ABBOTT INDIA LIMITED

ANNUAL REPORT 2023-24

DELIVERING
VALUE WITH CARE
Abbott India Limited

DELIVERING Contents

VALUE WITH CARE About Us

Abbott Laboratories 02
Governance
Value for Investors  38
Abbott India Limited  04 Board of Directors  40
Our purpose at Abbott is to help people lead fuller lives. Our dedication to excellence and integrity is manifested
We do this through our differentiated offerings in the in every aspect of our operations. This includes Product Profile 08 Senior Leadership Team 42
form of high-quality products and solutions. providing high-quality medicines to the patients who
depend on us and in our interactions with healthcare
Our Investment Case 10 Statutory Reports
In our 80 year of being incorporated in India, we
th
professionals, regulators, and investors. We continue to Chairman’s Message 12
Board of Directors’ Report and
have shown the strength, commitment and compassion build trust and collaboration throughout the healthcare Managing Director’s Message  14 Management Discussion and Analysis 44
required to tackle current challenges and explore ecosystem.
the possibilities on shaping the future of healthcare. Our Performance Business Responsibility and
Our sustainable competitive advantage is that we By prioritizing the needs of our stakeholders and Sustainability Report 68
continually reinvent ourselves to meet India's health upholding the highest standards of quality and Key Performance Indicators 16
Report on Corporate Governance 120
needs across therapies and life stages, extending corporate citizenship, we remain committed to
10-year Financial Highlights  18
our commitment to delivering value with care for delivering meaningful value in the lives of patients, Financial Statements
every stakeholder. healthcare professionals, shareholders, and Our Business Model 20
communities worldwide. Independent Auditor’s Report 142
Empowering Lives, Inspiring Change
Balance Sheet 154
Value for Customers 22
Statement of Profit and Loss 155
Value for People 26
Statement of Cash Flows 156
Value for Community 34
Statement of Changes in Equity 158
Value for Environment 36
Notes to the Financial Statements 159

Notice 212

80 th
ANNUAL GENERAL MEETING
Date: August 8, 2024
Time: 10.00 a.m.
Through Video-conferencing (VC)/Other Audio-Visual Means (OAVM)

FORWARD-LOOKING STATEMENT
In this Annual Report, we might have disclosed forward-looking statements that set out anticipated results based
on the management’s plans and assumptions. We cannot guarantee that these forward-looking statements will be
realized, although we believe we have been prudent in our assumptions. The achievement of results are subject to
risks, uncertainties, and inaccurate assumptions. We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events, or otherwise.

References to “Abbott India” or “the Company” in this Annual Report shall mean “Abbott India Limited”.

B Annual Report 2023-24

 Company Overview Statutory Reports Financial Statements Notice
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ABBOTT LABORATORIES
Globally, Abbott Laboratories' portfolio spans the spectrum of healthcare:
MAKING THE WORLD
HEALTHIER
At Abbott, we are dedicated to helping people live more fully, in everything we
do. We are creating the future of healthcare through life-changing technologies
and products that make you healthier and stronger, quickly identify when you Our diagnostics provide the information you need, when Our nutrition products build and maintain your health,
have a medical need, and treat conditions to help you get back to doing what you need it, so you and your doctor can make from infancy onward.
you love. With headquarters in north suburban Chicago, we serve people in better decisions.

more than 160 countries with leading medical devices, diagnostics, nutrition
products and branded generic medicines. Our 1,14,000+ colleagues are helping
millions of people to live better and healthier, every day around the world.

Our medical devices use the most advanced Our medicines help people in emerging markets get and
technologies to keep your heart and arteries healthy, to stay healthy.
treat chronic pain and movement disorders, and to give
people with diabetes more freedom and less pain.

Abbott Laboratories 2023 Highlights

Base-business growth $ 40+ 135+

continued in 2023 Billion Worldwide Sales Years in Business

Our diversified business 160+ 100

mix delivered another Countries Consecutive Years of
strong year Dividends Paid

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ABBOTT INDIA LIMITED

BUILDING A
HEALTHIER INDIA Abbott India is committed to delivering
world-class healthcare to millions of
Indians. We strategically merge global
expertise with local insights to meet
India's evolving healthcare needs,
putting our customers at the center
of everything we do. Our goal is to
redefine healthcare through innovation
and quality, empowering individuals to
lead healthy lives at every stage.

Abbott India Limited, a publicly listed company, is a

subsidiary of Abbott Laboratories, USA, headquartered
in North Chicago.

The Company provides quality healthcare solutions in

chronic and acute therapies with a mix of global and
local products.

Our in-house development and medical teams work on

product and clinical development, targeted to the specific
needs of Indians. Over 3,800+ of our colleagues use
innovative processes to develop high-quality, high-volume
formulations, and continuously deliver value for all the
stakeholders we cater to. Our commitment to the health
and safety of the people who use our products is always at
the forefront of everything we do. We have been helping
people lead better lives through our trusted medicines and
solutions for over 80 years in India, and we will continue
to do so.

Our strong leadership in most of the therapies we

are present in, consistent above-market growth, and
consistent shareholder returns, make us one of India’s
most valued companies.

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ABBOTT INDIA LIMITED FY 2023-24 Highlights

We specialize in various Total Revenue PAT EBITDA

therapeutic areas including
Gastroenterology, Women’s
H 5,849 Crores H 1,201 Crores H 1,701 Crores
9.4%* 26.5%* 25.1%*
Health, Metabolics, Central
Nervous System, Vaccines and Return on Average Capital Earnings per Share Dividend for the year

H 565.28 H 410
Multi-Specialty. Employed

As a leading player in both

34.9% 26.5%* 26.2%*
3.3%*
chronic and acute therapies, we
strive for market-leading growth
* Growth over the previous year.

while maintaining the highest Therapeutic Areas

quality across our portfolio.
This commitment starts with Gastroenterology Central Nervous System
sourcing materials to marketing,
Our products in this portfolio cater to ailments We provide differentiated solutions for central
selling and distributing our covering the gastrointestinal tract from the stomach nervous system diseases such as vertigo,
products, including those to intestines and associated organs. migraine, depression, and lack of sleep with
Our differentiated offerings in this area are the goal of minimizing their impact on quality
managed by our partners. indicated for constipation, irritable bowel syndrome, of life.
pancreatic exocrine insufficiency, dyspepsia, and gut
health. Our key OTC products (available in various
dosage forms) in the laxative and antacids space are
also a part of this portfolio.

Women's Health Vaccines

Focusing on effective prevention, we offer a
We are committed to supporting women in India
wide range of trusted immunology products
through every stage of their lives - from menarche,
for Influenza, Typhoid, Diarrhea, Japanese
pregnancy, to menopause. Currently, menopause and
Encephalitis, and Hepatitis A.
anemia are a special focus area.

Metabolics Multi-Specialty
We specialize in treating chronic metabolic Our Multi-Specialty portfolio has a
conditions such as hypothyroidism and continue differentiated product range catering to pain
to focus on newer sub-therapies in the field of management, pre-term labor and vitamin D
metabolic health. deficiency (liquid and gummy bears) for overall
well-being.

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PRODUCT PROFILE

LEADERSHIP IN HEALTH New Product Launches

SOLUTIONS
Arachitol Gummies 300 IU
Abbott India's leading brands consistently maintain top ranks (Calcium and Vitamin D
(#1 or #2) in their Respective Participated Markets (RPM)*. supplement)
We offer a variety of innovative products and solutions across different therapies that
help people live healthier.

Top Brands Brufen Power Gel

(Musculoskeletal pain)

Dienonorm
(Endometriosis)

Rowasa OD
(Ulcerative colitis)

Arachitol Nano (Vitamin D deficiency) Cremaffin (Constipation) Digene (Antacid) Duphalac (Constipation)
Colospa (Irritable bowel disease) Cremaffin Plus (Constipation) Digeraft (Gastroesophageal reflux) Duphaston (Miscarriage and IVF)
Creon (Pancreatic insufficiency) Duvadilan (Preterm labor)
Solfe FCM Injection
(Iron deficiency anemia)

Thyrowel Plus
(Supporting thyroid function)

Zolfresh ER
(Insomnia)

Ganaton (Gastrointestinal dysmotility) Librax (Irritable bowel disease) Prothiaden (Pain and depression) Vertin (Vertigo)
Heptral (Liver disease) Thyronorm (Hypothyroidism) Udiliv (Chronic cholestatic liver disease) Zolfresh (Insomnia)
Influvac (Influenza) Zolfresh ODT
(Insomnia)

* Source: IQVIA — MAT March 2024.

