like an inkjet printer with more than 1,000 tiny, individually
controlled nozzles, mounted on an ABB robot such as the IRB
5500 paint series, which tracks very closely to the vehicle
body to ensure that 100 percent of the paint is applied to
the car with no overspray or airborne misting.

Another example would be ABB India’s solar pump drives

enabling cold storage facility to use clean energy reliably,
saving energy costs by up to 65%. ABB’s ACQ80 solar cabinet
drive has a unique feature of blending solar power (DC) and
power from the grid (AC). As the grid and photovoltaic array
can be interconnected, the facility uses a mix of solar and
grid power in case of solar power fluctuations, ensuring

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ABB India Limited | Integrated Annual Report 2024

Operational excellence India’s HVACR portfolio, the ACH180 enables expert control
of high-efficiency motors, while utilizing a compact design
In 2024, ABB India maintained its mantra of global technology for space savings, lower capital expenditure and easier
and local engineering to localize some of the best technology commissioning. Reinforcing its commitment to 'Make in
available spanning a range from home automation to motors India', two new energy efficient motors were also introduced
and relays. Your company also launched ABB-free@home® in in the country. The introduction of small frame cast iron IE4
India, an innovative, wireless Smart Home automation system super premium efficiency motors has rounded out the IE4
with enhanced interoperability. This comprehensive wireless portfolio, offering enhanced energy efficiency, cost savings
home automation solution is designed to enhance comfort, and emission reduction benefits. Crafted with precision, the
security and energy efficiency for the residential segment. IE3 Aluminum motors are engineered to meet the demands
This solution is gaining excellent traction among apartment of applications with low weight and corrosion resistant
owners in metro cities. 2024 was also the year when the equipment. Almost half of the motors of motors ordered in
miniature circuit breaker (MCB) celebrated a 100-year global 2024 were of higher efficiency (IE3 and IE4) standards.
legacy with a quarter century of manufacturing in India.
From the Measurement and Analytics division, ABB India’s
With the current climate impact, there is a rising need for AquaMaster electromagnetic flowmeters completed 20
effective heating and cooling systems in India. While it is years, with the first installation in Bengaluru and more
crucial that these systems have a sharp focus on boosting than 500 units now in operation. ABB India also launched
comfort and safety, they must also ensure energy savings, in ChloroStar™, a family of sensors, transmitters and
line with the country’s ambitious plans to reduce emissions. accessories for accurate and reliable chlorine measurement
ABB India launched its next generation compact drive, and analysis that enable users in the water, wastewater
ACH180, for HVACR (heating, ventilation, air conditioning and other industries to control chlorine more efficiently,
and refrigeration) equipment. As the newest addition to ABB enhancing treatment and increasing process uptime.

In a bid to promote collaboration and innovation, during the year, your company finalized arrangements with various
organizations, these include -

• In partnership with Witt India, ABB will deliver state-of-the-art tunnel ventilation solutions, setting new benchmarks
in tunnel ventilation system. ABB India’s best-in-class smoke extraction motors power Witt India’s Banana® Jet Fans,
which are integral to tunnel ventilation systems. These advanced solutions ensure efficient airflow management, smoke
control, pollutant dispersion, temperature regulation and enhanced energy efficiency.

• ABB Robotics and New Age Makers’ Institute of Technology (NAMTECH) have signed a Memorandum of Understanding
(MoU) to establish a School of Robotics. This pioneering collaboration aims to close the education gap in automation,
advancing robotics skills and industry integration in India.

• Indian Institute of Technology Bombay (IIT Bombay) has partnered with ABB India to establish a cutting-edge teaching
laboratory for electrical machines and drives at the Department of Energy Science and Engineering on its campus. The
laboratory will emulate various industrial applications, including those used in wind turbine generators and electric
vehicle drivetrains, ensuring that students understand modern energy systems comprehensively.

• A strategic alliance between ABB India and PwC India brings together ABB’s advanced digital solutions and PwC’s consulting
expertise to empower organizations by delivering transformative solutions across sectors in digital operations, cybersecurity
and ESG (Environmental, Social and Governance) initiatives.

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 Management Discussion and Analysis

The external approach was complemented by aligned Outlook and risk factors
internal strategies across different divisions. Following the
ABB Way, each division implemented tailored strategies to ABB India has expanded its reach significantly, now serving
navigate specific segments and customer needs. 23 market segments compared to just six or seven few years
ago. Your company‘s portfolio is well-positioned to address
At the same time, common strategic pillars such as digital emerging sectors while maintaining a strong presence in
offerings with ABB Ability, channel management and traditional industries. The combination of enabling policies
expansion, value-based selling, service enhancements, and a focus on efficiency and sustainability is driving
localization and innovation helped deepen ABB’s footprint. growth in new areas such as data centers, electronics,
semiconductors, energy transition, clean energy, specialty
Some divisions opted for integrated solutions for specific chemicals and the electrification of transportation.
segments, while others prioritized account management, Meanwhile, core sectors such as metals, mining, cement,
consultant and partner engagement and OEM collaborations. pulp and paper, water and textiles are adapting to a world
shaped by geopolitical and macroeconomic uncertainties
In addition, efforts were directed towards expanding and the impacts of climate change. In this increasingly
outreach in Tier II and Tier III cities, while others focused uncertain landscape, ABB India’s diverse portfolio across
on optimizing and showcasing sustainability and energy these 23 market segments, each with its own cyclical growth
efficiency initiatives across all stakeholders patterns, has helped mitigate risks and provided the agility
to seize opportunities as they arise.
Your company aims to strike a balance between a
decentralized safety approach and corporate oversight. This Evaluations suggest that the moderation in GDP growth
strategy allows individual units to tailor safety programs indicates a gradual normalization of the economy’s growth
to their specific needs while ensuring alignment with the trajectory, following the unusual contraction during the
overall safety goals and values of the organization. pandemic. This gradual easing in growth can be seen from
8.6% to 7.8%, then to 6.7%, and finally at 6.5% in 2024.
The focus areas for safety in 2024 - The tailwinds of back-end fiscal spending and improving
credit growth by stimulating measures in 2024 is expected
• Periodic Health, Safety and Environment (HSE) to continue at least for the first half of 2025 including
Collaboration Meetings – Weekly/Monthly/Quarterly as a government spending, services sector growth, rural demand
platform to share best practices and lessons learnt and traction in high end or value-added manufacturing
exports. The diverse portfolio offerings from ABB India
• Risk based self-assessments and internal audits is well placed to serve segments which are projected to
receive investments in 2025 namely renewables, technology
• All locations certified with ISO 14001(EMS), 45001(OHSMS) and data centers, infrastructure, automotive, oil and gas,
and 50001(EnMS) healthcare and pharma, chemicals and T&D. Your company
will be closely monitoring any green-shoots of private capex
• Achieved hazard resolution rate of > 95% revival and the capital absorption capacity with multiplier
effect from the infrastructure investments during the year.
• Focus on Road safety programs – basic road safety and
defensive driving A recent survey by the central bank of the country – Reserve
Bank of India (RBI)-highlighted seven key risk areas to
• Overall focus on health and well-being of employees and India’s financial stability, including geopolitical conflicts,
creating awareness on mental health global inflation, capital outflows, trade tariffs, domestic
growth slowdowns, climate risks and cybersecurity threats.
Across all of its production locations, ABB India has These soft patches are likely to combine with positives like
advanced its sustainable operations in 2024. Your company growth in services, the government spending and monetary
has been working across locations with various divisions easing by mid-year, MSME recovery – where more data is
to adapt and run programs of excellence in sustainable required but a Periodic Labor Force Survey numbers show
operations accordingly, whether it is using green energy, the an improvement in salaried employment, which could be
consideration of increased productivity in the same amount partly due to increasing non-casual jobs with MSMEs. The
of space, water recycling, recharging of the water table or increasing participation of women in the labor force is also
zero waste to landfill. In accordance with ABB's circularity another positive.
framework for products, efforts are also being made to
extend producer responsibility for plastic, batteries and The RBI has projected that the Consumer Price Index (CPI)
equipment as well as to as well as conduct environment inflation, which measures the cost of living for consumers,
product declarations. A special mention on the sustainability for FY 2024-25 at 4.8% with the fourth quarter (January to
awareness, training and ESG rating scores for suppliers, March) estimates at 4.4%. Assuming a normal monsoon
which increased by 33% in 2024 across your company. next year, the CPI inflation for FY 2025-26 is projected at

147
ABB India Limited | Integrated Annual Report 2024

4.2%. The wholesale inflation, an indicator of inflation in Business areas

the production and distribution stages of the economy,
for FY 2024-25, is expected to average at 2.5%. Geopolitical To enable ABB India to deliver on its purpose and create
uncertainties and resource nationalism are driving global value for its stakeholders, it builds on a decentralized
volatility in commodity prices. Factors such as the unwinding operating model. Your company’s 18 divisions are organized
of production cuts, increased oil supplies, a projected boom into four business areas: Electrification, Motion, Process
in natural gas and bearish trends in steel prices are expected Automation and Robotics and Discrete Automation.
to impact manufacturing operations and industries such as These business areas complement each other and pursue
metals, mining, oil and gas in different ways. opportunities to collaborate. In line with its decentralized
operating model, all divisions are the highest operational
Your company will be keeping a close watch on the impact level within ABB. This allows it to take decisions close to
of global tariff changes on supply chains, import prices the customer and to work together to provide the best
and currency volatility among other factors. It remains to service to its customers.
be seen how the impended boost to consumption with tax
cuts in the budget, rationalization of capital expenditure Electrification
and infra spending, keeping it at similar levels as FY 2024-25,
the Central Bank’s repo rate cut after 2020, easing up the Summarized performance
cash reserve ratio – stack up for the medium to long term for (H in Crores)
the industries. Particulars* 2024 2023
Orders 6,013 4,514
Order backlog 2,973 1,959
Revenue 5,074 4,177
Results (Profit before interest and tax) 1,162 775
*Please note in 2023 and 2024, EMAB is not part of Electrification

Segment performance

The year 2024 was a mixed year mainly due to slowdown

linked to election year uncertainties but with some bright
spots. Despite this electrification business continued to
show strong growth supported by your company’s various
initiatives in core industries such as Buildings, Chemicals,
Oil and Gas, Metals and in growing segments like Data
Centers, Renewables, Railways and other transportation.
Your company’s focus on localization and the right product
mix has strengthened its market reach. Exports continue to
drive significant growth, expanding into new geographies.

Major orders booked during the year -

• Low and medium voltage solutions for hyperscale

Data centers.

• Low voltage panel solutions from one of the leading Chip

manufacturing firms.

• Low Voltage Panels for various steel projects in the East.

• Low Volage solutions to Rail Infrastructure Redevelopment

projects in the North.

• Low Voltage solutions and ATS to strengthen distribution

for a major DISCOM utility in the North.

• Complete Low Voltage products/solutions for a Metro Rail

project in the North.

• High Volume of MV Components Orders for PM KUSUM

Yojana Projects.

14 8
 Management Discussion and Analysis

• Breakthrough MV-GIS and MV-AIS secured form projects of

India’s leading Metrorail Authorities.

• Noteworthy Digital MV-AIS orders secured from a

leading Indian Steel Manufacturer for their Greenfield
expansion in the West.

• Large-scale MV-AIS orders received from India’s largest

Renewable Power Developer and promising private
pet-rochemical player and MV-GIS order from the top
Indian oil refinery.

Major orders successfully commissioned/supplied during

the year -

• Supplied Low Voltage components/solutions for the new

plant in North India of the largest Auto Manufacturer.

• Supplied Low Voltage solution for global tyre manufacturer

plant in South India.

• Supplied Low voltage solutions for a new plant of major

pharma company in South India.

• Commissioned Low voltage panels and building

automation solutions for the longest underground metro
stations in the West.

• MV-GIS commissioning completed for nation building

projects i.e. connecting J&K to the rest of the country.

• Process sensitive and time critical projects in leading

refineries.

• MV-AIS and GIS, skid solution, CSS and PDC supply

completed to India’s largest and premier container
handling terminal port.

• Supply of first ever order of 4 PDC from J&K region is remain strong aided by its widespread network of channel
completed and supply and commissioning completed for partners. It remains focused on growth sectors in Tier II and
first ever order of MV-GIS from Ladakh Union territory. Tier III cities with additional investments.

• Supply of MV-Secondary GIS completed for country’s many Your company strongly believe that the new and emerging
flagship infrastructure projects infrastructure projects - segments such as Semiconductors, Energy storage, Battery
expressways, highway links, ropeways and tunnels. manufacturing, Green hydrogen and so on, with government
programs and missions, as well as established segments like
Segment outlook Renewables, Data Centers, Buildings, Rail, Textiles and Food
and Beverages will continue to drive growth in the market. The
With India emerging as a global leader in renewables and infrastructure push to build roads, ports, expand railway and
data centers, and actively promoting energy transition metro network and implementation of Rapid rail transport
and digitalization, ABB Electrification expects sustained system, tunnels, with increased capital expenditure outlay
demand for advanced technologies and innovations in the will continue to catalyze capacity expansion and keep a
energy sector. The country’s focus on energy transition, buoyant demand for safe and sustainable electrification
energy efficiency and electrification of networks are set solutions. Focused government policies and government
to continue as growth drivers. Clean and green energy investments are supporting the industry push towards
requirements are already seeing a significant rise. Your Digital India, data localization and energy transition.
company’s engagement with its customers continues to

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ABB India Limited | Integrated Annual Report 2024

Motion in mainline traction and metro applications, alongside key

partnerships with OEMs.
Summarized performance
(H in Crores) The year marked a significant milestone in Motion business’
Particulars* 2024 2023 commitment to energy efficiency, sustainability and
Orders 4,532 5,158 innovation. With the expansion of manufacturing facilities,
Order backlog 3,791 3,506 the team boosted production capacities. The business
Revenue 4,287 3,785 advanced its sustainability journey through initiatives
Results (Profit before interest and tax) 949 601 such as Faridabad unit’s addition of 200KW in-house solar
*Please note in 2023 and 2024, EMAB is not part of Electrification generation and progress toward zero waste to landfill
certification, complemented by Drive Products’ 50%
Segment performance production increase achieved with a 5% reduction in power
consumption. The Drive Products team also introduced
In 2024, the Motion business delivered strong performance ACQ80 solar pump drive and surpassed 10 GW in delivering
driven by robust order bookings and new market automation solutions for renewable energy plants across
opportunities. The F&B sector performed well, though the India to further sustainability goals.
sugar segment experienced a downturn compared to 2023.
The HVAC building segment witnessed significant growth, Major orders booked during the year and milestones -
particularly in data centers, while PLC automation expanded
into new applications and industries. Although the textiles • Drive products secured a major order for ~500 ACS580
sector was subdued, a recovery is anticipated in 2025. The drives for a leading multinational F&B conglomerate.
rubber and tyre sector demonstrated resilience, whereas
metals and mining faced pricing challenges, especially in • IEC LV motor orders were primarily for IE3 and IE4
steel and mining. Cement saw solid growth and the O&G efficiency, with a strong demand for flameproof motors
sector recorded gains in both domestic and export orders. in the chemical and pharma sectors. IE3 and IE4 motors
Exports continued to be a priority, addressing demand in key provide 20% and 35% lower losses respectively than
markets such as the Middle East, Africa and the Americas. the mandated IE2 motors, contributing significantly to
energy savings.
Sustaining robust revenue growth through ongoing projects,
the business also focused on modernization to further • Large Motors and Generators received a breakthrough
solidify its market position. The traction converters and order for 11kV motors from India’s ‘Jal Mission – Water for
motors business continued to grow, securing major orders Everyone’ project. The division also introduced the first
NEMA AXR 5000 motors from Vadodara, opening export
market opportunities.

• The traction business achieved remarkable milestones,

delivering over 100 propulsion converters for locomo-
tives within just a few months. Additionally, the team
maintained an impressive production rate of traction mo-
tors each month while successfully securing significant
orders for upcoming metro projects.

• NEMA Motors secured an order for over 500 IE5+ efficient

motors for the building segment, expected to deliver
significant energy savings.

• System Drives won a large package order for a high-

efficiency ABB Synchronous motor and ABB LCI in the steel
industry, based on energy savings and reliability.

• System Drives and Services delivered large drives

to critical nation-building projects, including India’s
largest blast furnace and the country’s largest pump
storage power plant.

• The Services team strengthened its commitment to

delivering exceptional customer experience through
superior service efforts also bagged a prestigious NHPC
contract to rewind a large hydro generator.

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 Management Discussion and Analysis

Segment outlook • A contract for designing and commissioning Distributed

Control System (DCS) at Doyang 3x25 MW hydro power plant
In 2025, the business foresees initial challenges in discrete
industries but remains optimistic about a recovery fueled by • Design, engineering and supply of e-houses to a diamond
improving pricing and growing demand. Cement is expected mining company in Botswana
to remain steady, with renewables being a key focus.
ABB’s acquisition of Siemens Gamesa's power electronics • Order won for two cold rolling complexes from an Indian OEM
business will bolster its presence in the renewables sector.
Drive Products will focus on Bio CNG growth, while System • Order won for high-power rectifier system for an aluminum
Drives advances a green hydrogen prototype for electrolyzer manufacturing customer in India
applications in O&G. The focus on water and conventional
power will continue, while government investments in • Received the Kalinga Safety Excellence Award 2023 at the
metros, high-speed rail, tunneling and infrastructure is National Safety Conclave 2024 in Bhubaneswar, Odisha,
expected to generate continued opportunities for growth. with digital and physical audits by IQEMS at a customer site
With innovation, sustainability and strategic strength, the
Motion business is well-poised for growth in renewables, • Completed major upgrade project with a steel
infrastructure and green hydrogen. manufacturer in Gujarat. This included replacing GE LVDC
Drives with ACS6080 MV Drives, Motors and Converter
Process Automation Transformers in the Finishing Mill Stand 1 to 4

Summarized performance • Refurbished and supplied six sets of 2x38kA, 1560V DC

(H in Crores) rectifiers, along with control panels, cooling systems and
Particulars 2024 2023 accessories. Additionally, your company provided three
Orders 2,149 2,471 new sets of 2x38kA, 1560V DC rectifier systems and a DC
Order backlog 2,397 2,880 measurement system for a 435 KTPA Aluminum Smelter
Revenue 2,583 2,236 Expansion Rectifier Package Project.
Results (Profit before interest and tax) 457 275

Segment performance

The year for the performance of Process Automation

divisions was a combination of various factors. Some
trends and sectors augured well for the business including
the focus on pharma, chemicals, energy transition to gas-
based economy, metals and mining, EV battery and green
hydrogen. The year also witnessed a robust performance for
Measurement and Analytics with lot of impetus coming from
Refineries, Petrochemicals and Fertilizers sector. Cyclical
industry remained subdued for almost two quarters, though
there is a strong buildup of pipeline in infrastructure space.

Major orders booked and commissioned and milestones

during the year -

• Automation order from a leading oil and gas producer to

implement a Centralized Pipeline Information Management
System for managing 25 pipelines across India. This is
ABB’s first-of-its-kind global automation order in the
pipeline segment, enabling the centralized monitoring
and control of an operator’s multiple geographically
distributed pipelines

• Secured a breakthrough order in the thermal power

segment for modernizing the existing control and
instrumentation system of a 210 MW power plant in Ukai

• Design, engineering, supply and commissioning of DCS for

a major agrochemical plant in Karnataka

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ABB India Limited | Integrated Annual Report 2024

Segment outlook goods and Electronics segments are showing strong signs
of growth. Manufacturing activity in metals, logistics and
The geopolitical uncertainties and its impact on energy warehouse, chemical and plastics segment are expected
markets and supply chains, cyclical nature of commodities to remain stable. There is also significant interest from
and projects and only operational expenditure and R&M educational universities for robotics lab and training center
opportunities in sectors like thermal are some of the to have formal training on advanced robotics technologies.
headwinds which could be at play. Continued investments in
Petrochemicals from Government and Private players with
a view to decarbonize and digitalize assets and operations Finance
is one of the tailwinds. The government’s focus on energy
security, energy transition and clean technology with Your company achieved another milestone of profitable
digitalization is expected to add buoyancy to opportunities. growth journey in 2024 with record high orders, revenue and
Specific areas like green hydrogen and ethanol blending profitability. Orders for CY24 were at H 13,079 Crores and
solutions are expected to provide opportunities. Investments H 12,188 Crores in revenue. Profit after tax was at H 1,875
in infrastructure is expected to give boost to Metal and Steel Crores in 2024 as compared to H 1,248 Crores in 2023.
industry in 2025. Project announcements related to Biogas, Consequently, the earnings per share for 2024 stood at
batteries and Silicon chip production shall be interesting H 88.46 per share as compared to H 58.90 per share in 2023.
space to watch.

(H in Crores)
Robotics and Discrete Automation
Orders Order backlog
Summarized performance

Particulars
(H in Crores)
2024 2023
13,079 +6% 9,380 +12%

Orders 534 389

Order backlog 277 187 Revenue PBT

12,188 2,513
Revenue 444 416
Results (Profit before interest and tax) 60 53
+17% +51%

Segment performance
PAT
Along with productivity and quality factors, increasing
customer demand for flexible automation solutions fueled
continuous growth for Robotics business. Automotive
1,875 +50%

segment accounted for major share of the business;

however, significant activities were observed in electronics,
food and beverages and service industries. Customers also
continued to invest in value added services for productivity There was an overall improvement in the liquidity scenario
enhancements and production uptime. in the market due to stable and growing market. Your
company’s strong reputation in the market, customer
Major orders booked during the year - feedback and long-term goodwill with leading banks
ensured advantageous competitive arrangements of various
• Automation of painting process by major Auto OEM. finance facilities.

• Investment of automation solutions by Electronics During all the months, your company was able to manage
Customer. positive cash position to fund its operations as well as meet
the capex requirements. Further, during the year, taking
• Indirect channel involving system integrators contributed into cognizance the healthy cash situation, your company
to order growth. continues to place the surplus cash in Fixed deposits with
various Indian and Multinational Banks. As of December
Segment outlook 31, 2024, your company had a net cash balance (including
all Fixed deposits) of H 5,390 Crores. In terms of foreign
Automotive demand will continue to remain strong with the currency exposure – for imports and exports – it continued
ongoing transition to electric vehicles, thereby providing an to conservatively hedge at the point of commitment or at
additional avenue for growth. Food and Beverage, Consumer balance sheet levels for protecting the contract margins.

152
 Management Discussion and Analysis

Return on capital employed (ROCE) Return on net-worth is 28.75% in 2024 vs 22.82% in 2023.

Your company achieved a new benchmark of 26.5%, up 560 This is mainly on account of increase in profitability due to
bps YoY, more than doubling since pre-COVID levels and increase in revenues as compared to previous year.
cementing its position among industry leaders.

Formula
Key financial ratios 2024 2023 Change (%) Numerator/denominator
Numerator / Denominator
Debtors Turnover Turnover / average trade 4.41 4.51 -2.31 Insignificant variance
receivables
Inventory Turnover Turnover / Average inventory 4.25 4.43 -4.11 Insignificant variance
(in times)
Interest Coverage Ratio Not Applicable, as the Company - - - -
did not have any borrowings in the
current and previous year.
Current Ratio Current assets / Current liabilities 2.04 1.90 7.17 Insignificant variance
(in times)
Debt Equity Ratio Not Applicable, as the Company - - - -
did not have any debt in the
current and previous year
Operating Profit Margin PBIT / Turnover 20.76 16.00 29.75 Increase in profits
(%) primarily on account of
higher revenue and higher
profit margins
Net Profit Margin (%) PAT / Turnover 15.36 11.89 15.4

Sustainability • 40.5% of suppliers participated in the sustainability

assessment and training programs, highlighting an
At ABB India, enabling a low-carbon society is at increase of 33% YoY. This would involve handholding of the
the heart of its purpose, value proposition and suppliers in their sustainability journey and also strengthen
Sustainability Agenda. Your company remain dedicated ESG reporting on value chain for BRSR reporting.
to helping customers lower emissions through its
innovative products, solutions and services. At the To read more, refer to the page 59 of the Annual report
same time, your company continued to make strides
in reducing emissions within its own operations and across
its value chain.

Your company has an ambition for a low-carbon society

extending to its customers and suppliers. ABB India
conducts various awareness programs along with best
practices sharing for reducing greenhouse Gas emissions
(GHG emissions) at its value chain. During the year 2024,
your company conducted ~14 ESG awareness programs
including 58.38% of value chain partners (spent basis) to
bring more awareness on GHG emissions and also in the
process of capturing the GHG emissions across its value
chain through ECO VADIS platform as well as internally
developed assessment system.

Key highlights for sustainability for 2024 -

• ~86% reduction in own GHG (Scope 1 and 2) emissions in

2024 as compared to baseline in 2019

• 50% of manufacturing facilities certified as Water Positive

and zero waste to landfill

• Improvement of water recyclability in 2024 stood at ~47%

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ABB India Limited | Integrated Annual Report 2024

Human resources Transformation programs

For 2024, your company kept its focus on stabilizing the Your company has been continuously investing in upgrading
people processes. Several employee engagement initiatives and implementing best-in-class technology in processes
were launched aimed at promoting a meaningful and that can help improve serving customers and various
enjoyable employee experience. These initiatives included stakeholders. In this journey during the year, your company
wellness programs, professional development opportunities, stabilized on its finance system called Central Finance as a
and team-building activities, all of which have contributed to platform in SAP. ABB India was a global pilot in the previous
increased employee satisfaction and retention rates. year and the team successfully went live which proved to
be a building block for other countries. This was possible
Your company successfully implemented a new onboarding with intense collaboration with global expert teams, project
process that has improved the integration of new hires organization, external partners and the local business. This
into its organization shortening the time it takes for new will continue to gain maturity over the future years thereby
employees to become productive members of the team. improving productivity, internal control and transparency.
Additionally, the hiring team reduced the ‘Turn Around Time’
for new hires by more than 10%. Alongside this, as a preparation for the future technology
transformations in finance and HR processes, your company
Your company continue to make significant strides in its has embarked on human resource transformation program
diversity and inclusion efforts. By implementing targeted and sustainability reporting. Needless to mention, this is
recruitment strategies and offering comprehensive training one of the key steps in the journey towards digitalization
programs, ABB India continues to create a more inclusive offerings to different stakeholders as well as to remove
workplace that celebrates and values diversity in all its forms. barriers to execution. These transformation programs
Employee Resource Groups are further helping incorporate involve in-depth training and knowledge-building for on-
inclusion as a way of life at ABB India. ground teams, providing long-term benefits.

ABB India continues to drive overall good mental and

physical health for its employees to ensure a positive work Risk management
culture. It drove health and fitness for employees through
‘ABB Fitness’ league campaign, where more than 2000 Your company has a robust Risk Management Charter
employees participated. Your company also launched an and Policy, which provides an overall framework for Risk
additional initiative for its employees to participate in Management (RM) in ABB India. The key elements of ABB’s
voluntary CSR efforts. risk management framework have been captured in the risk
management policy, which details the process for identifying,
escalating, prioritizing, mitigating and monitoring key risk
events and action plans. The assessment of the risks covers
areas of Strategy, Technology, Finance, Operations and
Systems, Legal and Regulatory and Human Resources. There
are appropriate assurance and monitoring mechanisms in
place to monitor the effectiveness of the risk management
framework including the mitigation plans identified by
the management for key risks identified through the risk
management exercise. This risk management strategy
is primarily run through the Global Divisions into the
local divisions depending upon the criteria. There is a
consolidation of such data provided at local division level
and supplemented with any macro risk that is evaluated
at country level. In addition, your company also has a Risk
Management Committee which reviews the consolidated
analysis of ERM (Enterprise Risk Management) exercise
compiled by ABB India and provides necessary guidance on
its implementation and monitoring wherever needed.

The ERM exercise is performed every year based on the

ongoing identification, assessment, mitigation and
monitoring of the most critical risks affecting your company.
The detailed methodology starts with the identification
of ABB’s strategic business objectives followed by
identification of the most critical risks which could prevent
it from achieving these objectives and leading to potential

15 4
 Management Discussion and Analysis

material financial impact in the next five years. These Internal control systems and integrity
risks are then assessed in terms of their potential impact,
likelihood and speed of occurrence. Specific responses to Internal Controls has been a key focus area of your company
address these risks are then planned, implemented and during the year. Internal Controls at ABB India has been
continuously monitored to ensure they remain effective. designed to further the interest of all stakeholders by
The ERM process categorizes risks as strategic, financial providing an environment which is conducive to conduct its
or operational. operations and at the same time putting in the appropriate
checks and balances. In doing so, your company’s Internal
Control environment has evolved over a decade to take care
of, inter alia, financial and operational risks. Your company
has a holistic Internal Control framework comprising
Risk
elements like Country Management Committee, Corporate,
monitoring
Business and Local authorization tables, Local Management
Instructions, Process and Entity-Level Controls, Enterprise
Risk Management, Local Direct Management Testing
Programs and a strong emphasis on integrity and ethics
ERM as a part of work culture. Aligning with the global reporting
exercise structure, your company has implemented a related
Risk of ABB Risk
Assurance process for every business which establishes the
mitigation identification
ownership and accountability of the financial statements at
every business level. An independent service provider, having
expertise in the field, has performed current year’s Internal
Financial Control effectiveness testing. Effective Statutory
and Legal Compliance System is in place at ABB India.
Risk
assessment A well-organized Group level tool (GRCM) is available to
handle testing, internal audit issues, deficiency tracking,
ABB’s existing framework provides for risk reviews at various etc. Further, the in-house independent Internal Audit team
levels based on Company’s organizational structure matrix. acts as a pillar to support its control objectives. ABB India
Periodic assessment of risks, potential impact relating also has a well-functioning Whistle Blower Policy in place
to business growth, profitability, talent engagement and to report any misdoing. Internal Control framework of ABB
market position are conducted. Response to key operational India is aligned with one of the most matured IC frameworks
risks, based on inputs received from the internal and – COSO 1992 and then transitioned to COSO 2013. The
external assessment, internal audit, performance review etc. current framework is also in line with the Internal Finance
are done on a regular basis. Control (IFC) requirement of the Companies Act, 2013.

Disclamer: The macro projections and numbers provided are current at the time of the source report or post being published. They are subject to being
updated at varying points by different agencies given the rapidly evolving geopolitical and tariff situation. Kindly check latest public reports for any
current situation analysis.

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ABB India Limited | Integrated Annual Report 2024

Business Responsibility
and Sustainability Report
SECTION A : GENERAL DISCLOSURES

I. Details of the listed entity

1. Corporate Identity Number (CIN) of the Listed Entity L32202KA1949PLC032923

2. Name of the company ABB India Limited
3. Year of incorporation 1949
4. Registered office address “Disha”, Corporate Office, 3rd Floor. Plot No. 5 &
6, 2nd Stage, Peenya Industrial Area IV, Peenya,
Bengaluru - 560 058, Karnataka.
5. Corporate address “Disha”, Corporate Office, 3rd Floor. Plot No. 5 &
6, 2nd Stage, Peenya Industrial Area IV, Peenya,
Bengaluru - 560 058, Karnataka.
6. E-mail [Link]@[Link]
7. Telephone 080 22949113 / 080 22949122
8. Website [Link]
9. Financial year for which reporting is being done 2024
10. Name of the Stock Exchange(s) where shares are listed BSE Limited and
National Stock Exchange of India Limited.
11. Paid-up Capital (D) 42.38 Crores
12. Name and contact detail (telephone email address) of the Vimal SS
person who may be contacted in case any queries on the Email: [Link]@[Link]
BRSR report
13. Reporting Boundary- Are the disclosures under this report Standalone Basis
made on a standalone basis (i.e. only for the entity) or on
a consolidated basis (i.e. for the entity and all the entities
which form a part of its consolidated financial statements
taken together)
14. Name of assurance provider TUV India Pvt. Ltd. (TÜV NORD GROUP)
15. Type of assurance obtained Reasonable Assurance

II. Products and Services

16. Details of business activities (accounting for 90% of the turnover):

S. Description of % of Turnover of
Description of Business Activity
No Main Activity the entity
1 Electrification (EL) Offers a wide-ranging portfolio of products, digital solutions, and 40
services, from substation to socket, enabling safe, smart, and
sustainable electrification. Offerings encompass total and connected
innovations for low and medium voltage, including modular substations,
distribution automation, power protection, wiring accessories,
switchgear, enclosures, cabling, sensing and control
2 Motion (MO) Offers a complete range of electrical motors, generators, drives and 35
services, as well as integrated digital powertrain solutions. It serves a
wide range of automation applications in transportation, infrastructure,
and the discrete and process industries
3 Process Offers a broad range of solutions for process and hybrid industries, 21
Automation (PA) including industry specific integrated automation, electrification
and digital solutions, control technologies, software, and advanced
services, as well as measurement & analytics, and marine offerings.
** The Company’s Robotics (RA) Business Area is excluded as it would cross 90% with the above three Business Areas

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 Business Responsibility and Sustainability Report

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):

S. % of total Turnover
Product/Service NIC Code
No contributed
1 Large Motors & Generators 27101 5.4
2 Low Voltage Motors & Services 27103 13.9
3 Drive Products, System Drives and Traction Convertors 26109 15.1
4 Electricity Distribution Equipment, Protection & Control Equipment, Motor 27104 36.6
Starting & Safety, Switches & Fuse gear & associated service
5 Manufacture of other wiring devices and fittings 27339 4.1
6 Industrial process control equipment 26517 21.2

III. Operations

18. Number of locations where plants and/or operations/offices of the entity are situated:

Location Number of plants Number of offices Total

National 7* 28 35
International 0 2 2
Note: * 7 factory licenses as per Factories Act 1948 comprising of multiple production lines (17) across ABB India locations

19. Markets served by the entity:

The entity operates in the following markets mentioned below:

a. Number of locations

Locations Number
National (No. of States) 35
International (No. of Countries) 4*
* International locations: Bangladesh, Sri Lanka, Bhutan, Nepal.

b. What is the contribution of exports as a percentage of the total turnover of the entity?

11 %

c. A brief on types of customers

The Company serves customers across all segments and to all types/categories viz., End users, Original Equipment
Manufacturers, Engineering Procurement and Construction Contractors, Channel Partners, Distributors, Retailers,
etc. (covering all types of companies). The Company works closely with industry, utility, transportation, and
infrastructure customers, serving a diverse range of end markets, including data centers, electronics, food &
beverage, oil, gas & chemicals, cement, mining & metals, pharmaceuticals & healthcare, marine & ports, residential
& non-residential buildings, automotive, railways & rolling stock, pulp & paper, renewables, conventional power
generation, power transmission & distribution, smart cities, and water utilities.

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ABB India Limited | Integrated Annual Report 2024

IV. Employees

20. Details as at the end of Financial Year:

a. Employees and workers (including differently abled):

S. Total (A) Male Female

Particulars
No No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1. Permanent (D) 3301 2943 89.15 358 10.85
2. Other than Permanent (E) 106 60 56.6 46 43.4
3. Total employees 3407 3003 88.14 404 11.86
WORKERS
4. Permanent (F) 324 322 99.38 2 0.62
5. Other than Permanent (G) 1143 1041 91.08 102 8.92
6. Total workers (F + G) 1467 1363 92.91 104 7.09

b. Differently abled Employees and workers:

S. Total (A) Male Female

Particulars
No No. (B) % (B / A) No. (C) % (C / A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 1 1 100 0 0
2. Other than Permanent (E) 0 0 0 0 0
3. Total employees 1 1 100 0 0
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 0 0 - 0 -
5. Other than Permanent (G) 0 0 0 0 0
6. Total workers (F + G) 0 0 - 0 -

21. Participation/Inclusion/Representation of women

No. and percentage of

Total (A)
Particulars Females
No. (B) % (B / A)
Board of Directors 6 3 50
Key Management Personnel 3 0 0

22. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)

Current Financial Year Previous Financial Year Prior to the previous FY

FY2024 (Turnover rate in %) FY2023 (Turnover rate in %) FY2022 (Turnover rate in %)
Male Female Total Male Female Total Male Female Total
Permanent Employees 5.67 8.40 5.97 10.43 12.90 10.66 10.72 21.13 11.62
Permanent Workers 2.03 0 2.02 0 0 0 - - 0

V. Holding, subsidiary and associate companies (including joint ventures)

23. (a) Names of holding / subsidiary / associate companies / joint ventures

Does the entity indicated

Name of the holding / Indicate whether % of shares at column A, participate in
S.
subsidiary /associate holding/ Subsidiary/ held by listed the Business Responsibility
No.
companies /joint ventures (A) Associate/ Joint Venture entity initiatives of the listed entity
(Yes/No)
1 ABB Asea Brown Boveri Limited Holding NA No

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 Business Responsibility and Sustainability Report

VI. CSR

24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013:

Yes

(ii) Turnover:

H 121,883,061,712

(iii) Net worth:

H 70,754,000,000

VII. Transparency and Disclosure Compliances

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:

Current Financial Year Previous Financial Year

Grievance Redressal
Number of Number of
Stakeholder Mechanism in Place
Number of complaints Number of complaints
group from (Yes/No) (If yes, then
complaints pending complaints pending
whom complaint provide web-link for Remarks Remarks
filed during resolution filed during resolution
is received grievance redress
the year at close of the year at close of
policy)
the year the year
Communities 0 0 - - - -
Investors 0 0 - - - -
(other than Yes**
Shareholders) [Link]
Shareholders group/en/about/ 0 0 - - - -
Employees and integrity/reporting- 80 21 Includes 55 34 -
workers channels/how-do-i- former
report, employees
Customers 3 2 - - -
Value Chain [Link]@ 13 7 4 1 -
Partners [Link], contact.
Other (please center@[Link] 91 36 39 10 -
specify)
Total* 187 66 98 45

*2023 methodology was based on cases reported in year. 2024 is based on incidents reported in year; a single case can have multiple incidents
reported.

**ABB strives to maintain a culture in which its stakeholders feel comfortable to raise concerns in good faith about potential violations of the law
or the ABB Code of Conduct. As reflected in our Code of Conduct and Vigil Mechanism addendum, ABB creates a safe and confidential environment
for employees to report any suspected or potential violations of laws or regulations. A common grievance reporting mechanism is available
to all stakeholders at this link [Link] Additionally, shareholders
and customers can report grievance through [Link]@[Link] and [Link]@[Link] , respectively. The details of
shareholders’ grievance which are in ordinary course of business are provided in corporate governance report which forms part of this Report.

Note: For the current year, we have reported only the complaints / grievances on any of the principles (Principles 1 to 9) under the National
Guidelines on Responsible Business Conduct as opposed to all grievances reported in the previous years. The Company’s Business Ethics Helpline
is a channel for all its employees and stakeholders to report suspected violations of the ABB Code of Conduct, Supplier Code of Conduct, or
applicable laws. Apart from this, the Customer Care Response Process (CCRP) is the process for the Company’s customers to raise any grievance
with the Company’s product, system and solution offering and service portfolio.

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ABB India Limited | Integrated Annual Report 2024

26. Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or
mitigate the risk along-with its financial implications, as per the following format

Financial
Indicate implications of the
Material
S. whether risk Rationale for identifying the In case of risk, approach to risk or opportunity
issue
No or opportunity risk / opportunity adapt or mitigate (Indicate positive
identified
(R/O) or negative
implications)
1 Climate Opportunity Opportunity for reducing With the help of our initiatives Positive
the carbon footprint of towards 100% renewable
our own operations by electricity (RE100), 100%
implementing sustainable Energy productivity (EP100)
practices where we also and 100% Electric vehicle
enable our customers and (EV100), we are working
suppliers to reduce their towards reducing our
environmental impact greenhouse gas emissions to
by focusing on energy address the climate risk and
and carbon footprint create a low carbon society.
reductions. With the help of
our products, services and
solutions, we work towards
addressing climate change
and promoting a low-
carbon economy.
2 Circularity Opportunity Our efforts can support Within our own operations, Positive
economic growth by we are working towards
developing innovative and minimizing waste and
“retrofitted” products and achieving ‘zero waste to
services that promote the landfill’ goal across operations
circular economy. Reducing by making our products and
the waste through our processes more efficient
products and services will along with maximizing the use
also help in minimizing the of sustainable materials for
environmental impacts such packaging.
as air and water pollution.
3 Products, Opportunity There is ample opportunity Investment on research and Positive
solutions to enhance the customers’ development as well as in
and services efficiency, productivity, and collaboration with innovative
improve safety conditions start-ups can offer innovative
for their workers through products and services that
our existing products, help us maintain a competitive
solutions, and services, as advantage.
well as our investments
in responsible and
innovative technologies
and digitalization. Our
sustainable products,
solutions, and services can
also positively impact the
environment by increasing
energy and resource
efficiency, leading to a
reduction in greenhouse
gas emissions.

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 Business Responsibility and Sustainability Report

Financial
Indicate implications of the
Material
S. whether risk Rationale for identifying the In case of risk, approach to risk or opportunity
issue
No or opportunity risk / opportunity adapt or mitigate (Indicate positive
identified
(R/O) or negative
implications)
4 Employee Opportunity With focus on recruiting Various employee development Positive
development and developing talent, a and well-being initiatives have
and positive impact on employee been taken including periodic
wellbeing satisfaction, work-life resilience and health awareness
balance and performance sessions, and periodic health
can be created which will also check-up etc.
contribute to an inclusive
culture in the communities in
which we operate, and in the
society overall.
5 Data privacy Risk Cyber incidents such as Cyber incidents such as data Negative
& cyber data breaches can result Breaches can result in negative
security in negative impacts on impact on business-critical
individuals’ right to privacy data and documents along
which can lead to non- with personal data of company
compliance with local/ personnel which can lead to
global laws and regulations non-compliance with local/
related to data privacy and global regulations.
cyber security. Established systems and
processes in alignment with
local and global data protection
standards to safeguard the
Company data including
business documents and per.
Appropriate cyber security
measures in place to reduce
business risk.
6 Health and Risk Failure to manage Various measures taken to Negative
Safety health and safety across provide a safe and healthy
operations and locations workplace to its employees and
resulting in workplace contractors such as health and
accidents, injuries, or safety policies and company-
occupational illnesses wide Code of Conduct policy,
leading to human suffering, company-wide health and safety
compensation costs, legal management system, continuous
liabilities, and reputational monitoring and reporting of
damage. health & safety key indicators
along with independent health
and safety audits.
7 Human Risk By establishing and Established human rights Negative
rights & maintaining safe and fair policy alongwith detailed
labour working conditions, a process and due diligence
standards more equitable society procedures to assess the
and a stable economy Human rights risks across its
can be created. However, operations.
not respecting human
rights and labor standards
can potentially result
in negative impacts on
people and communities
which includes injuries or
illnesses in workplaces,
inadequate standards of
living for workers due to
poor wages, etc.

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Financial
Indicate implications of the
Material
S. whether risk Rationale for identifying the In case of risk, approach to risk or opportunity
issue
No or opportunity risk / opportunity adapt or mitigate (Indicate positive
identified
(R/O) or negative
implications)
8 Responsible Risk By actively and responsibly Established detailed Negative
sourcing managing the supply chain, frameworks (including
there can be a positive supplier’s Code of Conducts)
impact on local economies, alongwith processes to
the environment (with evaluate the supplier’s
pollution minimization, adherence to ABB’s supplier
less usage of hazardous Code of Conduct and ESG
substance etc.) and people, requirements and supporting
including safety and human the suppliers to further
rights at value chain. The enhance their ESG performance
non-adherence to the to move towards creating a
same can lead to non- sustainable supply chain base.
compliance, reputational
risk for the Company along
with the risk of availability
of components and raw
materials.
9 Business Risk Business performance Address and manage crises in Negative
performance and resilience is an both tangible and intangible
enterprise wide aspect aspects which could result in
and
that encompasses crisis significant consequences with
resilience
management and business established crisis management
continuity, and the need to systems and tools to mitigate
respond to all types of risks risk and facilitate business
that an organisation may continuity.
face, for e.g. cyber threat,
natural disasters etc..
10 Corporate & Opportunity Addressing sustainability The Corporate Sustainability Negative
sustainability & governance is an strategy along with its
governance opportunity to move governance is implemented
ahead in the sustainability across the Company business.
maturity model with cost With specific goals and
saving and benefits as reporting processes, the
it demands responsible governance structure supports
corporate behavior in strengthening relations
with external stakeholders and
ensures overall accountability
of sustainability goals at
enterprise level.

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 Business Responsibility and Sustainability Report

SECTION B : MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting
the NGRBC Principles and Core Elements.

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and Management Disclosures
1. a) Whether your entity’s policy/policies Yes Yes Yes Yes Yes Yes Yes Yes Yes
cover each principle and its core
elements of the NGRBCs. (Yes/No)
b) Has the policy been approved by the Yes Yes Yes Yes Yes Yes Yes Yes Yes
Board? (Yes/No)
c) Web Link of the Policies, if available Yes (Please refer the list of ABB policies as mentioned page no. 196)
2. Whether the entity has translated the Yes Yes Yes Yes Yes Yes Yes Yes Yes
policy into procedures. (Yes / No)
3. Do the enlisted policies extend to your Yes Yes Yes Yes Yes Yes Yes Yes Yes
value chain partners? (Yes/No)
4. Name of the national and international • ISO 14001, 9001, 45001, 50001
codes/certifications/labels/ standards • IGBC Green Factory Building Rating Systems for all of its factories and own
(e.g. Forest Stewardship Council, buildings
Fairtrade, Rainforest Alliance, Trustea)
• LEED certification
standards (e.g. SA 8000, OHSAS,
ISO, BIS) adopted by your entity and • TERI GRIHA certification for water positivity
mapped to each principle. • Intertek certification on Zero waste to Landfill
• Bureau Veritas verification in line with PAS 2060:2014 and ISO 14064
standards
• CII certification for Single Use Plastic free premises
• BIS certificates for product lines
5. Specific commitments, goals and The Company has aligned it’s sustainability Targets/ambitions in line with the
targets set by the entity with defined 2030 & 2050 ambitions /targets set by the ABB group as mentioned below,
timelines, if any. Target:
• 80% reduction of scope 1 and 2 GHG emissions by 2030 (compared to 2019)
• 100% reduction of scope 1 and 2 GHG emissions by 2050 (compared to 2019)
• 25% reduction of scope 3 GHG emissions by 2030 (compared to 2022)
• 90% reduction of scope 3 GHG emissions by 2050 (compared to 2022)
• Zero waste to landfill while reducing waste generation by 2030
• Increase proportion of women in senior management roles to 25% by 2030
• Achieve a top-tier employee engagement score by 2030
Ambition:
• Enable customers to avoid 600 Mt of GHG emissions through ABB products
sold from 2022-2030
• Zero harm to our people and contractors and a gradual reduction in lost
time from incidents
6. Performance of the entity against The Sustainability commitments, goals and targets are set globally at ABB group
the specific commitments, goals and level. Accordingly, the Company has established a framework to implement
targets along-with reasons in case the monitor and achieve set targets at the entity level and at its business levels.
same are not met. Performance against the set targets are reported and is monitored at the
Company as well at ABB Group level.
Governance Leadership and Oversight
7. Statement by director responsible At ABB, we recognize that sustainability is integral to delivering value to our
for the business responsibility report, stakeholders. In line with our 2030 sustainability targets and 2050 net zero
highlighting ESG related challenges, goal, our commitment to achieving sustainability maturity drives us to exceed
targets and achievements (listed entity mere compliance with environmental, social, and governance (ESG) standards.
has flexibility regarding the placement We actively engage in collaborative efforts with our internal teams and external
of this disclosure) partners to innovate and implement practices that align with our sustainability
goals. Together, we strive to create a positive impact on the environment and
society, ensuring a sustainable future for all.
- Sanjeev Sharma, Managing Director

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Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
8. Details of the highest authority Environmental, Social Governance (ESG)/ Sustainability aspects are discussed
responsible for implementation and at the country steering committee chaired by the Country Managing Director
oversight of the Business Responsibility and senior management in a periodic manner.
policy (ies).
9. Does the entity have a specified Yes. The Sustainability Committee at the country level is chaired by the Country
Committee of the Board/ Director Managing Director and includes the Country Finance Officer, Country Human
responsible for decision making on Resources and Business Heads of Individual Businesses who anchor their
sustainability related issues? (Yes / No). respective Business Sustainability Committee. The Sustainability Committee
If yes, provide details. discuss, review, and monitor on key sustainability performance indicators
every quarter and decides on action plans, if any to achieve the same.
The Company has a CSR Committee of the Board which oversees the CSR
performance in the year. It consists of four members including the Managing
Director. Further, the Committee is chaired by a Woman Independent
Director Country Sustainability Boards have been established to uphold good
sustainability governance and assure compliance with local legislations, ABB
Group standards and customer expectations.

10. Details of Review of NGRBCs by the Company:

Indicate whether review was Frequency

undertaken by Director / Committee (Annually/ Half - yearly/ Quarterly/
Subject for Review
of the Board/ Any other Committee Any other – please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies and Yes Quarterly
follow up action
Compliance with statutory requirements Yes Quarterly
of relevance to the principles, and,
rectification of any non-compliances

11 P1 P2 P3 P4 P5 P6 P7 P8 P9
Has the entity carried out independent No No Yes, external No No Yes, external No No No
assessment/ evaluation of the working agency* agency*
of its policies by an external agency? (ISO: 45001) (ISO: 14001)
(Yes/No). If yes, provide the name of the
agency.

* DNV Business Assurance and TÜV NORD CERT GmbH

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:

Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the principles material to its NA NA NA NA NA NA NA NA NA
business (Yes/No)
The entity is not at a stage where it is in a position to NA NA NA NA NA NA NA NA NA
formulate and implement the policies on specified principles
(Yes/No)
The entity does not have the financial or/human and NA NA NA NA NA NA NA NA NA
technical resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No) NA NA NA NA NA NA NA NA NA
Any other reason (please specify) NA NA NA NA NA NA NA NA NA

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 Business Responsibility and Sustainability Report

SECTION C : PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements
with key processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential
indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be
voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally and
ethically responsible.

PRINCIPLE 1 : Businesses should conduct and govern themselves with integrity, and in a manner that
is ethical, transparent, and accountable.

Essential Indicators

1. Percentage coverage by training and awareness programmes on any of the principles during the financial year:

Total number % of persons in

of training and Topics/principles covered under the training and its respective category
Segment
awareness impact covered by the
programmes held awareness programmes
Board of 4 Code of Conduct, ESG, ethics and governance , legal 100
directors and regulatory updates
Key managerial 4 Code of Conduct, Anti-Bribery and Anti-Corruption,
personnel Prevention of Sexual Harassment at Workplace, 100
Integrity Straight Talks, Integrity e-learning, Anti-trust
Employees 58 Code of Conduct, Anti-Bribery and Anti-Corruption, 46.18
other than BoD Prevention of Sexual Harassment at Workplace,
and KMPs Integrity Straight Talks, Integrity E-learning, Anti-
trust, conflict of interest
Workers 116 Code of Conduct, Anti-Bribery and Anti-Corruption, 100
Prevention of Sexual Harassment at Workplace,
Integrity Straight Talks, Integrity e-learning, Anti-trust

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the
entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in
the following format (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30
of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s website):

Monetary
Name of the
Has an
regulatory/
NGRBC Amount appeal been
enforcement Brief of the Case
Principle (In H) preferred?
agency/ judicial
(Yes/No)
institutions
Principle Additional 800 For discrepancy in maintainance of Form A as No
1 Chief Judicial per Rule 75 and 80(1) of the Contract Labour
Magistrate, (Regulation and Abolition) Central Rules, 1971.
Barracpore This issue was subsequently rectified
Principle Office of 13,000 For non-display of notices, abstract and copy of No
1 the Labour license, and non-maintenance of registers & wage
Penalty/ Fine Enforcment slips etc at one of the Company’s project sites. This
Officer issue was subsequently rectified.
(Central), Indore
Principle Judicial 2,000 For non-display of abstract and notices, and No
1 Magistrate nonmaintenance of registers & wage slips at one
of First Class of the Company’s project sites. This issue was
(JMFC), Solapur subsequently rectified.

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Monetary
Name of the
Has an
regulatory/
NGRBC Amount appeal been
enforcement Brief of the Case
Principle (In H) preferred?
agency/ judicial
(Yes/No)
institutions
Settlement - - - -
Compounding Principle Office of Chief 1,500 Allegation in relation to violations of provisions No
fee 1 Inspector of of the Building and Other Construction Workers
Inspection, (Regulation of Employment and Conditions of
Haryana Service) Act, 1996 and Haryana Building and Other
Construction Workers (Regulation of Employment
and Conditions of Service) Rules, 2005 during the
renovation activities at the Company’s factory. In
the Lok Adalat, these cases were compounded
and paid a total amount of H 1,500/- as penalty.
Note: Other disclosures as per Regulation 30 of SEBI (LODR), 2025 regarding penalties and fines imposed on the Company by Customs, GST, and
other authorities are available on the Company's website at [Link]

Non-Monetary
Name of the regulatory/ enforcement Brief of the Has an appeal been
NGRBC Principle
agency/ judicial institutions Case preferred? (Yes/No)
Imprisonment Nil Nil Nil Nil
Punishment Nil Nil Nil Nil

3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision are preferred in cases where monetary
or non-monetary action has been appealed.

Case Details Name of the regulatory/ enforcement agencies/ judicial institutions

None None

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide
a web link to the policy.

Yes. ABB’s Code of Conduct has a comprehensive section on Ethical conduct, anti-bribery and anti-corruption. According
to this code, we do not tolerate any form of bribery or corruption, and only enter into business relationships with
reputable third parties that share our ethical standards. ABB Code of Conduct is publicly available at the below link:
[Link]

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/ corruption.

Current Previous
Financial Year (FY2024) Financial Year(FY2023)
Directors 0 0
KMPs 0 0
Employees 0 0
Workers 0 0

6. Details of complaints with regard to conflict of interest:

Current Financial Year (FY2024) Previous Financial Year (FY2023)
Number Remarks Number Remarks
Number of complaints received in relation 0 - 0 -
to issues of Conflict of Interest of the
Directors
Number of complaints received in relation 0 - 0 -
to issues of Conflict of Interest of the KMPs

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7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action taken by
regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.

None

8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the following
format:
Current Financial Previous Financial
Year (FY2024) Year(FY2023)
Number of days of accounts payables 165 172

9. Open-ness of business

Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with
loans and advances & investments, with related parties, in the following format

Current Financial Previous Financial

Parameter Metrics
Year (FY2024) Year(FY2023)
Concentration of a. Purchases from trading houses as % of total purchases - -
Purchases b. Number of trading houses where purchases are made - -
from
c. Purchases from top 10 trading houses as % of total - -
purchases from trading houses
Concentration of a. Sales to dealers/distributors as % of total sales 28 31
Sales b. Number of dealers/distributors to whom sales are 809 750
made
c. Sales to top 10 dealers/distributors as % of total sales 18 18
to dealers/distributors
Share of RPTs in a. Purchases (Purchases with related parties / Total - -
Purchases)
b. Sales (Sales to related parties / Total Sales) 9.38 7.90
c. Loans & advances (Loans & advances given to related 0 0
parties / Total loans & advances)
d. Investments (Investments in related parties / Total 0 0
Investments made)

Leadership Indicators

1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:

Total number of %age of value chain partners covered (by

awareness programmes Topics / principles covered under the training value of business done with such partners)
held (nos.) under the awareness programmes
14 Environment, Social & Governance (including 58.38
Safety, Integrity, human rights etc.)

2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/
No) If Yes, provide details of the same.

Yes. The company has established a comprehensive process to avoid/ manage conflict of interests involving members of
the Board where the company’s Code of Conduct covering principle of Conflict of Interest also applies to the Directors
on the Board. In order to maintain transparency and integrity at highest level, the company’s Code of Conduct with
Conflict of Interest procedures mandates all the Board of Directors to disclose any potential conflicts of interest related
to personal, social, professional, financial, political, or other interests, or activities or relationships that might reasonably
be perceived to conflict with the best interests of the Company, create an appearance of impropriety, or affect the
judgment in carrying out their role as Directors of the Company. The annual affirmation of compliance with the Code of
Conduct further reinforces company’s commitment towards transparency & integrity.

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PRINCIPLE 2 : Businesses should provide goods and services in a manner that is sustainable
and safe.

Essential Indicators

1. Percentage of R&D and capital expenditure (CAPEX) investments in specific technologies to improve product and
processes' environmental and social impacts to total R&D and capex investments made by the entity, respectively.

Current Financial Previous Financial Details of improvements in environmental and

Year (FY2024) Year(FY2023) social impacts
R&D* - - -
Capex 5.89% <1% CAPEX investment in specific technologies
to improve product and processes’s
environmental impacts (energy efficient
improvement, product’s sustainability
enhancement & circularity)

*Please refer the link for more details on R&D at ABB: [Link]

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) -

Yes

b. If yes, what percentage of inputs were sourced sustainably?

51.5 %

The company has established a comprehensive framework to enhance sustainability across its value chain. During
the year, the company defined its internal criteria for sustainable sourcing and accordingly evaluated its suppliers.

3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of life,
for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.

Waste type Waste management procedure in place

Plastic (including packaging) The processes for disposing its products at the end of life has been
E-waste mentioned in the Product operation & maintenance manual.
Hazardous waste Additionally, extended producer responsibility requirement is
Other waste (wastepaper and paper products) applicable to the some of the listed EEE (electronic & electrical
equipment) and packaging plastic, as well as battery used in its
products as per the e-waste, battery waste and plastic waste
management rule where, the company fulfils its Extended producer
responsibility (EPR) target with respect e-waste, battery waste and
plastic waste.

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the
waste collection plan is in line with the EPR plan submitted to Pollution Control Boards?

Yes. As per the e-waste, battery waste and plastic waste management rules, extended producer responsibility requirement
is applicable to the some of the listed EEE (electronic & electrical equipment) and packaging plastic, as well as battery
used in its products. Accordingly, the company has obtained the licenses under the EPR and fulfilling the relevant
compliances such as annual filing, EPR target fulfilling with respect to e-waste, battery waste and plastic waste rules.

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Leadership Indicators

1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?

Boundary for Whether

Results communicated in
% of total which the Life conducted
Name of Product / public domain
NIC Code Turnover Cycle Perspective by independent
Service (Yes/No). If yes, provide the
contributed / Assessment external agency
web-link.
was conducted (Yes/No)
27103 Low Voltage Motors 0.44 Cradle to grave Internal No
& Services
26109 Drive Products & 7.6 Cradle to grave Yes (External) [Link]
System Drives group/en/sustainability/
ecosolutions/
environmental-product-
declarations
27104 Electricity 5.14 Cradle to grave Yes (External) [Link]
Distribution en/
Equipment, sustainability ecosolutions/
Protection & Control
environmental-product-
Equipment
declarations
26517 Industrial process 0.14 Cradle to grave No (Internal) No
control equipment
28160 Industrial Robots 0.01 Cradle to grave No (Internal) No

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your
products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means,
briefly describe the same along-with action taken to mitigate the same.

Name of Product / Service Description of the risk / concern Action Taken

No No -

3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).

Indicate input material Current Period Previous Period

- - -

4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and
safely disposed, as per the following format:

Current Financial Year (FY2024) Previous Financial Year (FY2023)

Safely Safely
REUSED Recycled REUSED Recycled
disposed disposed
Plastics (including packaging) - 154.67* - - 176.78 -
E-waste - 0.5 - - - 0.50
Hazardous waste - - -
Other waste - 10.57 5.33 - 2 -
* Includes the plastic packaging quantity which is recycled as a part of extended producer responsibility under Plastic Waste Management Rules.

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.

Indicate product Reclaimed products and their packaging materials as % of total products sold in respective
category category
- -

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PRINCIPLE 3 : Businesses should respect and promote the well-being of all employees, including those
in their value chains

Essential Indicators

1. a. Details of measures for the well-being of employees.

% of employees covered by
Health Accident Maternity Paternity Day care
Category Total insurance insurance benefits benefits facilities
(A) % % % % %
No. (B) No. (C) No. (D) No. (E) No. (F)
(B / A) (C / A) (D / A) (E / A) (F / A)
Permanent employees
Male 2943 2943 100 2943 100 NA NA 2943 100 - -
Female 358 358 100 358 100 358 100 NA NA 358 100
Total 3301 3301 100 3301 100 358 11 2943 89 358 11
Other than Permanent employees
Male 60 60 100 60 100 - - - - - -
Female 46 46 100 46 100 - - - - - -
Total 106 106 100 106 100 - - - - - -

b. Details of measures for the well-being of workers:

% of workers covered by
Health Accident Maternity Paternity Day care
Category Total insurance insurance benefits benefits facilities
(A) % % % % %
No. (B) No. (C) No. (D) No. (E) No. (F)
(B / A) (C / A) (D / A) (E / A) (F / A)
Permanent workers
Male 322 322 100 322 100 NA NA 322 100 - -
Female 2 2 100 2 100 2 100 NA NA 2 100
Total 324 324 100 324 100 2 0.6 322 99.4 2 0.6
Other than Permanent workers
Male 1041 - - 1041 100 - - - - - -
Female 102 - - 102 100 - - - - - -
Total 1143 - - 1143 100 - - - - - -

c. Spending on measures towards well-being of employees and workers (including permanent and other than
permanent) in the following format –

Current Financial Previous Financial

Year (FY2024) Year(FY2023)
Cost incurred on well-being measures as a % of total revenue of the 0.24% 0.01%
company

2. Details of retirement benefits.

Current Financial Year (FY2024) Previous Financial Year (FY2023)

No. of No. of Deducted and No. of No. of Deducted and
employees workers deposited employees workers deposited
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees workers (Y/N/N.A.) employees workers (Y/N/N.A.)
PF 99.98 93.97 Yes 99.81 92.05 Yes
Gratuity 98.90 23.25 Yes Company 98.91 22.52 Company
contribution. Contribution
ESI 0 70.28 Yes 0 69.52 Yes
Others – please specify - - - - - -

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3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements
of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this
regard.

Yes, as per the requirements of the Rights of Persons with Disabilities Act, 2016, the premises / offices of the company
are accessible to differently abled employees and workers. The company is fully committed to creating an inclusive and
diverse workplace which also ensures improved accessibility and equity in the workforce. The company’s infrastructure
including wheelchair ramps, and accessible restrooms work areas have been designed incorporating various standards/
requirements including LEED/IGBC to address the accessibility of workplaces, especially for physically differently abled
employees and workers..

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide
a web link to the policy.

Yes, the company has a policy promoting equal employment opportunity available at the link below:

[Link]

ABB is committed to promoting diversity and inclusion through its Equal Employment Opportunity (EEO) and Affirmative
Action policies. ABB is dedicated to creating a supportive work environment that values diversity and inclusion, ensuring
that all employees feel respected and valued. ABB actively encourages diversity in the workplace and takes affirmative
action to ensure equal employment opportunities for all including qualified differently-abled persons. The Company’s
employment decisions are solely based on legitimate job-related criteria and are made without discrimination.
Any violation of the said policy can be reported through available reporting channels which includes raising it with
management chain, or with any of the Company’s human re-sources or legal and integrity team and also can raise it
in the Company’s available Business ethics helpline. Issues thus raised are inquired into in conjunction with relevant
stakeholders and appropriate action is taken by the Company.

5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Permanent employees Permanent workers

Gender
Return to work rate Retention rate Return to work rate Retention rate

Male 100 100 100 100

Female 100 100 - 100
Total 100 100 - 100

6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
workers? If yes, give details of the mechanism in brief.

(Yes/No) (If Yes, then give details of the mechanism in brief)

Permanent workers Yes Industrial Relations Managers, Welfare officers and representatives of
recognized Union are the first level point of contact to get their queries
addressed. Company has established a comprehensive mechanism to
receive and redress grievances for the employees and workers through
reporting concerns initially to their direct management, any member
of Legal & Integrity function, country human resources manager, or
alternatively, through their country-specific Business Ethics Helpline
number. All stakeholders having a business relationship with ABB have
multiple communication channels such as telephoning the ABB stakeholder
helpline at + 41433173367 (international call rates apply) / 0008000503401
(India), communicating through the company’s business ethics helpline
web portal ([Link] The ABB Business Ethics
Helpline is hosted by an independent third party, Case IQ, and is available 24
hours a day, 7 days a week.

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(Yes/No) (If Yes, then give details of the mechanism in brief)

Other than permanent Yes The company has established a comprehensive mechanism to receive
workers and redress grievances for the employees and workers through reporting
concerns initially to their direct management, any member of Legal &
Integrity function, country human resources manager, or alternatively,
through their country specific Business Ethics Helpline number. All
stakeholders having a business relationship with ABB have multiple
communication channels such as telephoning the ABB stakeholder helpline
at + 41433173367 (international call rates apply) / 0008000503401 (India),
communicating through company’s business ethics helpline web portal
([Link] The ABB Business Ethics Helpline is
hosted by an independent third party, Case IQ, and is available 24 hours a
day, 7 days a week.
Permanent employees Yes The company has a dedicated online helpdesk named as “AskHR” to
raise any queries and seek resolution. . The company has established
a comprehensive mechanism to receive and redress grievances for the
employees and workers through reporting concerns initially to their direct
management, any member of Legal & Integrity function, country human
resources manager, or alternatively, through their country-specific Business
Ethics Helpline number. All stakeholders having a business relationship
with ABB have multiple communication channels such as telephoning the
ABB stakeholder helpline at + 41433173367 (international call rates apply) /
0008000503401 (India), communicating through the company’s business
ethics helpline web portal ([Link] The ABB
Business Ethics Helpline is hosted by an independent third party, Case IQ,
and is available 24 hours a day, 7 days a week.
Other than permanent Yes The company has established a comprehensive mechanism to receive
employees and redress grievances for the employees and workers through reporting
concerns initially to their direct management, any member of Legal &
Integrity function, country human resources manager, or alternatively,
through their country-specific Business Ethics Helpline number. All
stakeholders having a business relationship with ABB have multiple
communication channels such as telephoning the ABB stakeholder helpline
at + 41433173367 (international call rates apply) / 0008000503401 (India),
communicating through the company’s business ethics helpline web portal
([Link] The ABB Business Ethics Helpline is
hosted by an independent third party, Case IQ, and is available 24 hours a
day, 7 days a week.

7. Membership of employees and workers in association(s) or Unions recognized by the listed entity:

Current Financial Year (FY2024) Previous Financial Year (FY2023)

No. of No. of
employees/ Total employees/
Total
workers in the employees/ workers in
employees %
Category respective workers the respective
/ workers in (B/A) % (D/C)
category, who in the category, who
respective
are part of the respective are part of the
category (A)
association(s) category (C) association(s)
or Union (B) or Union (D)
Total permanent employees 3301 0 0 3061 - -
Male 2943 0 0 2738 - -
Female 358 0 0 323 - -
Total permanent workers 324 324 100 323 323 100
Male 322 322 100 321 321 100
Female 2 2 100 2 2 100

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8. Details of training given to employees and workers:

Current Financial Year (FY2024) Previous Financial Year (FY2023)

On health and On skill On health and On skill
Total
Category safety measures upgradation safety measures upgradation
Total (A) (D)
% % % %
No. (B) No. (C) No. (E) No.(F)
(B / A) (C / A) (E / D) (F / D)
Employees
Male 3003 3003 100 1563 52 2738 2409 88 1507 55.04
Female 404 404 100 276 68 323 320 99 182 56.35
Total 3407 3407 100 1839 53 3061 2729 94 1689 55.18
Workers
Male 1363 1363 100 194 14 1331 1331 100 1059 79.56
Female 104 104 100 2 2 103 103 100 64 62.14
Total 1467 1467 100 196 13 1434 1434 100 1123 78.31

9. Details of performance and career development reviews of employees and workers:

Current Financial Year (FY2024) Previous Financial Year (FY2023)

Category
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male 3003 2874* 95.7 2738 2638 96.35
Female 404 348* 86.14 323 299 92.57
Total 3407 3249 94.57 3061 2937 95.94
Workers
Male 1363 - 0 1331 - 0
Female 104 - 0 103 - 0
Total 1467 - 0 1434 - 0

* The male & female employees were eligible for the performance and career development reviews as per the Internal PDA criteria

10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No).
If yes, what is the coverage of such a system?

Yes, ABB has implemented a comprehensive occupational health and safety management system. Over the year,
the company worked to simplify the standards within this set of documents, referred to internally as “The ABB Way
for HSE and Security Management System” so that they could be quickly and easily consulted by our employees
and contractors. ABB is committed to achieving excellence in Occupational Health and Safety (OHS) through both
strategic, group-led programs and business specific initiatives based on internationally recognized standards,
principles and commitments. The ABB Way Health Safety Environment & Security (HSE&S) management system
is consistent with ISO standards ISO 14001/ ISO 45001/ISO 50001. ABB's Health, Safety, and Environment (HSE)
management system is comprehensive and integrated into all aspects of their business.

Company has a clear HSE policy that outlines their commitment to providing safe and healthy working conditions,
preventing incidents and work-related illnesses, and protecting the environment. The governance structure of
ABB ensures that these policies are regularly updated and aligned with their strategic direction. Risk assessment
is conducted with thorough planning and risk analysis to identify opportunities to eliminate hazards and reduce
risks. ABB also emphasizes the importance of competence, communication, and support and provides training and
information to ensure good participation and consultation among employees, promoting a culture of safety and
awareness. Specific risk controls are implemented at company to manage changes and ensure safe operations which
includes monitoring and measuring the status of operations and objectives to drive performance and prioritize
safety. ABB is committed to continuous improvement by learning from experience and sharing good practices. They
regularly assess their performance and make necessary adjustments to enhance their HSE management system. All
manufacturing locations of the company have already implemented and certified on occupational health & safety
management system under ISO 45001 standard.

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b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis
by the entity?

At ABB, HSE & Security Risks Management is taken very seriously with the aim to reduce risks to the lowest practicable
level and, where possible, eliminate those risks. The risk management process which is being implemented in ABB
for HSE & Security focusses on the process Improvement, enhanced efficiency, quality & performance improvement
and accountability. The company has established robust processes used to identify work-related hazards and
assess risks on a routine and non-routine basis.

In case of routine activities, Activity-Based Risk Assessment (ABRA) used for assessing the risks of every activity
which is being performed by ABB. The purpose of ABRA is not just to identify risks and eliminate or reduce the risks
to tolerable levels but to improve the effectiveness and efficiency of the activity also. The ABRA process involves 3
key parties:

1. Risk Assessor are the trained individuals who are responsible for leading the risk assessment teams through
the process and recording the findings on internal portal

2. Risk Assessment Teams are consisting of people who have situational knowledge and task awareness about
the activity being assessed, these are typically the workers, managers and other specialists

3. Risk Owners are the individuals who are responsible for the activities which are being as-sessed. They are
often the managers and supervisors who are responsible for assigning the workers’ tasks. They are required to
accept the risk assessment and ensure the controls are suitable and then communicate the risks and controls
to the workers whereas, Stop Take 5 is the risk assessment process that is carried out just before any activity
is undertaken at ABB. This process is also considered to be a ‘Last Minute Risk Assessment’, ‘Dynamic Risk
Assessment’, or ‘On the Job Risk Assessment’.

Even though every activity undertaken in ABB is controlled by an Activity Based Risk Assessment (ABRA); the
ABRA is often undertaken hours, days, months, or maybe years before the actual activity is undertaken. The
Stop Take 5 addresses the things that can change or be different just before (or even during) the activity starts.

c. Whether you have processes for workers to report the work-related hazards and to remove themselves
from such risks.

Yes

d. Do the employees/ workers of the entity have access to non-occupational medical and healthcare services?

Yes

11. Details of safety-related incidents, in the following format:

Current Financial Previous Financial

Safety incident/number Category
Year (FY2024) Year(FY2023)
Lost Time Injury Frequency Rate (LTIFR) (per one-million- Employees 0 0.05
person hour worked) Workers 0.5 0.42
Total recordable work-related injuries Employees 0 1
Workers 5 5
No. of fatalities Employees 0 -
Workers 0 -
High consequence work-related injury or ill-health Employees 0 0
(excluding fatalities) Workers 0 0

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12. Describe the measures taken by the entity to ensure a safe and healthy workplace.

ABB's approach to HSE management is designed to ensure the safety of their employees and the sustainability of its
operations, reflecting the company’s commitment to excellence and continuous improvement

ABB has also implemented a comprehensive occupational health and safety management system. Over the year,
company worked to simplify the standards within this set of documents, referred to internally as “The ABB Way for HSE
and Security Management System” so that they could be quickly and easily consulted by our employees and contractors.
ABB is committed to achieving excellence in Occupational Health and Safety (OHS) through both strategic, Group-led
programs and business specific initiatives based on internationally recognized standards, principles and commitments.
The ABB Way Health Safety Environment & Security (HSE&S) management system is consistent with ISO standards ISO
14001/ ISO 45001/ISO 50001.

• The HSE/SA governance (policy, organization and standards) to meet our objectives.

• “ABB & you” system defines company's individual roles and responsibilities and secures the necessary resources for
the implementation and maintenance.

• Planning & risk analysis identifies opportunities to eliminate hazards, and to reduce risks and adverse impacts.

• Competence, communication & support: company provides training, information and support to ensure good
participation and consultation of colleagues for ideas and effectiveness of our programs.

• Operations specify adequate risk controls and manage change.

• Monitoring & measurement assesses the status of operations and objectives and drives priori-ties and performance.

• Learning from experience ensures the sharing of good practices and support continuous improvement of
our performance.

• Crisis and Emergency Management: Ensuring systems are in place for crisis and emergency management.

• Accident Analysis and Prevention: Routine review and analysis of health and safety performance to prevent accidents.

Company aims to provide a common structure for the management of all HSE&S risks, setting minimum requirements
to be followed unless local regulatory or legislative requirements impose a higher standard, in which case that higher
standard shall be followed across its operation.

13. Number of complaints on the following made by employees and workers

Current Financial Year (FY2024) Previous Financial Year (FY2023)

Pending Pending
Category Filed during resolution Filed during resolution at
Remarks Remarks
the year at the end of the year the end of
year year
Working conditions 0 0 - - 0 -
Health & safety 6 1 - - 0 -

14. Assessments for the year

% of your plants and offices that were assessed (by entity or statutory
authorities or third parties)
Health and safety practices* 100
Working conditions* 100

*The factories are assessed inline with ISO 14001 & ISO 45001 requirements by third party agencies.

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15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks/concerns arising from assessments of health & safety practices and working conditions.

ABB places a high priority on safety and has implemented several corrective actions and measures to address safety-
related incidents and significant risks. The company has strengthened corporate monitoring of corrective actions and
lessons learned through periodic council meetings and steering committees to align and collaborate on company-wide
improvement programs. Within the organisation, the decentralized approach ensures targeted and effective safety
measures where the individual business Area and Division has the independence to establish their framework and
implement their own safety programs tailored to specific risks.

The company aims for zero harm to its people and contractors and emphasizes safety-related communication, key safety
disciplines, and the safety observation tour (SOT) process to foster a robust safety culture. These measures reflect
company’s commitment towards ensuring a safe and healthy working environment for all employees and contractors.

Leadership Indicators

1. Does the entity extend any life insurance or any compensatory package in the event of death of :
(A) Employees (Y/N). Yes
(B) Workers (Y/N). Yes

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by
the value chain partners.

The Company follows a detailed compliance procedure to evaluate the necessary statutory clearances and approvals
are available and compliances are met by its vendors. The Company is regularly depositing undisputed statutory dues
including Goods and Services Tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax,
Customs Duty, Excise Duty, Value Added Tax, various cess and other statutory dues to the appropriate authorities. During
the vendor onboarding, necessary due diligence is conducted to ensure availability of required statutory approvals and
thereafter through contractual measures as well as periodic audits, further adherence of the above aspects is reviewed
throughout the term of engagement with the vendors.

3. Provide the number of employees / workers having suffered high consequence work- related injury / ill-health
/ fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment:

No. of employees/workers that are rehabilitated

Total no. of affected employees/
and placed in suitable employment or whose family
workers
members have been placed in suitable employment
Current Financial Previous Financial Current Financial Previous
Year (FY2024) Year(FY2023) Year (FY2024) Financial Year(FY2023)
Employees 0 - 0 -
Workers 0 - 0 -

4. Does the entity provide transition assistance programs to facilitate continued employability and the management of
career endings resulting from retirement or termination of employment? (Yes/ No)
No
5. Details on assessment of value chain partner:

% of value chain partners (by value of business

Details on assessment of value chain partners:
done with such partners) that were assessed
Health and safety practices 40.51
Working Conditions 40.51

6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
assessments of health and safety practices and working conditions of value chain partners.