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OUR INVESTMENT CASE

BUILDING
VALUE-LED GROWTH Innovating for Unmet Needs
We constantly assess and understand customer needs
We aim for sustained success by equally prioritizing purpose, to identify gaps and unmet needs. Based on these
insights, we develop new medicines specifically tailored
profitability, and progress. Using our scientific knowledge, to meet these challenges, fostering innovation and
diverse solutions, and strong value for everyone involved, improving patient outcomes.

we build a robust base for leading growth and high returns, Expanding in the Neighbourhood
adjusted for risk. We are operational in our neighboring countries
of Nepal, Sri Lanka, Maldives, and Bhutan. We are
actively expanding our business presence and
intensifying our efforts to continue providing quality
Widespread effective Distribution Network
Sustained Growth products and services to our customers. Our highly effective distribution network spans
We have consistently surpassed industry growth numerous stockists and reaches millions of retailers.
benchmarks, setting the standard for excellence. Building Partnerships for Success This expansive network ensures the prompt and
We continuously invest in building brands and efficient delivery of our high-quality products and
Over the years, we have established a strong network
shaping therapies. solutions to our valued customers.
of partners, including distributors, institutions, and
healthcare professionals. We remain committed to Our distribution network serves as a vital link,

7* working closely with them to enhance our services. connecting us directly with our patients and enabling
us to provide them with the care and support they
Brands in top 100 Empowered Sales Teams require. It also serves as a valuable feedback channel,
We have a highly dedicated and passionate sales force, allowing us to gather insights from our retailers and

11* constituting over 80% of our total workforce. customers regarding our products and solutions.
They maintain consistent engagement with the medical
Brands in top 300 fraternity, driven by a commitment to making a positive

3,250+
impact on the ground. Additionally, our continuous
upskilling culture and access to resources equip them
Diversified Product Portfolio High-Quality Manufacturing with effective digital tools, facilitating seamless Sales colleagues consistently engage with
We provide a wide variety of products to meet diverse At our state-of-the-art manufacturing plant in
engagement with stakeholders. the medical fraternity
health needs. Our expansive portfolio encompasses Goa, we maintain stringent quality and safety
a diverse array of therapeutic categories, including standards. This commitment to quality sets us
Women’s Health, Gastroenterology, Neurology, apart and helps us build trusted relationships
Thyroid, Pain Management, Vitamins, and Vaccines, with healthcare professionals and patients alike.
ensuring that everyone’s health journey is supported
with precision and care.
Strong Financials 9.7% 18.0%
We have consistently achieved robust Revenue from Operations PAT
growth year after year, evident in 10-year CAGR 10-year CAGR
our strong double-digit EBITDA and
net margins. This financial strength

125+ 8 16.8% 14.7%

translates into a solid return on capital
employed, ensuring sustained value
Products in our portfolio New products introduced in the year for our stakeholders.
EBITDA Book Value per Share
across different therapeutic areas 10-year CAGR 10-year CAGR

* Source: IQVIA – MAT March 2024.

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CHAIRMAN’S MESSAGE Nurturing Talent (WASH), building comprehensive health awareness

INCLUSIVE VALUE
among youngsters. During the year, 430+ Health
Our people are our strength. We thrive as we create
Master Trainers were trained in NCD prevention,
a culture of mutual respect and an environment of
diagnosis, treatment, and adherence. Through health
learning and innovation. We continue to put our people
clinics, we continue to enhance access to healthcare

GENERATION
first and are fully committed to fostering a more diverse
and provide education about various diseases and
and inclusive Abbott. Testament to these efforts is
disorders via healthcare experts in our therapeutic area
the establishment of Employee Resource Groups (ERGs)
of operations.
focusing on PRIDE and disABILITY.
In line with Abbott's global sustainability targets for
Employee assistance programs ensure that financial,
Dear Shareholders, 2030, we continue to minimize our environmental
mental, emotional, and physical health of employees
footprint. Sustained efforts to ensure a reduction in
This has been another remarkable year for and their families are taken care of. Our continuous
energy consumption/ carbon footprint and optimize
Abbott India. Revenue grew by 9.4%, our Net investments in the training and development
use of renewable resources are underway.
capabilities of our people help us attract and retain top
Profit growth was 26.5% over prior year. talent in the industry. We uphold the highest level of governance measures,
We have 7 brands in the Top 100* of the Indian ensuring complete transparency and conformance to
To build a future-ready field force we undertake
Pharmaceutical Market (IPM), with 12 brands ranking ethical standards.
initiatives that help train front-line managers, keep
1st in their Respective Participated Markets (RPMs)*.
them abreast with the latest marketing practices,
We accelerated the introduction of new products by
and make them more tech savvy to adopt the current
Future Focused
launching 8 products during the year.
health experience and outreach practices. A phygital We are passionate about helping people lead healthier
In our 80 year of incorporation in India, we continue to
th approach, combining both face-to-face and digital lives. Our focus to create healthier societies is reflected
show resilience and agility. We are committed to facing methods, for all our training interventions has been in our performance.
current and future challenges. highly effective and impactful.
The healthcare industry in India is at a crucial point
With optimism and confidence in the management The Company also received recognition from HDFC where increasing consumerization and technology
team, your Board has recommended a dividend of H410 Ergo for its "Maternity Management Program – trends highlight an immense potential to improve care.
per share for the FY 2023-24. Abbott’s Happy Feet", for being one of the "100 Your Company will continue to play a crucial role in
Best Companies for Women in India" from Avtar & this growth story. We are also keenly observing the
Seramount BCWI Study – 2023, one of the "Best Place regulatory changes in the industry to ensure that our
of Work" from the BW People HR Excellence Summit practices, policies, and procedures continue to remain
& Awards and as one of the "Best Place to Work For in ethical and conform to the highest standards.
India" by Business Today.
Time and again, we have demonstrated our resilience
Growing Responsibly and agility and I remain confident that we will continue
During the year, Vivek V Kamath resigned as the In FY 2023-24, we launched several differentiated to improve health outcomes with high quality products
While caring for people is fundamental to what and services.
Managing Director effective March 18, 2024. We thank integrated engagement campaigns in various
we do, it is both a tremendous privilege and a great
him for his contributions and wish him the best in therapeutic areas across the healthcare continuum.
responsibility. We continue to enhance the well- On behalf of the Board, I would like to thank all
his future endeavors. Swati Dalal was appointed as Our integrated campaign approach continues to
being of individuals in areas where we operate and our partners, including healthcare professionals,
Managing Director effective April 1, 2024. She is an include digital, social media channels, and key
foster sustainable development by offering innovative pharmacists, vendors, stockists, retailers, and bankers,
Abbott veteran with over three decades of experience offline touchpoints.
solutions and working towards creating more resilient for their faith in us and ongoing support. We also
across multiple roles within the organization. I am
This approach enables us to reach our stakeholders communities. appreciate our employees for their commitment, hard
confident that with your support, she will continue to
effectively. Some of our work with these campaigns work and dedication, no matter what the challenge.
drive the business to greater heights. In collaboration with AmeriCares India Foundation,
is also recognized for their unique and wide reach on
we upgraded 127 Primary Healthcare Centers (PHCs) to I am grateful to our Shareholders for their trust
Balanced Offerings external platforms.
Health and Wellness Centers across 10 States in India. and to the Board of Directors for their invaluable
Our products help people live fuller lives. Every day, Using various engagement platforms and tools, we As a science-based company, we continued to empower guidance. We remain motivated and determined to
we have the opportunity to improve people’s lives and continued to develop meaningful engagement with children (4,600+) through STEM (Science, Technology, grow sustainably and to create lasting value across
create healthier societies through our work. our stakeholders and are focused to utilize our unique Engineering, and Mathematics) learning across 14 all stakeholders. Thank you.
At Abbott, we consider this opportunity a product mix to deliver market-beating performance. schools in Mumbai.
Regards,
responsibility and continue to focus on delivering value
to all the stakeholders that we serve.
Our commitment to health education spans topics Munir Shaikh
like Non-Communicable Diseases (NCDs), Nutrition,
Chairman
Menstrual Hygiene, and Water, Sanitation, and Hygiene

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MANAGING DIRECTOR’S MESSAGE Growth in our Central Nervous System portfolio was inclusion. We have received external recognition as a

BUILDING A ROBUST
led by market-beating performance of Vertin, behind top workplace for women in India and for our unique
the tailwinds of various differentiated initiatives and maternity program, ‘Happy Feet’. We are also one of
campaigns, consistent therapy shaping initiatives, and the Best Companies to Work for in India according to
successful product life cycle management. Business Today and Business World.

FUTURE TOGETHER For Metabolics, Thyronorm continued to lead the

growth in the portfolio. During the year, we launched
various digital interventions to enhance scientific
Sustainability Efforts
We remain committed to achieving our
engagement, and initiatives in collaboration with Environmental, Social and Governance (ESG)
reputed bodies like Association of Physicians of goals across the spectrum. We are constantly
Dear Shareholders, striving to conduct our business efficiently and in
India, Indian Medical Association and the Indian
I am extremely privileged to take over the Thyroid Society. accordance with environmental laws, regulations, and
industry standards.
responsibility as the Managing Director of Abbott
In the preventive space, our Vaccine portfolio led
India Limited. It has been wonderful to see the robust medico-marketing and awareness plans to We have a holistic approach across our initiatives,
growth of the Company over the years, and have improve the pediatric vaccination numbers, especially and efforts are made to curtail adverse environmental
impact. Reduced water usage, CO2 emissions, and
had the opportunity to move across various roles for Influenza vaccination. We will continue to expand
the market for both pediatric and adult populations responsible waste management are our current focus
within the organization. areas to reduce our environmental impact.
through newer patient services and product launches
We have had yet another year of excellent performance to strengthen this portfolio.
By aiding the communities we serve, we carry forward
and I am happy to share the highlights with you
our purpose into all our efforts. We expanded access to
through this Annual Report 2023-24. Delivering Value to People quality and affordable care across newer geographies
Our heritage of over 110 years in India is a proof of the We continued to nurture our people during the year. through new platforms and community health workers.
resilience and agility that we have displayed over the During the year, we also supported more underserved
Abbott is dedicated to building the best-in-class field children with STEM Learning, Health Education, and
years.
force to foster market-beating growth. This is reflected Sports.
Our sales growth of over 9.4% was driven due to through robust onboarding and career development
multiple business imperatives. During the year, most of programs for employees across all levels. To establish Re-Imagining the Future Together
our portfolios have performed well while we effectively a strong foundation of knowledge, skills, and
engagement, we have implemented a comprehensive We are excited to be part of the dynamic healthcare
tackled challenges for some of our key brands.
induction program called “EMERGE.” Our Supervisor industry and provide value to everyone we serve.
orientation program such as "TRANSFORM" continues Our ecosystem is set to gain from innovative technology
to facilitate the smooth transition of newly promoted that enhances health outcomes. These tools have
managers into their roles. the potential to improve patient care. Observing
We continued to focus on our portfolio depth and by a good performance of the top brands, Udiliv, recent trends in Indian healthcare, our company will
launched 8 products this year and have a robust Cremaffin Plus, Creon, and Duphalac. Several Environment, Health and Safety (EHS) continues keep using data and digital tech to better diagnosis,
pipeline across therapies. We are one of the top three beyond-the-pill offerings have also been significantly to remain vital for us. We have implemented several treatment, and personalized care.
companies in the Indian Pharmaceutical Market (IPM) scaled up in this portfolio. Going forward, the measures to help ensure safety and well-being at the
workplace and remain committed to supporting a safe With your steady support, we are confident to keep
for multiple therapy areas and have 11 brands in the priority will be to develop a robust, sustainable, and
and healthy workplace for our employees, visitors, and transforming healthcare and providing value to all
IPM Top 300*. We continue to grow faster than IPM. profitable promotional strategy, which will include
contractors. involved. Thanks to our Board Members for their
the consumer-oriented legacy brands Cremaffin and
guidance and to our Shareholders for their trust.
Customer-focused Drive Digene.
We strive to address diverse health needs through a
Delivering quality solutions across the Continuum Our Women’s Health division continued to utilize collaborative approach and constant drive. We listen to #AbbottProud
of Care requires a patient-first culture. At Abbott, omnichannel campaigns and initiatives to drive our colleagues and ensure all voices are heard.
we remain committed to connecting with patients advocacy and strengthen its key brands in the portfolio Our global survey, “Your Voice Counts,” aids in Swati Dalal
and healthcare professionals to raise awareness on such as Duphaston, and with “Next Chapter” we gathering valuable employee feedback. We foster an Managing Director
treatment options in the therapeutic area of our continued to shape the treatment landscape for environment that promotes employee growth, with
operations and shape the future of health. menopause in India and build Femoston in this platforms like Women Leaders at Abbott (WLA) and
therapeutic area. programs like the Employee Assistance Program
Our Gastroenterology portfolio showed a robust (EAP). We have launched two Employee Resource
double-digit growth this year and consolidated its We also leveraged various platforms and experts to Groups (ERG), PRIDE Network and the Abbott
market leadership in the segment. This was driven raise awareness for Vitamin D deficiency. disABILITY Network, to enhance diversity and