The Company has established a systematic approach to address significant risks / concerns arising from the assessments
at value chain. The approach consists of various initiatives including awareness building among value chain, sharing
best practices on ESG, handholding the selected value chain partners to further improve their ESG performance and
evaluation of ESG performance on defined frequency.

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PRINCIPLE 4 : Businesses should respect the interests of and be responsive to all its stakeholders

Essential Indicators

1. Describe the processes for identifying key stakeholder groups of the entity.

In recent years many of our key stakeholders – customers, investors, suppliers, representatives of civil society and our
employees – have been increasingly asking ABB about different aspects of our sustainability performance. This has
helped us to understand their priorities as well as which areas of sustainability are material to business success. The
Company maintains regular contact with its various stakeholder groups, including customers, employees, and suppliers.
It engages in a transparent dialogue with its stakeholders to enable participants to make informed investment decisions
on a timely basis. And we interact regularly with governments and civil-society organizations, as well as communities
and external partners.

Customers Investors Suppliers Employees Public policy Community External partnerships

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.

Whether Frequency of
Channels of communication
engagement Purpose and scope of
identified as (Email, SMS, Newspaper,
Stakeholder (Annually/ Half engagement including key
Vulnerable & Pamphlets, Advertisement,
Group yearly/ Quarterly topics and concerns raised
Marginalized Community Meetings, Notice
/ others – please during such engagement
Group (Yes/No) Board, Website), Other
specify)
Customers No - Regular interaction with Others- - Information on business
customer-focused seminars/ continuous offerings
events and programs - ABB Code of Conduct
- Customer trade shows - Sustainability and
- Customer service performance discussions
- Key account manager
relationships
- Customer requests
Sustainability partnerships
Investors No - Annual reporting Quarterly, Annual - To understand the
- Press releases Company’s results, major
events and future strategy
- Investor Relations website
- Quarterly analyst and investor
meet
- Annual General Body Meetings
Suppliers No - Supplier meets Others- - Educating suppliers,
- Providing training and continuous awareness programs on
engaging in special projects on ABB Code of Conduct
sustainability performance - Supplier sustainability
- On-site evaluations and audits development programs
- Monitoring through its - Suppliers meets on all of
the above topics
- Sustainable Supply Base
Management (SSBM) program
and supplier assessment
programs
- Vendor management and
onboarding assessments

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ABB India Limited | Integrated Annual Report 2024

Whether Frequency of
Channels of communication
engagement Purpose and scope of
identified as (Email, SMS, Newspaper,
Stakeholder (Annually/ Half engagement including key
Vulnerable & Pamphlets, Advertisement,
Group yearly/ Quarterly topics and concerns raised
Marginalized Community Meetings, Notice
/ others – please during such engagement
Group (Yes/No) Board, Website), Other
specify)
Employees No - Annual performance reviews Others- - Information about
- Annual employee engagement continuous Company’s performance,
survey plans
- Learning and development - Communication on
opportunities important organizational
changes, new policies, and
- Network of employee resource
initiatives
groups promoting diversity
and inclusion in the workplace
- Collective bargaining
associations
- Dialogue with employees
Public policy No - Meetings with regulators to Others- - To understand that
understand their priorities continuous government leadership in
- Engagement with government developing progressive
agencies and other economic, social, and
stakeholders to demonstrate environmental policy
the value of its products and to achieve a future
in which business and
- Participation in initiatives to
society can thrive and
address sustainability issues
for the Company to
such as energy climate change,
demonstrate private
resource conservation
sector support and lead on
a technology and unique
capabilities
Community Yes - Strategic corporate Others- - To develop and implement
partnerships continuous CSR projects for the
- CSR initiatives, donations and community according
volunteering tothe needs and priorities
- Direct dialogue with - Community engagement
community representatives, of topics of Improving
local municipal and rural basic needs infrastructure,
bodies for development education, skilling,
projects healthcare and livelihood
opportunities that could
be created through CSR
programs
External No - Technology and innovation Others-
partnerships partnerships with other continuous
companies
- Technology partnerships with
relevant startups
- Collaborations with research
and educational institutions
and research organizations
- UN Global Compact at the ABB
Group level
- World Business Council for
Sustainable Development at
the ABB Group
- Several partnerships with
national industry bodies
- Partnerships with vendor
and community development
organizations

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Leadership Indicators

1. Provide the processes for consultation between stakeholders and the board on economic, environmental, and social
topics or if consultation is delegated, how is feedback from such consultations provided to the board.

Engaging stakeholders is a crucial step for the company and this includes not just shareholders, but also employees,
customers, suppliers, and the broader community. The company listens to their concerns and expectations and
understand what matters to them and how your company can make a positive impact. This is a continuous process
and in certain stakeholder groups have a direct access/ consultation process with the Board. In other groups, there are
operational committees and teams that update the BOD and KMP on a continual process on key ESG topics.

2. Whether stakeholder consultation is used to support the identification and management of environmental, and social
topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics
were incorporated into the policies and activities of the entity.

Yes. ABB places a strong emphasis on stakeholder engagement as a crucial part of its sustainability strategy and actively
engage with a diverse range of stakeholders. ABB uses stakeholder consultation extensively to identify and manage ESG
topics which are integral to the sustainability strategy of the company. Diversity and Inclusion is an important aspect for
the Company, and it understands that women empowerment is critical in today's world which aims to increase women
economic, social, and financial power. It put forth a strategy towards empowerment and identified successful strategies
for empowering women, such as education, including in the fields of technical STEM education. It devised a program
to address this at the societal level and continued to run women engineering scholarship program to strengthen the
pipeline of educated and qualified female talent by providing women with educational skills, professional guidance,
and holistic development enabling them to achieve their educational goals and compete in the job markets including
technical ones.

3. Provide details of instances of engagement with, and actions are taken to, address the concerns of vulnerable/
marginalised stakeholder groups.

The CSR initiatives by the company are mainly focused on vulnerable groups such as the differently-abled persons,
women, girls, children, elderly and the poor where various programs are specifically designed to address to provide
support to these groups of people under CSR initiatives.

PRINCIPLE 5 : Businesses should respect and promote human rights

Essential Indicators

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format:

Current Financial Year (FY2024) Previous Financial Year (FY2023)

No. of No. of
Category employees employees
Total (A) % (B / A) Total (C) % (D / C)
/ workers / workers
covered (B) covered (D)
Employees
Permanent 3301 604 18 3061 443 14.47
Other than permanent 106 51 48 81 - -
Total employees 3407 655 19 3142 - -
Workers
Permanent 324 - 0 323 - 0
Other than permanent 1143 - 0 1111 - 0
Total workers 1467 - 0 1434 - 0

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2. Details of minimum wages paid to employees and workers

Current Financial Year (FY2024) Previous Financial Year (FY2023)

Equal to More than Equal to More than
Total
Category Total minimum wage minimum wage minimum wage minimum wage
(D)
(A) % % % %
No. (B) No. (C) No. (E) No.(F)
(B / A) (C / A) (E / D) (F / D)
Employees
Permanent 3301 - 0 3301 100 3061 - 0 - 100
Male 2943 - 0 2943 100 2738 - 0 - 100
Female 358 - 0 358 100 323 - 0 - 100
Other than permanent 106 - 0 106 100 81 - 0 - 100
Male 60 - 0 60 100 57 - 0 - 100
Female 46 - 0 46 100 24 - 0 - 100
Workers
Permanent 324 - 0 324 100 323 - 0 - 100
Male 322 - 0 322 100 321 - 0 - 100
Female 2 - 0 2 100 2 - 0 - 0
Other than permanent 1143 133 11.64 1010 88.36 1111 217 19.53 894 80.46
Male 1041 126 12.1 915 87.9 1010 210 20.79 800 79.20
Female 102 7 6.86 95 93.14 101 7 6.9 94 93.06

3. Details of remuneration/salary/wages

a. Median remuneration / wages:

Male Female
Median remuneration/ Median remuneration/
Gender
Number salary/ wages of Number salary/ wages of
respective category respective category
Board of Directors (BoD) 3 * 3 *
Key managerial personnel 3 23748907 0 0
Employees other than BoD and KMP 2940 1616840 358 1096600
Workers 322 1266654 2 1726562
*Note: Only one director is paid remuneration by the Company. Independent directors are paid by way of sitting fees and profits related
commission and is equal to male and female categories. Details of remuneration paid to Directors are available in Corporate Governance
Section.

b. Gross wages paid to females as % of total wages paid by the entity, in the following format:

Current Financial Previous Financial

Year (FY2024) Year(FY2023)
Gross wages paid to females as % of total wages 7.49 % 6.21 %

4. Do you have a focal point (individual/ committee) responsible for addressing human rights impacts or issues caused
or contributed to by the business? (Yes/No)

Yes.

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.

For access to grievance and remedy ABB employees, contractors, suppliers and other stakeholders are encouraged to
speak up and report any suspected or observed violations of the law or the ABB Code of Conduct, including issues
related to human rights. The Company encourages all its external stakeholders to feel empowered to raise such concerns
so that they can be appropriately addressed and remediated if necessary. There are multiple channels for stakeholders
to report potential violations of the Code of Conduct or of the law to ABB.

ABB maintains a Business Ethics Helpline, which enables employees and other potentially affected external stakeholders
to report concerns related to potential violations of the Code of Conduct, including human rights.

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The helpline is operated by an independent, qualified, third-party service partner and allows employees and external
stakeholders to raise concerns anonymously. The helpline covers all main languages and is available at all times to
internal and external stakeholders. Independent specialists confidentially answer the calls and forward reports to the
appropriate person in the ABB Group for further investigation. Employees and other stakeholders can later ask for
follow-up information. The effectiveness of ABB’s reporting channels are regularly evaluated.

If adverse human rights impacts are found to be caused or contributed to by ABB, it is committed to taking timely and
transparent action to remediate in a fair and equitable manner in line with the UNGPs. If ABB finds impacts directly linked
to its business relationships, it will use its influence to encourage suppliers and business partners to respect human
rights, whether through collaboration and support, corrective action plans or termination of the business relationship
on a case-by-case basis

6. Number of complaints on the following made by employees and workers:

Current Financial Year (FY2024) Previous Financial Year (FY2023)

Pending Pending
Category Filed during resolution Filed During resolution at
Remarks Remarks
the year at the end of the year the end of
year year
Sexual harassment 3 0 - 2 1 -
Discrimination at workplace 4 2 - 0 0 -
Child labour 0 0 - 0 0 -
Forced labour/Involuntary 0 0 - 0 0 -
labour
Wages 3 0 - 0 0 -
Other human rights-related 0 0 - 0 0 -
issues

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013, in the following format:

Current Financial Previous Financial

Year (FY2024) Year(FY2023)
Total Complaints reported under Sexual Harassment on of Women at 3 2
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees / workers 0.59 0.44*
Complaints on POSH upheld 3 2

*This disclosure is accurately re-calculated without changing the monitored data.

8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

ABB has a "No Retaliation Policy - Retaliation against anyone who in good faith reports a concern to ABB about illegal or
unethical conduct is not tolerated. Any employee or contractor who is found to have engaged in retaliatory conduct or
the abuse of reporting processes will be subject to disciplinary action.

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)

Yes

10. Assessments of the year

% of your plants and offices that were assessed (by the entity or statutory
authorities or third parties) in FY 2024
Child labour 100
Forced/involuntary labour 100
Sexual harassment 100
Discrimination at workplace 100
Wages 100
Others – please specify -

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11. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from the
assessments at Question 9 above.

None.

Leadership Indicators

1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.

To assess actual and potential human rights impacts, ABB regularly conducts systematic human rights risk assessments
and identify its salient human rights issues at the entity level. It has also defined and plans to implement appropriate
measures to cease, prevent or mitigate adverse human rights impacts along its full value chain. In 2024 we have
published the new Human Rights Requirements and ACOP (Approved Code of Practice) to enhance human rights due
diligence in ABB operations. This initiative will be followed up by a new wave of site assessments to ensure execution of
defined requirements

2. Details of the scope and coverage of any Human rights due diligence conducted.

In line with the United Nations Guiding Principles on Business and Human Rights (UNGPs), ABB’s aim is to conduct HRDD
throughout its business to proactively assess, cease, prevent and mitigate actual and potential adverse human rights
impacts on rightsholders across the upstream and downstream value chain, including in its own operations. ABB Human
Rights Policy & Human Rights Due Diligence Framework applies globally to all of ABB employees, managers, officers,
directors, consultants, self-employed contractors, casual workers, agency workers and volunteers. It also applies to
ABB’s wholly owned affiliates and subsidiaries as well as all employees of any joint venture or other entity in which ABB
has majority ownership interest or exercises effective control. The company’s commitment to respect human rights
extends to all individuals throughout its upstream and downstream value chain.

3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of
Persons with Disabilities Act, 2016?

Yes

4. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners) that
were assessed in FY 2024
Sexual Harassment
Discrimination at workplace
Child Labour
40.51
Forced Labour/Involuntary Labour
Wages
Others – please specify

5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the
assessments at Question 4 above.

The Company has established a systematic approach to address significant risks / concerns arising from the assessments
at value chain. The approach consists of various initiatives including awareness building among value chain, sharing
best practices on ESG, handholding the selected value chain partners to further improve their ESG performance and
evaluation of ESG performance on defined frequency.

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PRINCIPLE 6 : Businesses should respect and make efforts to protect and restore the environment

Essential Indicators

1. Details of total energy consumption (in Joules or multiples) and energy intensity

Current Financial Previous Financial

Parameter
Year (FY2024) Year(FY2023)
From renewable sources*
Total electricity consumption* (A) (GJ) 97819.48 88191
Total fuel consumption (B) (GJ) 0 0
Energy consumption through other sources (C) (GJ) 0 0
Total energy consumed from renewable sources (A+B+C) (GJ) 97819.48 88191
From non-renewable sources
Total electricity consumption (D) (GJ) 0 0
Total fuel consumption (E) (GJ) 7774.15 8587.4
Energy consumption through other sources (F) (GJ) 0 0
Total energy consumption (D+E+F) (GJ) 7774.15 8587.4
Total energy consumption (A+B+C+D+E+F) (GJ) 105593.63 96778.4
Energy intensity per rupee of turnover (Total energy consumption/ turnover 8.66 9.3
in rupees) (GJ/Cr-H)
Energy intensity per rupee of turnover adjusted for Purchasing Power Parity 0.42 0.4
(PPP) (Total energy consumed / Revenue from operations adjusted for PPP)
Energy intensity in terms of physical output - -
Energy intensity (optional) – the relevant metric may be selected by the entity - -

* Total energy consumed with renewable source consists of renewable energy from solar power, third party PPA & purchasing of International
Renewable Energy Certification(I-REC) equivalent to remaining grid electricity. The electricity consumption for the leased office premises is
estimated based on the headcount and per person electricity consumption.

* The energy attributable to the leased vehicles to the selected employees is not included in these data as the exact data is not available.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.

Yes. Reasonable assurance was carried out by TUV India Pvt, Ltd. (Member of TÜV NORD Group)

2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the performance, achieve,
and trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme
have been achieved. In case targets have not been achieved, provide the remedial action taken if any.

No

3. Provide details of the following disclosures related to water, in the following format:

Current Financial Previous Financial

Parameter
Year (FY2024) Year(FY2023)
Water withdrawal by source* (in kilolitres)
(i) Surface water 71068.65 68123.8
(ii) Groundwater 116975.58 117605.9
(iii) Third-party water (municipal water supplies) 2702.88 2218.2
(iv) Seawater / desalinated water 0 0
(v) Others 1587 811.8
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 192334.11 188759.7
Total volume of water consumption (in kilolitres) 192334.11 188759.7

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Current Financial Previous Financial

Parameter
Year (FY2024) Year(FY2023)
Water intensity per rupee of turnover water consumed / turnover) (KL/Cr-H) 15.78 18.1
Water intensity per rupee of turnover adjusted for Purchasing Power Parity 0.76 0.79
(PPP)(Total water consumed / Revenue from operations adjusted for PPP)
Water intensity in terms of physical output - -
Water intensity (optional) – the relevant metric may be selected by the entity - -

* Water withdrawal for leased office premises has been estimated based on 45 lit/person/day multiplied by the number of working days based on
the guideline provided by Central Ground Water Authority.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.

Yes. Reasonable assurance was carried out by TUV India Pvt, Ltd. (Member of TÜV NORD Group)

4. Provide the following details related to water discharged:

Current Financial Previous Financial

Parameter
Year (FY2024) Year(FY2023)
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
No treatment 0 0
With treatment – please specify level of treatment 0 0
(ii) To Groundwater
No treatment 0 0
With treatment – please specify level of treatment 0 0
(iii) To Seawater
No treatment 0 0
With treatment – please specify level of treatment 0 0
(iv) Sent to third parties
No treatment 0 0
With treatment – please specify level of treatment 0 0
(v) Others
No treatment 0 0
With treatment – please specify level of treatment 5049* 5049*
Total water discharged (in kilolitres) 5049* 5049*

* Leased office: The discharge after the primary treatment (septic tank) has been estimated for its leased office premises.
Note: The company has been maintaining the Zero Liquid Discharge for all of its manufacturing plants.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.

Yes. Reasonable assurance was carried out by TUV India Pvt, Ltd. (Member of TÜV NORD Group)

5. Has the entity implemented a mechanism for zero liquid discharge? If yes, provide details of its coverage and
implementation.

Yes. The Company has achieved Zero Liquid Discharge (ZLD) across its own manufacturing sites. In line with ABB’s
sustainability commitment towards preserving resources, company has provided inhouse efficient Sewage Treatment
Plant and Effluent Treatment Plant to treat wastewater generated from domestic as well as process respectively. The zero
liquid discharge approach in realized through recycling of treated sewage water for gardening and flushing purposes
and reusing the treated process water for the processes within its manufacturing sites.

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6. Please provide details of air emissions (other than GHG emissions) by the entity:

Current Financial Previous Financial

Parameter
Year (FY2024) Year(FY2023)
Nox (Ton)* 0.83 0.82
Sox (Ton)* 0.05 0.05
Particulate matter (PM) (Ton)* 2.89 2.95
Persistent organic pollutants (POP) (Kg) - -
Volatile organic compounds (VOC) (Ton) 21.6 30.55
Hazardous air pollutants (HAP) - -
Others - -
* Previous year data was reported in “Kg/hr (avg. emission per factory)” unit in the BRSR 2023, However, NOx, SOx & PM is now reported in “Ton”
unit for the year 2024 & 2023 in the above table.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.

No.

7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity:

Current Financial Previous Financial

Parameter
Year (FY2024) Year(FY2023)
Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, CO2e:817.58 CO2: 923.1
SF6, NF3, if available) (Tonne CO2e)* SF6: 849.60 SF6: 316.1
HCFC: 521.92 HCFCs: 648.8
Total: 2189.1 Total: 1888
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, 0 0
SF6, NF3, if available)
Total Scope 1 and Scope 2 emissions per rupee of turnover (Ton/Cr-D) 0.179 0.18
(Total Scope 1 and Scope 2 GHG emissions / Revenue from operations)
Total Scope 1 and Scope 2 emission intensity per rupee of turnover adjusted 0.009 0.008
for Purchasing Power Parity (PPP) (Total Scope 1 and Scope 2 GHG emissions /
Revenue from operations adjusted for PPP)
Total Scope 1 and Scope 2 emissions intensity in terms of physical output - -
Total Scope 1 and Scope 2 emissions intensity (optional) – the relevant metric - -
may be selected by the entity

* The Scope-2 Greenhouse gas emission is nullified through procurement of electricity through renewable sources from inhouse solar power, third
party PPA & purchasing of International Renewable Energy Certification(I-REC) in line with the company’s RE100 commitment.
*The GHG emission from the leased vehicles to the selected employees has been estimated based on assumptions.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.

Yes. Reasonable assurance was carried out by TUV India Pvt, Ltd. (Member of TÜV NORD Group)

8. Does the entity have any project related to reducing greenhouse gas emission? If Yes, then provide details.

Yes, in order to contribute towards creating a low carbon society, ABB at group level, has established science-based,
net-zero-aligned targets for 2030 and 2050 to reduce our absolute scope 1 and 2 emissions by at least 80 percent by
2030 and by 100 percent by 2050, versus our 2019 baseline. In order to make ABB a net-zero company, ABB group is also
committed to three initiatives of the Climate Group of global companies. ABB group is aiming towards sourcing 100
percent of its electricity from renewable energy sources (RE100 initiative), improving energy efficiency and productivity
across its operations (EP100 initiative) and electrifying its vehicle fleet (EV100 initiative) to reduce our scope 1 and 2 GHG
emissions by at least 80 percent by 2030. The Company has also adopted national/international frameworks (such as
IGBC/LEED), where 100% of its own factories are certified under green factory building rating system, demonstrating
its strong commitment towards resource conservation including GHG emission reduction.

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In line with the RE100 commitment, the company has realized various renewable energy projects including inhouse solar
panel installations (year on year installed capacity enhancement), procurement of renew-able energy through third party
Power Purchase Agreements (PPAs) & renewable energy certificates which contributed towards eliminating scope-2 GHG
emission from its operations. Under EP100 commitment, several energy efficiency improvement activities have been
carried which include replacing old motors with IE3/IE4 motors, reducing usage artificial lighting with provisions of sky
lighting, provision of energy-efficient lighting, upgrading our HVAC systems to enhance energy efficiency, implementing
the Building Management System (BMS) etc. With electric vehicle chargers strategically deployed across its locations,
the company is actively driving fleet electrification (EV100) to reduce its fleet related greenhouse gas emission.

9. Provide details related to waste management by the entity, in the following format:

Current Financial Previous Financial

Parameter
Year (FY2024) Year(FY2023)
Total waste generated (in metric tonnes)*
Plastic waste (A) 276.07 173.5
E-waste (B) 68.3 81.7
Bio-medical waste (C) 0.089 0.08
Construction and demolition waste (D) 1209.67 0
Battery waste (E) 2.04 15.8
Radioactive waste (F) 0 0
Other Hazardous waste. Please specify, if any. (G) 198.30 171.7
Other Non-hazardous waste generated (H). Please specify, if any. 5092.17 4089
(Break-up by composition i.e. by materials relevant to the sector)
Total (A+B + C + D + E + F + G + H) 6846.66 4532.6
Waste Intensity per rupee of turnover (Total waste generated/ Revenue from 0.56 0.43
operations) (Ton/Crores-H)
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity 0.027 0.019
(PPP) (Total waste generated/ Revenue from operations adjusted for PPP
Waste intensity in terms of physical output - -
Waste intensity (optional) – the relevant metric may be selected by the entity - -
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
(i) Recycled 6570.64 4328.2
(ii) Re-used 0.00 0
(iii) Other recovery operations 201.24 48.8
Total 6771.88 4377
For each category of waste generated, total waste disposed of by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration 2.60 138.1
(ii) Landfilling 72.18 17.4
(iii) Other disposal operations 0.00 0
Total 74.78 155.6
* Waste generation from leased office premises has been estimated based on headcount derived from one of its Faridabad office data.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.

Yes. Reasonable assurance was carried out by TUV India Pvt, Ltd. (Member of TÜV NORD Group)

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10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by
your company to reduce the usage of hazardous and toxic chemicals in your products and processes and the practices
adopted to manage such wastes.

The company has been working towards embedding circularity across its operations, products & solution as well as value
chain based on its commitment towards resource preservation as per ABB Group's 2030 sustainability targets. Across its
manufacturing operations, the Company has established a comprehensive waste management system with systematic
5R approach namely, Refuse, Reduction, Recyclability, Reuse and Recovery of energy from waste. A clear guideline is
also in place to ensure the compliance with the legal requirements in terms of segregation, storage, transportation and
disposal of waste. In line with the “Zero Waste to Landfill”, the company has taken various measures to enhance waste
management system such reduction of Non-hazardous/hazardous waste generation, diverting waste away from landfill
and disposing through waste to energy process etc. Till 2024, 50% of company’s own manufacturing sites have been
certified on “Zero waste to Landfill” by external party by achieving >99% of waste diversion rate at these sites.

In line with ABB’s sustainability commitment & regulatory requirements globally, ABB continues to remove hazardous
substances including Substance of concern (SOC) from its products, processes and supply chain. The company has
a clearly defined list of Prohibited and Restricted Substances which helps to reducing and, where possible, eliminate
hazardous materials from all its operations, including procurement, product development, production processes,
products, packaging materials, etc. ABB has defined General Terms and Conditions for suppliers along with Supplier
Code of Conduct to cover prohibited and restricted substances in the context of regulatory compliance.

11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones, etc.) where environmental
approvals/clearances are required, please specify details in the following format:

Whether the conditions of environmental approval /

Location of operations/offices Type of operations clearance are being complied with? (Y/N) If no, the
reasons thereof and corrective action taken, if any.
Not Applicable Not Applicable Not Applicable

12. Details of Environmental Impact Assessments of projects undertaken by the entity based on applicable laws, in the
current financial year:

Results
Whether conducted by
Name and brief EIA Notification communicated in
Date independent external Relevant Web link
details of project No. public domain
agency (Yes / No)
(Yes / No)
- - - No No -

13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water
(prevention and control of pollution) Act, Air (prevention and control of pollution) Act, Environment Protection Act,
and rules there under (Y/N). If not, provide details of all such non-compliances:

Specify the law / regulation Any fines / penalties / action taken by

Provide details of the Corrective action
/ guidelines which was not regulatory agencies such as pollution
non-compliance taken, if any
complied with control boards or by courts
Not Applicable Not Applicable - -

Leadership Indicators

1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):

For each facility / plant located in areas of water stress, provide the following information:

(i) Name of the area : Bangalore (Rural & Urban), Faridabad, Vadodara & Nashik

(ii) Nature of operations: Aassembly

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(iii) Water withdrawal, consumption and discharge in the following format:

Current Financial Previous Financial

Parameter
Year (FY2024) Year(FY2023)
Water withdrawal by source (in kilolitres)
(i) Surface water 71068.65 68123.8
(ii) Groundwater 116975.58 117605.9
(iii) Third party water 2702.88 2218.2
(iv) Seawater / desalinated water 0 0
(v) Others 1587 811.8
Total volume of water withdrawal (in kilolitres) 192334.11 188759.7
Total volume of water consumption (in kilolitres) 192334.11 188759.7
Water intensity per rupee of turnover (Water consumed / turnover) 15.78 18.1
Water intensity (optional) – the relevant metric may be selected by the 0.76 0.79
entity
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water
No treatment 0 0
With treatment – please specify level of treatment 0 0
(ii) Into Groundwater
No treatment 0 0
With treatment – please specify level of treatment 0 0
(iii) Into Seawater
No treatment 0 0
With treatment – please specify level of treatment 0 0
(iv) Sent to third parties
No treatment 0 0
With treatment – please specify level of treatment 0 0
(v) Others
No treatment 0 0
With treatment – please specify level of treatment 5049* 5049*
Total water discharged (in kilolitres) 5049* 5049*

* Leased office: The discharge after the primary treatment (septic tank) has been estimated for its leased office premises.
Note: The company has been maintaining the Zero Liquid Discharge for all of its manufacturing plants.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.

Yes. Reasonable assurance was carried out by TUV India Pvt, Ltd. (Member of TÜV NORD Group)

2. Please provide details of total Scope 3 emissions & their intensity:

Current Previous
Parameter Financial Financial
Year (FY2024) Year(FY2023)
Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, 17,626.04 17,964.92*
SF6, NF3, if available) (KTon CO2e)
Total Scope 3 emissions per rupee of turnover (KTon CO2e/Cr-D) 1.45 1.72
Total Scope 3 emission intensity (optional) – the relevant metric may be selected - -
by the entity

*Scope 3 emissions baseline has been adjusted due to product portfolio and applied technical parameters refinement. In one business, the
baseline was revisited as one business activity was deemed not representative for the year.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.

No.

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3. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and
remediation activities.

Not Applicable

4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency, or reduce impact due to emissions / effluent discharge/waste generated, please provide details of the
same as well as the outcome of such initiatives:

Details of the initiative (Web-link, if any, may

Initiative undertaken Outcome of the initiative
be provided along-with summary)
Strengthening RE100 (100% renewable Additional 200 KWp capacity installation at Greenhouse gas reduction
electricity) commitment with additional Faridabad factory whereas 100 KWp solar
solar panel installation at company’s installation in Faridabad office
factory and office
Driving EP100 (100% energy Installation of BMS (Building Management Energy productivity
productivity) based activity across System) for additional buildings across ABB enhancement (energy
factories factories, replacement of old HVACs system consumption reduction)
with energy efficient HVAC systems system
etc.
Realizing Zero waste to landfill goal at Implementation of 5R approach (refuse, Enhanced circularity in
additional 2 nos. of factories reduce, reuse, recycle & recovery), helped operation
company to enhance waste diversion rate Along with resource
above >99% conservation
Enhancing sustainable packaging for Enhanced sustainable packaging in product Enhanced circularity in
the products packaging through, operation
- Usage of recycled content in the plastic Along with resource
packaging for certain products (instead conservation
of virgin packaging materials)
- Reduction of plastic usage in product
packaging
Strengthening “water positivity” - Enhancing rainwater harvesting (mainly Water footprint reduction
approach through 6R initiatives roof top water collection) and usage of
the same for domestic purpose
- Enhancing water recyclability to reduce
freshwater consumption

5. Does the entity have a business continuity and disaster management plan?

Yes. The Crisis Management plan is in place to ensure uninterrupted operations during and after disruptive events
such as natural disasters, technical failures, or political unrest. The plan outlines clear procedures for responding to
emergencies, minimizing downtime, and safeguarding resources. To meet the organizational continuity objective, ABB
has made significant efforts towards Crisis Management and resilience planning to ensure effective response, prioritized
recovery of time-sensitive operations and mitigation of potential business continuity risks.

Being a manufacturing Company, there is a potential that our operations may be affected due to core technical risks
materializing in the environment like technology failures, supply chain gaps, natural calamities, civil disturbances, cyber
attacks etc. We have also started integrating climate change risks into each of these dimensions and ABB business
continuity/ /contingency plans. The crisis management plan is guided by the ABB Country Management, led by Country
Task Force (CTF), and is based on ABB global best practices and in alignment to the ABB way. The Country Leadership
team, business and functional heads have been trained and rehearsed in the nuances of how to deal with a disaster/
crisis. Location teams have similarly been trained and rehearsed to respond to emergencies to ensure minimum
disruption/ impact to people and operations.

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6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation
or adaptation measures have been taken by the entity in this regard.

The Company has established a systematic approach to address significant risks / concerns arising from the assessments
at value chain. The approach consists of various initiatives including awareness building among value chain, sharing
best practices on ESG, handholding the selected value chain partners to further improve their ESG performance and
evaluation of ESG performance on defined frequency.

7. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental
impacts.

40.51%

PRINCIPLE 7 : Businesses, when engaging in influencing public and regulatory policy, should do so in
a manner that is responsible and transparent

Essential Indicators

1. a. Number of affiliations with trade and industry chambers/ associations.

The Company is a member or / affiliated to 7 chambers/associations.

b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such a
body) the entity is a member of/ affiliated to.

Reach of trade and industry chambers/

Name of the trade and industry chambers/ associations
associations (State/National)
Confederation of Indian Industries (CII) National
Indian Electrical & Electronics Manufacturers’ Association (IEEMA) National
Swedish Chamber of Commerce in India (SCCI) National
Swiss India Chamber of Commerce (SICC) National
Alliance for an Energy Efficiency Economy National
Federation of Karnataka Chambers of Commerce & Industry State
Bangalore Chamber of Industry and Commerce State

2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity,
based on adverse orders from regulatory authorities.

Name of authority Brief of the case Corrective action taken

NIL NIL NIL

Leadership Indicators

1. Details of public policy positions advocated by the entity:

Whether Frequency of Review

Method resorted for information by Board (Annually/ Web Link, if
Public policy advocated
such advocacy available in public Half yearly/ Quarterly / available
domain? (Yes/No) Others – please specify)
QCOs on BIS certification This is ongoing post - NIL https://
policy for Indian made low our representation [Link]/;
voltage and medium voltage as one of the 12 [Link]
electrification equipment members of IEEMA swedishchamber.
like switchgears, vacuum or Swedish Chamber in/
interrupters and products for interaction with
under IEC 60947including Ministry of Heavy
those in industrial applications Industries

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Whether Frequency of Review

Method resorted for information by Board (Annually/ Web Link, if
Public policy advocated
such advocacy available in public Half yearly/ Quarterly / available
domain? (Yes/No) Others – please specify)
Energy Efficiency in buildings A not-for-profit - NIL [Link]
and industry organization Alliance [Link]
for Energy Efficient energye
Economy and ABB fficiencymov
and the industry’s [Link]/
global Energy
Efficiency Movement
representing various
industry members,
customers, partners.
Creating awareness
in Industry as well
as working closely
with regulatory
authorities.
Clarification of GIS and Hybrid We gave our reply Yes NIL [Link]
GIS Switchgears through a letter on [Link]/whats-
the clarification new/?lang=en
sought by the
Cen-tral Electricity
Authority about
GIS and Hybrid GIS
Switchgears

PRINCIPLE 8 : Businesses should promote inclusive growth and equitable development

Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year.

Whether conducted Results

Name and brief SIA Notification Date of by independent communicated in Relevant Web
details of project No. notification external agency (Yes public domain link
/ No) (Yes / No)
- - - - - -

2. Provide information on the project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
by your entity:

Name of Project No. of Project Amounts paid to

% of PAFs covered
for which R&R is State District Affected Families PAFs in the FY
by R&R
ongoing (PAFs) (In H)
NA NA NA NA NA NA

3. Describe the mechanisms to receive and redress grievances of the community.

ABB Business Ethics Helpline, which was introduced in 2006, provides all ABB employees and stakeholders, worldwide,
with a means to report suspected violations of the ABB Code of Conduct, Supplier Code of Conduct, and applicable laws
including for external stakeholders. This channel provides a reporting platform for internal and external stakeholders
including the local communities to report grievances related to ‘Ethics and Compliance’, fraud, misconduct, corruption,

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financial issues, conflicts of interest, insider trading or antitrust regulations, theft, embezzlement, ‘Employee relations’
and human resources issues, such as harassment, discrimination, improper workplace conduct or immigration issues,
loss prevention and asset protection, workplace violence and alcohol/drug abuse, environment, conflict minerals, health
and safety, such as occupational health and safety violation etc.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

Current Financial Previous Financial

Year (FY2024) Year(FY2023)
Directly sourced from MSMEs/ small producers 11 21
Directly from within India 79 81

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed
on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost

Current Financial Previous Financial

Location
Year (FY2024) Year(FY2023)
Rural - 0
Semi-urban 17.67 16.68
Urban 17.61 16.54
Metropolitan 64.72 66.68

Leadership Indicators

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above):

Details of negative social impact identified Corrective action taken

- -

2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as
identified by government bodies:

State Aspirational District Amount spent (In H)

- - -

3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalized /vulnerable groups? (Yes/No)

No

(b) From which marginalized /vulnerable groups do you procure?

Not applicable

(c) What percentage of total procurement (by value) does it constitute?

Not applicable

4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the
current financial year), based on traditional knowledge:

Intellectual Property based Benefit shared (Yes / No) Basis of calculating benefit
Owned/ Acquired (Yes/No)
on traditional knowledge share
- - - -

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5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes
wherein usage of traditional knowledge is involved.

Name of authority Brief of the Case Corrective action taken

- - -

6. Details of beneficiaries of CSR projects:

No. of persons benefitted % of beneficiaries from vulnerable and

CSR Project
from CSR Projects marginalized groups
Women engineering scholarship program for 200 100
meritorious and deserving selected women
Public road upgradation project, Nashik 100000 80
Waste management- Himalayan Region with 10000 100
collection, segregation and processing at a set up
Material Recovery centre
Mobile healthcare facilities for communities 280000 100

For more details, please refer the CSR detailed report (Annexure-H)

PRINCIPLE 9 : Businesses should engage with and provide value to their consumers in a responsible
manner

Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

Company has a well-structured system for receiving and addressing customer complaints and feedback. Some of the
channels are;

(a) “Contact us” form available 24/7 on the web pages of the Company’s product, system and service offerings.

(b) Contact Center, available during normal business hours on weekdays and accessible via dedicated toll-free telephone
number, email and live agent chat.

(c) Customer satisfaction surveys communicated periodically.

(d) Customer and business partner meetings and events.

(e) The sales and service representatives of the company are in continual touch with customers to receive complaints
or feedback in person or through phone and other means.

Additionally, the Customer Care Response Process (CCRP) and other tools provides a systematic approach to resolving
issues, focusing on root cause analysis and sustainable solutions. This proactive and organized approach contributes to
maintaining customer satisfaction and trust.

2. Turnover of products and/or services as a percentage of turnover from all products/services that carry information
about:
As a % to total turnover
Environmental and social parameters relevant to the product
Safe and responsible usage 100
Recycling and/or safe disposal

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3. Number of consumer complaints in respect of the following:

Current Financial Previous Financial

Year (FY2024) Year (FY2023)
Category Receive Pending Remarks Received Pending Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy 0 0 2 0 -
Advertising 0 0 0 0 -
Cyber-security 0 0 0 0 -
Delivery of essential 0 0 0 0 -
services
Restrictive trade practices 0 0 1 0 -
Unfair trade practices 0 0 0 0 -
Other* 1325 79 Complaints 6191 - Complaints
related to the related to the
Company’s Company’s
products, products,
systems and systems and
services services

* The complaints have been registered through CCRP (Customer Care Response Process) of ABB

4. Details of instances of product recalls on account of safety issues.

Location Number Reasons for Recall

Voluntary Recalls 0 -
Forced Recalls 0 -

5. Does the entity have a framework/policy on cyber security and risks related to data privacy? If available, provide a
web link to the policy.

Yes. The entity has a comprehensive framework/policy on cyber security and risks related to data privacy.

- Please refer the link on cyber security: [Link] a

- Please refer the link on Data privacy: [Link]

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty/action
taken by regulatory authorities on the safety of products/services.

There were no customer complaints / issues identified in relation to the areas mentioned above. Customer complaints /
issues pertaining to the Company’s products, systems and services were addressed systematically and in a timely manner

7. Provide the following information relating to data breaches:

a. Number of instances of data breaches 0

b. Percentage of data breaches involving personally identifiable 0
information of customers
c. Impact, if any, of the data breaches Not applicable as there is no data breach

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Leadership Indicators

1. Channels/platforms where information on products and services of the entity can be accessed.

Please refer the link here: [Link]

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.

The company has provided various product manuals, literature and videos including online relevant description for the
safe and responsible usage of the Company’s products, systems and services. There is a frequent engagement activity
with the customers to deliberate on the various products and service along with solutions to address the customer’s
requirements, including the customers’ need to become more sustainable, achieve greater efficiency, preserve resources
and reduce GHG emissions. There are technical domain experts from the company side to guide and share advice with
customers through varied channels and in different forums, including trade shows, customer connect programs, service
events, technology days, key account manager relationships, webinars, training sessions, blogs and articles published in
trade journals.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

The Company is not directly engaged in providing essential services (based on essential service definition given in The
Essential Services Maintenance Act, 1981). At the same time, the Company always maintains continual communication
with its customers, to identify problems before they become serious, allowing both parties to work towards mutually
beneficial solutions.

4. Does the entity display product information on the product over and above what is mandated as per local laws?
(Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer
satisfaction relating to the major products / services of the entity, significant locations of operation of the entity or
the entity as a whole? (Yes/No)

Yes, apart from the mandated declarations, the company provides additional information which are on the products/
labels (e.g. EcoSolutions™ label) which provide full transparency into environmental im-pacts across the entire product
lifecycle, through a third-party verified environmental product declaration (EPD).

The company also carries out survey with regard to consumer satisfaction relating to the major products / services. The
Company has implemented the Net Promoter Score (NPS) survey methodology to know how the Company is perceived
by its customers. NPS is both a loyalty metric and a discipline for using customer feedback to aid sustainable growth
of the Company.

195
ABB India Limited | Integrated Annual Report 2024

Links to ABB and Company’s

Key Policies and Programs
Sustainability (ABB Group)
[Link]

ABB Policy on Health, Safety, Environment, Security and Sustainability (ABB Group)
[Link]

HSE Policy (Company)

[Link]

Social Policy (ABB Group)

[Link]

Human Rights Policy & Statement (ABB Group)

[Link]

Corporate Social Responsibility Policy (Company)

[Link]

Prevention of Sexual Harassment of Women at the Workplace Policy (Company)

[Link]
[Link]

Code of Conduct (ABB Group)

[Link]
PartId=&Action=Launch

Supplier Code of Conduct (ABB Group)

[Link]

Sustainable Supply Base Management Program (SSBM) (ABB Group)

[Link]

Corporate Governance (Company)

[Link]

Integrity Program (ABB Group)

[Link]

ABB Equal employment Policy (ABB Group)

[Link]

196
Independent Assurance Statement
To the Directors and Management
ABB India Limited (ABB),
“Disha”, Corporate Office, 3rd Floor Plot No. 5 & 6,
2nd Stage, Peenya Industrial Area IV, Peenya,
Bengaluru - 560 058, Karnataka, India

ABB India Limited (ABB) (hereafter 'ABB') commissioned TUV India Private Limited (TUVI) to conduct independent external assurance of
BRSR Core disclosures (09 attributes as per Annexure I - Format of BRSR Core) following the (BRSR Core –Framework for assurance and ESG disclosures
for value chain stipulated in SEBI circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, dated 12/07/2023 and Industry Standards on Reporting of BRSR Core,
circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177, dated 20/12/2024). ABB developed Business Responsibility and Sustainability Report
(hereinafter 'the BRSR') for the period January 01, 2024 to December 31, 2024. The BRSR is based on the National Guidelines on Responsible
Business Conduct (NGRBC), SEBI circular: SEBI/HO/CFD/CMD-2/P/CIR/2021/562, dated 10/05/2021 followed by the notification number SEBI/LAD-
NRO/GN/2023/131, dated 14/06/2023 pertaining to BRSR requirement. This assurance engagement was conducted in reference with BRSR, the
terms of our engagement and ISAE 3000 (Revised) requirement.
Management's Responsibility
ABB developed the BRSR’s content pertaining to the Core disclosures (09 attributes as per Annexure I - Format of BRSR Core). ABB
management is responsible for carrying out the collection, analysis, and disclosure of the information presented in the BRSR (web-based
and print), including website maintenance, integrity, and for ensuring its quality and accuracy in reference with the applied criteria stated
in the BRSR, such that it’s free of intended or unintended material misstatements. ABB will be responsible for archiving and reproducing
the disclosed data to the stakeholders and regulators upon request.
Scope and Boundary
The scope of work includes the assurance of the following 09 attributes as per Annexure I - Format of BRSR Core disclosed in the BRSR report. The
BRSR core requirements encompass essential disclosures pertaining to organization’s Environmental, Social and Governance (ESG). In
particular, the assurance engagement included the following:
i. Review of 09 attributes as per Annexure I - Format of BRSR Core submitted by ABB,
ii. Review of the quality of information,
iii. Review of evidence (on a random samples) for all 9 attributes and its KPI
TUVI has verified the below 09 attributes as per Annexure I - Format of BRSR Core disclosed in the BRSR
Attributes KPI
Green-house gas (GHG) Total Scope 1 emissions (with breakup by type) - GHG (CO2e) Emission in MT - Direct emissions from organization’s
footprint owned- or controlled sources – Monitored
Total Scope 2 emissions in MT - Indirect emissions from the generation of energy that is purchased from a utility
provider – renewable energy and IREC equivalent to gird electricity are purchased
GHG Emission Intensity (Scope 1+2), Total Scope 1 and Scope 2 emissions (MT) / Total Revenue from Operations
adjusted for PPP – Calculated
GHG Emission Intensity (Scope 1+2), (Total Scope 1 and Scope 2 emissions (MT) /Total output of Product or Services-
Not applicable and hence not reported
Water footprint Total water consumption (in kL) – Monitored and estimated
Water consumption intensity - kL / Total Revenue from Operations adjusted for PPP – Calculated
Water consumption intensity - kL / Total output of Product or Services-Not applicable and hence not reported
Water Discharge by destination and levels of Treatment (kL) – Calculated based on estimated values
Energy footprint Total energy consumed in GJ – calculated on measured for owned premised and estimates for leased offices
% of energy consumed from renewable sources - In % terms - Monitored
Energy intensity -GJ/ Rupee adjusted for PPP – Calculated
Energy intensity -GJ/ Total output of Product or Services-Not applicable and hence not reported
Embracing circularity - details Plastic waste (A) – Monitored, E-waste (B) – Monitored, Bio-medical waste (C) – Monitored, Construction and
related to waste management demolition waste (D) – Monitored, Battery waste (E) – Monitored, Radioactive waste (F) – NA
by the entity Other Hazardous waste (G) – see the list below
Paint Sludge , Chemical Sludge, Paint residue , Discarded Containers/barrel , Used Oil , Acid residue , Alkali residue,
Process residues Silicone Waste , Chemical/paint cans, Spent Ion Exchange Resins , Chemical Sludge from ETP , Waste &
Residues Containing Oil including oil filters Gypsum waste, Glass wool – Monitored
Other Non-hazardous waste generated (H) – see the list below
Food waste , Garden waste, Paper/paper boards/ carton boxes , STP sludge , Wood , Glass , Ferrous , Non-Ferrous metal
{Copper, Aluminium} , Release paper, waste tissue paper/garbage
Total waste generated (A +B + C + D + E + F + G + H) in MT
Waste intensity

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 • MT / Rupee adjusted for PPP – Calculated
• MT / Total output of Product or Services-Not applicable and hence not reported
Each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (MT)
- Monitored
Each category of waste generated, total waste recovered through recycling, re-using or other recovery operations
(Intensity), kg of Waste Recycled Recovered /Total Waste generated - Calculated
For each category of waste generated, total waste disposed by nature of disposal method (MT)
For each category of waste generated, total waste disposed by nature of disposal method (Intensity)
✓ kg of Waste Recycled Recovered /Total Waste generated - Calculated
Enhancing Employee Spending on measures towards well-being of employees and workers – cost incurred as a % of total revenue of the co
Wellbeing and Safety - In % terms – Monitored and calculated
Details of safety related incidents for employees and workers (including contract-workforce e.g. workers in the
company's construction sites)
1) Number of Permanent Disabilities – Monitored
2) Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked) – Monitored
3) No. of fatalities – Monitored
Enabling Gender Diversity in Gross wages paid to females as % of wages paid - In % terms – Calculated
Business Complaints on POSH 1) Total Complaints on Sexual Harassment (POSH) reported – Monitored
2) Complaints on POSH as a % of female employees / workers – Monitored
3) Complaints on POSH upheld – Monitored
Enabling Inclusive Input material sourced from following sources as % of total purchases – Directly sourced from MSMEs/ small producers
Development and from within India - In % terms – As % of total purchases by value – Monitored
Job creation in smaller towns – Wages paid to persons employed in smaller towns (permanent or non-permanent /on
contract) as % of total wage cost - In % terms – As % of total wage cost – Monitored
Fairness in Engaging with Instances involving loss / breach of data of customers as a percentage of total data breaches or cyber security events -
Customers and Suppliers In % terms – Monitored
Number of days of accounts payable - (Accounts payable *365) / Cost of goods/services procured - Calculated
Open-ness of business Concentration of 1) Purchases from trading houses as % of total purchases
purchases & sales 2) Number of trading houses where purchases are made from
done with trading 3) Purchases from top 10 trading houses as % of total purchases from trading houses
houses, dealers, and 1) Sales to dealers / distributors as % of total sales
related parties Loans 2) Number of dealers / distributors to whom sales are made
and advances & 3) Sales to top 10 dealers / distributors as % of total sales to dealers / distributors
investments with Share of RPTs (as respective %age) in -
related parties • Purchases, Sales, Loans & advances, Investments

Notes:
Energy and water for leased offices: There were 26 leased offices during the reporting year. The electricity consumption for 16 leased offices
is estimated as 1000 kWh per person per year multiplied by number of head-count in the office. Accordingly, the I-REC are purchased for the
entire population. The data attributable to leased vehicle to employee is not part of disclosure as it is not possible to monitor exact fuel
consumption. However, the GHG emissions are estimated based of assumed vehicle km usage. Water consumption- For all leased offices,
the CGWA estimate of 45 lit/person/day multiplied by the number of working days is applied to report water withdrawal. Same withdrawal
quantity is taken as water discharge after the primary treatment (septic tank) for all leased offices (except 7 nos. of offices which are zero
discharge).
Waste: The data of total waste recovered through recycling, re-using or other recovery operations or total waste disposed by nature of
disposal method could be assessed based on interviews and sample records as presented during the onsite visit. The waste quantification
for the leased offices is calculated based on specific waste generation based on headcount derived from Faridabad office data.
The reporting boundaries includes 07 manufacturing facilities, 01 Corporate Office and 27 offices. The boundary includes Manufacturing
facility at Peenya (Bangalore), Nelamangala (Bangalore), Faridabad, Vadodara, Nashik (Plant 1, 2 and 3). Set of on-site and remote
verifications were conducted at
Onsite Verification
1. ABB India Limited, #4A, 5 & 6 2nd Phase, Peenya Industrial Estate, 560058 Bangalore, Karnataka, India for dates 20-21 January 2025,
2. ABB India Limited, 88/3-88/6 Basavanahalli Village, Kasaba Hobli, Nelamangala, Bangalore North, 562123 Bangalore, Karnataka, India
on date 22 January 2025.
Remote Verification
1. ABB India Limited, 32 Industrial Area, Plot No - 32, NIT, 121001 Faridabad, Haryana, India for dates 23-24 January 2025,
2. ABB India Limited, Maneja Village, Vadodara, 390013 Vadodara, Gujarat, India for dates 23-24 January 2025,
3. ABB India Limited, Plant 1 - Plot No. 79, Street no. 17, M.I.D.C, Satpur Industrial Area, Nashik, Maharashtra, 422007, India for dates
23-24 January 2025,
4. ABB India Limited, Plant 2 - Plot No. 34, Satpur M.I.D.C Area, Opposite BSNL Office, Satpur Industrial Area, Nashik, Maharashtra,
422007, India for dates 23-24 January 2025,
5. ABB India Limited, Plant 3 - Plot No. B-81, M.I.D.C. Ambad, Nashik, Maharashtra, 422010, India for dates 23-24 January 2025,
6. ABB India Limited, Plot No-14 Mathura Road Faridabad-121003, India for dates 23-24 January 2025.
The assurance activities were carried out together with a desk review of entire plants and offices as per reporting boundary.

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Limitations
TUVI did not perform any assurance procedures on the prospective information disclosed in the Report, including targets, expectations, and
ambitions. Consequently, TUVI draws no conclusion on the prospective information. During the assurance process, TUVI did not come across
any limitation to the agreed scope of the assurance engagement. TUVI did not verify any ESG goals and claim through this assignment. TUVI
verified data on a sample basis; the responsibility for the authenticity of data entirely lies with ABB. Any dependence of person or third party
may place on the BRSR Report is entirely at its own risk. TUVI has taken reference of the financial figures from the audited financial reports.
ABB will be responsible for the appropriate application of the financial data. The application of this assurance statement is limited w.r.t SEBI
circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, dated Jul 12, 2023 and Industry Standards on Reporting of BRSR Core, circular SEBI/HO/CFD/CFD-PoD-
1/P/CIR/2024/177, dated 20/12/2024). This assurance statement does not endorse any environmental and social claims (related to the product,
manufacturing process, packaging, disposal of product etc.) as well as advertisements by the reporting organization. TUVI does not permit
use of this statement for Greenwashing or misleading claims.
Our Responsibility
TUVI's responsibility in relation to this engagement is to perform a reasonable level of assurance and to express a conclusion based on the
work performed. Our engagement did not include an assessment of the adequacy or the effectiveness of ABB's strategy, management of
ESG-related issues or the sufficiency of the Report against BRSR reporting principles, other than those mentioned in the scope of the
assurance. TUVI's responsibility regarding this verification is in reference to the agreed scope of work, which includes assurance of non-
financial quantitative and qualitative information (09 attributes as per Annexure I - Format of BRSR Core) disclosed by ABB. Reporting Organization
is responsible for archiving the related data for a reasonable time period. The intended users of this assurance statement are the
management of ‘ABB’. The data is verified on a sample basis, the responsibility for the authenticity of data lies with the reporting
organization. Reporting Organization is responsible for archiving the related data for a reasonable time period. TUVI expressly disclaims any
liability or co-responsibility 1) for any decision a person or entity would make based on this assurance statement and 2) for any damages in
case of erroneous data is reported. This assurance engagement is based on the assumption that the data and information provided to TUVI
by ABB are complete and true.
Verification Methodology
During the assurance engagement, TUVI adopted a risk-based approach, focusing on verification efforts with respect to disclosures. TUVI
has verified the disclosures and assessed the robustness of the underlying data management system, information flows, and controls. In
doing so:
a) TUVI examined and reviewed the documents, data, and other information made available by ABB for non-financial 09 attributes as per
Annexure I - Format of BRSR Core (non-financial disclosures)
b) TUVI conducted interviews with key representatives, including data owners and decision-makers from different functions of ABB
c) TUVI performed sample-based reviews of the mechanisms for implementing the sustainability-related policies and data management
(qualitative and qualitative)
d) TUVI reviewed the adherence to reporting requirements of "BRSR”
Opportunities for Improvement
The following are the opportunities for improvement reported to ABB. However, they are generally consistent with ABB management's
objectives and programs. ABB already identified below topics and Assurance team endorse the same to achieve the Sustainable Goals of
organization.
i. ABB can develop the SOP for reporting the 09 CORE attributes
ii. ABB may conduct the formal internal audit procedure for verifying BRSR data on periodic basis
iii. ABB may encourage to monitor the chain of custody for suppliers who are not directly recycling the non-hazardous waste
iv. ABB may plan to monitor all categories of indirect GHG emissions as per ISO 14064-1
v. ABB may opt for ISO 27001:2022 - Information security, cybersecurity and privacy protection — Information security management
systems — Requirements
Conflict of Interest
In the context of BRSR requirements set by SEBI, addressing conflict of interest is crucial to maintain high integrity and independence of
assurance engagements. As per SEBI guidelines, assurance providers need to disclose any potential conflict of interest that could
compromise the independence or neutrality of their assessments. TUVI diligently identifies any relationships, affiliations, or financial
interests that could potentially cause conflict of interest. We proactively implement measures to mitigate or manage these conflicts,
ensuring independence and impartiality in our assurance engagements. We provide clear and transparent disclosures about any identified
conflicts of interest in our assurance statement. We recognize that failure to address conflict of interest adequately could undermine the
creditability of the assurance process and the reliability of the reported information. Therefore, we strictly adhere to SEBI guidelines and
take necessary measures to avoid, disclose, or mitigate conflicts of interest effectively.
Our Conclusion
In our opinion, based on the scope of this assurance engagement, the disclosures on BRSR Core KPI described in the BRSR report along with
the referenced information provides a fair representation of the 9 attributes, and meets the general content and quality requirements of
the BRSR. TUVI confirms its competency to conduct the assurance engagement for the BRSR as per SEBI guidelines. Our team possesses
expertise in ESG verification, assurance methodologies, and regulatory frameworks. We ensure independence, employ robust
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methodologies, and maintain continuous improvement to deliver reliable assessments.
Disclosures: TUVI is of the opinion that the reported disclosures generally meet the BRSR requirements. ABB refers to general disclosure to
report contextual information about ABB, while the Management & Process disclosures the management approach for each indicator (09
attributes as per Annexure I - Format of BRSR Core).

Reasonable Assurance: As per SEBI reasonable assurance requirements including scope of Assurance, Assurance methodologies (risk- based
approach and data validation techniques), mitigating conflicts of interests, documentation on evidence and communication on findings,
TUVI can effectively validate the accuracy and reliability of the information presented in the BRSR, instilling confidence in stakeholders and
promoting transparency and credibility in ESG reporting practices.
BRSR complies with the below requirements
a) Governance, leadership and oversight: The messages of top management, the business model to promote inclusive growth and
equitable development, action and strategies, focus on services, risk management, protection and restoration of environment, and
priorities are disclosed appropriately.
b) Connectivity of information: ABB discloses 09 attributes as per Annexure I - Format of BRSR Core and their inter-relatedness and
dependencies with factors that affect the organization’s ability to create value over time.
c) Stakeholder responsiveness: The Report covers mechanisms of communication with key stakeholders to identify major concerns to
derive and prioritize the short, medium and long-term strategies. The Report provides insights into the organization's relationships
(nature and quality) with its key stakeholders. In addition, the Report provides a fair representation of the extent to which the
organization understands, takes into account and responds to the legitimate needs and interests of key stakeholders.
d) Materiality: The material issues within 9 attributes and corresponding KPI as per BRSR requirement are reported properly.
e) Conciseness: The Report reproduces the requisite information and communicates clear information in as few words as possible. The
disclosures are expressed briefly and to the point sentences, graphs, pictorial, tabular representation is applied. At the same time,
due care is taken to maintain continuity of information flow in the BRSR.
f) Reliability and completeness: ABB has established internal data aggregation and evaluation systems to derive the performance. ABB
confirms that, all data provided to TUVI, has been passed through QA/QC function. The majority of the data and information was
verified by TUVI's assurance team (on sample basis) during the BRSR verification and found to be fairly accurate. All data, is reported
transparently, in a neutral tone and without material error.
g) Consistency and comparability: The information presented in the BRSR is on yearly basis. and found reliable and complete manner.
Thus, the principle of consistency and comparability is established.
Independence and Code of Conduct: TUVI follows IESBA (International Ethics Standards Board for Accountants) Code which, adopts a
threats and safeguards approach to independence. We recognize the importance of maintaining independence in our engagements and
actively manage threats such as self-interest, self-review, advocacy, and familiarity. The assessment team was safeguarded from any type
of intimidation. By adhering to these principles, we uphold the trust and confidence of our clients and stakeholders. In line with the
requirements of the SEBI circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, dated 12/07/2023 and Industry Standards on Reporting of BRSR Core, circular
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177, dated 20/12/2024.
TUVI solely focuses on delivering verification and assurance services and does not engage in the sale of service or the provision of any non-
audit/non-assurance services, including consulting.
Quality control: The assurance team complies with quality control standards, ensuring that the engagement partner possesses requisite
expertise and the assigned team collectively has the necessary competence to perform engagements in reference with standards and
regulations. Assurance team follows the fundamental principles of integrity, objectivity, professional competence, due care, confidentiality
and professional behaviour. In accordance with International Standard on Quality Control, TUVI maintains a comprehensive system of
quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and
applicable legal and regulatory requirements.
Our Assurance Team and Independence
TUVI is an independent, neutral third-party providing ESG Assurance services with qualified environmental and social specialists. TUVI states
its independence and impartiality and confirms that there is "no conflict of interest" with regard to this assurance engagement. In the
reporting year, TUVI did not work with ABB on any engagement that could compromise the independence or impartiality of our findings,
conclusions, and observations. TUVI was not involved in the preparation of any content or data included in the BRSR, with the exception of
this assurance statement. TUVI maintains complete impartiality towards any individuals interviewed during the assurance engagement.
For and on behalf of TUV India Private Limited

Manojkumar Borekar Date: 18/02/2025

Product Head – Sustainability Assurance Service Place: Mumbai, India
TUV India Private Limited Project Reference No: 8123443859
Revision:01

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 Financial Statements

Independent Auditor’s Report

To
The Members of
ABB India Limited

Report on the Audit of the Financial Statements

other comprehensive loss, changes in equity and its cash
flows for the year ended on that date.
Opinion
Basis for Opinion
We have audited the financial statements of ABB India
Limited (the “Company”) which comprise the balance We conducted our audit in accordance with the Standards
sheet as at 31 December 2024, and the statement of on Auditing (SAs) specified under Section 143(10) of the Act.
profit and loss (including other comprehensive income), Our responsibilities under those SAs are further described in
statement of changes in equity and statement of cash the Auditor’s Responsibilities for the Audit of the Financial
flows for the year then ended, and notes to the financial Statements section of our report. We are independent of
statements, including material accounting policies and the Company in accordance with the Code of Ethics issued
other explanatory information. by the Institute of Chartered Accountants of India together
with the ethical requirements that are relevant to our audit of
In our opinion and to the best of our information and the financial statements under the provisions of the Act and
according to the explanations given to us, the aforesaid the Rules thereunder, and we have fulfilled our other ethical
financial statements give the information required by the responsibilities in accordance with these requirements and
Companies Act, 2013 (“Act”) in the manner so required and the Code of Ethics. We believe that the audit evidence we
give a true and fair view in conformity with the accounting have obtained is sufficient and appropriate to provide a
principles generally accepted in India, of the state of affairs basis for our opinion on the financial statements.
of the Company as at 31 December 2024, and its profit and

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Revenue from fixed price contracts using percentage of completion method

See Note 2.3(a) and 2.6 to the financial statements

The key audit matter How the matter was addressed in our audit

Revenue from fixed price contracts are recognized in In view of the significance of the matter, we applied the
accordance with Ind AS 115, Revenue from Contracts with following audit procedures in this area, among others to
Customers, and as detailed in note 2.3(a) and 2.6 of the obtain sufficient appropriate audit evidence:
“material accounting policies” in the financial statements.
• We assessed the appropriateness of the revenue
There are key judgments and estimates involved in the recognition accounting policies by comparing with
recognition of revenue relating to fixed price contracts on a applicable accounting standards.
percentage of completion method, which includes:
• We understood the process of revenue recognition of fixed
• Estimation of total contract costs and remaining costs price contracts using the percentage of completion method
to completion, which is a critical factor in measuring and tested key internal controls (both design and operating
the progress of a contract and amounts of revenue to be effectiveness) with respect to revenue recognition of such
recognized; contracts on random sample basis.

201
ABB India Limited | Integrated Annual Report 2024

The key audit matter How the matter was addressed in our audit

• Evaluation of risks arising from operational delays, contract • We performed substantive testing on the statistically
terms, changes in estimations, technical, legal, external selected samples of revenue transactions recorded during
environment, etc. This requires the Company to estimate the year by verifying the underlying evidences such as
costs to capture such risks, including liquidated damages contracts and approvals.
and warranties.
• We evaluated management’s estimates over
In view of the above and given the Company and its contract costs by performing analytical procedures
stakeholders focus on revenue as a key performance indicator, on such estimates and discussed with designated
we determined this to be a key audit matter. management personnel.
• We performed a retrospective review for contracts
completed during the current year by comparing the
final outcome of the contracts with previous estimates
made for those contracts to assess the reliability of the
management’s estimation process.
• We tested provision for onerous contracts on statistically
selected samples.
• We performed tests on whether actual costs have
been accrued in the correct period, by testing the
underlying documents for samples selected using
statistical sampling
• We have verified the related disclosures in financial
statements as required by relevant accounting standards.

Recoverability of trade receivables

See Note 2.3(c) and 2.12(a) to the financial statements

The key audit matter How the matter was addressed in our audit

Trade receivables, including retention money with customers, In view of the significance of the matter we applied the
forms a significant part of the financial statements. following audit procedures in this area, among others to
Management’s assessment of recoverability of trade obtain sufficient appropriate audit evidence:
receivables, involves critical evaluation of all factors impacting • We obtained an understanding of the processes
recoverability, including impact of external environment such implemented by management to estimate impairment
as capability of customers to pay. provision against trade receivables.
Management makes an impairment allowance for trade • We tested key controls (both design and operating
receivables on the basis of its assessment of recoverability of effectiveness) over management’s estimate of impairment
specific customers and on the basis of expected credit loss loss on a random sample basis.
model for the remaining customers in accordance with Ind AS • We obtained and tested the appropriateness of relevant
109, Financial Instruments. For the purposes of impairment data elements used by the Management to prepare ageing
assessment, significant judgements and assumptions are of trade receivables on a random sample basis.
made, including assessing credit risk, timing and amount of • We obtained, discussed and tested management
realization, etc. assessment of impairment for specific customers
In view of above, we determined this to be a key audit matter. on statistically selected samples and discussed with
designated management personnel.
• We evaluated the appropriateness of impairment model
used by management to estimate the expected credit
loss and tested the reasonability of related assumptions
(including involvement of internal subject matter
experts). We have verified the mathematical accuracy
of computations.
• We corroborated management’s estimates on the basis of
past trends. We have also corroborated the forward looking
assumptions used by the Management with independent
and external market data.

202
 Financial Statements

Other Information of Directors either intends to liquidate the Company or to

cease operations, or has no realistic alternative but to do so.
The Company’s Management and Board of Directors are
responsible for the other information. The other information The Board of Directors is also responsible for overseeing the
comprises the information included in the annual report, Company’s financial reporting process.
but does not include the financial statements and auditor’s
report thereon. The annual report is expected to be made
available to us after the date of this auditor’s report. Auditor’s Responsibilities for the Audit of the
Financial Statements
Our opinion on the financial statements does not cover
the other information and we will not express any form of Our objectives are to obtain reasonable assurance about
assurance conclusion thereon. whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error,
In connection with our audit of the financial statements, and to issue an auditor’s report that includes our opinion.
our responsibility is to read the other information identified Reasonable assurance is a high level of assurance, but is
above when it becomes available and, in doing so, consider not a guarantee that an audit conducted in accordance
whether the other information is materially inconsistent with SAs will always detect a material misstatement when
with the financial statements or our knowledge obtained in it exists. Misstatements can arise from fraud or error and
the audit, or otherwise appears to be materially misstated. are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
When we read the annual report, if we conclude that there economic decisions of users taken on the basis of these
is a material misstatement therein, we are required to financial statements.
communicate the matter to those charged with governance
and take necessary actions, as applicable under the As part of an audit in accordance with SAs, we exercise
applicable laws and regulations. professional judgment and maintain professional skepticism
throughout the audit. We also:

Management's and Board of Directors' • Identify and assess the risks of material misstatement of
Responsibilities for the Financial Statements the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those
The Company’s Management and Board of Directors are risks, and obtain audit evidence that is sufficient and
responsible for the matters stated in Section 134(5) of the Act appropriate to provide a basis for our opinion. The risk
with respect to the preparation of these financial statements of not detecting a material misstatement resulting from
that give a true and fair view of the state of affairs, profit/ fraud is higher than for one resulting from error, as fraud
loss and other comprehensive income, changes in equity may involve collusion, forgery, intentional omissions,
and cash flows of the Company in accordance with the misrepresentations, or the override of internal control.
accounting principles generally accepted in India, including
the Indian Accounting Standards (Ind AS) specified under • Obtain an understanding of internal control relevant to
Section 133 of the Act. This responsibility also includes the audit in order to design audit procedures that are
maintenance of adequate accounting records in accordance appropriate in the circumstances. Under Section 143(3)
with the provisions of the Act for safeguarding of the assets (i) of the Act, we are also responsible for expressing our
of the Company and for preventing and detecting frauds and opinion on whether the company has adequate internal
other irregularities; selection and application of appropriate financial controls with reference to financial statements
accounting policies; making judgments and estimates that in place and the operating effectiveness of such controls.
are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, • Evaluate the appropriateness of accounting policies
that were operating effectively for ensuring the accuracy used and the reasonableness of accounting estimates
and completeness of the accounting records, relevant to the and related disclosures made by the Management and
preparation and presentation of the financial statements Board of Directors.
that give a true and fair view and are free from material
misstatement, whether due to fraud or error. • Conclude on the appropriateness of the Management
and Board of Directors use of the going concern basis of
In preparing the financial statements, the Management accounting in preparation of financial statements and,
and Board of Directors are responsible for assessing the based on the audit evidence obtained, whether a material
Company’s ability to continue as a going concern, disclosing, uncertainty exists related to events or conditions that
as applicable, matters related to going concern and using may cast significant doubt on the Company’s ability to
the going concern basis of accounting unless the Board continue as a going concern. If we conclude that a material

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ABB India Limited | Integrated Annual Report 2024

uncertainty exists, we are required to draw attention in our a. We have sought and obtained all the
auditor’s report to the related disclosures in the financial information and explanations which to
statements or, if such disclosures are inadequate, to the best of our knowledge and belief were
modify our opinion. Our conclusions are based on the necessary for the purposes of our audit.
audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause b. In our opinion, proper books of account
the Company to cease to continue as a going concern. as required by law have been kept by the
Company so far as it appears from our
• Evaluate the overall presentation, structure and content examination of those books except (a) that
of the financial statements, including the disclosures, and the back-up of audit trail of database layer
whether the financial statements represent the underlying of the accounting software used by the
transactions and events in a manner that achieves Company for transactions related to receipts
fair presentation. and payments is not maintained on server
physically located in India and (b) for matters
We communicate with those charged with governance stated in the paragraph 2B(f) below on
regarding, among other matters, the planned scope and reporting under Rule 11(g) of the Companies
timing of the audit and significant audit findings, including (Audit and Auditors) Rules, 2014.
any significant deficiencies in internal control that we
identify during our audit. c. The balance sheet, the statement of profit
and loss (including other comprehensive
We also provide those charged with governance with a income), the statement of changes in equity
statement that we have complied with relevant ethical and the statement of cash flows dealt with
requirements regarding independence, and to communicate by this Report are in agreement with the
with them all relationships and other matters that may books of account.
reasonably be thought to bear on our independence, and
where applicable, related safeguards. d. In our opinion, the aforesaid financial
statements comply with the Ind AS specified
From the matters communicated with those charged with under Section 133 of the Act.
governance, we determine those matters that were of most
significance in the audit of the financial statements of the e. On the basis of the written representations
current period and are therefore the key audit matters. We received from the directors as on 07 January
describe these matters in our auditor’s report unless law or 2025, 09 January 2025, and 13 January 2025
regulation precludes public disclosure about the matter or taken on record by the Board of Directors,
when, in extremely rare circumstances, we determine that a none of the directors is disqualified as on 31
matter should not be communicated in our report because December 2024 from being appointed as a
the adverse consequences of doing so would reasonably director in terms of Section 164(2) of the Act.
be expected to outweigh the public interest benefits of
such communication. f. the modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph
Report on Other Legal and Regulatory 2A(b) above on reporting under Section
Requirements 143(3) (b) and paragraph 2B(f) below on
reporting under Rule 11(g) of the Companies
1. As required by the Companies (Auditor’s Report) Order, (Audit and Auditors) Rules, 2014.
2020 (“the Order”) issued by the Central Government
of India in terms of Section 143(11) of the Act, we g. With respect to the adequacy of the internal
give in the “Annexure A” a statement on the matters financial controls with reference to financial
specified in paragraphs 3 and 4 of the Order, to the statements of the Company and the
extent applicable. operating effectiveness of such controls,
refer to our separate Report in “Annexure B”.
2 A. As required by Section 143(3) of the Act,
we report that: B. With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of

204
 Financial Statements

the Companies (Audit and Auditors) Rules, 2014, in (iii) Based on the audit procedures
our opinion and to the best of our information and performed that have been considered
according to the explanations given to us: reasonable and appropriate in the
circumstances, nothing has come to our
a. The Company has disclosed the impact notice that has caused us to believe that
of pending litigations as at 31 December the representations under sub-clause
2024 on its financial position in its financial (i) and (ii) of Rule 11(e), as provided
statements - Refer Note 10, 21 and 40 to the under (i) and (ii) above, contain any
financial statements. material misstatement.

b. The Company has made provision, as required e. The interim dividend declared and paid by
under the applicable law or accounting the Company during the year or until the date
standards, for material foreseeable losses, of this audit report is in accordance with
if any, on long-term contracts including Section 123 of the Act.
derivative contracts – Refer Note 19 and 21 to
the financial statements. The final dividend paid by the Company during
the year, in respect of the same declared
c. There has been no delay in transferring for the previous year, is in accordance with
amounts, required to be transferred, to the Section 123 of the Act to the extent it applies
Investor Education and Protection Fund to payment of dividend.
by the Company.
As stated in Note 48 to the financial
d. (i) The management has represented that, statements, the Board of Directors of the
to the best of their knowledge and Company has proposed final dividend for
belief, as disclosed in the Note 47(e) to the year which is subject to the approval
the financial statements, no funds have of the members at the ensuing Annual
been advanced or loaned or invested General Meeting. The dividend declared is in
(either from borrowed funds or share accordance with Section 123 of the Act to the
premium or any other sources or kind extent it applies to declaration of dividend.
of funds) by the Company to or in any
other person(s) or entity(ies), including e. Based on our examination which included
foreign entities (“Intermediaries”), with test checks, as sated in Note 46 to the
the understanding, whether recorded financial statements, except for the instances
in writing or otherwise, that the mentioned below, the Company has used
Intermediary shall directly or indirectly accounting software’s for maintaining its
lend or invest in other persons or entities books of account, which along with an access
identified in any manner whatsoever by management tool, as applicable, have a
or on behalf of the Company (“Ultimate feature of audit trail (edit log) facility, and
Beneficiaries”) or provide any guarantee, the same has operated throughout the year
security or the like on behalf of the for all relevant transactions recorded in the
Ultimate Beneficiaries. respective software’s:

(ii) The management has represented that, - The feature of audit trail is not enabled
to the best of their knowledge and at the database layer of the primary
belief, as disclosed in the Note 47(e) to accounting software used for maintaining
the financial statements, no funds have books of accounts (other than receipts
been received by the Company from and payments) from 1 January 2024
any person(s) or entity(ies), including to 22 April 2024.
foreign entities (“Funding Parties”), with
the understanding, whether recorded in - We are unable to comment if the audit
writing or otherwise, that the Company trail (edit log) facility was enabled at the
shall directly or indirectly, lend or database layer for accounting software
invest in other persons or entities operated by a third party service provider
identified in any manner whatsoever and used for initiation and approval of
by or on behalf of the Funding Parties Journal entries in absence of independent
(“Ultimate Beneficiaries”) or provide any auditor’s report in relation to controls at
guarantee, security or the like on behalf the third party service provider.
of the Ultimate Beneficiaries.

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ABB India Limited | Integrated Annual Report 2024

- We are unable to comment on the In our opinion and according to the information and
enablement of audit trail with respect explanations given to us, the remuneration paid/
to the accounting software used by the payable by the Company to its directors during the
Company for maintenance of master data current year is in accordance with the provisions
relating to customer and vendor due to lack of Section 197 of the Act. The remuneration paid/
of sufficient and appropriate evidence. payable to any director is not in excess of the limit
laid down under Section 197 of the Act. The Ministry
Further, for the periods where audit trail (edit of Corporate Affairs has not prescribed other details
log) facility was enabled for the respective under Section 197(16) of the Act which are required
accounting software, we did not come to be commented upon by us.
across any instance of the audit trail feature
being tampered with.

C. With respect to the matter to be included in the

Auditor’s Report under Section 197(16) of the Act:

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022

Pawan Kumar Kejriwal

Partner
Place: New Delhi Membership No.: 064368
Date: 17 February 2025 ICAI UDIN:25064368BMOSKX9520

206
 Financial Statements

Annexure A to the Independent Auditor’s Report on the Financial Statements of

ABB India Limited for the year ended 31 December 2024

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and
situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(i) (b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has a regular programme of physical verification of its Property, Plant and Equipment by
which all property, plant and equipment are verified in a phased manner over a period of 3 years. In accordance with
this programme, certain property, plant and equipment were verified during the year. In our opinion, this periodicity
of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the title deeds of immovable properties (other than immovable properties where the Company is the
lessee and the leases agreements are duly executed in favour of the lessee) disclosed in the financial statements are
held in the name of the Company, except for the following which are not held in the name of the Company:

Whether
Gross Period held- Reason for not being
promoter,
Description of carrying Held in the indicate held in the name of the
director or
property value (Rs in name of range, where Company. Also indicate if
their relative or
Crores) appropropriate in dispute
employee
Freehold land, 2.90 ABB Global No 2011 onwards We understand from
Nelamangala Industries the management that
and Services registration is in process.
Private Limited There is no dispute.