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KEY PERFORMANCE INDICATORS

BUILDING ON
LONG-TERM VALUE
RESERVES AND SURPLUS CASH GENERATED FROM
REVENUE GROWTH 9.4% EBITDA MARGIN* 29.1% GROWTH 16.1% OPERATIONS 1,213
REVENUE (J in Crores) EBITDA (J in Crores) RESERVES & SURPLUS (J in Crores) (J in Crores)

1,701
4,913

1,165

948
3,678
4,310

1,002

2,581

727
5,349

1,360

893
3,168
2,799
4,093

872

2,410

626
5,849

1,213
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
11.3% 5.3% 14.0% 8.9% 9.4% 21.3% 23.3% 23.7% 25.4% 29.1% 21.3% 7.1% 8.4% 13.2% 16.1%

PAT MARGIN* 20.5% RoCE# 34.9% BOOK VALUE GROWTH 16.0% SHARE PRICE (J)@ 27,121
PAT (J in Crores) AVERAGE CAPITAL EMPLOYED (J in Crores) BOOK VALUE PER SHARE (J) MARKET CAPITALIZATION (J in Crores)
799

2,711

1,327
691

2,517

1,225
949

3,004

1,501
593

2,220

1,144

32,833

37,617

46,887
31,828
1,201

1,741

57,630
3,444

2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
14.5% 16.0% 16.3% 17.8% 20.5% 26.7% 27.4% 29.5% 31.6% 34.9% 21.1% 7.1% 8.3% 13.1% 16.0% 15,451 14,983 17,703 22,065 27,121

* % To Revenue from Operations. @

As on March 29, 2024.
#
Return (PAT) on average capital employed.

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10-YEAR FINANCIAL HIGHLIGHTS

CONTINUED EXCELLENCE
IN ADDING VALUE
(Amount in H Crores, unless otherwise stated)

INDIAN GAAP IND AS@

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Operating Performance
Revenue from Operations# 2,317 2,646 2,939 3,307 3,679 4,093 4,310 4,913 5,349 5,849
Other Income 48 50 57 117 113 114 81 83 154 248
Material Cost 1,313 1,492 1,712 1,905 2,088 2,314 2,391 2,657 2,975 3,220
Employee Benefit Expense 305 341 345 394 436 476 493 579 564 577
Other Expenses 387 448 484 484 550 545 505 595 604 599
EBITDA 360 415 455 641 718 872 1,002 1,165 1,360 1,701
Depreciation and Amortisation 15 14 16 16 17 60 58 66 70 71
Finance Cost 1 3 2 4 2 9 18 19 16 12
Profit Before Tax 344 398 437 621 699 803 926 1,080 1,274 1,618
Provision for Taxation 115 143 160 220 249 210 235 281 325 417
PROFIT AFTER TAX 229 255 277 401 450 593 691 799 949 1,201
Financial Position
Property, Plant and Equipment and Intangible assets 100 111 116 84 106 271 251 272 241 235
Other Assets (Net) 837 1,084 1,271 1,609 1,902 2,160 2,351 2,548 2,948 3,464
TOTAL ASSETS 937 1,195 1,387 1,693 2,008 2,431 2,602 2,820 3,189 3,699
Share Capital 21 21 21 21 21 21 21 21 21 21
Other Equity 916 1,174 1,366 1,672 1,987 2,410 2,581 2,799 3,168 3,678
TOTAL EQUITY 937 1,195 1,387 1,693 2,008 2,431 2,602 2,820 3,189 3,699
Other Information
Earning per Share - Basic and Diluted (H) 107.75 120.12 130.19 188.81 211.93 279.04 325.04 375.86 446.78 565.28
Dividend per Share (H) 31.00 35.00 40.00 50.00 50.00 107.00 120.00 145.00 180.00 410.00
Special Dividend per Share (H) - - - 5.00 15.00 143.00 155.00 130.00 145.00 -
Number of Shareholders 19,407 21,250 23,004 22,583 27,559 51,442 87,794 90,567 72,086 69,382
Number of Employees 2,867 2,956 3,083 3,322 3,485 3,551 3,585 3,597 3,700 3,814

#
Inclusive of Excise duty on Sales/Net of GST.
@
The Company transitioned into IND AS from 1 April 2015, hence these numbers are not comparable with previous years.

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OUR BUSINESS MODEL

LEVERAGING OUR
VALUE-CREATION MODEL
Inputs Management Approach How We Create Value Outcomes
Financial Capital H 1,701 Crores H 1,201 Crores
Sources of funds from Smart and efficient allocation of resources Purpose Activities EBITDA Profit After Tax

34.9%
business operations, to expand business operations and achieve
financing or investing consistent growth and operational excellence Science-based Products
activities over time. To help people live better Strong Partnerships Return on Average Capital Employed (RoCE)

and healthier lives through

Manufactured Capital High-quality Manufacturing
13.5% 8
Maximizing the efficiency and productivity
of manufacturing operations through process our differentiated products
Tangible and intangible Effective Distribution of Net Sales is New Products Launched
infrastructure, offices, and upgrades and responsible collaborations with and solutions. manufactured in Goa
manufacturing plants local manufacturers, resulting in cost reduction Experienced Sales and Marketing Team
and adherence to high-quality standards.

Human Capital Create an inclusive and equitable work v i d in g a cce s s a

Pro bility of prodund
713 15,700+
Employees’ skills and environment that attracts, motivates, and i l a cts New joinees during the year Man-hours of Managerial
av a training imparted to Area
competencies, knowledge
and experiencee
retains top talent while offering ample
development opportunities to employees to
1,22,300+ Business Managers and
Business Managers
Man-hours of training imparted

throce health eqrship

u it y
Pr
achieve outstanding results. to frontline field force

o t

u gh p a r tn e
Environment
Strategic

e c t i n g a h e a l th
Intellectual Capital
14 14
Consistently invest in new product development,
Strong heritage brands, scientific research, clinical studies, packaging Priorities

van
Medical Publications New clinical studies conducted
highly experienced improvements, and enhancing our human

Ad
y
people, world-class resources to meet the changing needs of
technology, robust our customers and deliver an enhanced C re
at i n g S T E M
processes and systems customer experience. o p p o r tu n i t i e s

Social and Relationship Build trust with stakeholders, enhance the 127 4,600+
well-being of individuals in areas where we Primary Healthcare Centers have children empowered through
Capital operate, and foster sustainable development
been upgraded to Health and STEM learning across 14
Wellness Centers across 10 States schools in Mumbai
Relationships with all
valuable stakeholders,
by offering innovative solutions and working Key Therapeutic Areas Stakeholders 430+
towards creating more resilient communities.
community development Gastroenterology Health Master Trainers trained in NCD prevention,
diagnosis, treatment, and adherence
and well-being
Women’s Health Investors Employees
Patients Communities
Metabolics
Natural Capital 99.3% ~1,200
Promote the responsible and sustainable
utilization of natural resources while Healthcare Professionals Suppliers
Natural resources impacted Central Nervous System Hazardous waste generated at Goa MT plastic waste disposed
by the Company’s activities actively participating in efforts to combat Government Plant is sent for incineration with sustainably
climate change. Vaccines energy recovery

Multi-Specialty

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VALUE FOR CUSTOMERS

DELIVERING INNOVATIVE
HEALTH SOLUTIONS Awareness Diagnosis Treatment Compliance

For over 80 years, Abbott in India has been constantly innovating to Education and Awareness Programs
meet the healthcare needs of all ages and stages of a person’s life. To consistently add value and foster therapy leadership,
We aim to empower people to be more involved in their own health and it is crucial to drive initiatives that help spread
awareness and shape the therapies we cater. We
believe that the best medical products are those that help the most launched various integrated campaigns across the
people. We deliver high-quality products across various therapeutic areas healthcare spectrum. Some of these were recognized
for their unique and broad approach across digital and
and undertake initiatives for optimal health outcomes. social media, and key offline touchpoints.