(d) According to the information and explanations were noticed on verification between the physical
given to us and on the basis of our examination stocks and the book records that were more than
of the records of the Company, the Company has 10% in the aggregate of each class of inventory
not revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible (b) According to the information and explanations
assets or both during the year. given to us and on the basis of our examination
of the records of the Company, the Company has
(e) According to the information and explanations not been sanctioned any working capital limits
given to us and on the basis of our examination in excess of five crores rupees in aggregate from
of the records of the Company, there are no banks and financial institutions on the basis of
proceedings initiated or pending against the security of current assets at any point of time of
Company for holding any benami property under the year. Accordingly, clause 3(ii)(b) of the Order is
the Prohibition of Benami Property Transactions not applicable to the Company.
Act, 1988 and rules made thereunder.
(iii) According to the information and explanations given to
(ii) (a) The inventory, except goods-in-transit and stocks us and on the basis of our examination of the records
lying with third parties, has been physically verified of the Company, the Company has not made any
by the management during the [Link] stocks investments, provided guarantee or security or granted
lying with third parties at the year-end, written any loans or advances in the nature of loans, secured
confirmations have been obtained and for goods- or unsecured, to companies, firms, limited liability
in-transit, subsequent evidence of receipts has partnerships or any other parties (except unsecured
been linked with inventory records. In our opinion, loan to employees) during the year. The Company has
the frequency of such verification is reasonable granted loan (unsecured) to its employees during the
and procedures and coverage as followed by year, details of the same is stated in sub-clauses below.
management were appropriate. No discrepancies

207
ABB India Limited | Integrated Annual Report 2024

(a) (A) The Company does not hold any investment in (f) According to the information and explanations
any subsidiaries, associates or joint ventures given to us and on the basis of our examination
(as defined under the Act) during the year of the records of the Company, the Company
ended 31 December 2024. Accordingly, clause has not granted any loans either repayable on
3(iii)(a)(A) is not applicable. demand or without specifying any terms or
period of repayment.
(B) Based on the audit procedures carried
on by us and as per the information and (iv) According to the information and explanations given to
explanations given to us, the Company has us and on the basis of our examination of the records
not provided loans or provided advances of the Company, the Company has not given any loans,
in the nature of loans, or stood guarantee, or provided any guarantee or security as specified
or provided security to parties other than under Section 185 and 186 of the Companies Act, 2013
subsidiaries, joint ventures and associates (“the Act”). In respect of the investments made by the
other than as disclosed below: Company, in our opinion the provisions of Section 186
of the Act have been complied with.
Amount
Particulars (v) The Company has not accepted any deposits or amounts
(Rs in Crores)
Aggregate amount during 8.38 which are deemed to be deposits from the public.
the year Accordingly, clause 3(v) of the Order is not applicable.

- Others (Loans
(vi) We have broadly reviewed the books of accounts
to employees)
maintained by the Company pursuant to the rules
Balance outstanding as at 6.29
prescribed by the Central Government for maintenance
balance sheet date
of cost records under Section 148(1) of the Act in
- Others (Loans respect of its manufactured goods and services
to employees) provided by it and are of the opinion that prima facie,
the prescribed accounts and records have been made
(b) According to the information and explanations and maintained. However, we have not carried out a
given to us and based on the audit procedures detailed examination of the records with a view to
conducted by us, in our opinion the terms and determine whether these are accurate or complete.
conditions of the grant of loans during the year
are, prima facie, not prejudicial to the interest (vii) (a) The Company does not have liability in respect
of the Company. of Service tax, Duty of excise, Sales tax and Value
added tax during the year since effective 1 July 2017,
(c) According to the information and explanations these statutory dues has been subsumed into GST.
given to us and on the basis of our examination
of the records of the Company, in the case of According to the information and explanations
the loans given to employees, in our opinion the given to us and on the basis of our examination
repayment of principal has been stipulated and of the records of the Company, in our opinion
the repayments or receipts have been regular. The amounts deducted / accrued in the books of
loan given to employees are interest free as per account in respect of undisputed statutory dues
the Company's policy. including Goods and Service Tax, Provident
Fund, Employees State Insurance, Income-Tax,
(d) According to the information and explanations Duty of Customs or Cess or other statutory dues
given to us and on the basis of our examination of have generally been regularly deposited by the
the records of the Company, there is no overdue Company with the appropriate authorities.
amount for more than ninety days in respect
of loans given. According to the information and explanations
given to us and on the basis of our examination
(e) According to the information and explanations of the records of the Company, no undisputed
given to us and on the basis of our examination amounts payable in respect of Goods and Service
of the records of the Company, there is no loan Tax, Provident Fund, Employees State Insurance,
granted falling due during the year, which has Income-Tax, Duty of Customs or Cess or other
been renewed or extended or fresh loans granted statutory dues were in arrears as at 31 December
to settle the overdues of existing loans given 2024 for a period of more than six months from
to same parties. the date they became payable.

208
 Financial Statements

(b) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, there are no statutory dues of Goods and Service Tax, Provident Fund, Employees State Insurance,
Income-Tax, Duty of Customs or Cess or other statutory dues (such as Sales tax, Duty of Excise, Service tax and
Value added tax relating to the period before 01 July 2017) which have not been deposited by the Company on
account of any dispute except for the following:

Amount Period to which

Name of Nature of
(Rs in the amount Forum where dispute is pending
the statute the dues
Crores)* relates
Customs Customs 229.82 2008-2024 Commissioner of Customs/ Additional
Act, 1962 duty, interest Commissioner of Customs/ Principal
and penalty Commissioner of Customs/ Commissioner of
demanded Appeals/ Custom Excise and Service Tax Appellate
Tribunal/ Directorate General of Foreign Trade/
Zonal Additional Directorate General of Foreign
Trade
Income Tax Income Tax, 62.48 2009-2022 Commissioner of Income Tax (Appeals) / Income
Act, 1961 interest Tax Appellate Tribunal/ High Court of Karnataka
and penalty
demanded
Goods and Goods and 267.65 2017-2022 GST Tribunal / Joint Commissioner of Commercial
Service Tax Service tax, Taxes (Appeals)/ High Court of Maharashtra/
Act, 2017 interest High Court of Telangana/ High Court of Tamil
and penalty Nadu
demanded
Central Excise Duty, 45.94 2010-2015 Custom Excise and Service Tax Appellate Tribunal
Excise Act, interest / High Court of Maharashtra
1944 and penalty
demanded
Finance Service Tax, 43.68 2006-2021 Commissioner (Appeals)/ Custom Excise &
Act, 1994 interest Service Tax Appellate Tribunal
and penalty
demanded
Sales Tax Sales Tax, 125.97 1994-2018 Additional Commissioner (Appeals)/ Assistant
Act interest Commissioner of Commercial Taxes /
and penalty Commissioner of Commercial Taxes/ Deputy
demanded Commissioner of Commercial Taxes (Appeals)/
Deputy Commissioner (Appeals)/ Joint
Commissioner of Commercial Taxes (Appeals)/
Taxation Board/ High Court of Rajasthan/ High
Court of Telangana/ Sales Tax Appellate Tribunal/
Supreme Court of India

*Net of amounts paid under protest.

(viii) According to the information and explanations given to (b) According to the information and explanations
us and on the basis of our examination of the records given to us and on the basis of our examination
of the Company, the Company has not surrendered of the records of the Company, the Company
or disclosed any transactions, previously unrecorded has not been declared a wilful defaulter by any
as income in the books of account, in the tax bank or financial institution or government or
assessments under the Income Tax Act, 1961 as income government authority.
during the year.
(c) According to the information and explanations
(ix) (a) According to the information and explanations given to us by the management, the Company
given to us and on the basis of our examination has not obtained any term loans during the
of the records of the Company, the Company did year. Accordingly, clause 3(ix)(c) of the Order is
not have any loans or borrowings from any lender not applicable.
during the year. Accordingly, clause 3(ix)(a) of the
Order is not applicable to the Company.

209
ABB India Limited | Integrated Annual Report 2024

(d) According to the information and explanations (xiii) In our opinion and according to the information and
given to us and on an overall examination of the explanations given to us, the transactions with related
balance sheet of the Company, we report that no parties are in compliance with Section 177 and 188
funds raised on short-term basis have been used of the Act, where applicable, and the details of the
for long-term purposes by the Company. related party transactions have been disclosed in the
financial statements as required by the applicable
(e) The Company does not hold any investment in accounting standards.
any subsidiaries, associates or joint ventures (as
defined under the Act) during the year ended 31 (xiv) (a) Based on information and explanations
December 2024. Accordingly, clause 3(ix)(e) is provided to us and our audit procedures, in
not applicable. our opinion, the Company has an internal audit
system commensurate with the size and nature
(f) The Company does not hold any investment in of its business.
any subsidiaries, associates or joint ventures (as
defined under the Act) during the year ended (b) We have considered the internal audit reports
31 December 2024. Accordingly, clause 3(ix)(f) of the Company issued till date for the
is not applicable period under audit.

(x) (a) The Company has not raised any moneys by way of (xv) In our opinion and according to the information and
initial public offer or further public offer (including explanations given to us, the Company has not entered
debt instruments). Accordingly, clause 3(x)(a) of into any non-cash transactions with its directors
the Order is not applicable. or persons connected to its directors and hence,
provisions of Section 192 of the Act are not applicable
(b) According to the information and explanations to the Company.
given to us and on the basis of our examination
of the records of the Company, the Company has (xvi) (a) The Company is not required to be registered
not made any preferential allotment or private under Section 45-IA of the Reserve Bank of India
placement of shares or fully or partly convertible Act, 1934. Accordingly, clause 3(xvi)(a) of the Order
debentures during the year. Accordingly, clause is not applicable.
3(x)(b) of the Order is not applicable.
(b) The Company is not required to be registered
(xi) (a) Based on examination of the books and records under Section 45-IA of the Reserve Bank of India
of the Company and according to the information Act, 1934. Accordingly, clause 3(xvi)(b) of the Order
and explanations given to us, considering the is not applicable.
principles of materiality outlined in Standards on
Auditing, we report that no fraud by the Company (c) The Company is not a Core Investment Company
or on the Company has been noticed or reported (CIC) as defined in the regulations made by the
during the course of the audit. Reserve Bank of India. Accordingly, clause 3(xvi)(c)
of the Order is not applicable.
(b) According to the information and explanations
given to us, no report under sub-section (12) (d) The Company is not part of any group (as per the
of Section 143 of the Act has been filed by the provisions of the Core Investment Companies
auditors in Form ADT-4 as prescribed under Rule (Reserve Bank) Directions, 2016 as amended).
13 of the Companies (Audit and Auditors) Rules, Accordingly, the requirements of clause 3(xvi)(d)
2014 with the Central Government. are not applicable.

(c) We have taken into consideration the whistle (xvii) The Company has not incurred cash losses in the
blower complaints received by the Company current and in the immediately preceding financial year.
during the year while determining the nature,
timing and extent of our audit procedures. (xviii) There has been no resignation of the statutory auditors
during the year. Accordingly, clause 3(xviii) of the Order
(xii) According to the information and explanations given to is not applicable.
us, the Company is not a Nidhi Company. Accordingly,
clause 3(xii) of the Order is not applicable.

210
 Financial Statements

(xix) According to the information and explanations given to Also refer to the Other Information paragraph of
us and on the basis of the financial ratios, ageing and our main audit report which explains that the other
expected dates of realisation of financial assets and information comprising the information included
payment of financial liabilities, our knowledge of the in Company's annual report is expected to be made
Board of Directors and management plans and based available to us after the date of this auditor’s report.
on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which (xx) (a) In our opinion and according to the information
causes us to believe that any material uncertainty exists and explanations given to us, there is no unspent
as on the date of the audit report that the Company amount under sub-section (5) of Section 135
is not capable of meeting its liabilities existing at the of the Act pursuant to any project other than
date of balance sheet as and when they fall due within ongoing projects. Accordingly, clause 3(xx)(a)
a period of one year from the balance sheet date. We, of the Order is not applicable.
however, state that this is not an assurance as to the
future viability of the Company. We further state that (b) In our opinion and according to the information
our reporting is based on the facts up to the date of the and explanations given to us, there is no unspent
audit report and we neither give any guarantee nor any amount under sub-section (5) of Section 135 of the
assurance that all liabilities falling due within a period of Act pursuant to any ongoing project. Accordingly,
one year from the balance sheet date, will get discharged clause 3(xx)(b) of the Order is not applicable.
by the Company as and when they fall due.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022

Pawan Kumar Kejriwal

Partner
Place: New Delhi Membership No.: 064368
Date: 17 February 2025 ICAI UDIN:25064368BMOSKX9520

211
ABB India Limited | Integrated Annual Report 2024

Annexure B to the Independent Auditor’s Report on the financial statements of

ABB India Limited for the year ended 31 December 2024

Report on the internal financial controls with reference to the aforesaid financial statements under Clause (i) of
Sub-section 3 of Section 143 of the Act

(Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our report
of even date)

Opinion Auditor’s Responsibility

We have audited the internal financial controls with Our responsibility is to express an opinion on the
reference to financial statements of ABB India Limited (“the Company’s internal financial controls with reference to
Company”) as of 31 December 2024 in conjunction with our financial statements based on our audit. We conducted
audit of the financial statements of the Company for the our audit in accordance with the Guidance Note and the
year ended on that date. Standards on Auditing, prescribed under Section 143(10)
of the Act, to the extent applicable to an audit of internal
In our opinion, the Company has, in all material respects, financial controls with reference to financial statements.
adequate internal financial controls with reference to Those Standards and the Guidance Note require that we
financial statements and such internal financial controls comply with ethical requirements and plan and perform
were operating effectively as at 31 December 2024, based the audit to obtain reasonable assurance about whether
on the internal financial controls with reference to financial adequate internal financial controls with reference to
statements criteria established by the Company considering financial statements were established and maintained and
the essential components of internal control stated in the if such controls operated effectively in all material respects.
Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Our audit involves performing procedures to obtain audit
Accountants of India (the “Guidance Note”). evidence about the adequacy of the internal financial
controls with reference to financial statements and their
operating effectiveness. Our audit of internal financial
Management’s and Board of Directors’ controls with reference to financial statements included
Responsibilities for Internal Financial Controls obtaining an understanding of internal financial controls
with reference to financial statements, assessing the risk
The Company’s Management and the Board of Directors are that a material weakness exists, and testing and evaluating
responsible for establishing and maintaining internal financial the design and operating effectiveness of internal control
controls based on the internal financial controls with reference based on the assessed risk. The procedures selected
to financial statements criteria established by the Company depend on the auditor’s judgement, including the
considering the essential components of internal control assessment of the risks of material misstatement of the
stated in the Guidance Note. These responsibilities include financial statements, whether due to fraud or error.
the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for We believe that the audit evidence we have obtained is
ensuring the orderly and efficient conduct of its business, sufficient and appropriate to provide a basis for our audit
including adherence to company’s policies, the safeguarding opinion on the Company’s internal financial controls with
of its assets, the prevention and detection of frauds and errors, reference to financial statements.
the accuracy and completeness of the accounting records, and
the timely preparation of reliable financial information, as
required under the Act.

212
 Financial Statements

Meaning of Internal Financial Controls with prevention or timely detection of unauthorised acquisition,
Reference to Financial Statements use, or disposition of the company's assets that could have
a material effect on the financial statements.
A company's internal financial controls with reference to
financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial Inherent Limitations of Internal Financial Controls
reporting and the preparation of financial statements for with Reference to Financial Statements
external purposes in accordance with generally accepted
accounting principles. A company's internal financial Because of the inherent limitations of internal financial
controls with reference to financial statements include those controls with reference to financial statements, including the
policies and procedures that (1) pertain to the maintenance possibility of collusion or improper management override
of records that, in reasonable detail, accurately and fairly of controls, material misstatements due to error or fraud
reflect the transactions and dispositions of the assets of the may occur and not be detected. Also, projections of any
company; (2) provide reasonable assurance that transactions evaluation of the internal financial controls with reference to
are recorded as necessary to permit preparation of financial statements to future periods are subject to the risk
financial statements in accordance with generally accepted that the internal financial controls with reference to financial
accounting principles, and that receipts and expenditures statements may become inadequate because of changes in
of the company are being made only in accordance with conditions, or that the degree of compliance with the policies
authorisations of management and directors of the or procedures may deteriorate.
company; and (3) provide reasonable assurance regarding

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022

Pawan Kumar Kejriwal

Partner
Place: New Delhi Membership No.: 064368
Date: 17 February 2025 ICAI UDIN:25064368BMOSKX9520

21 3
ABB India Limited | Integrated Annual Report 2024

Balance Sheet
as at December 31, 2024
(H in Crores)
Notes December 31, 2024 December 31, 2023

Assets
Non-current assets
Property, plant and equipment 3 985.46 919.50
Right-of-use assets 3 58.98 55.99
Capital work-in-progress 4 94.77 59.92
Goodwill 5 14.62 14.62
Other intangible assets 5 2.79 3.84
Financial assets
Investments 6 1.56 1.56
Other financial assets 8 8.04 7.27
Deferred tax assets (net) 9 98.49 102.70
Non-current tax assets (net) 10(a) 183.62 136.94
Other non-current assets 11 180.40 151.36
Total non-current assets 1,628.73 1,453.70
Current assets
Inventories 15 1,777.99 1,560.76
Financial assets
Trade receivables 12 2,983.66 2,544.30
Cash and cash equivalents 13 935.63 876.88
Bank balance other than cash and cash equivalents 14 4,572.19 3,939.29
Loans 7 6.29 5.40
Other financial assets 8 95.75 173.25
Other current assets 16 391.09 447.61
Total current assets 10,762.60 9,547.49
Total assets 12,391.33 11,001.19
Equity and liabilities
Equity
Equity share capital 17 42.38 42.38
Other equity 18 7,033.02 5,902.22
Total equity 7,075.40 5,944.60
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 20 28.19 28.93
Other financial liabilities 19 8.65 7.87
Provisions 21 5.13 5.63
Total non-current liabilities 41.97 42.43
Current liabilities
Financial liabilities
Lease liabilities 20 23.69 20.05
Trade payables
Total outstanding dues of micro enterprises and small enterprises; and 22 77.23 95.05
Total outstanding dues of creditors other than micro enterprises and small 22 3,120.79 3,014.03
enterprises
Other financial liabilities 19 294.74 402.68
Other current liabilities 23 1,186.34 994.83
Provisions 21 514.83 445.18
Current tax liabilities (net) 10(b) 56.34 42.34
Total current liabilities 5,273.96 5,014.16
Total liabilities 5,315.93 5,056.59
Total equity and liabilities 12,391.33 11,001.19
The accompanying notes 2-48 are an integral part of the financial statements.

As per our report of even date attached

for B S R & Co. LLP for and on behalf of the Board of Directors
Chartered Accountants of ABB India Limited
ICAI Firm Registration No.: 101248W/W-100022

Pawan Kumar Kejriwal Sanjeev Sharma Adrian Guggisberg

Partner Managing Director Chairman
Membership no.: 064368 DIN: 07362344 DIN: 09590850
New Delhi
February 17, 2025
T K Sridhar Trivikram Guda
Chief Financial Officer Company Secretary
ACS-17685
New Delhi, February 17, 2025

214
 Financial Statements

Statement of profit and loss

for the year ended December 31, 2024
(H in Crores)
Notes December 31, 2024 December 31, 2023

Income
Revenue from operations 24 12,188.31 10,446.52
Other income 25 353.40 301.69
Total income 12,541.71 10,748.21
Expenses
Cost of raw materials, components consumed and project bought outs 26 5,929.24 5,512.48
Purchases of stock-in-trade 27 985.36 842.77
(Increase)/ decrease in inventories of finished goods, stock-in-trade and work-in-progress 28 (165.98) (26.69)
Subcontracting charges 341.68 273.96
Employee benefit expenses 29 821.93 715.15
Finance costs 30 16.45 12.66
Depreciation and amortisation expense 31 128.92 119.92
Other expenses 32 1,970.85 1,639.07
Total expenses 10,028.45 9,089.32
Profit from continuing operations before tax 2,513.26 1,658.89
Tax expense:
Current tax 9 630.88 423.20
Deferred tax 9 7.77 (12.49)
638.65 410.71
Profit from continuing operations after tax 1,874.61 1,248.18
Discontinued operations
Loss from discontinued operations 33 (3.97) (8.19)
Tax (expense) / credit of discontinued operations 1.00 2.06
Loss from discontinued operations after tax (2.97) (6.13)
Profit for the year 1,871.64 1,242.05
Other comprehensive income/(loss)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Re-measurement income/(loss) on defined benefit plan (14.16) (4.13)
Income tax effect 9 3.56 0.37
Other comprehensive income/(loss) for the year, net of income tax (10.60) (3.76)
Total comprehensive income for the period, net of tax 1,861.04 1,238.29
Earnings per equity share - continuing operations 34
Basic 88.46 58.90
Diluted 88.46 58.90
Earnings / (loss) per equity share - discontinued operations 34
Basic (0.14) (0.29)
Diluted (0.14) (0.29)
Earnings per equity share - continuing and discontinued operations 34
Basic 88.32 58.61
Diluted 88.32 58.61

The accompanying notes 2-48 are an integral part of the financial statements.

As per our report of even date attached

for B S R & Co. LLP for and on behalf of the Board of Directors
Chartered Accountants of ABB India Limited
ICAI Firm Registration No.: 101248W/W-100022

Pawan Kumar Kejriwal Sanjeev Sharma Adrian Guggisberg

Partner Managing Director Chairman
Membership no.: 064368 DIN: 07362344 DIN: 09590850
New Delhi
February 17, 2025
T K Sridhar Trivikram Guda
Chief Financial Officer Company Secretary
ACS-17685
New Delhi, February 17, 2025

215
ABB India Limited | Integrated Annual Report 2024

Statement of cash flows

for the year ended December 31, 2024
(H in Crores)
December 31, 2024 December 31, 2023

A. Cash flow from operating activities

Profit before tax from continuing operations 2,513.26 1,658.89
(Loss) before tax from discontinued operation (3.97) (8.19)
Adjustments to reconcile profit before tax to net cash provided by operating activities
Depreciation and amortisation expense 128.92 119.92
Unrealised exchange loss / (gains) (net) (37.52) 5.61
Mark to market change in forward and commodity contracts 42.38 13.79
(Profit) / loss on sale/disposal of property, plant and equipment (net) 6.05 6.97
Loss allowance 41.11 16.02
Interest income (343.29) (277.03)
Finance cost 16.45 12.66
Operating profit before working capital changes 2,363.39 1,548.64
Movement in working capital
Increase / (decrease) in trade payables 118.97 477.84
Increase / (decrease) in other financial liabilities (165.18) (33.23)
Increase / (decrease) in other liabilities and provisions 253.58 249.57
(Increase) / decrease in trade receivables (480.99) (470.49)
(Increase) / decrease in inventories (217.23) (140.10)
(Increase) / decrease in other financial assets 73.07 79.69
(Increase) / decrease in loans and other assets 48.75 6.28
Cash generated from operations 1,994.36 1,718.20
Income taxes paid (net of refunds) (662.56) (366.72)
Net cash flow from operating activities 1,331.80 1,351.48
B. Cash flow from investing activities
Purchase of property, plant and equipment (213.95) (183.08)
Proceeds from sale of property, plant and equipment 0.25 -
Investment in equity share capital and compulsory convertible debentures of a company - (1.56)
Proceeds from maturity of treasury bills - 493.15
Investment in bank deposits (with original maturity more than three months) (7,350.00) (7,487.71)
Redemption of deposits (with original maturity more than three months) 6,744.88 3,550.00
Interest received 315.51 277.03
Net cash flow used in investing activities (503.31) (3,352.17)
C. Cash flow from financing activities
Payment of principal portion of lease liabilities (27.44) (23.69)
Payment of interest portion of lease liabilities (5.43) (4.93)
Finance cost (11.02) (7.73)
Dividend paid (including tax on dividend) (726.49) (233.10)
Net cash flow from / (used in) financing activities (770.38) (269.45)
Net (decrease) / increase in cash and cash equivalents (A+B+C) 58.11 (2,270.14)
Effects of exchange (loss) / gain on cash and cash equivalents 0.64 0.16
Cash and cash equivalents (opening balance) 876.88 3,146.86
Cash and cash equivalents (closing balance) 935.63 876.88
Components of cash and cash equivalents
Balances with banks
- On current accounts 245.42 289.58
- Deposit accounts (Original maturity up to 3 months) 640.40 501.77
Cheques on hand 49.81 85.53
(Refer note no. 13) 935.63 876.88

Note: Cash and cash equivalents at the end of the year represent cash and cheques on hand and cash and deposits with banks.

The accompanying notes 2-48 are an integral part of the financial statements.
As per our report of even date attached

for B S R & Co. LLP for and on behalf of the Board of Directors
Chartered Accountants of ABB India Limited
ICAI Firm Registration No.: 101248W/W-100022
Pawan Kumar Kejriwal Sanjeev Sharma Adrian Guggisberg
Partner Managing Director Chairman
Membership no.: 064368 DIN: 07362344 DIN: 09590850
New Delhi
February 17, 2025
T K Sridhar Trivikram Guda
Chief Financial Officer Company Secretary
ACS-17685
New Delhi, February 17, 2025

216
 Financial Statements

Statement of changes in equity

for the year ended December 31, 2024

a. Equity share capital*

Equity shares of H 2 each issued, subscribed and fully paid

Numbers (J in Crores)

As at January 1, 2023 21,19,08,375 42.38

Changes in equity share capital due to prior period errors - -
Restated balance as at January 1, 2023 21,19,08,375 42.38
Changes in equity share capital during the year - -
As at December 31, 2023 21,19,08,375 42.38
Changes in equity share capital due to prior period errors - -
Restated balance as at January 1, 2024 21,19,08,375 42.38
Changes in equity share capital - -
As at December 31, 2024 21,19,08,375 42.38

*Refer note 17

b. Other equity*
(H in Crores)
Other equity
Particulars Securities Employee stock Retained General Capital Capital Total
premium options reserve earnings reserve redemption reserve reserve other equity

As at January 1, 2023 43.28 0.07 2,254.20 2,591.06 7.50 0.92 4,897.03

Profit for the year - - 1,242.05 - - - 1,242.05
Other comprehensive income - - (3.76) - - - (3.76)
(net of tax)**
Total comprehensive income - - 1,238.29 - - - 1,238.29
Transactions with the owners of the
Company
Contributions and distributions
Dividend paid - - (233.10) - - - (233.10)
As at December 31, 2023 43.28 0.07 3,259.39 2,591.06 7.50 0.92 5,902.22
Profit for the year - - 1,871.64 - - - 1,871.64
Other comprehensive income/ - - (10.60) - - - (10.60)
(loss) (net of tax)**
Total comprehensive income - - 1,861.04 - - - 1,861.04
Transactions with the owners of the
Company
Contributions and distributions
Dividend paid - - (730.24) - - - (730.24)
As at December 31, 2024 43.28 0.07 4,390.19 2,591.06 7.50 0.92 7,033.02

*Refer note 18
**Loss of H10.60 Crores and H3.76 Crores on remeasurement of defined employee benefit plans (net of tax) is recognised as a part of retained
earnings for the years ended December 31, 2024 and 2023, respectively.
The accompanying notes 2-48 are an integral part of the financial statements.
As per our report of even date attached
for B S R & Co. LLP for and on behalf of the Board of Directors
Chartered Accountants of ABB India Limited
ICAI Firm Registration No.: 101248W/W-100022
Pawan Kumar Kejriwal Sanjeev Sharma Adrian Guggisberg
Partner Managing Director Chairman
Membership no.: 064368 DIN: 07362344 DIN: 09590850
New Delhi
February 17, 2025
T K Sridhar Trivikram Guda
Chief Financial Officer Company Secretary
ACS-17685
New Delhi, February 17, 2025

217
ABB India Limited | Integrated Annual Report 2024

1 Corporate Information • Fair value of plan assets less present value of

defined benefit obligations.
ABB India Limited (‘the Company’) has served utility
and industry customers for over seven decades with Historical cost is generally based on the fair
the complete range of engineering, products, solutions value of the consideration given in exchange for
and services in areas of Automation and Power goods and services.
technology. The Company has extensive installed base
for manufacturing and a countrywide marketing and 2.2 Use of estimates
service presence. Besides catering to Indian domestic
market, the Company is also playing an increasing role The preparation of the financial statements in conformity
in the global market. with Ind AS requires management to make estimates,
judgments and assumptions. These estimates,
The Company is a public limited company domiciled judgments and assumptions affect the application of
in India and incorporated under the provisions of the accounting policies and the reported amounts of assets
Indian Companies Act. The registered office is located and liabilities, the disclosures of contingent assets and
at Bengaluru. Its shares are listed on Bombay Stock liabilities at the date of the financial statements and
Exchange (BSE) and National Stock Exchange (NSE). reported amounts of revenues and expenses during
the period. Application of accounting policies that
The financial statements are approved for issue by the require critical accounting estimates involving complex
Company’s Board of Directors on February 17, 2025. and subjective judgments and the use of assumptions
in these financial statements have been disclosed in
Note 2.3. Accounting estimates could change from
2 Material accounting policies period to period. Actual results could differ from
those estimates. Appropriate changes in estimates are
2.1 Basis of preparation of financial statements made as management becomes aware of changes in
circumstances surrounding the estimates. Changes in
A Statement of compliance estimates are reflected in the financial statements in
the period in which changes are made and, if material,
These financial statements for the year ended their effects are disclosed in the notes to the financial
December 31, 2024 are prepared in accordance statements. Estimates and underlying assumptions are
with Indian Accounting Standards (Ind AS) reviewed on an ongoing basis.
notified under the Companies (Indian Accounting
Standards) Rules, 2015 as amended from time to 2.3 Critical accounting estimates and judgements
time notified under section 133 of the Companies
Act, 2013 ('Act'). a. Project revenue and costs (refer note 2.6)

B Functional and presentation currency The Company uses the percentage-of-completion

method in accounting for its fixed-price contracts.
The financial statements are presented in INR in Use of the percentage-of-completion method
Crores, rounded off to two decimal places, except requires the Company to estimate the costs
when otherwise indicated. expended to date as a proportion of the total
costs to be expended. Costs expended have been
C Basis of measurement used to measure progress towards completion as
there is a direct relationship between input and
The financial statements have been prepared on a productivity. Provisions for estimated losses, if
historical cost convention and on an accrual basis any, on uncompleted contracts are recorded in
of accounting, except for the following assets and the period in which such losses become probable
liabilities which have been measured at fair value: based on the expected contract estimates at the
reporting date.
• Derivative financial instruments

218
 Financial Statements

b. Provision for litigations and contingencies • Held primarily for the purpose of trading
(refer note 2.14)
• Expected to be realised within twelve months after
The Company estimates the provisions that have the reporting period, or
present obligations as a result of past events and it is
probable that outflow of resources will be required to • Cash or cash equivalent unless restricted from being
settle the obligations. These provisions are reviewed exchanged or used to settle a liability for at least
at the end of each reporting period and are adjusted twelve months after the reporting period.
to reflect the current best estimates. The Company
uses significant judgements to assess contingent • All other assets are classified as non-current.
liabilities. Contingent liabilities are recognised when
there is a possible obligation arising from past All assets and liabilities have been classified as current or
events, the existence of which will be confirmed only non- current as per the Company’s operating cycle and
by the occurrence or non-occurrence of one or more other criteria set out in Schedule III to the Companies
uncertain future events not wholly within the control Act, 2013. Based on the nature of products and the
of the Company or a present obligation that arises time between the acquisition of assets for processing
from past events where it is either not probable that and their realization in cash and cash equivalents, the
an outflow of resources will be required to settle the Company has ascertained its operating cycle as 12
obligation or a reliable estimate of the amount cannot months for the purpose of current and non- current
be made. Contingent assets are neither recognised classification of assets and liabilities, except for projects
nor disclosed in the financial statements. business. The projects business comprises long-term
contracts which have an operating cycle exceeding one
c. Expected credit losses on trade receivables [refer year. For classification of current assets and liabilities
note 2.12(a)] related to projects business, the Company uses the
duration of the individual life cycle of the contract as its
The expected credit loss provision on trade operating cycle.
receivables are based on assumptions about
risk of default and expected timing of collection. A liability is current when:
The Company uses judgment in making these
assumptions and selecting the inputs to the • It is expected to be settled in normal operating cycle
expected credit loss calculation based on the
Company’s history of collections, customer’s • It is held primarily for the purpose of trading.
creditworthiness and market conditions at the
end of each reporting period. • It is due to be settled within twelve months after the
reporting period, or
d. Provision for warranties (refer note 2.14)
• There is no unconditional right to defer the settlement
The Company provides warranties for general of the liability for at least twelve months after the
repairs of defects as per contract. Provisions reporting period
related to these assurance-type warranties are
recognized when the product is sold, or the service • The Company classifies all other liabilities
is provided to the customer. Initial recognition is as non-current.
based on historical experience. The initial estimate
of warranty-related costs is revised annually. • Deferred tax assets and liabilities are classified as
non-current assets and liabilities.
2.4 Current versus non-current classification
The operating cycle is the time between the acquisition
The Company presents assets and liabilities in of assets for processing and their realisation in cash
the balance sheet based on current/ non-current and cash equivalents.
classification. An asset is treated as current when it is:

• Expected to be realised or intended to be sold or

consumed in normal operating cycle

219
ABB India Limited | Integrated Annual Report 2024

2.5 Foreign Currency contractual terms with the customer, when the risk and
reward of ownership is transferred to the customer.
Functional currency
Revenues from fixed price contracts are recognized on
The functional currency of the company is the the percentage of completion method, in proportion
Indian Rupee. that the contract costs incurred for work performed
up to the reporting date bear to the estimated total
Transactions and translations contract costs. Contract revenue earned in excess
of billing has been reflected under “Other current
Initial recognition transactions in foreign assets” and billing in excess of contract revenue has
currencies are recorded by the Company at their been reflected under “Other current liabilities” in the
respective functional currency spot rates at the balance sheet. Full provision is made for any loss in the
date the transaction first qualifies for recognition. year in which it is first foreseen. Liquidated damages
Monetary assets and liabilities denominated in foreign / penalties are provided for as per the contract terms
currencies are translated at the functional currency wherever there is a delayed delivery attributable
spot rates of exchange at the reporting date. The to the Company.
gains or losses resulting from such translations are
recognised in the statement of profit and loss. Revenue from services is recognised as per the terms
of the contract with the customer using the percentage
Non-monetary assets and non-monetary liabilities of completion method, in proportion that the costs
denominated in a foreign currency and measured at incurred for work performed up to the reporting date
fair value are translated at the exchange rate prevalent bear to the estimated total costs.
at the date when the fair value was determined.
Non-monetary assets and non-monetary liabilities Revenue from the development services are recognised
denominated in a foreign currency and measured at on a cost plus basis and billed in accordance with the
historical cost are translated at the exchange rate terms of arrangement with the customer.
prevalent at the date of the transaction.
Commission income is recognised as and when the
Transaction gains or losses realized upon settlement terms of the contract are fulfilled.
of foreign currency transactions are included in
determining net profit for the period in which the Interest income is recognised on time proportion basis,
transaction is settled. Revenue, expense and cash flow based on the underlying interest rates.
items denominated in foreign currencies are translated
into the relevant functional currencies using the Contract modifications are accounted for when
exchange rate in effect on the date of the transaction. additions, deletions or changes are approved either to
the contract scope or contract price. The accounting for
2.6 Revenue Recognition modifications of contracts involves assessing whether
the services added to an existing contract are distinct
Revenue towards satisfaction of a performance obligation and whether the pricing is at the standalone selling
is measured at the amount of transaction price (net of price. Services added that are not distinct are accounted
variable consideration) allocated to that performance for on a cumulative catch up basis, while those are
obligation. The transaction price of goods sold and distinct are accounted for prospectively, either as a
services rendered is net of variable consideration on separate contract, if the additional services are priced
account of various discounts and schemes offered by at the standalone selling price, or as a termination of
the Company as part of the contract. Revenue is stated the existing contract and creation of a new contract if
exclusive of goods and service tax and net of returns and not priced at the standalone selling price.
trade and quantity discounts.
2.7 Income Taxes
Revenue from sale of products is recognised on transfer
of control of the products to the customers, which is Income tax expense comprises current and deferred
usually on delivery of goods to the customer or as per income tax. Income tax expense is recognized in net

220
 Financial Statements

profit in the statement of profit and loss except to All other repair and maintenance costs are recognised
the extent that it relates to items recognized directly in statement of profit or loss as incurred. The
in equity, or in other comprehensive income. Current Company identifies and determines cost of each
income tax for current and prior periods is recognized component/ part of Property, plant and equipment
at the amount expected to be paid to or recovered from separately, if the component/ part has a cost which
the tax authorities, using the tax rates and tax laws is significant to the total cost of the Property,
that have been enacted. plant and equipment and has useful life that is
materially different from that of the remaining asset.
Deferred income tax assets and liabilities are Advances paid towards the acquisition of property,
recognized for all temporary differences arising plant and equipment outstanding at each balance
between the tax bases of assets and liabilities and their sheet date is classified as capital advances under other
carrying amounts in the financial statements. Deferred non-current assets and cost of assets not ready for use
tax assets are reviewed at each reporting date and are at the balance sheet date are disclosed under capital
reduced to the extent that it is no longer probable that work- in- progress.
the related tax benefit will be realized. Deferred income
tax assets and liabilities are measured using tax rates The cost of property, plant and equipment as at
and tax laws that have been enacted or substantively January 1, 2016, the Company's date of transition to Ind
enacted by the balance sheet date and are expected AS, was determined with reference to its carrying value
to apply to taxable income in the years in which those recognised as per the previous GAAP (deemed cost), as
temporary differences are expected to be recovered or at the date of transition to Ind AS.
settled. The effect of changes in tax rates on deferred
income tax assets and liabilities is recognized as income The Company depreciates property, plant and
or expense in the period that includes the enactment or equipment over their estimated useful life either
the substantive enactment date. A deferred income tax using the straight-line method as per the Schedule
asset is recognized to the extent that it is probable that II of Companies Act, 2013 or based on the technical
future taxable profit will be available against which the evaluation, where management believes that the
deductible temporary differences and tax losses can estimated useful life of the asset is different from
be utilized. The Company offsets tax assets and tax those mentioned in Schedule II of Companies Act, 2013.
liabilities, where it has a legally enforceable right to set The estimated useful lives of assets are as follows:
off the recognized amounts and where it intends either
to settle on a net basis, or to realize the asset and settle Useful lives estimated by the management in years:
the liability simultaneously.
• Leasehold improvements Shorter of over the period
2.8 Property, plant and equipment of lease or useful life
• Factory buildings 15-30
• Other buildings 3-60
The cost of an item of property, plant and equipment
• Furniture and fixtures 10
shall be recognised as an asset if, and only if it is • Office equipments 3-5
probable that future economic benefits associated • Plant and equipment 6-21
with the item will flow to the Company and the cost of • Vehicles 5
the item can be measured reliably. • Freehold land is not depreciated

Property, plant and equipment is stated at cost, net of Depreciation methods, useful lives and residual
accumulated depreciation and accumulated impairment values are reviewed periodically, including at each
losses, if any. Such cost includes the cost of replacing financial year end.
part of the plant and equipment and borrowing costs
for long-term construction projects if the recognition An item of property, plant and equipment and any
criteria are met. When significant parts of property, significant part initially recognised is derecognised
plant and equipment are required to be replaced at upon disposal or when no future economic benefits
intervals, the Company depreciates them separately are expected from its use or disposal. Gains or losses
based on their specific useful lives. Likewise, when a arising from de-recognition of an property, plant and
major inspection is performed, its cost is recognised in equipment are measured as the difference between
the carrying amount of the plant and equipment as a the net disposal proceeds and the carrying amount of
replacement if the recognition criteria are satisfied.