We differentiate our offerings for doctors and their patients throughout the continuum of care, offering NextChapter 2.0 — Menopause
holistic solutions like patient education and awareness, disease management programs, health clinics We continued to empower women to have meaningful
and personalized patient support services. conversations to break the silence around menopause
and enabled them to assess their symptom severity to
seek timely medical intervention.

#ControlKar campaign — Digene

Consumer-facing legacy brands such as Digene
continued to strengthen targeted consumerization
with a digital-first approach. Digene’s #ControlKar
campaign appealed to the target masses via digital
media, search media and e-commerce platforms.

#LiveThyroNormal – Thyroid conditions

Through this 360° campaign, we tackled lack of
awareness about thyroid conditions and low screening
in females suffering from co-morbid conditions.

InFLUence campaign – Influenza

Highlight the importance of Influenza vaccination, and
driving acceptance for vaccination to improve people’s
health. Under this campaign focused efforts were
undertaken through print and social media, along with
radio and parental platforms.

D Strong Active life – Vitamin D

This campaign improved awareness as well as
diagnosis for patients by driving HCP-led credible
awareness via the digital media.

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VALUE FOR CUSTOMERS

Health Clinics
As a leading healthcare company, we ensure that we go
beyond offering pills for holistic disease management.
We utilize our medical expertise and resources to
ensure access to diagnosis and awareness across a
range of symptomatic and asymptomatic conditions in
India in our therapeutic area. Through our FibroScan,
dysmotility, and liver clinics, we offer timely diagnosis
to people.

Improving Health Outcomes

Our constant interactions with our partners and
stakeholders allow us to identify their unmet needs and
deliver innovations that help patients lead a healthy
life. Fostering meaningful engagement with HCPs, we
also drove certain campaigns that would help them in
their journey to improve patients health outcomes. Vertigo Coach Mobile App — Vertigo
Designed to offer comprehensive solutions for
Women’s Health — ‘Where Life Matters’ campaign vertigo patient care, the Vertigo Coach mobile
We strengthened Duphaston’s positioning as a app stands out as one of the first to collaborate
cornerstone therapy in critical indications. with HCPs and patients to enhance treatment
adherence in vertigo management.

Knowledge Sharing Initiatives

Abbott recognizes the growing significance of Over the years, Abbott India has collaborated
evidence-based medicine in enhancing patient with Association of Physicians in India (API)
care and empowering healthcare professionals on to create a unique platform titled APIDIAS
various treatment options in our therapeutic area. (Dissemination of Information through API
We have undertaken a range of research works, Speaker). It addresses the need gap of HCPs
including real-world evidence-based studies and education in India and neighboring South
registration studies, that have played a pivotal role Asian countries. The platform has helped open
in shaping our strategies and generating high- doors for thousands of physicians to continuous
quality scientific evidence. These studies adhere knowledge sharing, thus empowering their
to Good Clinical Practice (GCP) and regulatory professional practice and helping improve
Vaccines – Reach the Unreach program with requirements, contributing to the optimization patient outcomes.
Influvac microsite of healthcare.
To increase our footprints in adult vaccination space,

14 14
we launched a digital platform to improve influenza
vaccination access.

We utilize multiple strategies to improve the rates of Clinical studies conducted Articles published in major indexed journals
adherence, especially for chronic health conditions,
in patients. Behavioral support and reminders via
different platforms help.

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VALUE FOR PEOPLE

How We Drive Value for Our People
ENHANCING PRODUCTIVITY, growth, we have introduced a three-tier certification
program, with more than 240 colleagues certified last
Continue to Enabling year. ASK Workshops further enhance knowledge and

CELEBRATING EXCELLENCE
strengthen our accelerated growth skills to elevate voice quality.
succession pipeline, in the organization
by investing in ENHANCE Workshops
development and
growth capabilities We conducted 45 ENHANCE Workshops on ‘Managing
Abbott continues to be an innovative We do this by offering development Large Teams Effectively’,Business Planning’ and ‘Joint
Field Work: An Enduring Impact’ to further enhance
opportunities and differentiated benefits that
and great place to work. We care provide security for themselves and their Driving a high Strengthening
effectiveness. First Line Managers (FLMs) and Second
about and value our employees. Our families. The Human Resources business model performance and capabilities
Line Managers (SLMs) attended these workshops to
improve their skills.
at Abbott stays true to our core values and is
common purpose and mission provide aligned with that of the organizational business
inclusive culture

our workforce with the opportunity model, strategy, and priorities. EMPOWER Program
to change people’s lives for the Training and Capability Building Initiatives EMPOWER, the SLM induction program, emphasizes
better, while living their own best We are committed to cultivating the most exceptional
proficiency in functional competencies through
experiential learning. Subject matter experts
lives personally and professionally. field force, for driving market-leading growth. conducted a virtual session titled ‘Making Zone a Profit
This dedication is evident in our comprehensive Center’ as part of the SLM Academy.
onboarding process, continuous knowledge and skill
development initiatives, and career advancement
programs tailored for employees at every level. TRANSFORM Program
To facilitate the smooth transition of newly promoted
The training team at Abbott's Excellence Academy
managers into their roles, we have implemented the
has played a pivotal role in enhancing the field force's
TRANSFORM program.
abilities to overcome present and future obstacles. This
has been achieved through three core pillars:
EVOLVE E-Learning Support
EVOLVE, our E-Learning support for TBMs, FLMs,
and SLMs, focusses on enhancing both knowledge and
In-clinic Excellence skills. Each month, concerned employees undertake
the KNOWLEDGE MIRROR assessment for product
knowledge and strategy awareness. Additionally, they
complete E-Learning modules to enhance their skills.
Leadership Development

Future Role Preparedness

520+
Therapy Business Managers
(TBMs) onboarded

240+
EMERGE Induction Program
To establish a strong foundation of knowledge,
skills, and engagement, we have implemented a Frontline field force completed the three-tier
comprehensive induction program called EMERGE. certification program during the
During the year, we successfully onboarded over
520 Therapy Business Managers (TBMs) through a
FY 2023-24
meticulously structured process. To ensure continual
Picture credit: Business Today

26 Annual
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VALUE FOR PEOPLE

Capability and Mindset Development The network has three strategic pillars: Connect
Enhancing People Skills Diversity, Equity, and Inclusion (DE&I) We recognize the importance of cultivating a to create an engaged culture, Inspire to create a
At Abbott, we are committed to providing our Diversity is ingrained at Abbott. As a global company, managerial pipeline that embraces diverse perspectives meaningful and enabling work environment for
employees with continuous opportunities to develop it is built into our worldview, workplaces and and talent. We are committed to equipping our leaders women employees and Grow to improve the gender
their careers within the Company and equipping them partnerships. We believe that diverse thoughts and and managers with the necessary skills, resources, diversity ratio and support our women employees
with the tools and resources they need to thrive. With perspectives drive the innovation behind our health and mindset to leverage diverse ideas and build high- towards building their capabilities and grow within
our global presence, diverse business portfolio, and technologies and enhance our understanding of global performing, inclusive teams. the organization.
emphasis on professional growth, our employees can communities. That is why we work hard to maintain an
explore multiple career paths within Abbott. inclusive environment where employees can bring their Forums and Networks Working Mothers of Abbott (WMA):
true selves to work and build meaningful connections Our vibrant employee networks provide opportunities Launched in India in 2022, WMA is a forum that
Raising Future Leaders with colleagues worldwide. for our people to engage with and learn from diverse provides working mothers with a platform to connect,
These programs focus on developing key individuals communities within and beyond the organization. support, share, and learn experientially from one
in our succession pipeline at all organizational levels, DEI is a strategic enabler for us and will These employee networks enable employees to share another as they navigate the challenges of balancing
equipping them with skills and competencies for their continue to be a pivotal part of our growth experiences, perspectives, and knowledge, and provide work and motherhood.
next roles. So far, the program has helped develop over journey in India. a platform for networking, mentorship, advocacy, and
120 employees in the Company, with many of them awareness in the organization. Pride Network India
experiencing role rotations and promotions. PRIDE Network India was launched in June 2023,
Our DE&I Vision is brought to Life Sustained Communication and Awareness aiming to educate, encourage, and create a community
Executive Coaching and Mentoring Communication is central to all other key focus areas for LQBTQ+ and Allies at the workplace through
We support the development of senior leaders through
through Five Focus Areas and is the foundational element in building a coherent its pillars of education and awareness, policy, and
mentorship and external coaching, evaluating DE&I understanding for the organization. It helps in engagement.
success based on milestones achieved and progress Inclusive Policies and Workplace Practices building awareness, sensitization, and advocacy for
toward development goals. Additionally, we provide Hiring Practices positive change.
comprehensive training for all people managers to Early Career Network (ECN) India
Capability and Mindset
enhance their coaching and mentoring abilities. Key DE&I Initiatives ECN’s vision is to create a platform for early career
Forums and Networks Employee Networks and Forums professionals to discover opportunities, network and
Mentoring Programs grow, and further position Abbott as an inclusive
Our formal mentoring program facilitates Sustained Communication and Awareness Abbott proudly supports various employee networks employer. This vision is brought to life through its 3
structured developmental partnerships, while our that connect our colleagues as they pursue their pillars – Explore, Engage, and Evolve. ECN India was
culture promotes informal mentorships through fullest lives – both professionally and personally, launched in 2021 to foster generational diversity at
regular career development interventions and Inclusive Policies and Workplace Practices some of which are outlined below: Abbott. In 2023, ECN launched its Reverse Mentoring
networking opportunities, promoting relationship- We are dedicated to creating a more inclusive work program – MentUp – to help mentor our senior leaders
Women Leaders of Abbott (WLA):
oriented growth. environment by reviewing and enhancing our with young talent across the organization.
policies and practices. This includes reviewing our Women Leaders of Abbott (WLA) is one of our
Leading with Impact — Integrated Managerial employee networks that is supporting our efforts Abbott disABILITY Network India
policy documents to ensure they are gender neutral
Capability Program and inclusive, reinforcing our Equal Employment to attract, retain and advance women in the Abbott DisABILITY Network India was launched in
Opportunity policy across the employee life cycle, organization. September 2023, with the vision of ‘Access for All'.
Leading with Impact (LWI) accelerates the
development of people managers through skill-building and enhancing the scope of our policies wherever It is an open and inclusive platform for all individuals
activities, experiential learning, and knowledge feasible to make them more accessible and inclusive. impacted at a personal level - as a person living with a
sharing from current leaders. It enables effective For example, we have expanded the scope of our Group disability or caring for someone with one - to network,
leadership by listening, understanding, building trust, Mediclaim policy to include partners as dependents, engage, collaborate, and explore best practices and
creating positive environment, and actively coaching, extended coverage of gender reassignment surgery and informative sessions.
developing, and recognizing employees. enabled non binary gender representation for self.
ASCENT – Abbott Second Careers Engagement
Self-paced E-learning Hiring Practices
Program
We continually assess and enhance our hiring practices
Employees access various learning resources through This program strengthens our commitment to diversity
to effectively recruit diverse talent across various
an online portal, allowing them to enhance skills and by providing second career opportunities to women
functions. By monitoring our practices and approaches,
knowledge at their own pace for real-time upskilling and veterans returning from career breaks. ASCENT
we aim to attract and retain a diverse workforce that is
opportunities. aims at empowering these professionals with relevant
reflective of the communities we serve and will help us
shape the future of healthcare. prospects and providing the required support and
flexibility to ensure a seamless transition.