221
ABB India Limited | Integrated Annual Report 2024

property, plant and equipment are recognized in the 2.10 Borrowing costs
statement of profit and loss when the property, plant
and equipment is derecognized. Borrowing costs directly attributable to the acquisition,
construction or production of an asset that necessarily
2.9 Intangible assets takes a substantial period of time to get ready for its
intended use or sale are capitalised as part of the cost
Intangible assets acquired separately are measured of the asset. All other borrowing costs are expensed
on initial recognition at cost. Following initial in the period in which they occur. Borrowing costs
recognition, intangible assets are carried at cost consist of interest and other costs that an entity incurs
less any accumulated amortisation and accumulated in connection with the borrowing of funds. Borrowing
impairment losses. Internally generated intangibles, cost also includes exchange differences to the extent
excluding capitalised development costs, are not regarded as an adjustment to the borrowing costs.
capitalised and the related expenditure is reflected in
the statement of profit and loss in the period in which 2.11 Inventories
the expenditure is incurred. The estimated useful life of
assets in years are as follows: Inventories are stated at the lower of cost and net
realisable value. Net realisable value is the estimated
• Technical know-how fees 3-10 selling price in the ordinary course of business, less
• Capitalized software costs 3-5 estimated costs of completion and the estimated costs
necessary to make the sale. The comparison of cost
The useful lives of intangible assets are assessed as and net realisable value is made on an item-by-item
either finite or indefinite. basis. The cost of various categories of inventories is
arrived at as follows:
Intangible assets with finite lives are amortised over
the useful economic life on a straight line method Stores, spares, raw materials, components and traded
and assessed for impairment whenever there is an goods - at rates determined on the moving weighted
indication that the intangible asset may be impaired. average method.
The amortisation period and the amortisation method
for an intangible asset with a finite useful life are Goods in Transit – at actual cost.
reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected Work-in-progress and finished goods - at full
pattern of consumption of future economic benefits absorption cost method which includes direct
embodied in the asset are considered to modify the materials, direct labour and manufacturing overheads.
amortisation period or method, as appropriate, and Cost is determined on weighted average method.
are treated as changes in accounting estimates. The Work-in-progress are not written down below cost if
amortisation expense on intangible assets with finite the finished product in which they will be incorporated
lives is recognised in the statement of profit and loss. is expected to be sold above cost.
Goodwill and intangible assets with indefinite useful
life recognized on business combination are tested for Provision for obsolescence is made wherever necessary.
impairment at least annually and when events occur or
changes in circumstances indicate that the recoverable 2.12 Impairment
amount of an asset or cash generating unit to which
the assets pertains is less than the carrying value. a Financial assets (other than at fair value)

Gains or losses arising from de-recognition of an Ind As 109 (“”Financial instruments””) requires
intangible asset are measured as the difference between expected credit losses to be measured through
the net disposal proceeds and the carrying amount of a loss allowance. The Company recognises
the asset and are recognised in the statement of profit loss allowances for Expected Credit Loss on
and loss when the asset is derecognised. financial assets measured at amortised cost;
debt investments measured at fair value through
other comprehensive income (FVOCI) and
contract assets.

222
 Financial Statements

The Company recognises lifetime expected losses largely independent of those from other assets. In
for all contract assets and / or all trade receivables such cases, the recoverable amount is determined
that do not constitute a financing transaction. For for the CGU to which the asset belongs.
all other financial assets, expected credit losses
are measured at an amount equal to the 12-month If such assets are considered to be impaired, the
expected credit losses or at an amount equal to impairment to be recognized in the statement
the life time expected credit losses if the credit risk of profit and loss is measured by the amount by
on the financial asset has increased significantly which the carrying value of the assets exceeds
since initial recognition. The Company assesses the estimated recoverable amount of the asset.
at each date of balance sheet whether a financial An impairment loss is reversed in the statement
asset or a group of financial assets is impaired. of profit and loss if there has been a change in
The impairment provisions for financial assets the estimates used to determine the recoverable
are based on evaluation of the risk of default over amount. The carrying amount of the asset is
the expected life of the receivables and expected increased to its revised recoverable amount,
timing of collection. The Company uses judgment provided that this amount does not exceed
in making these assumptions and selecting the the carrying amount that would have been
inputs to the impairment calculation, based on the determined (net of any accumulated amortization
Company’s past history of collections, customer’s or depreciation) had no impairment loss been
credit-worthiness, existing market conditions as recognized for the asset in prior years.
well as forward looking estimates at the end of
each reporting period. 2.13 Cash flow statement

b Non-financial assets Cash flows are reported using the indirect method,
whereby profit for the period is adjusted for the effects
Intangible assets and property, plant and of transactions of a non-cash nature, any deferrals or
equipment accruals of past or future operating cash receipts or
payments and item of income or expenses associated
The Company assesses, at each reporting date, with investing or financing cash flows. The cash flows
whether there is an indication that an asset may be from operating, investing and financing activities of
impaired. If any indication exists, or when annual the Company are segregated.
impairment testing for an asset is required, the
Company estimates the asset’s recoverable amount. 2.14 Provisions, contingent liability and assets
An asset’s recoverable amount is the higher of an
asset’s or cash-generating unit’s (CGU) fair value less General
costs of disposal and its value in use. Recoverable
amount is determined for an individual asset, unless A provision is recognized if, as a result of a past event, the
the asset does not generate cash inflows that are Company has a present legal or constructive obligation
largely independent of those from other assets or that is reasonably estimable, and it is probable that an
groups of assets. When the carrying amount of an outflow of economic benefits will be required to settle
asset or CGU exceeds its recoverable amount, the the obligation. If the effect of time value of money is
asset is considered impaired and is written down to material, Provisions are determined by discounting
its recoverable amount. the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value
Intangible assets and property, plant and of money and the risks specific to the liability.
equipment are evaluated for recoverability
whenever events or changes in circumstances Warranty provisions
indicate that their carrying amounts may not
be recoverable. For the purpose of impairment Provisions for warranty-related costs are recognised
testing, the recoverable amount (i.e. the higher of when the product or services are sold to the customer.
the fair value less cost to sell and the value-in-use) Initial recognition is based on historical experience.
is determined on an individual asset basis unless The initial estimate of warranty-related costs are
the asset does not generate cash flows that are revised annually.

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Contingent liability 2.15.2 Classification and subsequent measurement

A contingent liability is a possible obligation that arises Classification

from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more On initial recognition, a financial asset is classified
uncertain future events beyond the control of the as measured at amortised cost; FVOCI - debt
Company or a present obligation that is not recognized investment; FVOCI - equity investment; or fair
because it is not probable that an outflow of resources value through profit and loss (FVTPL).
will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where there Financial assets are not reclassified subsequent
is a liability that cannot be recognized because it cannot to their initial recognition unless the Company
be measured reliably. The Company does not recognize changes its business model for managing
a contingent liability but discloses its existence in the financial assets, in which case all affected financial
financial statements. assets are reclassified on the first day of the first
reporting period following the change in the
Contingent assets business model.

Contingent assets are not recognised or disclosed Subsequent measurement

in financial statements since this may result in the
recognition of income that may never be realised. a. Non-derivative financial instruments
However, when the realisation of income is virtually
certain, then the related asset is not a contingent asset (i) Financial assets carried at amortised cost
and is recognised.
A financial asset is subsequently
Onerous contracts measured at amortised cost if it is
held within a business where the
Present obligations arising under onerous contracts objective is to hold the asset in order
are recognised and measured as provisions. An onerous to collect contractual cash flows and
contract is considered to exist where the Company has the contractual terms of the financial
a contract under which the unavoidable costs (full cost asset give rise on specified dates to
basis) of meeting the obligations under the contract cash flows that are solely payments of
exceed the economic benefits expected to be received principal and interest on the principal
from the contract. amount outstanding. Any gain/loss
on de-recognition is recognised in the
2.15 Financial instruments statement of profit and loss.

2.15.1 Initial recognition (ii) Financial assets at fair value through

other comprehensive income
The Company recognizes financial assets and
financial liabilities when it becomes a party to A financial asset is subsequently
the contractual provisions of the instrument. measured at fair value through other
All financial assets and liabilities are recognized comprehensive income if it is held
at fair value on initial recognition, except for within a business where the objective is
trade receivables which are initially measured achieved by both collecting contractual
at transaction price. Transaction costs that are cash flows and selling financial assets
directly attributable to the acquisition or issue of and the contractual terms of the financial
financial assets and financial liabilities, that are asset give rise on specified dates to
not at fair value through profit or loss, are added cash flows that are solely payments of
to the fair value on initial recognition. principal and interest on the principal
amount outstanding. The Company

224
 Financial Statements

has made an irrevocable election for and rewards of the asset, but has
its investments which are classified transferred control of the asset.
as equity instruments to present the
subsequent changes in fair value in other A financial liability (or a part of a
comprehensive income based on its financial liability) is derecognized from
business model. Further, in cases where the Company’s Balance Sheet when the
the Company has made an irrevocable obligation specified in the contract is
election based on its business model, discharged or cancelled or expires.
for its investments which are classified
as equity instruments, the subsequent b. Derivative financial instruments
changes in fair value are recognized in
other comprehensive income. The company holds derivative financial
instruments such as foreign exchange
(iii) Financial assets at fair value through forward and option contracts to mitigate the
profit or loss risk of changes in exchange rates on foreign
currency exposures. The counterparty
A financial asset which is not classified for these contracts is generally a bank.
in any of the above categories are Commodity risk is mitigated by entering into
subsequently fair valued through future contracts to hedge against fluctuation
profit or loss. in commodity prices.

(iv) Financial liabilities Financial assets or financial liabilities, at fair

value through profit or loss
Financial liabilities are subsequently
carried at amortized cost using the This category has derivative financial
effective interest method. For trade assets or liabilities which are not
and other payables maturing within designated as hedges.
one year from the balance sheet date,
the carrying amounts approximate Although the company believes that these
fair value due to the short maturity of derivatives constitute hedges from an
these instruments. economic perspective, they may not qualify
for hedge accounting under Ind AS 109,
(v) Derecognition Financial Instruments. Any derivative that
is either not designated a hedge, or is so
A financial asset is primarily designated but is ineffective as per Ind
derecognised when: AS 109, is categorized as a financial asset
or financial liability, at fair value through
• The rights to receive cash flows from profit or loss.
the asset have expired, or
Derivatives not designated as hedges
• The Company has transferred its are recognized initially at fair value and
rights to receive cash flows from the attributable transaction costs are recognized
asset or has assumed an obligation in the statement of profit and loss. when
to pay the received cash flows in full incurred. Subsequent to initial recognition,
without material delay to a third party these derivatives are measured at fair value
under a ‘pass-through’ arrangement; through profit or loss and the resulting
and either (a) the Company has exchange gains or losses are included in other
transferred substantially all the risks income/expenses. Assets/liabilities in this
and rewards of the asset, or (b) the category are presented as current assets/
Company has neither transferred nor current liabilities if they are either held for
retained substantially all the risks trading or are expected to be realized within
12 months after the balance sheet date.

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Certain commercial contracts may grant rights Company by the weighted average number of equity
to the Company or the counterparties, or shares outstanding during the period. The Company
contain other provisions that are considered has no potentially dilutive equity shares.
to be derivatives. Such embedded derivatives
are assessed at inception of the contract and 2.19 Employee benefits
depending on their characteristics, accounted
for as separate derivative instruments and 2.19.1 Gratuity & Provident Fund - Defined benefit plans
shown at their fair value in the balance sheet
with changes in their fair value recognized The present value of the obligation under defined
through profit or loss. benefit plans are determined based on actuarial
valuation using the Projected Unit Credit Method.
2.16 Offsetting financial instruments In case of funded plans, the fair value of the
plan assets is reduced from the gross obligation
Financial assets and liabilities are offset and the net under the defined benefit plans to recognize the
amount reported in the consolidated balance sheet obligation on a net basis.
when there is a legally enforceable right to offset the
recognised amounts and there is an intention to settle In case of defined benefit plans, remeasurement
on a net basis or realize the asset and settle the liability comprising of actuarial gains and losses is
simultaneously. recognized in other comprehensive income (OCI)
and is reflected in retained earnings and is not
2.17 Fair value of financial instruments eligible to be reclassified to profit or loss.

Fair value hierarchy: The Company recognises the following changes in

the net defined benefit obligation as an expense
All assets and liabilities for which fair value is measured in statement of profit and loss:
or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, • Service cost including current service cost, past
based on the lowest level input that is significant to the service cost and gains and losses on curtailments
fair value measurement as a whole: and settlements; and

Level 1 - Quoted (unadjusted) market prices in active • Net interest expense or income.
markets for identical assets or liabilities
Provident fund has been considered as a defined
Level 2 - Valuation techniques for which the lowest level benefit plan since any additional obligations on
input that is significant to the fair value measurement account of investment risk and interest rate risk
is directly or indirectly observable are required to be met by the Company.

Level 3 - Valuation techniques for which the lowest level 2.19.2 Superannuation - Defined contribution scheme
input that is significant to the fair value measurement
is unobservable Contribution to Superannuation Fund, is made at
pre-determined rates to the Superannuation Fund
For assets and liabilities that are recognised in the Trust and is charged to the statement of profit
financial statements on a recurring basis, the Company and loss during the period in which the employee
determines whether transfers have occurred between renders the related services. There are no other
levels in the hierarchy by re-assessing categorisation obligations other than the contribution payable to
(based on the lowest level input that is significant to the Superannuation Fund Trust.
the fair value measurement as a whole) at the end of
each reporting period. 2.19.3 Compensated absences

2.18 Earnings per share Accumulated leave, which is expected to be utilised

within the next 12 months, is treated as short-term
Basic earnings per equity share is computed by dividing employee benefits. The Company measures the
the net profit attributable to the equity holders of the expected cost of such absences as the additional
amount that it expects to pay as a result of the

226
 Financial Statements

unused entitlement that has accumulated at from operating, investing and financing activities of
the reporting date. The Company presents the the Company are segregated.
entire accumulated leave as a current liability
in the balance sheet, since it does not have an Cash and cash equivalent in the balance sheet comprise
unconditional right to defer its settlement for 12 cash at banks and on hand and short-term deposits
months after the reporting date. with an original maturity of three months or less,
which are readily convertible into known amounts of
The expected cost of accumulating compensated cash and which are subject to an insignificant risk of
absences is determined by actuarial valuation changes in value.
performed by an independent actuary at each
balance sheet date using the projected unit credit For the purpose of statement of cash flows, cash and
method on the additional amount expected to be cash equivalents consist of cash and cheque at hand
paid/availed as a result of the unused entitlement and cash and deposit with bank.
that has accumulated at the balance sheet date.
2.21 Discontinued operations
2.19.4 Share based compensation
A discontinued operation is a component of the
The company recognizes compensation expense entity that has been disposed of or is classified as
relating to share-based payments in net profit using held for sale and:
fair-value in accordance with Ind AS 102, Share-
Based Payment. The estimated fair value of awards (a) represents a separate major line of business or
is charged to income on a straight-line basis over geographical area of operations or;
the requisite service period for each separately
vesting portion of the award as if the award was in- (b) is part of a single co-ordinated plan to dispose of
substance, multiple awards with a corresponding such a line of business or area of operations;
increase to share options outstanding account.
(c) is a subsidiary acquired exclusively with a
For cash-settled share-based payment view to resell.
transactions, the Company measures the services
acquired and the liability incurred at the fair The results of discontinued operations are presented
value of the liability. The Company recognizes separately in the statement of profit and loss. The
the services received, and a liability to pay for comparative statement of profit and loss is re-
those services, as the employees render service. presented as if the operation had been discontinued
The liability is measured, initially and at the end from the start of the comparative period.
of each reporting period until settled, at the fair
value of the share appreciation rights, by applying 2.22 Leases
an option pricing model, taking into account
the terms and conditions on which the share A contract is, or contains, a lease if the contract conveys
appreciation rights (SAR’s) were granted, and the right to control the use of an identified asset for a
the extent to which the employees have rendered period of time in exchange for a consideration. To assess
service to date. The liability is remeasured at each whether a contract conveys the right to control the use
reporting date and at settlement date based of an identified asset, the Company assesses whether:
on the fair value of the SARs. Any changes in the
liability are recognized in profit or loss. • the contract involves the use of an identified asset;

2.20 Cash and cash equivalents • the Company had the right to obtain substantially
all the economic benefits from use of the asset
Cash flows are reported using the indirect method, throughout the period of use; and
whereby profit for the year is adjusted for the effects
of transactions of a non-cash nature, any deferrals or • the Company had the right to direct the
accruals of past or future operating cash receipt or use of the asset.
payments and item of income or expense associated
with investing or financing cash-flows. The cash flows

227
ABB India Limited | Integrated Annual Report 2024

The Company as lessor - variable lease payments that depend on an index or

a rate, initially measured using the index or rate as at
At inception or on modification of a contract that the commencement date;
contains a lease component, the Company allocates the
consideration in the contract to each lease component - amounts expected to be payable under a residual
on the basis of their relative standalone prices. When value guarantee; and
the Company acts as a lessor, it determines at lease
inception whether each lease is a finance lease or an - the exercise price under a purchase option that
operating lease. the Company is reasonably certain to exercise,
lease payments in an optional renewal period if
The Company as lessee the Company is reasonably certain to exercise an
extension option, and penalties for early termination
The Company recognises a right-of-use asset (ROU) of a lease unless the Company is reasonably certain
and a lease liability at the lease commencement not to terminate early.
date. The right-of-use asset is initially measured at
cost, which comprises the initial amount of the lease The lease liability is measured at amortised cost using
liability adjusted for any lease payments made at or the effective interest method. It is remeasured when
before the commencement date, plus any initial direct there is a change in future lease payments arising
costs incurred and an estimate of costs to dismantle from a change in an index or rate, if there is a change
and remove the underlying asset or to restore the in the Company’s estimate of the amount expected
underlying asset or the site on which it is located, less to be payable under a residual value guarantee, if the
any lease incentives received. Company changes its assessment of whether it will
exercise a purchase, extension or termination option or
The right-of-use asset is subsequently depreciated if there is a revised in substance fixed lease payment.
using the straight-line method from the commencement
date to the end of the lease term, unless the lease When the lease liability is remeasured in this way, a
transfers ownership of the underlying asset to the corresponding adjustment is made to the carrying
Company by the end of the lease term or the cost of amount of the right-of-use asset, or is recorded in
the right-of-use asset reflects that the Company will profit or loss if the carrying amount of the right-of use
exercise a purchase option. In that case the right-of- asset has been reduced to zero.
use asset will be depreciated over the useful life of the
underlying asset, which is determined on the same Short-term leases and leases of low-value assets
basis as those of property, plant and equipment. In
addition, the right-of-use asset is periodically reduced The Company has elected not to recognise right-of
by impairment losses, if any, and adjusted for certain use assets and lease liabilities for leases of low value
remeasurements of the lease liability. assets and short-term leases. The Company recognises
the lease payments associated with these leases as an
The lease liability is initially measured at the present expense on a straight-line basis over the lease term.
value of the lease payments that are not paid at the The Company’s significant leasing arrangements
commencement date, discounted using the interest are mainly in respect of land & buildings, plant &
rate implicit in the lease or, if that rate cannot be readily equipment and vehicles.
determined, the Company’s incremental borrowing
rate. Generally, the Company uses its incremental 2.23 Standards Issued but not Effective
borrowing rate as the discount rate.
Ministry of Corporate Affairs (“MCA”) notifies new
Lease payments included in the measurement of the standards or amendments to the existing standards
lease liability comprise the following: under companies (Indian Accounting Standards) Rules
as issued from time to time. For the financial year
- fixed payments, including in-substance fixed payments; starting from January 1, 2025, MCA has not notified any
new standards or amendments to existing standards
applicable to the Company.

228
 3 Property, plant and equipment and Right of use assets
(H in Crores)
Owned assets Right of use assets
Furniture
Freehold Leasehold Factory Other Plant and Office Total Land and Plant and Total
and Vehicles Vehicles
Land Improvements Buildings Buildings Equipment Equipments Buildings Equipment
Fixtures
Gross carrying value
As at January 1, 2023 64.30 8.25 231.06 107.67 720.08 31.36 87.82 4.94 1,255.48 42.71 22.32 19.33 84.36
Additions 2.65 - 8.85 17.54 120.80 12.81 16.73 0.54 179.92 5.90 25.83 7.96 39.69
Disposal - (1.11) (0.87) (0.46) (13.20) (2.33) (1.32) (0.06) (19.35) - - (0.84) (0.84)
As at December 31, 2023 66.95 7.14 239.04 124.75 827.68 41.84 103.23 5.42 1,416.05 48.61 48.15 26.45 123.21
Additions - - 1.93 24.64 112.21 11.59 22.09 0.04 172.50 14.31 8.98 7.70 30.99
Disposals (0.09) (0.47) (0.20) (0.96) (20.27) (0.62) (1.01) (0.11) (23.73) - (29.39) (1.43) (30.82)
As at December 31, 2024 66.86 6.67 240.77 148.43 919.62 52.81 124.31 5.35 1,564.82 62.92 27.74 32.72 123.38
Accumulated depreciation
Balance as at January 1, 2023 - 3.06 44.97 12.74 307.75 17.71 27.88 1.34 415.45 15.70 17.79 9.70 43.19
Depreciation charge for - 1.23 9.10 3.29 63.74 5.78 9.77 0.65 93.56 7.47 12.37 4.92 24.76
the year
Disposals - (1.05) (0.19) (0.16) (8.02) (2.26) (0.72) (0.06) (12.46) - - (0.73) (0.73)
As at December 31, 2023 - 3.24 53.88 15.87 363.47 21.23 36.93 1.93 496.55 23.17 30.16 13.89 67.22
Depreciation charge for - 0.80 9.38 4.55 66.74 7.02 11.14 0.65 100.28 9.61 12.24 5.50 27.35
the year
Disposals - (0.31) (0.06) (0.19) (15.43) (0.58) (0.79) (0.11) (17.47) - (29.39) (0.78) (30.17)
As at December 31, 2024 - 3.73 63.20 20.23 414.78 27.67 47.28 2.47 579.36 32.78 13.01 18.61 64.40
Net carrying value as at 66.95 3.90 185.16 108.88 464.21 20.61 66.30 3.49 919.50 25.44 17.99 12.56 55.99
December 31, 2023
Net carrying value as at 66.86 2.94 177.57 128.20 504.84 25.14 77.03 2.88 985.46 30.14 14.73 14.11 58.98
December 31, 2024

Notes:
a) The title deeds of all the immovable properties are held in the name of the Company except as disclosed below:

Whether title deed holder is a promoter,

Relevant line Description Property held Reason for not being
Gross Title deeds held in the director or relative of promoter/
item in the of item of since which held in the name of the
carrying value name of director/ employee of promoter/
Balance Sheet property date Company
director
Property, plant Freehold Land, H 2.90 Crores ABB Global Industries and No 2011 Refer Note A below
and equipment Nelamangala Services Private Limited

229
Financial Statements

Note A : The registration of the land in the name of the Company is in process and there is no dispute.
ABB India Limited | Integrated Annual Report 2024

4 Capital work-in-progress

(i) Capital work in progress movement

(H in Crores)
As at January 1, 2023 69.25
Additions during the year 50.42
Capitalised during the year (59.75)
As at December 31, 2023 59.92
Additions during the year 207.35
Capitalised during the year (172.50)
As at December 31, 2024 94.77

(ii) Capital work-in-progress ageing schedule

(H in Crores)
Amount in capital work-in-progress for a period of
Less than More than Total
1 - 2 years 2 - 3 years
1 year 3 years
Projects in progress 55.07 2.77 1.66 0.42 59.92
Projects temporarily suspended - - - - -
As at December 31, 2023 55.07 2.77 1.66 0.42 59.92
Projects in progress 87.52 5.66 0.60 0.99 94.77
Projects temporarily suspended - - - - -
As at December 31, 2024 87.52 5.66 0.60 0.99 94.77

(iii) Capital work-in-progress, for which completion is overdue compared to its original plan :
(H in Crores)
To be completed in
Less than More than Total
1 - 2 years 2 - 3 years
1 year 3 years
Peenya 7.30 - - - 7.30
Nelamangala 1.10 - - - 1.10
Nashik 0.40 - - - 0.40
As at December 31, 2023 8.80 - - - 8.80
Peenya 4.65 - - - 4.65
Nelamangala 17.07 - - - 17.07
As at December 31, 2024 21.72 - - - 21.72
There are no material projects whose cost have exceeded their original plan as at December 31, 2024. Further, the above
are expected to be capitalised during the financial year 2025.

Original plan is considered as that plan which is approved and on the basis of which implementation program is evaluated.
Such original plan includes management's estimate and assumption w.r.t. future business economy or industry and
regulatory environments.

230
 Financial Statements

5 Goodwill and other intangible assets

(H in Crores)
Other intangible assets
Technical
Goodwill Capitalised
Know-how Total
Software
fees
Gross carrying value
As at January 1, 2023 14.62 9.86 11.60 21.46
Additions - 0.09 2.00 2.09
Disposal - - (0.40) (0.40)
As at December 31, 2023 14.62 9.95 13.20 23.15
Additions - - 0.32 0.32
Disposals - (4.17) (1.41) (5.58)
As at December 31, 2024 14.62 5.78 12.11 17.89
Accumulated amortisation / impairment
Balance as at January 1, 2023 - 9.48 8.63 18.11
Amortisation charge for the year - 0.19 1.41 1.60
Disposals - - (0.40) (0.40)
As at December 31, 2023 - 9.67 9.64 19.31
Amortisation charge for the year - 0.11 1.18 1.29
Disposals - (4.17) (1.33) (5.50)
As at December 31, 2024 - 5.61 9.49 15.10
Net carrying value as at December 31, 2023 14.62 0.28 3.56 3.84
Net carrying value as at December 31, 2024 14.62 0.17 2.62 2.79
Note:
(H in Crores)
December 31, December 31,
2024 2023
Breakup of Goodwill CGU wise
Electrification 14.62 14.62
14.62 14.62
Goodwill and CGU's impairment testing

The Company tests whether goodwill has suffered any impairment on an annual basis as at 31 December. The
recoverable amount of a Cash Generating Unit (‘CGU’) is determined based on value-in-use calculations which require
the use of assumptions. The calculations use pre-tax cash flow projections based on financial budgets approved by the
management. An average of the range of each assumption used is mentioned below.
(H in Crores)
December 31, December 31,
2024 2023
Growth rate 5% - 6% 5% - 6%
Operating margins 6% - 13% 6% - 13%
Discount rate 9% - 10% 9% - 10%

The above discount rate is based on the Weighted Average Cost of Capital (WACC) which represents the weighted
average return attributable to all the assets of the CGU. The Company has considered terminal value growth rate of 5%
from financial year 2029-30. These estimates are likely to differ from future actual results of operations and cash flows.

Based on the above assessment, there has been no impairment of goodwill.

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ABB India Limited | Integrated Annual Report 2024

6 Investments
(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
Unquoted:-
Investment in equity shares
(Carried at amortised cost)
AMP Energy C&I Private Limited 0.13 0.13 - -
126,000 equity shares of J10 each (December 31, 2023 -
126,000 equity shares of H10 each)
AMP Energy Green Nine Private Limited 0.03 0.03 - -
30,000 equity shares of J10 each (December 31, 2023 - 30,000
equity shares of H10 each)
Investment in compulsory convertible debentures
(Carried at amortised cost)
AMP Energy Green Nine Private Limited 1.40 1.40 - -
14,040 compulsorily convertible debentures of J1000
each (December 31, 2023 - 14,040 compulsorily convertible
debentures of H1000 each)
1.56 1.56 - -

Aggregate amount of quoted and unquoted investments is as follows:

(H in Crores)
December 31, December 31,
2024 2023
a) Aggregate amount of quoted investment and market value thereof - -
b) Aggregate amount of unquoted investment, and 1.56 1.56
c) Aggregate amount of impairment in value of investment - -

7 Loans
(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
(Unsecured considered good)
Loans to employees - - 6.29 5.40
- - 6.29 5.40

8 Other financial assets

(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
(Unsecured considered good unless otherwise stated)
Security deposits 8.04 7.27 18.66 12.54
Deposits with customers - - 4.66 4.70
Other receivables** - - 51.47 131.39
Mark to market gain on forward contracts* - - 5.43 18.85
Mark to market gain on embedded derivatives* - - 15.53 5.77
8.04 7.27 95.75 173.25
* At fair value through profit and loss
** Includes receivable towards non-novated contracts (refer note 33).

232
 Financial Statements

9 Tax expenses

The major components of income tax expense for the years ended

Statement of profit and loss:

(H in Crores)
December 31, December 31,
2024 2023
Profit or loss section
Current income tax:
Continuing operations
Current income tax charge 632.39 433.02
Taxes / (refunds) relating to earlier years (1.51) (9.82)
Deferred tax (credit)/charge 7.77 (12.49)
638.65 410.71
Discontinuing operations
Current income tax charge/(credit) (1.00) (2.06)
(1.00) (2.06)
Income tax expense reported in the statement of profit and loss 637.65 408.65
Other comprehensive income:
Deferred tax related to items recognised in OCI during the year:
- Re-measurement income/(loss) on defined benefit plan (3.56) (0.37)
Income tax (credit)/expense charged to OCI (3.56) (0.37)

Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate:
(H in Crores)
December 31, December 31,
2024 2023
Accounting profit before income tax (continuing and discontinued operations) 2,509.29 1,650.70
At India's statutory income tax rate of 25.17% (December 31, 2023 - 25.17%) 631.59 415.48
Adjustments in respect of current income tax
Non-deductible expenses for tax purposes 6.61 3.84
Others (0.55) (10.67)
At the effective income tax rate of 25.413% (December 31, 2023 - 24.756%) 637.65 408.65

Deferred tax assets/(liabilities):

(H in Crores)
Balance Sheet
Deferred tax relates to the following: December 31, December 31,
2024 2023
Property, plant and equipment# (27.75) (25.65)
Right-of-use assets# (14.85) (14.09)
Lease liabilities# 13.06 12.33
Other intangible assets# 0.71 0.44
Provision for doubtful debts and advances# 66.18 68.67
Expenditure debited to the statement of profit and loss but allowable for tax 61.14 61.00
purpose in subsequent years*
#
Movement of J 4.35 Crores between December 31, 2024 and December 31, 2023 recognized in the statement of profit and loss.
* Out of the movement of J 0.14 Crores, credit of J 3.56 Crores is recognized in other comprehensive income on account of remeasurements of
defined benefit liability/(asset) and balance charged amounting to J 3.42 Crores is recognized in the statement of profit and loss.

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ABB India Limited | Integrated Annual Report 2024

9 Tax expenses (Contd..)

(H in Crores)
Balance Sheet
December 31, December 31,
2024 2023
Net deferred tax assets/(liabilities) 98.49 102.70
Reflected in the balance sheet as follows:
Deferred tax assets 141.09 142.44
Deferred tax liabilities (42.60) (39.74)
Deferred tax assets, net 98.49 102.70

10(a) Non-current tax assets (net)

(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
Advance income-tax (net of provision for tax) 183.62 136.94 - -
183.62 136.94 - -

10(b) Current tax liabilities (net)

(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
Provision for taxation (net of advance tax) - - 56.34 42.34
- - 56.34 42.34

11 Other non-current assets

(H in Crores)
December 31, December 31,
2024 2023
(unsecured, considered good unless otherwise stated)
Capital advances 44.69 22.82
Advances recoverable in cash or kind 5.13 5.13
Taxes and duties recoverable 130.58 123.41
180.40 151.36

12 Trade receivables
(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
Unsecured
Considered good - - 3,064.40 2,606.52
Credit impaired 179.98 197.03 - -
179.98 197.03 3,064.40 2,606.52
Less:
Loss allowance on doubtful receivable 179.98 197.03 80.74 62.22
- - 2,983.66 2,544.30

Above balances of trade receivables includes balances with related parties (refer note 43).

234
 Financial Statements

12 Trade receivables (Contd..)

Trade receivables ageing schedule:
(H in Crores)
Outstanding for following periods from due date of
payment
Not Due Total
Less than 6 months More than
1 - 2 years 2 - 3 years
6 months - 1 year 3 years
As at December 31, 2024
Undisputed trade receivables - 2,340.05 481.68 111.63 96.97 15.80 18.27 3,064.40
considered good
Undisputed trade receivables - - - - - - - -
which have significant increase in
credit risk
Undisputed trade receivables - 64.76 2.55 10.65 57.68 9.61 34.73 179.98
credit impaired
Disputed trade receivables - - - - - - - -
considered good
Disputed trade receivables - which - - - - - - -
have significant increase in credit risk
Disputed trade receivables – credit - - - - - - -
impaired
2,404.81 484.23 122.28 154.65 25.41 53.00 3,244.38
Less:
Allowance for expected credit loss 5.13 11.91 11.47 27.88 7.99 16.36 (80.74)
(ECL)
Allowance for credit impairment (179.98)
2,983.66
As at December 31, 2023
Undisputed trade receivables - 1,914.69 526.46 90.03 36.60 14.86 23.88 2,606.52
considered good
Undisputed trade receivables - - - - - - - -
which have significant increase in
credit risk
Undisputed trade receivables - 72.94 18.44 39.81 22.41 7.07 36.36 197.03
credit impaired
Disputed trade receivables - - - - - - - -
considered good
Disputed trade receivables - which - - - - - - -
have significant increase in credit risk
Disputed trade receivables – credit - - - - - - -
impaired
1,987.63 544.90 129.84 59.01 21.93 60.24 2,803.55
Less:
Allowance for expected credit loss 3.43 12.58 6.16 8.32 8.88 22.85 (62.22)
(ECL)
Allowance for credit impairment (197.03)
2,544.30

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ABB India Limited | Integrated Annual Report 2024

13 Cash and cash equivalents

(H in Crores)
December 31, December 31,
2024 2023
Balances with banks
- On current accounts 245.42 289.58
- Deposit accounts (Original maturity up to 3 months) 640.40 501.77
Cheques on hand 49.81 85.53
935.63 876.88

14 Bank balances other than cash and cash equivalent

(H in Crores)
December 31, December 31,
2024 2023
Deposit accounts (Original maturity more than 3 months and less than 12 4,566.87 3,937.71
months from the balance sheet date)
4,566.87 3,937.71
Unpaid dividend (earmarked and not free to be used) 5.32 1.58
4,572.19 3,939.29

15 Inventories
(H in Crores)
December 31, December 31,
2024 2023
Raw materials and components (including goods in transit of J 99.20 Crores, 1,144.58 1,094.21
December 31, 2023 H 170.14 Crores)
Work-in-progress 241.62 230.93
Finished goods 284.10 189.98
Stock-in-trade 104.69 43.52
Stores and spares 3.00 2.12
1,777.99 1,560.76

During the year ended December 31, 2024 - J (1.17) Crores [December 31, 2023 - H 69.54 Crores] was recognized as an
expense/(reversal) in relation to inventory obsolescence. This is disclosed as part of cost of raw materials, components
consumed and project bought outs in the statement of Profit and Loss.

16 Other current assets

(H in Crores)
December 31, December 31,
2024 2023
Prepaid expenses 46.08 50.05
Contract assets (refer note 44) 140.16 144.57
Advances to suppliers 68.93 86.33
Advances to employees 4.56 4.74
Balance with government authorities 43.70 77.61
Taxes and duties recoverable 87.66 84.31
391.09 447.61

236
 Financial Statements

17 Equity Share Capital

December 31, 2024 December 31, 2023

Numbers (J in Crores) Numbers (J in Crores)
Authorised share capital
Equity shares of H 2 each 21,25,00,000 42.50 21,25,00,000 42.50
11% Redeemable 10 years, cumulative preference shares 7,50,000 7.50 7,50,000 7.50
of J 100 each
Issued equity share capital
Equity shares of J 2 each issued, subscribed and 21,19,08,375 42.38 21,19,08,375 42.38
fully paid

a) Movement in equity shares during the year

December 31, 2024 December 31, 2023

Numbers (J in Crores) Numbers (J in Crores)
Opening 21,19,08,375 42.38 21,19,08,375 42.38
Movement - - - -
Closing 21,19,08,375 42.38 21,19,08,375 42.38

b) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of H 2/- per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in Indian Rupees.

The Board of directors have recommended dividend of H 33.50 per equity share for the year ended December 31, 2024.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.

Dividend paid during the year ended December 31, 2024 includes an amount of H 23.80 per equity share towards the final
dividend for the year ended December 31, 2023 and an amount of H 10.66 per equity share towards interim dividend for
the year ended December 31, 2024.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.

Details of shareholders holding more than 5% of the shares in the Company

Name of the shareholders Numbers % of holding Numbers % of holding

ABB Asea Brown Boveri Limited - the holding company 15,89,31,281 75.00% 15,89,31,281 75.00%

As per records of the Company and other declarations received from shareholders, the above shareholding represents
both legal and beneficial ownerships of shares.

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ABB India Limited | Integrated Annual Report 2024

17 Equity Share Capital (Contd..)

Shares held by holding / ultimate holding company Numbers J in Crores Numbers J in Crores
ABB Asea Brown Boveri Limited 15,89,31,281 31.79 15,89,31,281 31.79
15,89,31,281 31.79 15,89,31,281 31.79

Shares held by promotors Numbers % of holding Numbers % of holding

ABB Asea Brown Boveri Limited 15,89,31,281 75.00% 15,89,31,281 75.00%
(Equity shares of H 2 each, fully paid)

c) The Company has not issued any shares for a consideration other than cash and no shares have been bought back during
the period of 5 years immediately preceding the reporting date.

18 Other equity
(H in Crores)
December 31, December 31,
2024 2023
a) Securities premium
Opening balance 43.28 43.28
Closing balance 43.28 43.28
b) Retained earnings
Opening balance 3,259.39 2,254.20
Net profit for the year 1,871.64 1,242.05
Other comprehensive income/ (loss) (net of tax) (10.60) (3.76)
Less: Appropriations during the year
Equity dividend paid (730.24) (233.10)
Closing balance 4,390.19 3,259.39
c) Employee stock options reserve
Opening balance 0.07 0.07
Closing balance 0.07 0.07
d) Capital reserve
Opening balance 0.92 0.92
Closing balance 0.92 0.92
e) Capital redemption reserve
Opening balance 7.50 7.50
Closing balance 7.50 7.50
f) General reserve
Opening balance 2,591.06 2,591.06
Closing balance 2,591.06 2,591.06
Total other equity 7,033.02 5,902.22

Nature and purpose of other reserves

a) Securities premium

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance
with the provisions of the Companies Act, 2013.

b) Retained earnings

Retained earnings are the profits of the Company earned till date net of appropriations/distributions and other
adjustments permitted as per the applicable regulations and accounting standards.

238
 Financial Statements

18 Other equity (Contd..)

c) Employee stock option reserve

The share options outstanding account is used to recognise the grant date fair value of the options issued to
employees under Employee Share Acquisition Plan schemes.

d) Capital reserve

Capital reserve pertains to acquisitions in the earlier years.

e) Capital Redemption reserve

The Company had transferred to Capital Redemption reserve, a sum equal to the nominal amount of preference
shares that were redeemed in the past. The reserve will be utilized as per the provisions of the Companies Act 2013.

f) General Reserve

General reserve is a free reserve which can be utilised for any purpose after fulfilling certain conditions in accordance
with the provisions of the Companies Act, 2013.

19 Other financial liabilities

(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
Security deposits received 8.65 7.87 - -
Unpaid Dividends - - 5.32 1.57
Payable towards purchase of property, plant & equipment - - 43.75 28.20
Employee related payables - - 103.69 102.71
Mark to market loss on embedded derivatives* - - 9.07 3.39
Mark to market loss on forward contracts* - - 39.49 6.46
Other payables** - - 93.42 260.35
8.65 7.87 294.74 402.68
* At fair value through profit and loss
**Includes payables towards non-novated contracts (refer note 33).

20 Lease liabilities
(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
Lease liabilities 28.19 28.93 23.69 20.05
28.19 28.93 23.69 20.05

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ABB India Limited | Integrated Annual Report 2024

20 Lease liabilities (Contd..)

The following is the movement in lease liabilities during the year ended
(H in Crores)
December 31, December 31,
Particulars
2024 2023
Lease liabilities at the beginning of the year 48.98 33.09
Non cash changes:
Additions during the year 30.35 39.58
Cancellation of lease contracts (0.71) -
Interest on lease liabilities 5.43 4.93
Cash changes:
Lease payment including interest (32.17) (28.62)
Closing lease liabilities at the end of the year 51.88 48.98

Maturity analysis of lease liabilities

(H in Crores)
December 31, December 31,
Maturity analysis - contractual undiscounted cash flows
2024 2023
Less than 1 year 28.17 25.65
1-5 years 28.87 29.70
More than 5 years 4.29 -
Total undiscounted lease liabilities 61.33 55.35

The Company during the year incurred J 12.70 Crores (December 31, 2023 H 7.04 Crores) towards expenses relating to
lease of low-value assets and short termed leases. (Refer note 32)

The total cash outflow for leases during the year is H 45.57 Crores (including interest of H 5.43 Crores) [December 31,
2023: H 35.66 Crores (including interest of H 4.93 Crores)], including cash outflow of short-term leases and leases of
low-value assets.

21 Provisions
(H in Crores)
Non-current Current
December December December December
31, 2024 31, 2023 31, 2024 31, 2023
Provisions for employee benefits
Gratuity - - 6.57 1.30
Provident fund - - 29.14 23.78
Leave benefits - - 48.42 40.64
Management incentive plan (refer note 39) 5.13 5.63 11.08 5.99
Other provisions
Warranties - - 293.43 219.33
Loss orders - - 29.93 29.70
Litigations - - 8.49 0.20
Indirect taxes - - 87.77 124.24
5.13 5.63 514.83 445.18

Nature of provisions:

i) Warranties: The Company provides warranties for its products, systems and services, undertaking to repair or
replace the items that fail to perform satisfactorily during the warranty period. Provision made as at December
31, 2024 represents the amount of the expected cost based on past experience of meeting such obligations. The
outflow would depend on the expenditure which will be incurred over the contractual warranty period.

240
 Financial Statements

21 Provisions (Contd..)

ii) Loss orders: A provision for expected loss on construction contracts is recognised when it is probable that the
contract costs will exceed total contract revenue. For all other contracts loss order provisions are made when the
full costs of meeting the obligation under the contract exceed the currently estimated economic benefits. The
outflow would depend on the cessation of the respective events.

iii) Provision for litigation represents claims against the Company not acknowledged as debts that are expected to
materialise in respect of matters in litigation. The outflow would depend on the cessation of the respective events.

iv) Provision for indirect taxes represents mainly the differential indirect tax liability on account of non – collection of
declaration forms. The outflow would depend on the cessation of the respective events.

Movement in provisions: (Figures in brackets are in respect of the previous year)

(H in Crores)
As at
As at Amounts
Class of provisions Additions December 31,
January 1, 2024 used/reversed
2024
Warranties 219.33 156.93 82.83 293.43
(160.51) (78.12) (19.30) (219.33)
Loss orders 29.70 7.89 7.66 29.93
(28.56) (9.76) (8.62) (29.70)
Litigations 0.20 8.49 0.20 8.49
(0.20) - - (0.20)
Indirect taxes 124.24 0.90 37.37 87.77
(137.74) (23.99) (37.49) (124.24)

Note: A provision for expected loss on revenue contracts is recognised when the unavoidable costs of meeting the
obligations under the contract exceed the economic benefits expected to be received under the contract.

22 Trade payables
(H in Crores)
December 31, December 31,
2024 2023
Total outstanding dues of micro enterprises and small enterprises; and 77.23 95.05
Total outstanding dues of creditors other than micro enterprises and 3,120.79 3014.03
small enterprises
3,198.02 3,109.08

Note 1: Above balances of trade payables includes balances with related parties (Refer note 43)

Note 2: Trade payables include accounts payable under the supplier finance program.

Note 3: The Company has amounts due to Micro and Small Enterprises under The Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED Act) as at December 31, 2024:

December 31, December 31,

2024 2023
(i) The principal amount and the interest due thereon remaining unpaid to any
supplier as at the end of the year:
Principal amount 73.90 87.83
Interest 0.82 1.17

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ABB India Limited | Integrated Annual Report 2024

22 Trade payables (Contd..)

December 31, December 31,

2024 2023
(ii) The amount of interest paid by the Company in terms of Section 16 of 62.35 59.96
the MSMED Act, 2006 along with the amount of the payment made to the
supplier beyond the appointed day during each accounting year.
(iii) The amount of interest due and payable for the period of delay in making - 0.25
payment (which has been paid but beyond the appointed day during the
year) but without adding the interest specified under MSMED Act, 2006.
(iv) The amount of interest accrued and remaining unpaid at the end of each 2.51 1.42
accounting year.
(v) The amount of further interest remaining due and payable even in the 3.33 7.22
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purposes of disallowance as a
deductible expenditure under the MSMED Act, 2006
The above disclosures are provided by the Company based on the information available with the Company in respect of
the registration status of its vendors/suppliers.

Trade payables ageing schedule:

(H in Crores)
Outstanding for following periods from due date of
payment
Not Due Total
Less than 1-2 2-3 More than 3
1 year years years years
As at December 31, 2024
MSME* 71.00 4.23 - - 2.00 77.23
Others 1,975.99 726.55 30.47 65.19 9.22 2,807.42
Disputed dues - MSME* - - - - - -
Disputed dues - Others - - - - - -
2,046.99 730.78 30.47 65.19 11.22 2,884.65
Accrued expenses 313.37
3,198.02
As at December 31, 2023
MSME* 88.39 0.07 4.99 0.04 1.56 95.05
Others 1,674.92 732.43 253.30 9.92 - 2,670.57
Disputed dues - MSME* - - - - - -
Disputed dues - Others - - - - - -
1,763.31 732.50 258.29 9.96 1.56 2,765.62
Accrued expenses 343.46
3,109.08
*MSME as per the Micro, Small and Medium Enterprises Development Act, 2006.

23 Other current liabilities

(H in Crores)
December 31, December 31,
2024 2023
Billing in excess of contract revenue (refer note 44) 559.51 371.16
Statutory dues payable 178.10 146.31
Advance from customers (refer note 44) 448.73 477.36
1,186.34 994.83

24 2
 Financial Statements

24 Revenue from operations (net)

(H in Crores)
December 31, December 31,
2024 2023
Revenue from contracts with customers
Sale of products 11,536.08 9,845.44
Sale of services 551.59 521.24
12,087.67 10,366.68
Other operating revenues
Scrap sales 27.92 21.47
Income from development services 66.61 52.78
Miscellaneous income 6.11 5.59
100.64 79.84
Revenue from operations (net) 12,188.31 10,446.52

Detail of revenue from contracts with customers

(H in Crores)
December 31, December 31,
2024 2023
(i) Sale of products
Switchgear of all types 4,794.63 3,932.23
Electronic control and supply units for variable speed drives and other 2,205.54 1,878.26
applications
Motors and other machines 2,147.75 2,097.62
Others 2,388.16 1,937.33
11,536.08 9,845.44
(ii) Sale of services
Erection, commissioning and other engineering services 551.59 521.24
(Refer note 44 for Ind AS 115 disclosures) 551.59 521.24
12,087.67 10,366.68

25 Other income
(H in Crores)
December 31, December 31,
2024 2023
Finance income
Interest income using the effective interest method for financial assets that are
measured at amortised cost
On security deposit 0.55 0.31
On deposits with banks 330.96 265.71
Interest income - on tax refunds etc. 11.78 11.01
343.29 277.03
Other income
Other non operating revenue 10.11 24.66
10.11 24.66
353.40 301.69

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ABB India Limited | Integrated Annual Report 2024

26 Cost of raw materials, components consumed and project bought outs

(H in Crores)
December 31, December 31,
2024 2023
Raw material and components consumed
Inventory at the beginning of the year 1,094.21 981.13
Add : Purchases during the year 5,979.61 5,625.56
Less : Inventory at the end of the year 1,144.58 1,094.21
Cost of raw materials consumed 5,929.24 5,512.48

27 Purchases of stock-in-trade
(H in Crores)
December 31, December 31,
2024 2023
Motors and other machines 104.29 80.30
Switchgears 11.47 13.52
Power invertors 0.81 0.88
Others 868.79 748.07
985.36 842.77

28 (Increase)/decrease in inventories of finished goods, stock-in-trade and work-in-progress

(H in Crores)
December 31, December 31,
2024 2023
Opening stock
- Finished goods 189.98 168.66
- Stock-in-trade 43.52 45.99
- Work-in-progress 230.93 223.09
464.43 437.74
Closing stock
- Finished goods 284.10 189.98
- Stock-in-trade 104.69 43.52
- Work-in-progress 241.62 230.93
630.41 464.43
(165.98) (26.69)

29 Employee benefit expenses

(H in Crores)
December 31, December 31,
2024 2023
Salaries, wages and bonus 696.86 606.59
Employee share based payments, cash settled (refer note 39) 20.06 10.11
Gratuity (refer note 35) 9.25 8.02
Provident fund (refer note 35) 24.60 20.97
Contribution to superannuation and other funds 20.40 19.08
Staff welfare expenses 37.62 37.75
Training, recruitment and transfer expenses 13.14 12.63
821.93 715.15

24 4
 Financial Statements

30 Finance costs
(H in Crores)
December 31, December 31,
2024 2023
Interest expense on financial liabilities measured at amortised cost 9.97 7.34
Finance cost on lease liabilities 5.43 4.93
Bill discounting and other charges 1.05 0.39
16.45 12.66

31 Depreciation and amortisation expense

(H in Crores)
December 31, December 31,
2024 2023
Depreciation of property, plant and equipment 100.28 93.56
Amortisation of other intangible assets 1.29 1.60
Depreciation of right to use assets 27.35 24.76
128.92 119.92

32 Other expenses
(H in Crores)
December 31, December 31,
2024 2023
Consumption of stores and spares 31.62 22.02
Packing expenses 45.19 39.40
Royalty and technology fees 382.72 327.20
Freight and forwarding 118.91 99.85
Power and fuel 28.24 25.13
Travelling and conveyance 117.53 93.23
Insurance 17.16 11.41
Rates and taxes (reversal)/expense (8.77) 19.49
Rent 12.70 7.04
Repairs :
Buildings 13.18 12.87
Plant and machinery 20.96 24.41
Others 4.35 5.71
Loss allowance 41.11 16.02
Loss on sale/disposal of property, plant and equipment (net) 6.05 6.97
CSR expenditure 21.96 15.59
Legal and professional 106.93 75.83
Auditor's remuneration 2.82 2.25
Trade-mark fees 120.01 108.84
Information technology expenses 267.33 201.41
Exchange rate difference - loss (net) 27.87 37.10
Director's fees and commission 1.46 1.09
Services from third parties 153.68 125.23
Testing and inspection charges 18.13 14.78
Seminar and publicity expenses 24.47 21.36
Group management fees etc. 214.38 172.58
Network cost 26.09 25.74
Warranty (net) 80.24 52.46
Miscellaneous 74.53 74.06
1,970.85 1,639.07

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ABB India Limited | Integrated Annual Report 2024

32 Other expenses (Contd..)

Auditor's remuneration (excluding goods and service tax)*

(H in Crores)
December 31, December 31,
2024 2023
As auditor:
Audit fee 1.30 0.90
Tax audit fee 0.25 0.20
Limited review 0.60 0.60
In other capacity: -
Group reporting fees 0.15 0.15
Certification, etc 0.32 0.20
Reimbursement of expenses - -
Out of pocket expenses 0.20 0.20
2.82 2.25

Details of corporate social responsibility expenditure

(H in Crores)
December 31, December 31,
2024 2023
1. Amount required to be spent during the year 21.96 15.46
2. Amount of expenditure incurred on:
(i) Construction/acquisition of any asset 9.18 3.96
(ii) On purposes other than (i) above 16.91 11.63
26.09 15.59
3. Shortfall at the end of the year Not Applicable
4. Total of previous years shortfall Not Applicable
5. Reason for shortfall Not Applicable
6. Nature of CSR activities Public Road Infrastructure,
Education, Healthcare, Environmental
Sustainability, Water Management.
7. Details of related party transactions as per relevant Accounting Standard: 26.09 10.82
Contribution to ABB India Foundation (uncontrolled trust) in relation to CSR
expenditure

33 Discontinued operations

On March 5, 2019, the Board of Directors of Company approved the Scheme of Arrangement amongst the Company
and Hitachi Energy India Limited ('HEIL') (formerly ABB Power Products and Systems India Limited) for Demerger of
Company’s Power Grids business to HEIL (“Demerger”) and the Appointed date for the Demerger was April 1, 2019. The
Demerger was approved by National Company Law Tribunal (‘NCLT’) and the NCLT approval was filed with the Registrar
of Companies on December 1, 2019 (Effective date).

During the previous year, the Company received show cause notices pertaining to the Export promotion capital goods
(“EPCG”) licenses and advance licenses received from the Department of Customs, Government of India (“Customs
Department”) for the Power Grid (“PG”) business in the earlier years. While these licenses continue to be in the name
of the Company, upon completion of sale of PG business under the scheme, the benefit and the corresponding export
obligations relating to such licenses were transferred to HEIL. As at December 31, 2024, HEIL is in the process of
completing the compliance and documentation in relation to the licenses having duty value of H 158.81 Crores. As per the
management and according to the scheme of demerger the obligation to comply with the regulations and consequences
thereon belongs to HEIL which is also supported by an expert opinion.

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 Financial Statements

33 Discontinued operations (Contd..)

(a) Analysis of profit/(loss) from discontinued operation

(H in Crores)
December 31, December 31,
2024 2023
Income
Revenue from operations - -
Total income - -
Expenses
Other expenses 3.97 8.19
Total expenses 3.97 8.19
Loss before tax (3.97) (8.19)
Tax expense: 1.00 2.06
Loss after tax (2.97) (6.13)

(b) Net cash flows attributable to the discontinued operation

(H in Crores)
December 31, December 31,
2024 2023
Net cash (outflows) / inflows from operating activities (3.97) (8.19)
Net cash outflows (3.97) (8.19)

34 Earning per share (EPS)

The following reflects the income and share data used in the basic and diluted EPS computations
(H in Crores)
December 31, December 31,
2024 2023
a) Profit/(Loss) after tax
From continuing operations 1,874.61 1,248.18
From discontinued operations (2.97) (6.13)
b) Profit attributable to equity shareholders 1,871.64 1,242.05
c) Weighted average number of Equity Shares outstanding during the year 21,19,08,375 21,19,08,375
d) Nominal value of shares (in H) 2.00 2.00
e) Earnings/(loss) per share- Basic and diluted (in H)
From continuing operations (in H) 88.46 58.90
From discontinued operations (in H) (0.14) (0.29)
From continuing and discontinued operations (in H) 88.32 58.61

35 Gratuity and other post-employment benefit plans

The Company has defined benefit gratuity plan and provident fund plan managed by trusts.

Gratuity Plan

Gratuity is payable to all eligible employees of the Company as per the provisions of the Payment of Gratuity Act, 1972 or
as per the Company’s scheme, whichever is higher.

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35 Gratuity and other post-employment benefit plans (Contd..)

Provident Fund Plan

The Company manages provident fund plan through a provident fund trust for its employees which is permitted under
the Provident Fund and Miscellaneous Provisions Act, 1952. The Contribution by employee and employer together with
interest are payable at the time of separation from service or retirement, whichever is earlier.

Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return
on assets have been considered based on relevant economic factors such as inflation, market growth and other factors
applicable to the period over which the obligation is expected to be settled.

A Gratuity
(H in Crores)
December 31, December 31,
2024 2023
The following table sets out movement in defined benefits liability and the
amount recognised in the financial statements:
Gratuity provision/(assets) 6.57 1.30
Total 6.57 1.30

i) Changes in the defined benefit obligation and fair value of plan assets as at December 31, 2024:
(H in Crores)
Defined benefit Fair value Benefit
obligation of plan assets liability
Gratuity cost charged to profit or loss:
As at January 1, 2023 98.67 102.09 (3.42)
Service cost 8.54 - 8.54
Net interest expense 6.90 7.42 (0.52)
Total amount recognised in statement of 15.44 7.42 8.02
profit and loss (Note 29)
Remeasurement (gains)/losses in other comprehensive
income:
Return on plan assets - 0.02 (0.02)
(excluding amounts included in net interest expense)
Actuarial (gain)/loss - financial assumptions 1.78 - 1.78
Actuarial (gain)/loss - experience 2.26 - 2.26
Total amount recognised in other 4.04 0.02 4.02
comprehensive income
Contributions by employer - 7.32 (7.32)
Benefits paid (8.18) (8.18) -
As at December 31, 2023 109.97 108.67 1.30
Service cost 9.70 - 9.70
Net interest expense 7.40 7.85 (0.45)
Total amount recognised in statement of profit and 17.10 7.85 9.25
loss (Note 29)
Remeasurement (gains)/losses in other comprehensive
income:
Return on plan assets - (0.89) 0.89
(excluding amounts included in net interest expense)
Actuarial (gain)/loss - financial assumptions 4.09 - 4.09
Actuarial (gain)/loss - experience 6.42 - 6.42
Total amount recognised in other 10.51 (0.89) 11.40
comprehensive income
Contributions by employer - 15.38 (15.38)
Benefits paid (11.54) (11.54) -
As at December 31, 2024 126.04 119.47 6.57

24 8
 Financial Statements

35 Gratuity and other post-employment benefit plans (Contd..)

ii) Amount recognized in balance sheet

(H in Crores)
December 31, December 31,
2024 2023
Present value of funded obligations 126.04 109.97
Fair value of plan assets 119.47 108.67
Net funded asset / (obligation) (6.57) (1.30)
Net defined benefit (liability) / asset recognised in balance sheet (6.57) (1.30)

iii) Expense recognised in profit or loss

(H in Crores)
December 31, December 31,
2024 2023
Current Service Cost 9.70 8.54
Interest Cost/(income) (0.45) (0.52)
9.25 8.02

iv) Remeasurements recognised in other comprehensive income

(H in Crores)
December 31, December 31,
2024 2023
Actuarial (gain) / loss on defined benefit obligation 10.51 4.04
Return on plan assets excluding interest income 0.89 (0.02)
11.40 4.02

v) The major categories of plan assets of the fair value of the total plan assets are as follows:
(H in Crores)
December 31, December 31,
2024 2023
Investments
Government of India Securities (Central and State) 5.03% 7.63%
High quality corporate bonds (including public sector bonds) 1.25% 1.38%
Schemes of insurance - conventional products 86.58% 84.37%
Others (including bank balances) 7.14% 6.62%
Total 100.00% 100.00%

vi) The principal assumptions used in determining gratuity obligations are shown below:
(H in Crores)
December 31, December 31,
2024 2023
Discount rate 6.70% 7.10%
Future salary increases 7.75% 7.75%
Mortality rate Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2006-08) (2006-08)
(modified) ult (modified) ult
Withdrawal rates
Age 20-24 12.00% 12.00%
Age 25-34 9.00% 9.00%
Age 35-44 7.00% 7.00%
Age 45-54 4.00% 4.00%
Thereafter 2.00% 2.00%

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35 Gratuity and other post-employment benefit plans (Contd..)

vii) The maturity profile of the defined benefit plan in future years
(H in Crores)
December 31, December 31,
2024 2023
Within the next 12 months (next annual reporting period) 8.26 7.64
Between 2 and 5 years 45.47 39.92
Beyond 5 years 50.02 76.20
Total expected payments 103.75 123.76
The average duration of the defined benefit plan obligation at the end of the reporting period is 9 years.

viii) A quantitative sensitivity analysis for significant assumption is as shown below:

December 31, 2024 December 31, 2023

Assumptions Discount Future salary Future salary
Discount rate
rate increases increases
Sensitivity analysis
1% increase (9.81) 11.08 (8.43) 9.56
1% decrease 11.30 (9.81) 9.71 (8.47)

Impact on defined benefit obligation

The sensitivity analyses above have been determined based on a method that extrapolates the impact on
defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the
reporting period.

ix) The Company expects to pay J 6.51 Crores towards gratuity during the financial year 2025.

B Provident fund
i) Changes in the defined benefit obligation and fair value of plan assets
(H in Crores)
Defined
Fair value of Benefit liability
benefit
plan assets / Assets
obligation
As at January 1, 2023 674.16 652.85 21.31
Current service cost 19.42 - 19.42
Interest expense 49.28 47.73 1.55
Total amount recognised in statement of profit and loss 68.70 47.73 20.97
(Note 29)
Remeasurement (gains)/losses in other comprehensive
income:
Actuarial (gain)/loss - experience 13.31 - 13.31
Actuarial (gain)/loss - financial assumptions (4.83) - (4.83)
Return on plan assets - 8.37 (8.37)
Total amount recognised in other comprehensive 8.48 8.37 0.11
income
Contributions - 18.61 (18.61)
Benefit payments (16.59) (16.59) -
As at December 31, 2023 734.75 710.97 23.78
Current service cost 22.91 - 22.91
Interest expense/(income) 52.92 51.23 1.69
Acquisitions (credit)/ cost (1.57) (1.57) -

250
 Financial Statements

35 Gratuity and other post-employment benefit plans (Contd..)

(H in Crores)
Defined
Fair value of Benefit liability
benefit
plan assets / Assets
obligation
Total amount recognised in statement of profit and loss 74.26 49.66 24.60
(Note 29)
Remeasurement (gains)/losses in other comprehensive
income:
Actuarial (gain)/loss - experience 4.83 - 4.83
Actuarial (gain)/loss - financial assumptions 0.82 - 0.82
Return on plan assets - 2.90 (2.90)
Total amount recognised in other comprehensive 5.65 2.90 2.75
income
Contributions - 21.99 (21.99)
Benefit payments 0.86 0.86 -
As at December 31, 2024 815.52 786.38 29.14

ii) Amount recognized in balance sheet

(H in Crores)
December 31, December 31,
2024 2023
Present value of funded obligations 815.52 734.75
Fair value of plan assets 786.38 710.97
Net funded obligation (29.14) (23.77)
Net defined benefit (liability) /asset (29.14) (23.77)

iii) The principal assumptions are shown below:

(H in Crores)
December 31, December 31,
2024 2023
Discount rate 6.70% 7.10%
Expected return on EPFO 8.15% 8.15%
Mortality rate Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2006-08) (2006-08)
(modified) ult (modified) ult
Withdrawal rates
Age 20-24 12.00% 12.00%
Age 25-34 9.00% 9.00%
Age 35-44 7.00% 7.00%
Age 45-54 4.00% 4.00%
Thereafter 2.00% 2.00%

iv) A quantitative sensitivity analysis for significant assumption is as shown below:

(H in Crores)
December 31, December 31,
2024 2023
1% increase in discount rate (24.63) (29.35)
1% decrease in discount rate 42.88 40.57

The sensitivity results above determine their individual impact on the plan's end of year defined benefit
obligation. In reality, the plan is subject to multiple external experience items which may move the defined
benefit obligation in similar or opposite direction, while the plan's sensitivity to such changes can vary over time.

The actuarial valuation of Interest Guarantee liability has been computed using the deterministic approach as
outlined by the professional Guidance Note (GN) 29 issued by the Institute of Actuaries of India.

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35 Gratuity and other post-employment benefit plans (Contd..)

v) The maturity profile of the defined benefit plan in future years

(H in Crores)
December 31, December 31,
2024 2023
Within the next 12 months (next annual reporting period) 34.80 30.88
Between 2 and 5 years 134.61 120.30
Beyond 5 years 173.01 154.39
Total expected payments 342.42 305.57

The average duration of the defined benefit plan obligation at the end of the reporting period is 9 years.

vi) The major categories of plan assets of the fair value of the total plan assets are as follows:
(H in Crores)
December 31, December 31,
2024 2023
Investments
Government of India Securities (Central and State) 58.00% 57.00%
High quality corporate bonds (including public sector bonds) 27.00% 29.00%
Cash (including Special Deposits) 15.00% 14.00%
Total 100.00% 100.00%

vii) The Company expects to pay J 23.70 Crores in contributions towards employer's contribution for provident
fund during the financial year 2025.
viii) The provident plans are applicable only to employees drawing a salary in Indian rupees and there are no other
significant foreign defined benefit plans.

36 Fair value hierarchy

The following table shows the carrying amounts and the fair values of financial assets and liabilities, including their
levels in the fair value hierarchy. It does not include fair value information for financial assets and liabilities not measured
at fair value if the carrying amount is a reasonable approximation of fair value.

(i) Fair value hierarchy

(H in Crores)
December 31, December 31,
Particulars
2024 2023
Financial assets at fair value through profit and loss :
Derivative instruments (refer note 8) 20.96 24.62
Financial liabilities at fair value through profit and loss :
Derivative instruments (refer note 19) 48.56 9.85

(H in Crores)
Particulars Amount Level 1 Level 2 Level 3
Financial assets at fair value through profit and loss :
Derivative instruments (refer note 8) - As at December 31, 2024 20.96 - 20.96 -
Derivative instruments (refer note 8) - As at December 31, 2023 24.62 - 24.62 -
Financial liabilities at fair value through profit and loss :
Derivative instruments (refer note 19) - As at December 31, 2024 48.56 - 48.56 -
Derivative instruments (refer note 19) - As at December 31, 2023 9.85 - 9.85 -

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 Financial Statements

36 Fair value hierarchy (Contd..)

Valuation techniques and significant unobservable inputs

This section explains the judgements and estimates made in determining the fair values of the financial instruments
that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are
disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining
fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting
standard. An explanation of each level follows underneath the table.

There were no transfers between Level 1, Level 2 and Level 3 during the year.

The carrying value of trade receivables, loans receivable, trade payables, other financial assets and liabilities, cash
and cash equivalents and bank balance other than cash and cash equivalents are considered to be the reasonable
approximation of their fair value, due to their short term nature.

The fair value of financial assets and liabilities is included at the amount at which the instruments could be
exchanged in a current transaction between willing parties other than in a forced or liquidation sale. The following
methods and assumptions were used to estimate the fair values:

The Company enters into derivative financial instruments with banks/financial institutions. Foreign currency
forward contracts are valued using valuation techniques which employ the use of market observable inputs using
present value calculations. The model incorporates various inputs including the deal specific fundamental, market
conditions, maturity period, transaction size, high credit quality yield curve in the respective currencies, comparable
trades, foreign currency spot and forward rates.

37 Financial risk management objectives and policies

The Company’s principal financial liabilities comprise lease liabilities, trade and other payables. The main purpose of
these financial liabilities is to support its operations. The Company’s principal financial assets include trade and other
receivables, cash and cash equivalents and bank balance other than cash and cash equivalents that derive directly from
its operations.

The Company is exposed to market risk, liquidity risk and credit risk. The Company’s senior management oversees
the management of these risks. The Company’s senior management is supported by a risk management committee
that advises on financial risks and the appropriate financial risk governance framework for the Company. The risk
management committee provides assurance to the Company’s senior management that the Company’s financial risk
activities are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Company’s policies and risk objectives. All derivative activities for risk management
purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the
Company’s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors
reviews and agrees policies for managing each of these risks, which are summarised below.

i. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises two types of risk: Currency risk and other price risk, such as commodity
risk. Financial instruments affected by market risk include trade payables, trade receivables and deposits.

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37 Financial risk management objectives and policies (Contd..)

Commodity contracts

The Company uses commodity future contracts to hedge risk against fluctuation in commodity prices. The following
are outstanding future contracts entered into by the Company as on December 31, 2024:
(H in Crores)
Number of Contractual
Year Commodity Buy /Sell Amount
contracts quantity
As at December 2024 Copper 232 3,609 MTs Buy 284.55
As at December 2024 Silver 69 194,571 Ounces Buy 49.73
As at December 2023 Copper 199 2,439 MTs Buy 170.00
As at December 2023 Silver 63 1,07,259 Ounces Buy 21.36

Foreign Currency Risk

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the CHF, USD and EUR. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a currency that is not Company's functional
currency (INR). The Company enters into forward contracts to manage foreign currency risk.

(a) Unhedged in foreign currency exposure

(H in Crores)
Currency EUR NPR BDT BTN USD CHF LKR Others
Trade Receivables
As at December 31, 2024 19.54 - - - 38.51 - - 4.44
1% increase 0.20 - - - 0.39 - - 0.04
1% decrease (0.20) - - - (0.39) - - (0.04)
As at December 31, 2023 - - 6.96 5.27 - 23.29 0.04 10.83
1% increase - - 0.07 0.05 - 0.23 0.00 0.11
1% decrease - - (0.07) (0.05) - (0.23) (0.00) (0.11)
Trade payables and capital
creditors
As at December 31, 2024 296.05 0.52 1.77 0.27 169.75 63.32 2.95 9.57
1% increase 2.96 0.01 0.02 0.00 1.70 0.63 0.03 0.10
1% decrease (2.96) (0.01) (0.02) (0.00) (1.70) (0.63) (0.03) (0.10)
As at December 31, 2023 335.26 0.71 3.68 0.33 178.90 131.31 2.64 9.17
1% increase 3.35 0.01 0.04 0.00 1.79 1.31 0.03 0.09
1% decrease (3.35) (0.01) (0.04) (0.00) (1.79) (1.31) (0.03) (0.09)
Cash and cash equivalents
As at December 31, 2024 - 0.02 6.80 - - - 0.23 -
1% increase - 0.00 0.07 - - - 0.00 -
1% decrease - (0.00) (0.07) - - - (0.00) -
As at December 31, 2023 - 0.02 1.64 - - - 0.84 -
1% increase - 0.00 0.02 - - - 0.01 -
1% decrease - (0.00) (0.02) - - - (0.01) -

The above sensitivity analysis is based on a reasonably possible change in the underlying foreign currency
against the Indian rupee computed from historical data and is representative of the foreign exchange currency
risk inherent in financial assets and financial liabilities reported at the reporting date.

25 4
 Financial Statements

37 Financial risk management objectives and policies (Contd..)

(b) Forward contracts outstanding as of December 31, 2024

December 31, 2024 December 31, 2023

Amount in Amount in
Currency Number of Foreign Number of Foreign
(H in Crores) (J in Crores)
Contracts Currency Contracts Currency
Crores Crores
Exports
CHF 3 0.27 25.96 4 0.06 5.97
EUR 4 0.18 16.90 12 0.54 49.16
CNY 7 0.73 8.67 - - -
USD 74 3.95 334.55 44 3.07 256.69
Others - - - 3 0.35 4.08
386.08 315.90

December 31, 2024 December 31, 2023

Amount in Amount in
Currency Number of Foreign Number of Foreign
(H in Crores) (J in Crores)
Contracts Currency Contracts Currency
Crores Crores
Imports
CHF 19 1.34 134.56 20 1.13 109.87
EUR 78 3.17 290.29 69 2.63 241.25
SEK 7 7.84 63.23 9 10.12 81.86
USD 79 2.47 209.33 78 2.30 193.04
CNY 41 14.36 172.80 - - -
Others 1 0.03 2.78 25 6.90 82.44
872.99 708.46

ii Credit risk

Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients,
including outstanding accounts receivable. The maximum exposure to credit risk is equal to the carrying value
of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets.
The Company assesses the credit quality of the counterparties, taking into account their financial position, past
experience and other factors.

(i) Trade receivables

Trade receivables consists of a large number of customers spread across diverse industries. Trade
receivables are non-interest bearing and are generally on terms of 30 to 120 days of credit period.
The Company follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivable.
Under the simplified approach, the Company does not track changes in credit risk. Rather, it recognizes
impairment loss allowance based on lifetime ECLs at each reporting date, right from initial recognition.

The Company uses a provision matrix to determine impairment loss allowance on the portfolio of trade
receivables. The provision matrix is based on its historically observed default rates over the expected life of
the trade receivable and is adjusted for forward looking estimates. At year end, the historical observed default
rates are updated and changes in the forward-looking estimates are analysed.

Loss rates are calculated using a 'roll rate' method based on the probability of a receivable progressing
through successive stages of delinquency to write off. Roll rate are calculated separately for the exposures in
different segments based on the credit risk characters such as geographical region, external credit rating, age
of customer relationship etc.

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37 Financial risk management objectives and policies (Contd..)

Based on the industry practices and the business environment in which the Company operates, management
considers that the trade receivables are in default (credit impaired) if the payments are more than 3-5
years past due.

Individual receivables which are known to be uncollectible are written off by reducing the carrying amount
of trade receivable and the amount of the loss is recognised in the statement of profit and loss within
other expenses.
(H in Crores)
December 31, 2024 December 31, 2023
Loss Loss
Segment Gross allowance Gross allowance
% %
Receivables on doubtful Receivables on doubtful
receivables receivables
Robotics and Discrete 138.36 19.60 14.17% 117.01 10.37 8.86%
Automation
Motion 987.56 31.45 3.18% 941.50 38.85 4.13%
Electrification 1,202.24 18.15 1.51% 852.85 13.50 1.58%
Process Automation and 916.22 191.52 20.90% 892.19 196.53 22.03%
others
3,244.38 260.72 2,803.55 259.25

Specific allowance for loss has also been provided by the management based on expected recovery on
individual customers.

The provision provided in books for trade receivables overdue:

Reconciliation of loss allowance

(H in Crores)
December 31, December 31,
Particulars
2024 2023
Opening balance 259.25 251.44
Additional provision/(reversal) 42.58 37.88
Utilisation/reversals (41.11) (30.07)
Closing balance 260.72 259.25

Management does not expect any significant loss from non-performance by counterparties on credit granted
during the financial year that has not been provided for.

(ii) Other than trade receivables

Management believes that the parties from which the receivables are due have strong capacity to meet the
obligations and risk of default is negligible or nil and accordingly no provision for expected credit loss has
been provided for.

iii. Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The
Company consistently generated sufficient cash flows from operations to meet its financial obligations including
lease liabilities as and when they fall due.

256
 Financial Statements

37 Financial risk management objectives and policies (Contd..)

The table below summarises the maturity profile of the Company's financial liabilities based on contractual
undiscounted payments.
(H in Crores)
December 31, 2024 December 31, 2024
Less More Less More
On On
than than Total than than Total
demand demand
1 year 1 year 1 year 1 year
Derivative liability
Other financial liabilities - 48.56 - 48.56 - 9.85 - 9.85
Non - Derivative liability
Lease liabilities - 28.17 33.16 61.33 - 25.65 29.70 55.35
Other financial liabilities - 246.18 8.65 254.83 - 392.83 7.87 400.70
Trade payables - 3,198.02 - 3,198.02 - 3,109.08 - 3,109.08
Total liabilities - 3,520.93 41.81 3,562.74 - 3,537.41 37.57 3,574.98

38 Capital management
For the purpose of the Company’s capital management, equity includes equity share capital and all other equity
reserves attributable to the equity holders of the Company. The Company manages its capital to optimise returns to
the shareholders and makes adjustments to it in light of changes in economic conditions or its business requirements.
The Company’s objectives are to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order
to support its business and provide adequate return to shareholders through continuing growth and maximise the
shareholders value. The Company funds its operations through internal accruals. The management and the Board of
Directors monitor the return on capital as well as the level of dividends to shareholders.

39 Share based payments

Long Term Incentive Plan ('LTIP')

ABB Ltd, Zurich (Ultimate Holding Company) offers Performance Share Units (PSUs) and Restricted Share Units (RSUs)
to the eligible employees of the Company for no consideration. The LTIP has a 2-3 year vesting period, after which the
employee has the right to exercise and receive the consideration based on the fair market value of the shares on the
date of exercise. This is charged to the Company in the month of delivery along with the administration fees, on a
pro rata basis.

The fair value of each option is based on the market value of listed shares of ABB Ltd, Zurich.