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VALUE FOR PEOPLE

Listening to our Employees – Your Voice Counts
Science Technology Engineering and Mathematics Wo-Mentoring Program
The India Wellness Program Building the best workplace is an ongoing commitment.
(STEM) One of our priorities is the development of our key
The India Wellness Program, rebranded as, For us to understand what we can do better, we need
We continue our focus on STEM by engaging with women talent and creating women leaders across
"BeStrong", in 2023, focuses on physical, emotional, to know what our employees think about working here
schools and providing internship opportunities. By levels. Our Wo-Mentoring program provides an
financial, and social wellness. and how they’d like us to keep evolving. That is why we
offering hands-on experiences, we ignite students' accelerated development experience through a
continue our listening strategy through the ‘Your Voice
passion for STEM and open doors to future mentoring opportunity for identified high-potential
Counts' survey. This feedback helps us monitor what is
women employees over a nine-month mentoring
career opportunities. By empowering children to FitStrong (Physical Wellness) good in our culture, what is getting better, and where
develop holistically and including students from program. Through this initiative, 70 women in Abbott
Employees engage in health check-ups, on-site we need to improve further. We pay close attention to
underrepresented groups, we aim to lay the foundation India Limited have been successfully mentored so far,
doctor, vaccination drives, awareness sessions what we hear in each survey and take concrete actions
for a brighter future. These initiatives will help build with many participants experiencing role rotations and
on critical and lifestyle diseases like cancer, in response.
our future workforce and excite young talent about promotions.
diabetes, nutrition, exercise challenges
STEM and innovation.
Empower like "Exercise Across Abbott”.
Building a Safe Workplace Culture
This initiative provides women employees with We prioritize safety for employees, visitors, and
exposure to expert workshops, curated sessions, and MindStrong (Emotional Wellness) contractors through various training initiatives:
content aimed at enhancing leadership skills such as Aimed to de-stigmatize mental health issues and
networking, personal branding, resilience mindset, enable resilience; offers programs addressing • Defensive Driving Training for New Field Employees
and more. stress, sleep management, and anger, including • Annual Refresher Environment, Health and Safety
events like "MindStrong Fest", Leadership (EHS) Training
Avenue Symposium and external Speaker sessions. • High-Risk Driver Training
Designed to support women during relocations due to • Commentary Drive Training
personal circumstances, Avenue provides assistance • Post Incident Coaching for Field Employees
and resources to ensure a smooth transition. WealthStrong (Financial Wellness)
Empowering Employees for Safety
Provides sessions on the basics of retirement
Ensuring the Well-Being of Employees planning or planning for financial uncertainties, EHS Onboarding Training: Comprehensive EHS
debt management, personal income tax training for head office employees during onboarding.
Internship Opportunities for LGBTQ+ and awareness, etc.
• Encouraging employees to report safety concerns without
Persons with Disability Talent fear of retaliation, with a prompt response mechanism
BondStrong (Social Wellness) in place.
We have hired interns from the LGBTQ+ and Persons
with Disability (PWD) talent pool. During the Drives a sense of community and aligns • Established a reporting mechanism for safety concerns
internship, interns have the opportunity to engage employees towards the corporate social with prompt action to address any concerns raised.
with senior leaders, work on live assignments/projects, responsibility agenda through initiatives like
Safety Initiatives for Commercial Employees: Recognizing
and gain valuable insights into the working of an Abbott's participation in the Tata Mumbai
the importance of safe equipment, we offer financial
organization like Abbott. Marathon, where Abbott leaders run as Ally’s
assistance to commercial employees for upgrading their
At Abbott, we prioritize the overall well-being of with differently abled people to promote the
official vehicles and promoting safer workplaces.
Unconscious Bias Training for all Managers our people. We offer comprehensive benefits and spirit of inclusion.
programs to support employees live their best lives, • Financial Aid for Safer Vehicles: Providing financial
We offer training to people managers to increase
both personally and professionally, throughout their assistance for commercial employees with >5 years old
individual awareness of unconscious bias and its
careers. Employee Assistance Program (EAP) vehicles to upgrade to safer vehicles with enhanced
impact in the workplace.
Abbott offers its employees and their families a safety features.
We have benefits and programs to care for the health dedicated Employee Assistance Program (EAP). We
Happy Feet — Joy of Motherhood and well-being of our employees. Our approach is to
• Tyre Replacement Support: Assisting with timely
recognize that the right help at the right time can help tyre replacements for 2-wheeler vehicles, benefiting
Happy feet is a program designed to support and provide them with a workplace environment that: manage challenges. EAP is an independent counselling our employees.
provide a conducive work environment for our women and resource service. Its features include:
• Promotes diversity, equity and inclusion • Mentor App for High-Risk Riders: Introducing the
colleagues as they step into the phase of motherhood.
• Offers extensive professional development, mentoring and Mentor app to help 2-wheeler riders from selected states
We share the ‘Joy of Motherhood’ handbook with • 24/7 availability for employees and their families via
training programs where roads need infrastructural development to become
expecting mothers and provide guidance on the phone, e-mail or live chat
• Encourages and supports work-life harmony safe riders.
support that the organization extends before, during • All calls are directed to psychologists
• Offers competitive compensation and benefits • Additional Personal Protection Equipment: In addition to 2
and after pregnancy. This initiative helps provide a • Assistance for personal issues that could affect health
• Provides means to listen to employees helmets, we supplied ‘full-finger motorcycle riding gloves'
conducive work environment for our women colleagues • Counselling for work life balance, stress management,
• Commits to employee health and safety and, offers to more than 2,700 employees.
as they step into this special phase of their lives. management skills and family support, including legal and
wellness programs financial information.

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VALUE FOR PEOPLE

Awards and Accolades

InFLUence Campaign – Influenza TheNextChapter Campaign – Menopause Corporate Awards

ELETS Healthcare Awards The SABRE Awards

Avtar & Seramount BCWI HDFC Ergo: Love All Campaign
Healthcare marketing innovation
Best Campaign for the Indian Subcontinent
Best 3600 campaign Study — 2023 Maternity Management Program
Abbott’s Happy Feet
100 Best Companies for Women in India

Corporate Titan Awards ET Brand Equity Awards

Best Lead Generation Best Healthcare Campaign
Influvac microsite Gold winner

Business Today
The BW People HR Excellence Best Place to Work For in India
Summit & Awards
Best Place of Work

Corporate Titan Awards Vertigo Coach App — Vertigo

Best Marketing Campaign
Healthcare and Pharma
3rd IHW Digital Health Awards 2024
Mobile Health Application
Vertigo Coach App

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VALUE FOR COMMUNITY

IMPACTING LIVES Enhancing Healthcare Access by Building Ensuring Quality and Affordable
Quality Healthcare Infrastructure Healthcare Delivery
and Services
TOGETHER
Teaming up with the Self-Employed Women's
Through collaboration with Americares India Association (SEWA), our initiative prioritizes the
Foundation, we have transformed so far 127 prevention, diagnosis, and treatment of NCDs,
Primary Healthcare Centers (PHCs) into Health and safeguarding the well-being of countless individuals.
At Abbott, we empower underserved communities by providing Wellness Centers (HWCs) across 10 states, bolstering Through localized clinics and telemedicine services,
we are bridging the healthcare gap for communities in
access to high-quality healthcare and STEM (Science, Technology, healthcare accessibility for underserved communities.
Beyond physical upgrades, our initiative includes 43 districts across multiple states.
Engineering, and Mathematics) education. Through collaborations comprehensive training for PHC staff and Accredited
To date, our efforts have touched the lives of over
with trade associations, academic institutions, healthcare experts, and Social Health Activists (ASHAs), and empowering
communities with knowledge about communicable and
1,40,000 patients, providing NCD awareness to
government bodies, we aim to tackle pressing challenges in healthcare Non-Communicable Diseases (NCDs).
more than 1,63,000 families. Our holistic approach
delivers primary and acute care while developing
and education. Together, we make a lasting difference, improving lives, The Impact entrepreneurial skills among SEWA members,
and building a more inclusive society. Our efforts have driven increased foot traffic at
generating sustainable employment opportunities.

HWCs, indicating the growing utilization of screening By nurturing strategic alliances with trusted healthcare
services for various ailments. This translates to timely providers and SEWA, we aim to create sustainable

4,600+
and efficient healthcare delivery. Our ultimate aim healthcare systems and empower communities for
is to provide high-quality, affordable healthcare and significant change. Our collective goal is to make
instigate positive shifts in community health behaviors quality, affordable healthcare accessible to everyone,
Children empowered through through early detection, treatment, and management irrespective of their economic status.
STEM learning across 14 schools of diseases.
in Mumbai
Building Access to Timely Diagnostic
Promoting STEM Education and Services for Trauma Patients
Good Health
1,63,000+
Families were provided
Our collaboration with Smile Foundation aims to
uplift over 4,600+ children from under resourced
Taking direct action to ensure prompt diagnostic
services for trauma patients, we have installed
a CT scan machine at the Trauma Center and Super
communities in Mumbai, granting them access to Specialty Hospital, Institute of Medical Sciences (IMS)
with awareness on Non- quality education and infrastructure. Through state- at BHU, Varanasi. This public university serves as a
Communicable Diseases (NCDs) of-the-art Science, Technology, Engineering, and vital healthcare hub for the surrounding communities,
Mathematics (STEM) labs and interactive classrooms, enhancing access to critical medical care.

430+
Health Master Trainers trained
we are equipping these children with vital skills in
STEM, laying the groundwork for a brighter tomorrow.

Furthermore, our commitment to health education

Expanding Health Awareness for
NCD Management
in NCD prevention, diagnosis, spans topics like NCDs, Nutrition, Menstrual Hygiene, In a direct effort to address the prevention,
treatment, and adherence and Water, Sanitation, and Hygiene (WASH), building early detection, and management of NCDs, we
comprehensive health awareness among these have established health awareness programs.
youngsters. By promoting both indoor and outdoor These programs provide increased access to
sports, we are nurturing their physical, social and healthcare services and valuable information about
emotional growth. various diseases through healthcare experts.

The Results
Our initiatives have yielded meaningful benefits,
including enhanced problem-solving abilities and
logical reasoning skills among these children. This
127
Primary Healthcare Centers (PHCs) have
holistic approach is making a tangible difference
in their lives and communities, empowering them been upgraded to Health and Wellness
to thrive. Centers (HWCs) across 10 states

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VALUE FOR ENVIRONMENT

SHAPING A Our Approach

We are dedicated to optimizing the use of renewable resources and cutting down on carbon emissions.

RESPONSIBLE BUSINESS
Our strategies involve a holistic approach to address any potential environmental impact.
By implementing sustainable practices and embracing eco-friendly processes, we actively strive to
shrink our ecological footprint and manage resources responsibly. Our focus areas include energy
and water conservation, waste reduction, and minimizing CO2 emissions, particularly at our Goa
plant and corporate office. Through targeted initiatives, we aim to streamline processes, boost yields,
At Abbott, environmental stewardship is a core responsibility. and enhance productivity, ultimately leading to greater efficiency. Our efforts play a crucial role in
As we grow our business, we have set clear objectives to preventing the release of raw materials and solvents into the environment.

minimize our environmental footprint, in line with Abbott's

global sustainability targets for 2030. Waste Management and Recycling Furthermore, through the implementation of various
energy-saving measures, we achieved a 1% reduction
In 2023, we prioritized waste reduction through
in energy consumption, equivalent to 180 kWh per day,
the principles of 3 R’s – Reduce, Reuse, Recycle.
without any additional capital expenditure (CAPEX)
Approximately 65% of non-hazardous waste generated
investments.
at our Goa plant was repurposed for beneficial uses,
while the remaining 35% underwent careful recycling,
minimizing environmental impact.
99.3%
Nearly all hazardous waste (about 99%) was safely Hazardous waste generated at the Goa Plant
disposed through co-processing in cement factories, is sent for incineration with energy recovery
adhering to stringent regulations. A small fraction

~1,200MT
(0.7%) underwent incineration without energy
recovery, while 0.3% was recycled, focusing on specific
waste streams like used oil and e-waste. Our collective plastic waste
efforts resulted in the successful collection and disposed sustainably
processing of ~1,200 metric tons of plastic waste from
various States and Union Territories in India, where
our operations are located. Water Conservation and Regeneration
Abbott India Limited's Goa plant, successfully Our company employs a state-of-the-art effluent
decreased hazardous waste which was earlier sent for treatment plant that ensures treated effluent meets the
co-processing by 20 metric tons from April 2023 to stringent limits set by the local State Pollution Control
March 2024. Now the contaminated polybags are sent Board. To optimize resource usage, rejected water
for recycling. These polybags were sold to a vendor who from the Reverse Osmosis (RO) process is repurposed
decontaminated them and recycled them into plastic for utilities and washrooms. This innovative approach
granules. The vendor was established in compliance saves an impressive 16,098 kilolitres of water annually.
with the requirements of State and Central Pollution
Control Boards. As of March 2024, the project yielded Enhancing Eco-Efficiency in Manufacturing
a total cost benefit of 0.03 Crores and continues to run.
To scale up production, we introduced Overall
Equipment Efficiency (OEE) in granulation,
Energy Conservation and Efficiency compression, and packaging processes, resulting in a
At our Goa plant, we took a significant step toward 25% decrease in changeover time, line clearance time,
sustainability by producing 2,85,764 kWh of power documentation, and testing. Additionally, we adopted a
from April 2023 to March 2024 from solar PV panels more efficient method for Brufen reformulation using
Zero Waste to Landfill installed in the previous year. This initiative reduced
carbon emissions by 198 metric tons, aligning with our
pre-gelatinized starch, mitigating risks associated with
hot surface/material contact and potential container
Goa Plant retains its certification commitment to environmental responsibility. The solar mishaps. These measures collectively reduced
PV panel system is designed to operate efficiently for manpower hours, enhancing operational efficiency and
20 years. productivity across the board.

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VALUE FOR INVESTORS

Board Composition and Diversity Human Resources and Community

UPHOLDING TRUST
Development
The diverse composition of the Board ensures
that the Company benefits from a variety of
relevant perspectives. Our Board members

AND RELIABILITY are highly skilled professionals with extensive Geography and Cross- General Management and
expertise, diverse viewpoints, and robust Cultural Experience Leadership Experience
business acumen.
We prioritize responsible corporate governance, strict compliance, and ethical
conduct across our organization. Our consistent delivery of value and financial 3 Independent Directors
5 Non-Executive Directors
stability reflects our commitment to prioritizing investor growth and ensuring 1 Executive Director Board Expertise
long-term prosperity, in alignment with our mission to advance healthcare and
create lasting value for all stakeholders. Corporate Sales, Digital
3 36-55 years Strategy and Marketing and
Strategic Planning Business Development
5 56-70 years
Ethics and Compliance Governance Structure
1 >70 years
Abbott promotes ethical behavior through its Code Our strong corporate governance is aligned with
of Business Conduct, guiding employees to adhere to stakeholders' interests. The Board of Directors
the Company's principles. Employees are expected to understands the business dynamics, challenges,
uphold the highest ethical standards, monitor business and opportunities, providing guidance, oversight, 5 Male
activities closely, report any concerns promptly, and and strategic direction to management. Finance and Legal Healthcare Industry
4 Female
act with honesty, fairness, and integrity as specified They ensure that strategies and plans align with
in the Code. Abbott is fully committed to complying the Company's mission of improving lives and
with all relevant laws and regulations in all aspects of that operations adhere to ethical standards and
its operations. organizational values.

Board Committees Our ERM process ensures consistent evaluation of

The Board Committees function within defined terms risks by assessing their likelihood, impact, and velocity,
Our Core Values of reference that outline their roles, responsibilities, allowing us to prioritize the most significant risks and
Our identity is grounded in our composition, and authority scope. provide appropriate attention from our management
core values, which shape our team. We present risk dashboards and mitigation plans
operations and influence how • Audit Committee to our senior leadership team while the Board and
we serve our stakeholders. • Nomination and Remuneration Committee Risk Management Committee review enterprise risks
• Stakeholders Relationship Committee throughout the year.
Aligning our organization • Corporate Social Responsibility Committee
with these values is essential • Risk Management Committee Internal Control Framework
for effectively fulfilling our
mission and achieving our We have implemented a robust internal control
business objectives.
Risk Management Approach framework to protect the Company's assets and
Our Enterprise Risk Management (ERM) process promote operational excellence. This system operates
specifically addresses risks that have the potential to through clearly documented standard operating
impact our business performance. Risk management procedures, policies, and process guidelines.
practices are integrated into business operations, It provides a reasonable level of assurance regarding
focusing on aligning risk appetite and strategy, the achievement of our operational, compliance, and
Pioneering Caring improving risk response, and reducing operational reporting objectives. The design of this framework is
uncertainties. Every year, we conduct a comprehensive well structured and regularly assessed to ensure its
analysis of materiality to consider the expectations effectiveness and appropriateness.
of all our stakeholders regarding sustainable
business practices as well as the associated risks and
Achieving Enduring opportunities.