The Company accounts for the services as they are rendered by the employees during the vesting period, with a
corresponding increase in liability. Until the liability is settled, the Company remeasures the fair value of the liability at the
end of each reporting period with any changes in fair value recognised in the statement of profit and loss for the period.
(H in Crores)
Weighted average
Number of Shares/ remaining
Particulars
Instruments contractual term (in
years)
Outstanding at January 1, 2023 36,352 1.95
Granted 20,759 1.89
Exercised 1,758
Outstanding at December 31, 2023 55,353 1.22
Granted 13,078 2.33
Exercised 14,864
Outstanding at December 31, 2024 53,567 1.05

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40 Contingent liabilities and contingent assets

Contingent liabilities (Claims against the Company not acknowledged as debts)

(H in Crores)
December 31, December 31,
Particulars
2024 2023
Excise duty /service tax/GST and sales tax liabilities dispute 535.79 381.77
Custom duty liabilities in dispute 18.85 18.00
Income tax matters in dispute 12.89 19.21
Other matters 63.12 158.27
630.65 577.25
The Company does not have any contingent assets at the balance sheet date.

Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timings of cash
outflows, if any, in respect of the above as it is determinable only on receipt of judgements/decisions pending with
various forums/authorities.

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions
are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not
expect the outcome of these proceedings to have a materially adverse effect on its financial position. The Company does
not expect any reimbursements in respect of the above contingent liabilities.

The Company has outstanding performance bank guarantees as at December 31, 2024 aggregating to J 41.40cr
(December 31, 2023 H 105.03 Crores), issued to the customers of Hitachi Energy India Limited, Marici Solar India Private
Limited, Linxon India Engineering Private Limited, Dodge Industrial India Private Limited and Turbocharging Industries
and Services India Private Limited before the sale of business on slump sale basis to the respective companies. The
commission on such bank guarantees has been reimbursed by the respective companies. The Company is also entitled
for indemnification by the respective companies against any claims from the customers of these companies on such
performance bank guarantees.

41 Capital Commitments
(H in Crores)
December 31, December 31,
Particulars
2024 2023
Estimated amount of contracts remaining to be executed on account of capital 128.00 87.13
commitments and not provided for (net of advances)

42 Segment disclosures

42(a) Segment information

The Chief Operating Decision Maker (CODM) evaluates the Company's performance and allocates resources based on an
analysis of various performance indicators by operating segments. Managing Director is the CODM of the Company. For
management purposes, CODM organises the company into business units based on its products and services and has
five reportable segments, as follows

258
 Financial Statements

42 Segment disclosures (Contd..)

i) Composition of business segments

The Company’s business segments are organized around products and system solutions provided to its customers,
which include utilities, industries, channel partners and original equipment manufacturers.

Motion segment (MO) provides products, solutions and related services that increase industrial productivity
and energy efficiency. Its motors, generators and drives provide power, motion and control for a wide range of
automation applications.

Robotics and Discrete Automation segment (RA) provides value-added solutions in robotics, machine and
factory automation.

Electrification segment (EL) provides technology across the full electrical value chain from substation to the point
of consumption, enabling safer and more reliable power. A range of digital and connected innovations for low- and
medium-voltage, including EV infrastructure, solar inverters, modular substations, distribution automation, power
protection, wiring accessories, switchgear, enclosures, cabling, sensing and control.

Process Automation segment (PA) provides products, systems and services designed to optimize the productivity
of industrial processes. Solutions include turnkey engineering, control systems, measurement products, life cycle
services, outsourced maintenance and industry specific products. The industries served include oil and gas, power,
chemicals and pharmaceuticals, pulp and paper, metals and minerals, marine and turbocharging.

Power Grids segment (PG) (Discontinued) offers power and automation products, systems, service and
software solutions across the generation, transmission and distribution value chain. Its portfolio includes grid
integration, transmission, distribution and automation solutions and a complete range of high voltage products
and transformers.

ii) The accounting policies used in the preparation of the financial statements of the Company are also applied for
segment reporting.

iii) Segment revenues, expenses, assets and liabilities are those, which are directly attributable to the segment or are
allocated on an appropriate basis. Corporate and other revenues, expenses, assets and liabilities to the extent not
allocable to segments are disclosed in the reconciliation of reportable segments with the financial statements.

iv) Inter segment transfer pricing

Inter segment prices are normally negotiated amongst the segments with reference to the costs, market prices and
business risks, within an overall optimization objective for the Company.

v) Power Grids segment (PG) was considered as discontinued operation and held for sale. Information about the
discontinued operation is provided in Note. 33.

259
ABB India Limited | Integrated Annual Report 2024

42 Segment disclosures (Contd..)

vi) Segment Information

(Figures in brackets are in respect of the previous year)

Composition of business segments

(H in Crores)
Robotics
Power Grids Process
and Discrete Motion Electrification Total
(Discontinued) Automation
Automation
External sales - 443.70 4,175.62 4,874.39 2,578.40 12,072.11
- (415.09) (3,674.96) (4,039.95) (2,227.19) (10,357.19)
Inter segment sales - 0.69 91.29 122.16 4.33 218.47
- (0.82) (96.09) (74.75) (8.76) (180.42)
Other operating - 0.03 20.45 77.87 0.29 98.64
revenue
- (0.14) (14.01) (62.52) (0.18) (76.85)
Segment revenues - 444.42 4,287.36 5,074.42 2,583.02 12,389.22
- (416.05) (3,785.06) (4,177.22) (2,236.13) (10,614.46)
Segment results (3.97) 59.97 948.90 1,161.76 457.01 2,623.67
(8.19) (52.95) (601.44) (774.55) (274.91) (1695.66)
Segment assets - 182.17 1,952.01 2,506.85 1,419.01 6,060.04
- (182.65) (1,801.72) (1,789.07) (1,478.30) (5,251.74)
Segment liabilities - 211.44 1,719.88 1,564.59 1,315.55 4,811.46
- (228.10) (1,583.49) (1,187.64) (1,448.85) (4,448.08)
Depreciation / - 0.65 28.00 46.91 4.31 79.87
amortisation
- (0.64) (24.98) (41.96) (4.37) (71.95)
Capital expenditure - 1.15 69.92 64.82 4.85 140.74
- (-) (59.53) (79.33) (7.93) (146.79)

vii) Reconciliation of reportable segments with the financial statements

(H in Crores)
Results / Depreciation/ Capital
Revenues Assets Liabilities
Net profit amortisation Expenditure
Total segments 12,389.22 2,623.67 6,060.04 4,811.46 79.87 140.74
(10,614.46) (1,695.66) (5,251.74) (4,448.08) (71.95) (146.79)
Add:
Power grids - (3.97) - - - -
(Discontinued)
(-) (8.19) (-) (-) (-) (-)
Less:
Corporate - unallocated 17.56 (97.93) 6,331.29 504.47 49.05 32.08
(net)
(12.48) (32.30) (5,749.45) (608.51) (47.97) (35.22)
Inter segment sales 218.47 - - - - -
(180.42) (-) (-) (-) (-) (-)
Interest expense - (16.45) - - - -
(-) (12.66) (-) (-) (-) (-)
Provision for tax - (638.65) - - - -
(-) (410.71) (-) (-) (-) (-)
As per financial 12,188.31 1,874.61 12,391.33 5,315.93 128.92 172.82
statements
(10,446.52) (1,248.18) (11,001.19) (5,056.59) (119.92) (182.01)

260
 Financial Statements

42 Segment disclosures (Contd..)

(b) Composition of geographical segments

(H in Crores)
India Rest of world Total
Segment revenues 10,823.54 1,364.77 12,188.31
(9,357.81) (1,088.71) (10,446.52)
Segment non-current assets* 1,346.62 - 1,346.62
(1,214.06) (-) (1,214.06)
* Non current assets does not include deferred tax asset and non-current tax assets.

No customer individually accounted for more than 10% of the revenues from the continuing operations in the year ended
December 31, 2024 and 2023.

43 Related party disclosures

a) Parent Company

Party where control exists:

ABB Limited, Zurich, Switzerland (Ultimate Holding Company)

ABB Asea Brown Boveri Limited, Zurich, Switzerland (Holding Company)

Entities with common directors and also a fellow subsidiary*

ABB Global Industries and Services Private Limited, Bengaluru, India

ABB Business Services Private Limited, Bengaluru, India (formerly known as ABB Global Business Services And Contracting
India Private Limited)

* Transactions with the parties has been disclosed as part of transactions with fellow subsidiaries.

Entities over which key management personnel are able to exercise significant influence

ABB India Foundation

Entities under common control

Name of the Fellow subsidiaries:

ABB Transmission & Distribution Limited LLC; ABB Automation and Electrification (Vietnam) Company
Abu Dhabi; United Arab Emirates Limited; Ho Chi Minh;Viet Nam

ABB AB; Västerås; Sweden ABB E-mobility S.p.A.; Milan; Italy

ABB Schweiz AG; Baden; Switzerland ABB Electrification Norway AS; Skien; Norway

ABB France; Cergy Pontoise; France ABB Australia Pty Limited; Moorebank, NSW;Australia

ABB for Electrical Industries (ABB ARAB) S.A.E.; Cairo; Egypt ABB Xiamen Smart Technology Co., Ltd.; Xiamen; China

ABB Engineering (Shanghai) Ltd.;Shanghai; China ABB (China) Ltd.; Beijing; China

PT ABB Sakti Industri; Jakarta; Indonesia ABB for Electrical Solutions and Technologies K.S.C.C.;
Safat; Kuwait

261
ABB India Limited | Integrated Annual Report 2024

43 Related party disclosures (Contd..)

ABB Electrical Industries Co. Ltd.;Riyadh;Saudi Arabia ABB A/S;Middelfart;Denmark

ABB Industries FZE;Dubai;United Arab Emirates ABB Shanghai Motors Co. Ltd.;Shanghai;China

ABB Inc.;Cary, NC;United States ABB UAB;Avizieniai ;Lithuania

ABB Bailey Japan Limited;Shizuoka-Ken;Japan ABB S.A.U.;Buenos Aires;Argentina

ABB South Africa (Pty) Ltd.;Modderfontein;South Africa ABB S.A.;Santiago;Chile

Asea Brown Boveri S.A.;Madrid;Spain ABB Limited;Dublin;Ireland

ABB AG;Mannheim;Germany ABB S.A.;Casablanca;Morocco

ABB LLC,;Muscat;Oman Real Tech Inc;Whitby, Ontario;Canada

ABB NV;Zaventem;Belgium ABB Ltd.;Taipei;Taiwan (Chinese Taipei)

ABB Industries (L.L.C.);Dubai;United Arab Emirates Industrial Connections & Solutions LLC;Cary, NC;United
States

ABB LLC;Doha;Qatar ABB Automacao LTDA;Sorocaba;Brazil

ABB S.p.A.;Milan;Italy ABB Limited;Auckland;New Zealand

ABBNG Limited;Lagos;Nigeria ABB Ltd.;Moscow;Russian Federation

ABB AG;Wiener Neudorf;Austria ABB Shanghai Free Trade Zone Industrial Co.,
Ltd.;Shanghai;China

ABB K.K.;Tokyo;Japan ABB Mexico S.A. de C.V.;San Luis Potosi SLP;Mexico

ABB Pte. Ltd.;Singapore;Singapore ABB Eletrificacao LTDA;Sorocaba;Brazil

ABB Elektrik Sanayi A.S.;Istanbul;Turkiye ABB Electrification (Thailand) Co., Ltd.;Bangkok;Thailand

B&R Industrial Automation Pvt. Ltd.;Pune;India ABB Algerie Produits SpA;Hydra;Algeria

ABB Malaysia Sdn Bhd.;Petaling Jaya;Malaysia ABB Ltd.;Seoul;Korea, Republic of

ABB Global Industries and Services Private ABB S.A.;Lima;Peru

Limited;Bangalore;India

ABB Management Services Ltd.;Zurich;Switzerland ABB Ltd.;Kampala;Uganda

ABB Business Services Private Limited;Bangalore;India ABB Panama Sales, S.A.;Panama;Panama

ABB Asea Brown Boveri Ltd;Zurich;Switzerland ABB Automation (Thailand) Co., Ltd.;Bangkok;Thailand

ABB Oy;Helsinki;Finland ABB Colombia Ltda;Bogota;Colombia

ABB, Inc.;Paranaque, Metro Manila;Philippines ABB Guangdong Winride Switchgear Co., Ltd.;Longhu
District Shantou;China

ABB Sp. z o.o.;Warsaw;Poland ABB Limited/Jordan LLC.;Amman;Jordan

ABB Information Systems Ltd.;Zurich;Switzerland ABB LV Installation Materials Co. Ltd. Beijing;Beijing;China

ABB Limited;Dhaka;Bangladesh ABB Logistics Center Europe GmbH;Menden;Germany

ABB Business Services Sp. z o.o.;Warsaw;Poland ABB Ltd;Belgrade;Serbia

ABB Stotz-Kontakt GmbH;Heidelberg;Germany ABB Limited;Dar Es Salaam;Tanzania, United Republic of

ABB B.V.;Rotterdam;Netherlands ABB Industrial Systems and Power;Suez;Egypt

ABB Global Marketing FZ LLC;Dubai;United Arab Emirates ABB Engineering Trading and Servicing
Ltd.;Budapest;Hungary

ABB Limited;Warrington;United Kingdom ABB Asea Brown Boveri SRL;Bucharest;Romania

262
 Financial Statements

43 Related party disclosures (Contd..)

ABB Capital AG;Zurich;Switzerland ABB Algeria SpA Asea Brown Boveri ;Hydra;Algeria

ABB s.r.o.;Prague;Czech Republic ABB Technologies Ltd.;Caesarea ;Israel

ABB Electrification Sweden AB;Västerås;Sweden ABB Ltd.;Zagreb;Croatia

ABB Motors and Mechanical Inc.;Fort Smith, AR;United States ABB Installation Products Inc.;Memphis, TN;United States

ABB Xinhui Low Voltage Switchgear Co. Ltd.;Xinhui ;China ABB Electrical & Automation W.L.L;Manama;Bahrain

ABB Xiamen Switchgear Co. Ltd.;Xiamen;China ABB LLP.;Almaty;Kazakhstan

ABB Inc.;Saint-Laurent, Quebec;Canada Asea Brown Boveri Portugal, Unipessoal Lda;Quinta da

Fonte;Portugal

ABB AS;Fornebu;Norway ABB Power & Automation (Private)

Limited;Lahore;Pakistan

ABB Equity Ltd;Zurich;Switzerland ABB Electrical Equipment (Xiamen) Co., Ltd.;Xiamen;China

ABB Bulgaria EOOD;Sofia;Bulgaria ABB Industrial Solutions (Klodzko) Sp. z o.o. w

likwidacji;Klodzko;Poland

ABB Electrification Canada Inc.; Hymus Boulevard, Saint- ABB Beijing Drive Systems Co. Ltd.;Beijing;China
Laurent, Quebec, Canada

Asea Brown Boveri Industrial, Technical & Commercial Busch-Jaeger Elektro GmbH;Lüdenscheid;Germany
Company of Imports – Exports S.A.;Metamorphossis
Attica ;Greece

ABB (Hong Kong) Ltd.;Hong Kong;Hong Kong Special ABB Beijing Switchgear Limited;Beijing;China
Administrative Region of China

ABB Electrical Machines Ltd.;Shanghai;China ABB E-mobility B.V.;Delft;Netherlands

ABB Chargedot Shanghai New Energy Technology Co., Ltd ABB Xiamen Low Voltage Equipment Co.
;Shanghai;China Ltd.;Xiamen;China

Key managerial personnel :

(a) Managing Director Sanjeev Sharma

(b) Non-Executive cum Independent Directors V K Viswanathan (up to November 12, 2024)

Monica Widhani

Gopika Pant

Shobinder Duggal (w.e.f November 4, 2024)

(c) Non-Executive Directors Carolina Yvonne Granat

Adrian Guggisberg

(d) Chief Financial Officer T. K. Sridhar

(e) Company Secretary Trivikram Guda

263
ABB India Limited | Integrated Annual Report 2024

43 Related party disclosures (Contd..)

b) Transactions with related parties

Transaction value in excess of 10% with a fellow subsidiary has been individually disclosed below. All other cases have
been grouped and disclosed as 'other fellow subsidiaries'.

i) Revenue from operations

(H in Crores)
December 31, December 31,
2024 2023
Holding Company 0.77 0.53
Fellow Subsidiaries
- ABB Industries FZE, Dubai, United Arab Emirates 119.64 26.99
- ABB Inc., Cary, NC, United States 102.50 137.53
- ABB Schweiz AG, Baden, Switzerland 68.91 58.44
- Hitachi Energy India Limited, Bengaluru, India - 13.73
- Other fellow subsidiaries 851.10 584.86
1,142.92 822.08

ii) Purchases of raw materials, components, project items and traded goods
(H in Crores)
December 31, December 31,
2024 2023
Holding Company (0.03) 0.03
Fellow Subsidiaries
- ABB Oy, Helsinki, Finland 362.20 495.95
- ABB Pte. Ltd., Singapore 206.35 251.49
- ABB Schweiz AG, Baden, Switzerland 262.14 251.28
- ABB S.p.A., Milan, Italy 259.58 222.66
- ABB AB, Västerås, Sweden 174.94 87.52
- Other fellow subsidiaries 1,161.19 1,150.02
2,426.40 2,458.92
2,426.37 2,458.95

iii) Expenditure on ESAP & other charges

(H in Crores)
December 31, December 31,
2024 2023
Fellow Subsidiaries
- ABB Equity Limited, Zurich, Switzerland 20.06 10.11

iv) Expenditure on royalty, technology and trade-mark fees

(H in Crores)
December 31, December 31,
2024 2023
Holding Company 120.01 108.60
Fellow Subsidiaries
- ABB Schweiz AG, Baden, Switzerland 345.43 298.01
- Other fellow subsidiaries 37.29 29.42
382.72 327.43
502.73 436.03

26 4
 Financial Statements

43 Related party disclosures (Contd..)

v) Expenditure on information technology, group management, legal and professional and other services
(H in Crores)
December 31, December 31,
2024 2023
Holding Company 19.29 16.58
Fellow Subsidiaries
- ABB Information Systems Ltd., Zurich, Switzerland 241.72 177.38
- ABB Management Services Ltd., Zurich, Switzerland 121.51 81.74
- ABB Oy, Helsinki, Finland 95.03 72.56
- ABB Business Services Private Limited, Bengaluru, India 68.79 86.14
- ABB Global Industries and Services Private Limited, Bengaluru, India 42.68 17.17
- Other fellow subsidiaries 87.87 52.28
657.60 487.27
676.89 503.85

vi) Expenses recovered from group companies

(H in Crores)
December 31, December 31,
2024 2023
Holding Company 0.41 -
Fellow Subsidiaries
- ABB Management Services Limited, Zurich, Switzerland 9.42 4.24
- ABB Business Services Private Limited, Bengaluru, India 4.79 2.49
- ABB Oy, Helsinki, Finland 2.59 2.27
- ABB Global Industries and Services Private Limited, Bengaluru, India 1.86 1.86
- ABB AB, Västerås, Sweden 0.83 0.55
- Hitachi Energy India Limited, Bengaluru, India - 7.36
- Hitachi Energy Technology Services Private Limited, Bengaluru, India - 6.15
- Other fellow subsidiaries 4.83 8.56
24.73 33.48

vii) Other capital expenditure

(H in Crores)
December 31, December 31,
2024 2023
Fellow Subsidiaries
- ABB Stotz-Kontakt GmbH, Heidelberg, Germany 4.63 -
- ABB Global Industries and Services Private Limited, Bengaluru, India 2.46 1.92
- ABB S.p.A., Milan, Italy 1.36 0.09
- ABB Oy, Helsinki, Finland 0.29 1.14
- ABB AG, Mannheim, Germany 0.51 0.35
- Other fellow subsidiaries 3.78 0.75
13.03 4.25

viii) Dividend paid during the year

(H in Crores)
December 31, December 31,
2024 2023
Holding Company 547.68 174.82
547.68 174.82

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43 Related party disclosures (Contd..)

ix) Remuneration to key managerial personnel

The remuneration of key management personnel and a relative of key management personnel of the company are
set out below in aggregate for each of the categories specified in Ind AS 24 Related party disclosures
(H in Crores)
December 31, December 31,
Particulars
2024 2023
Short term employee benefits 9.65 9.81
Post employment benefits 0.89 0.64
Directors' Sitting fees 0.26 0.16
Commission to Directors 1.20 0.93
Total 12.00 11.54

x) CSR Contribution
(H in Crores)
December 31, December 31,
2024 2023
- ABB India Foundation 26.09 10.82

c) Amount due to / from related parties

Balances in excess of 10% with a fellow subsidiary has been individually disclosed below. All other cases have been
grouped and disclosed as 'other fellow subsidiaries'.

i) Trade receivables
(H in Crores)
December 31, December 31,
2024 2023
Fellow Subsidiaries
- ABB Industries FZE, Dubai, United Arab Emirates 35.82 8.73
- ABB Schweiz AG, Baden, Switzerland 20.11 23.82
- ABB Inc, Cary NC, United States 15.46 45.58
- Other fellow subsidiaries 261.00 139.47
332.39 217.60
332.39 217.60
- Add/ (Less) : Impact of foreign currency restatement 5.20 4.17
337.59 221.77

ii) Other financial assets

(H in Crores)
December 31, December 31,
2024 2023
Holding Company 0.51 0.11
Fellow Subsidiaries
- ABB Schweiz AG, Baden, Switzerland 5.40 1.01
- ABB Global Industries and Services Private Limited, Bengaluru, India 2.05 1.31
- ABB S.p.A., Milan, Italy 1.89 -
- ABB Business Services Private Limited, Bengaluru, India 0.81 0.60
- ABB Oy, Helsinki, Finland 0.37 1.57
- ABB AG, Mannheim, Germany - 1.87
- Other fellow subsidiaries 4.10 1.21
14.62 7.57
15.13 7.68
- Add/ (Less) : Impact of foreign currency restatement 0.06 0.03
15.19 7.71

266
 Financial Statements

43 Related party disclosures (Contd..)

iii) Other current assets

(H in Crores)
December 31, December 31,
2024 2023
Fellow Subsidiaries
- ABB Transmission & Distribution Limited LLC, Abu Dhabi, 27.41 5.85
United Arab Emirates
- ABB AB, Västerås, Sweden 10.75 4.47
- ABB Schweiz AG, Baden, Switzerland 7.20 8.79
- ABB France, Cergy Pontoise, France 3.87 10.50
- ABB Electrical Industries Co. Ltd., Riyadh, Saudi Arabia 0.27 5.05
- Asea Brown Boveri S.A., Madrid, Spain - 16.50
- ABB Oy, Helsinki, Finland - 4.60
- Other fellow subsidiaries 3.05 0.71
52.55 56.47
- Add/ (Less ) : Impact of foreign currency restatement 0.12 2.27
52.67 58.74

iv) Trade payables

(H in Crores)
December 31, December 31,
2024 2023
Holding Company 11.03 7.85
Fellow Subsidiaries
- ABB Schweiz AG, Baden, Switzerland 169.58 141.01
- ABB Oy, Helsinki, Finland 125.63 219.53
- ABB S.p.A., Milan, Italy 88.43 79.19
- ABB Engineering (Shanghai) Ltd., Shanghai, China 81.82 125.88
- ABB AB, Västerås, Sweden 68.61 50.08
- ABB Pte. Ltd., Singapore, Singapore 58.38 88.95
- Other fellow subsidiaries 560.18 400.07
1,152.63 1,104.71
1,163.66 1,112.56
- Add/ (Less) : Impact of foreign currency restatement (2.89) 24.17
1,160.77 1,136.73

v) Other financial liabilities

(H in Crores)
December 31, December 31,
2024 2023
Holding Company 33.41 39.91
Fellow Subsidiaries
- ABB Business Services Sp. z o.o., Warsaw, Poland 11.02 0.03
- ABB Business Services Private Limited, Bengaluru, India 9.52 19.67
- ABB Schweiz AG, Baden, Switzerland 2.73 59.43
- ABB S.p.A., Milan, Italy 1.92 14.48
- ABB Management Services Ltd., Zurich, Switzerland - 16.45
- Other fellow subsidiaries 4.78 1.87
29.97 111.93
63.38 151.84
- Add/ (Less) : Impact of foreign currency restatement (0.24) 6.84
63.14 158.68

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43 Related party disclosures (Contd..)

vi) Other current liabilities

(H in Crores)
December 31, December 31,
2024 2023
Fellow Subsidiaries
- ABB Transmission & Distribution Limited LLC, Abu Dhabi, 16.47 1.60
United Arab Emirates
- Asea Brown Boveri S.A., Madrid, Spain 14.64 4.56
- ABB South Africa (Pty) Ltd., Modderfontein, South Africa 12.28 0.01
- ABB Inc., Cary, NC, United States 6.46 8.98
- ABB AG, Mannheim, Germany 6.35 7.05
- ABB Electrical Industries Co. Ltd., Riyadh Saudi Arabia 4.34 8.85
- ABB for Electrical Industries (ABB ARAB) S.A.E., Cairo, Egypt 3.93 11.75
- Other fellow subsidiaries 8.89 12.30
73.36 55.10
- Add/ (Less) : Impact of foreign currency restatement 1.59 1.25
74.95 56.35

vii) Provision for management incentive plan (refer note - 39)

(H in Crores)
December 31, December 31,
2024 2023
Fellow Subsidiaries
- ABB Equity Limited, Zurich, Switzerland 16.21 11.62

Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length
transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.
There have been no guarantees provided or received for any related party receivables or payables.

44 Revenue from contracts with customers

a) Disaggregated revenue information
(H in Crores)
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Within India Outside India
Revenue by geography
Robotics and Discrete Automation 417.08 410.83 27.34 5.22
Motion 3,833.29 3,397.88 454.07 387.18
Electrification 4,421.40 3,701.88 653.02 475.34
Process Automation 2,354.55 2,017.35 228.47 218.78
Others including inter segment (202.78) (170.13) 1.87 2.19
10,823.54 9,357.81 1,364.77 1,088.71

Out of the total revenue recognised under Ind AS 115 during the period, H 2,045.39 Crores (December 31, 2023
H 1,884.59 Crores) is recognised over a period of time and H 10,142.92 Crores (December 31, 2023 H 8,561.93 Crores)
is recognised at a point in time.

268
 Financial Statements

44 Revenue from contracts with customers (Contd..)

b) Contract balances
(H in Crores)
December 31, December 31,
2024 2023
Trade receivables 2,983.66 2,544.30
Advance from customers 448.73 477.36
Billing in excess of contract revenue (Contract liabilities) 559.51 371.16
Contract assets 140.16 144.57

A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has
transferred to a customer and hence is not a financial instrument. In Company’s contracts with customers, since
the contractual right to payment arises only upon achievement of milestones specified in the contract, it is believed
that the performance completed until the achievement of a particular milestone should be recorded as a contract
asset under non-financial assets.

During the year, J 126.16 Crores (December 31, 2023 - H 123.16 Crores) from opening balance of contract assets has
been reclassified to trade receivables upon billing to customers on completion of milestones.

Revenue recognized during the year from opening balance of contract liabilities amounts to J 272.05 Crores
(December 31, 2023 - H 164.72 Crores).

c) There is no revenue recognised during the year from the performance obligation that is satisfied in previous year
(arising out of contract modifications).

d) Performance obligation on fixed price contracts

The fixed price contracts are ordinarily presumed to consist of combined obligations which are not distinct in the
context of the contract (i.e., single performance obligation). This is highly attributed to the long-term construction
nature of the projects, whereby deliverables are typically highly interrelated and combined. The typical scope of
turnkey contracts arrangements includes engineering, manufacturing, shipment, delivery installation, testing,
erection and commissioning and civil works. Although there are several components to the overall scope of the
contract, the turnkey contracts are generally considered one performance obligation. Further, payment terms are
agreed on a contractual basis with each customer.

e) Remaining performance obligations

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be
recognized as at the end of the reporting period and an explanation as to when the Company expects to recognize
these amounts in revenue.

The aggregate value of performance obligations that are completely or partially unsatisfied as at December 31,
2024 is J 9,380.37 Crores (December 31, 2023 H 8,404.15 Crores). The conversion to revenue is highly dependent
on meeting the delivery schedules, contractual terms and conditions with customers, availability of customer
sites, changes/ variation in scope/ prices etc. In view of these, it is not practical to define the accurate timing of
conversion to revenue. However, it will be in a range of 1 to 3 years.

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44 Revenue from contracts with customers (Contd..)

f) Reconciliation between revenue recognized and contract price:

(H in Crores)
December 31, December 31,
2024 2023
Gross revenue 12,306.37 10,568.06
Less: Reductions towards variable consideration components
Discount/rebate 91.47 108.59
Liquidated damages 26.59 12.95
Total variable consideration components 118.06 121.54
Revenue 12,188.31 10,446.52

g) Information regarding segment wise disaggregation of revenue has been included in segment information
[Refer note 42].

45 Additional Regulatory Information

Ratios
(H in Crores)
December December %
Ratios Numerator Denominator
31, 2024 31, 2023 Variance
(i) Current Ratio (in times) Total current assets Total current liabilities 2.04 1.90 7.17%
(ii) Debt-Equity ratio Debt consists of borrowings Total equity 0.01 0.01 -11.01%
(in times) and lease liabilities
(iii) Debt service coverage Earning for Debt Service = Debt service = Interest 47.14 38.98 20.93%
ratio (in times) Net Profit after taxes + Non- and lease payments +
cash operating expenses + Principal repayments
Interest + Other non-cash
adjustments
(iv) Return on equity ratio Profit for the year less Average total equity 28.75% 22.82% 25.97%
(in %)* Preference dividend (if any)
(v) Trade receivables Revenue from operations Average trade 4.41 4.51 -2.13%
turnover ratio (in receivables
times)
(vi) Trade payables Consumption+ Sub Average trade payables 2.87 2.87 0.16%
turnover ratio (in contracting charges + Other
times) expenses
(vii) Inventory turnover Consumption+ Sub Average Inventory 4.25 4.43 -4.11%
ratio contracting charges
(viii) Net capital turnover Revenue from operations Average working capital 2.43 2.59 -5.92%
ratio (in times) (i.e. Total current assets
less Total current
liabilities)
(ix) Net profit ratio (in %)* Profit for the year Revenue from operations 15.36% 11.89% 29.16%
(x) Return on capital Profit before tax and finance Capital employed = Net 35.93% 28.24% 27.26%
employed (in %)* costs worth + Lease liabilities
- Deferred tax assets

(xi) Return on investment Income generated from Average invested funds 6.86% 6.78% 1.24%
(in %) invested funds in treasury investments

Note:
* Variance in case of return on equity ratio, net profit ratio and return on capital employed is more than 25% as
compared to the previous year. This is mainly due to increase in profits primarily on account of higher revenue and higher
profit margins.

270
 Financial Statements

46 The Company has used an accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) and the same has operated throughout the year for all relevant transactions recorded in the software,
except that audit trail feature is not enabled at the database level relating to the primary accounting software used
for maintaining books of accounts (other than receipts and payments) from 1 January 2024 to 22 April 2024. Further,
management is currently evaluating the implementation of formal measures to demonstrate compliance with respect to
audit trail feature of the accounting software related to the initiation and approval of Journal entries and the accounting
software used for the maintenance of master data relating to customers and vendors.

Further, for the periods where audit trail (edit log) facility was enabled for the respective accounting software, no
instance of audit trail feature being tampered with was noted.

47 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended
Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(c) Registration of charges or satisfaction with Registrar of Companies

(d) Relating to borrowed funds:

i. Wilful defaulter

ii. Utilisation of borrowed funds & share premium

iii. Borrowings obtained on the basis of security of current assets

iv. Discrepancy in utilisation of borrowings

v. Current maturity of long term borrowings

(e) No funds have been advanced or loaned or invested either from borrowed funds or share premium or any
other sources or kind of funds by the company to or in any other person or entity, including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

271
ABB India Limited | Integrated Annual Report 2024

47 (Contd..)

There are no funds received by the company from any person or entity, including foreign entities (“Funding Party”) with
the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(f) The Company does not have any transactions with struck off companies.

48 The Board of directors in their meeting held on February 17, 2025 have proposed a final dividend of J 33.50 per equity
share for the year ended December 31, 2024. The dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.

As per our report of even date attached

for B S R & Co. LLP for and on behalf of the Board of Directors
Chartered Accountants of ABB India Limited
ICAI Firm Registration No.: 101248W/W-100022

Pawan Kumar Kejriwal Sanjeev Sharma Adrian Guggisberg

Partner Managing Director Chairman
Membership no.: 064368 DIN: 07362344 DIN: 09590850
New Delhi
February 17, 2025
T K Sridhar Trivikram Guda
Chief Financial Officer Company Secretary
ACS-17685
New Delhi, February 17, 2025

272
 ABB India Limited
CIN: L32202KA1949PLC032923
Registered Office: Disha - 3rd Floor, Plot No. 5 & 6, 2nd Stage
Peenya Industrial Area IV, Peenya, Bengaluru - 560 058. Karnataka, India
Phone: +91 80 22949113
Website: [Link]/in
E-mail: [Link]@[Link]

ATTENDANCE SLIP
PLEASE HAND OVER THE ATTENDANCE SLIP AT THE ENTRANCE OF THE AGM HALL

DP. ID Name and Address of the Registered Member

Client ID / Folio No.

No. of Shares

I hereby record my presence at the 75th Annual General Meeting of the Company held at Disha, Plot No. 5 & 6, 2nd Stage,
Peenya Industrial Area IV, Peenya, Bengaluru - 560 058, on Saturday, May 10, 2025 at 11.00 A.M. (IST).

Full name of the Proxy, if attending the Meeting:

Signature of the Member / Joint Member / Proxy attending the Meeting:

Note:

Persons attending the Meeting are requested to bring this Attendance Slip with them.
 ABB India Limited
CIN: L32202KA1949PLC032923
Registered Office: Disha - 3rd Floor, Plot No. 5 & 6, 2nd Stage
Peenya Industrial Area IV, Peenya, Bengaluru - 560 058. Karnataka, India
Phone: +91 80 22949113
Website: [Link]/in
E-mail: [Link]@[Link]

75th Annual General Meeting

May 10, 2025 at 11.00 A.M. (IST)

PROXY FORM
[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3)
of the Companies (Management and Administration) Rules, 2014]

Name of the Member(s)

Registered Address

Email ID

Folio No. / DP ID - Client ID

I / We being the Member(s) holding shares of above named Company, hereby appoint:

(1) Name: Address:

Email ID: Signature: Or failing him / her

(2) Name: Address:

Email ID: Signature: Or failing him / her

(3) Name: Address:

Email ID: Signature:

as my / our proxy to attend and vote (on a poll) for me / us and on my / our behalf at the 75th Annual General Meeting of the
Company to be held on Saturday, May 10, 2025 at 11.00 A.M. (IST), at Disha, Plot No. 5 & 6, 2nd Stage, Peenya Industrial Area
IV, Peenya, Bengaluru - 560 058 and at any adjournment thereof in respect of such resolutions as are indicated below:

ORDINARY BUSINESS:

1. Adoption of Financial Statements and Reports of the Board of Directors and the Auditors thereon.

2. Declaration of Dividend.

3. Re-appointment of Ms. Carolina Yvonne Granat (DIN: 09477744) as a Director liable to retire by rotation.

SPECIAL BUSINESS:

4. Appointment of Secretarial Auditors.

5. Ratification of remuneration to Cost Auditor of the Company for financial year ending December 31, 2025

Signed this day of 2025

Affix
Revenue
Signature of Member(s):
Stamp

Signature of Proxy holder(s):

1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the
Company, not less than 48 hours before the commencement of the Meeting.

2. For the Resolutions, Statement setting out material facts thereon and notes, please refer to the Notice of the 75th
Annual General Meeting.

3. A person can act as proxy on behalf of Members not exceeding fifty (50) and holding in the aggregate not more than
10% of the total share capital of the Company carrying voting rights. In case a proxy is proposed to be appointed by
a Member holding more than 10% of the total share capital of the Company carrying voting rights, then such proxy
shall not act as a proxy for any other person or Member.

4. Proxies submitted on behalf of limited companies, societies, partnership firms, etc., must be supported by
appropriate resolution / authority as applicable, issued on behalf of the appointing organisation.
—
Route map to the venue of the AGM
Route map to the venue of the AGM
Venue: Disha, ABB India Limited, Peenya, Bengaluru
Venue: Disha, ABB India Limited, Peenya, Bengaluru

Please refer to the next page for additional information

Notes:
1) Transportation facility:

For Members who are attending the AGM, your Company is pleased to provide pick-up and drop shuttle service to reach
the venue comfortably. Details are as below:

Sr. No. Date & Time Place

1 May 10, 2025 09.30 am to 11.30 am Jalahalli Cross Metro Station parking

Those who wish to avail this facility should send a request by email to dishabuilding_reception@[Link]; Such
request should be made on or before May 07, 2025 including name, demat account number/folio number, email id, and
mobile number to enable us to make suitable arrangements.

Members who wish to come directly to the venue may kindly reach “Gate No. 1”, ABB India Limited, Plot No. 5 & 6, 2nd
Stage Peenya Industrial Area IV, Peenya Bangalore 560058. Parking facility will be made available on a first-cum, first-
served basis until the parking area is fully occupied.

2) Additional seating arrangements:

Members attending the AGM in-person may kindly note that due to limited number of seats in the auditorium, seat
allocation will be on first come first serve basis. Any excess members beyond the seating capacity will be accommodated
in an adjacent venue with live webcast of all the AGM proceedings. Members are requested to understand the seating
constraints and co-operate. No factory visit is organized for this year.

Members are encouraged to regularly check the Company’s website viz; AGM 2025: [Link]
subcontinent/investors/general-meeting/agm-2025 for important updates regarding safety measures, security,
protocols, logistics including any change in the above and any other notifications related to the upcoming AGM.
Notes
Notes
Notes
ABB India is committed to sustainability,
and this year’s Physical Annual Report
reflects that commitment. The report
has been printed on recycled paper,
which is made from paper that has
already been used and then recycled
into a usable material. By opting for
recycled paper, ABB India contributes
to reducing environmental impact and
promotes responsible practices.

ABB India Limited

Disha - 3rd Floor, Plot No. 5 & 6

2nd Stage, Peenya Industrial Area IV
Peenya, Bengaluru - 560 058
Karnataka, India.

Phone: +91 80 22949150 to 9153

Fax: +91 80 22949148

[Link]/in