38 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 39

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

BOARD OF DIRECTORS

DIRECTING
OUR GROWTH Standing
From left to right
Sitting
From left to right

Kaiyomarz Marfatia Anisha Motwani

Non-Executive Director Independent Director

Sudarshan Jain Munir Shaikh

Independent Director Chairman

Ambati Venu Shalini Kamath

Non-Executive Director Independent Director

Swati Dalal
Managing Director

Mahadeo Karnik
Non-Executive Director

Sabina Ewing
Non-Executive Director

Audit Committee Chairman/Chairperson

Stakeholders Relationship Committee Member
Nomination and Remuneration Committee
Corporate Social Responsibility Committee
Risk Management Committee

40 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 41

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

SENIOR LEADERSHIP TEAM

DELIVERING
OUR GROWTH Standing
From left to right
Sitting
From left to right

Dr. Jejoe Karankumar Sangeeta Shetty

Director — Medical Affairs Associate Director — Secretarial
and Company Secretary

Richa Tripathi Rajan Kalantre

Associate Director — Sales Force Director — Business Human Resources
Effectiveness and Project Management Office

Ashok Saini Swati Dalal

Commercial Director – GenNext, Managing Director
Vaccines and Neurolife

Kunal Chowdhury Sridhar Kadangode

Commercial Director – GI Businesses Chief Financial Officer

Namita Shah Jyoti Saraph

Associate Director — New Product Director — Finance
Introductions and Therapy Area Strategy

Murari Ranganathan
Commercial Director – Women’s
Health, Metabolics and
International Business

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 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

BOARD OF DIRECTORS’ REPORT

AND MANAGEMENT DISCUSSION AND ANALYSIS
TO THE MEMBERS Requirements) Regulations, 2015, as amended from time As per IQVIA, the Indian Pharmaceutical Market (IPM) is • Ayushman Bharat Digital Mission (ABDM) :
Your Directors have pleasure in presenting their Eightieth to time (“SEBI Listing Regulations”) is available on the estimated at ` 2,16,092 Crores in FY 2023-24, with a growth The ABDM’s vision is to create a connected healthcare
Company’s website at https://www.abbott.co.in/investor- rate of 7.6%. Branded generics dominated the domestic ecosystem, bridging gaps between various healthcare
Report and the Audited Financial Statements of the Company
prescription pharmaceutical market, accounting for around stakeholders through digital pathways. One of its key
for the financial year 2023-24. relations.html. The said Policy lays down various factors
80% of sales by value. building blocks is ABHA (Ayushman Bharat Health
which are considered by the Board while recommending the Account). This will enable the creation of longitudinal
FINANCIAL HIGHLIGHTS dividend for the year. health records for individuals across various healthcare
OPPORTUNITIES AND CHALLENGES
(` in Crores) providers, thus enhancing clinical decision making.
For the year ended For the year ended MATERIAL CHANGES AFFECTING THE COMPANY Factors that impact the Indian pharmaceutical The ABHA-based Personal Health Record empowers
Particulars patients by providing visibility into data access,
March 31, 2024 March 31, 2023 There have been no material changes and commitments industry and the Company include :
inculcating a sense of control. The introduction of
Revenue from 5,848.91 5,348.73 affecting the financial position of the Company between the • Union Budget’s emphasis on Innovation : As per the ABHA-based scan service has revolutionized the patient
Operations end of the financial year and date of this report. There has Union Budget 2023-24, a new initiative to encourage experience, eliminating the need to wait in queues
Other Income 248.27 154.15 been no change in the nature of business of the Company. pharmaceutical research and innovation will be for appointments. Going forward, the execution of
Total Income 6,097.18 5,502.88 implemented through Centers of Excellence in the all its building blocks will play a key role in advancing
Profit Before Tax 1,617.75 1,273.82 MANAGEMENT DISCUSSION AND ANALYSIS sector. The Government aims to incentivize businesses India’s digital health system towards achieving
Profit After Tax 1,201.22 949.41 to invest in research and development (R&D) in selected universal health coverage (UHC).
Economic Outlook priority fields. At the grassroots level, the Government
Retained Earnings • Ayushman Bharat - Pradhan Mantri Jan Arogya
and Other has announced plans to establish 157 nursing colleges in
India is one of the world’s fastest growing large economies Yojana (AB-PMJAY) : AB-PMJAY is the Government’s
Comprehensive collaboration with Government medical colleges. flagship program aimed at achieving universal health
and it has been so over the past decade. In FY 2023-24, India’s
Income (OCI) • Co-marketing Agreements : Promotional tie-ups coverage and it is the world’s largest health insurance
GDP grew by 8.2% (Data from Ministry of Statistics and
Balance brought 2,425.30 2,151.57 between foreign companies and local partners have scheme that aims to provide secondary and tertiary
Programme Implementation (MoSPI). There is consensus care services to the vulnerable population in the society.
forward become an established feature of the market. However,
among policymakers, government bodies and global The policy offers medical coverage of ` 5 lakh per family
Profit After Tax 1,201.22 949.41 over the last few years, there has been an increasing
institutions, that in FY 2024-25, India will grow ~7.2%, thus per year for secondary and tertiary care hospitalization
OCI arising from 0.02 3.62 trend towards co-marketing deals for new drugs.
preserving the momentum. The key reasons for this are a to over 10.74 crore poor and vulnerable families
remeasurement of For multinationals, these agreements enable broader
strong domestic market, enhanced infrastructure spending (i.e., ~50 crore beneficiaries), constituting the bottom
employee benefits detailing of key brands, while for local manufacturers, 40% of India’s population. While the scheme primarily
Dividend - FY 2022-23 (690.60) - by the government, improvement in agri-output and prices, as which historically have seen limited access to new covers hospital inpatient care, it aims to increase
Dividend - FY 2021-22 - (584.36) well as a revival of private capex. drugs, these agreements present opportunities to healthcare access, improve diagnosis rates, and raise
diversify their existing portfolios. Partnerships between disease awareness. As of April 2024, over 30 crore
Transfer to Reserves (120.12) (94.94)
Industry Review Indian companies and MNCs are expected to continue beneficiary cards have been issued under this scheme.
Balance carried 2,815.82 2,425.30
growing, driven by mutual benefit and the potential to About 6.5 crore beneficiaries have received treatment
forward The Indian pharmaceutical industry is a study in evolution.
significantly impact patient care. at 30,000+ empaneled hospitals. Recently, during the
Over the past nine years, it has grown at 9.4% CAGR to Interim Budget 2024-25, the scheme was extended to
DIVIDEND emerge as one of the most important players in the world. • E-pharmacy and Pharmacy Chains : The retail
include all ASHA and Anganwadi workers.
Today, it ranks third in the world in terms of production pharmacy sector is estimated to consist of at least
Your Directors have recommended a final dividend of ` 410/- • Uniform Code for Pharmaceutical Marketing
6,00,000 licensed outlets, primarily comprising small,
per share for the year ended March 31, 2024 on 2,12,49,302 volume. The Indian pharmaceutical industry is well regarded Practices (UCPMP) : With the enforcement of UCPMP
independent businesses. However, pharmacy chains
fully paid-up Equity Shares of ` 10/- each for approval of the for its strong manufacturing, efficient research capabilities, 2024, all pharma and medical device companies are
and e-pharmacies are emerging as significant players.
Shareholders at the forthcoming Annual General Meeting. and an end-to-end ecosystem that is serving the world. With evolving customer preferences and increased use required to adhere to ethical marketing practices.
The said dividend, if declared, will absorb a sum of ` 871.22 Generic drugs, over-the-counter medications, bulk drugs, of digital channels, e-commerce penetration is projected This presents a good opportunity for healthcare
Crores. vaccines, contract research and manufacturing, biosimilars companies to revisit their existing contracts and policies
to reach 11% by FY 2024-25. This trend is expected to
regarding marketing and engagement with third parties
and biologics are some of the major segments of the Indian enhance access to organized pharmacies nationwide,
In terms of the provisions of the Income-tax Act, 1961, for promotional activities. Given our strong compliance
pharma industry. stimulating greater demand and encouraging healthy processes in place, we are well-positioned to meet the
dividends paid or distributed by the Company shall be
competition. requirements of UCPMP.
taxable in the hands of the Shareholders. Your Company India’s importance in the pharma universe can be understood
shall, accordingly, make the payment of the proposed from the fact that it has the second highest number of United • New OTC Product Distribution Policy : The Union
Government has proposed the introduction of over-the- REVIEW OF OPERATIONS
dividend for the year ended March 31, 2024 after deduction States Food and Drug Administration (USFDA) compliant
counter (OTC) drugs in India through an amendment The Company has consistently grown above market* in the
of tax at source. companies (with plants), outside of the USA. About 8 out of
in the Drugs and Cosmetics Rules, allowing their sale last several years with a clear focus on providing scientific,
20 global generic companies are from India, and over 55% of trusted products, backed by expert clinical support.
in the retail market without a doctor’s prescription.
DIVIDEND DISTRIBUTION POLICY the country’s exports are to regulated markets. India is also The Company’s position has been enhanced through
A draft notification issued by the Union Health Ministry
Dividend Distribution Policy adopted by the Company in the largest vaccine exporter and ~65% of the World Health suggests including 16 drugs, such as common antipyretic consistent scientific engagement with doctors, increasing
terms of requirements under the Securities and Exchange Organization’s (WHO) vaccine requirements are sourced medicines, some laxatives, nasal decongestants and geographic penetration, strong customer insights, innovative
Board of India (Listing Obligations and Disclosure from India. topical antifungal creams. products and a comprehensive pill plus service approach.
*Source : IQVIA

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

Financial Performance (iii) Interest Coverage Ratio The performance for the year under review in these omnichannel campaigns and initiatives aimed at driving
therapeutic areas is highlighted below in brief : advocacy, while enhancing Duphaston’s positioning in
Revenue from Operations : Revenue from Operations for The Interest Coverage Ratio measures how many times a
managing miscarriages and infertility.
the year ended March 31, 2024 is ` 5,848.91 Crores in Company can cover its current interest payment with its • Gastroenterology (GI) : GI brands continued to be the
comparison to ` 5,348.73 Crores last year, recording a available earnings. It is calculated by dividing earnings key growth driver for the Company, as the portfolio Another focus area is shaping the treatment landscape
growth of 9.4%. before interest and taxes by finance cost. exhibited a robust growth of 10% enabling us to further for menopause in India. We will continue to build
consolidate market share. The strong acceleration Femoston as a brand over the next few years.
Profit Before Tax : Profit Before Tax for the year ended
(iv) Current Ratio in 2023-24 was driven by leading brands such as
March 31, 2024 is ` 1,617.75 Crores, which grew by 27% over During the year, the Company launched Solfe FCM
The Current Ratio is a liquidity ratio that measures a Udiliv (chronic cholestatic liver disease), Duphalac
the previous year. injection (iron deficiency anemia) and Dienonorm
Company’s ability to pay short-term obligations or those (constipation), Cremaffin Plus (constipation) and Creon
(endometriosis) to expand the Women’s Health portfolio.
Key Financial Ratios : (pancreatic insufficiency). These brands maintained
due within one year. It is calculated by dividing the
their leadership position and market share through Metabolics : The Metabolics portfolio achieved strong
current assets by current liabilities.
Particulars
FY FY
Change
expanded geographic presence, differentiated medico- growth of 12%, primarily driven by the success of
2023-24 2022-23 marketing programs, and targeted micro-market Abbott’s flagship brand Thyronorm. The brand grew
(v) Debt Equity Ratio
Debtors Turnover (Days) 19.9 20.6 (3.4%) interventions. faster than the represented market* and has maintained
The Debt Equity Ratio is used to evaluate a Company’s
its market share*. The brand’s growth is driven by digital
Inventory Turnover (Days) 71.9 82.0 (12.3%) financial leverage. It is a measure of the degree to which Other brands such as Ganaton (gastrointestinal
dysmotility) and Librax (irritable bowel disease) interventions to enhance scientific engagement and
a Company is financing its operations through debt therapy-shaping initiatives. Multi-channel awareness
Interest Coverage Ratio* 130.9 80.7 62.2% continued to outperform the market*. Our commitment
versus wholly owned funds. It is calculated by dividing campaigns continue to be an important lever aiming to
Current Ratio 2.4 2.5 (4.0%) to prioritizing new launches and enhancing the existing
a Company’s total lease liabilities by its Shareholders’ provide credible information about thyroid disorders
top brands yielded substantial results, accelerating
Debt Equity Ratio 0.1 0.1 - equity. and resulting symptoms. During the year, Thyrowel Plus
portfolio growth.
(supporting thyroid function) was launched.
Operating Profit Margin (%) 27.9 24.1 15.8% (vi) Operating Profit Margin (%) During the year, Rowasa OD (ulcerative colitis) was
launched successfully. Digeraft (anti-reflux antacid) • Central Nervous System (CNS) : The CNS business
Net Profit Margin (%) 20.5 17.8 15.2% Operating Profit Margin is a profitability or performance
continued to be one of our best-performing new grew by 9.2% this year. The largest therapy within the
Return on Net Worth (%) 34.9 31.6 10.4% ratio used to calculate the percentage of profit a
products. Several “beyond-the-pill” offerings have also CNS business is vertigo, with Vertin achieving market-
Company produces from its operations. It is calculated
*Interest Coverage Ratio has increased because of accounting impact of been significantly scaled up with the introduction of beating growth*. Consistent therapy-shaping initiatives
by dividing the earnings before interest and taxes by
Ind AS 116-Leases. newer services such as EGG (Electrogastrogram) for for Vertin and successful product lifecycle management
revenue from operations. have contributed to the growth of this business. During
enhancing dysmotility diagnosis in India. The Company
There is no significant change except Interest Coverage Ratio
remains committed to extending better diagnosis the year, Zolfresh ER (insomnia) and Zolfresh ODT
(i.e., change of 25% or more as compared to the immediately (vii)Net Profit Margin (%) (insomnia) were launched.
support to patients in core therapy areas.
previous financial year) in the Key Financial Ratios. The Net Profit Margin is equal to how much net income
The Company will continue to identify need gaps in • Vaccines : The key brands in the vaccines portfolio
or profit is generated as a percentage of revenue. It is
Detailed explanation of Ratios : core therapy areas to maintain leadership, launch new include Influvac (influenza), Enteroshield (typhoid),
calculated by dividing the profit for the year by revenue
products to augment portfolio offerings, and provide Havshield (hepatitis A), Rotasure (rotavirus diarrhea),
from operations.
(i) Debtors Turnover (Days) comprehensive and differentiated services to consumers. and JE Shield SD (Japanese encephalitis). The vaccine
The above ratio is used to quantify a Company’s This approach aims to accelerate growth for mid-sized business grew by 2.6% during the year. We implemented
(viii) Return on Net Worth (%)
effectiveness in collecting its receivables or money owed brands and enable disruptive growth through new robust medico-marketing and awareness plans to
Return on Net Worth is a measure of profitability of a improve the pediatric vaccination numbers, particularly
by customers. The ratio shows how well a Company product launches. The focus will remain on integrating
Company, expressed in percentage. It is calculated by and building a strong, sustainable, and profitable hybrid for influenza. We also launched several educational
uses and manages the credit it extends to customers.
dividing profit after tax for the year by average capital promotional model for consumer-facing legacy brands initiatives as well as activities for mothers as part of our
It is calculated by dividing revenue from operations by employed during the year. like Cremaffin and Digene. This will be achieved by influenza flagship program.
average trade receivables.
strengthening targeted consumerization and ethical
Business Performance We have launched awareness campaigns across print,
promotion efforts in the laxatives and antacids category.
(ii) Inventory Turnover (Days) social media, radio, and parental platforms. We have
The Company operates in a single reportable business
• Women’s Health : This year, the Women’s Health also introduced “Influvac microsite” for healthcare
Inventory Turnover is the number of times a Company segment i.e., “Pharmaceuticals”. The Company provides
portfolio grew by 1.8% mainly due to increased professionals to improve access to vaccine and
sells and replaces its inventory during a period. It is products and solutions across various therapeutic areas
competition from generics in the dydrogesterone compliance. Our plan is to grow our market for both
calculated by dividing cost of goods sold by average including Gastroenterology, Women’s Health, Metabolics,
market. However, we continued to strengthen our children and adults by introducing new services and
inventory. Central Nervous System, Vaccines and Multi-Specialty.
relationships with healthcare professionals through products.

*
Source : IQVIA
46 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 47
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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

• Multi-Specialty : Under Multi-Specialty, the Company being done through well-defined strategies, developed This mechanism is sound in design and the framework is For the year ended March 31, 2024, the Management has
offers products targeting insomnia, vitamin D based on in-depth analysis of market trends, leveraging continuously evaluated for effectiveness and adequacy. assessed the adequacy and effectiveness of internal controls
deficiency, pre-term labor, and pain management. our capabilities and strengths. Shaping key therapies The mechanism operates through well-documented standard over financial reporting and basis the assessment, believes
This segment achieved a growth of 11.8% in 2023-24. is critical to drive leadership and ensure consistent operating procedures, policies and process guidelines and that the processes are working efficiently and effectively.
Zolfresh (insomnia), Arachitol portfolio (vitamin D market-beating growth. segregation of duties. Periodic analysis and reviews are The Statutory Auditors have confirmed adequacy of the
supplement), Brufen (analgesics), and Duvadilan • Beyond-the-pill patient support : Engaging patients conducted by the senior management to assess its efficiency. internal controls over financial reporting and its operating
(preterm labor) are the key contributors to this business. for education, counseling or compliance support is Also, the same is discussed with auditors on a regular basis. effectiveness.
Differentiated public awareness programs increased crucial today due as they are more aware. The Company Change in control structure is carried out to meet business
health knowledge through expert engagement. leads in patient support programs and continues to needs along with control effectiveness. DIRECTORS
Scientific initiatives in collaboration with India’s leading expand with new initiatives. For instance, we have The Internal audit is performed through an independent During the year, Mr Rajiv Sonalker (DIN : 07900178) retired
scientific bodies were also launched during the year. focused on enhancing women’s quality of life through Chartered Accountants firm and the audit plan is finalized as the Whole-time Director of the Company effective
Moving forward, our focus, we aim to grow our base programs addressing menopause. These programs have based on current perception of internal control risk and June 30, 2023 and Mr Vivek V Kamath (DIN : 06606777)
effectively encouraged patients to adopt and adhere to compliance requirement in consultation with the operating resigned as the Director and Managing Director of the
brands and transform them into big brands for the
therapies. We plan to collaborate with other industry divisions. The Internal Auditors, as a part of their audits, Company effective March 18, 2024. The Board places
company. We aim to strengthen our pipeline of new
players and startups to further expand these efforts. review the design of key processes to assess the adequacy of on record its appreciation for their contribution during
products to offer a more comprehensive portfolio across
covered specialties. During the year, new product • Multi-channel doctor engagement : A key focus of controls and propose remedial measures, wherever required. their tenure.
launches included Brufen power gel (musculoskeletal the Company is engaging with doctors through multiple The Internal Audit Reports issued by the Internal Auditors The appointment of Mr Mahadeo Karnik (DIN:02606595)
pain) and Arachitol Gummies 300 IU (calcium and physical and digital touchpoints to expand our reach as Director with effect from July 1, 2023, was approved by
are discussed with the Senior Management and presented to
vitamin D supplement). within the medical community. We constantly enhance
the Audit Committee on a quarterly basis. An independent the Shareholders at the Annual General Meting held on
our knowledge platforms to deliver more relevant and
and empowered Audit Committee reviews the significant August 9, 2023.
MEDICAL RESEARCH AND KNOWLEDGE SHARING updated information to doctors.
observations and assesses the adequacy of the actions
INITIATIVES The Board of Directors basis the recommendation of the
• Increase portfolio depth : We remain committed to proposed while monitoring their implementation.
Nomination and Remuneration Committee, approved the
Evidence-based medicine is gaining importance in launching new products to maintain our presence in
The Internal Auditors conduct a quarterly follow up for appointment of Ms Swati Dalal (DIN : 01513751), as a Director
empowering Healthcare Professionals (HCPs) to ensure strategic therapeutic areas and capitalize on the loss
implementation/ remediation of all audit recommendations and Managing Director of the Company for a period of 3 (three)
better patient care. Research studies undertaken by the of exclusivity of critical brands. We have developed a
and the status report is presented to the Audit Committee on years effective April 1, 2024, not liable to retire by rotation.
Company, ranging from real-world evidence-based studies robust plan for our new product pipeline across various
a regular basis. The said appointment was approved by the Shareholders
(observational or epidemiological) to registration studies, therapies.
The Company has implemented both preventive and through Postal Ballot on April 25, 2024.
have been instrumental in defining and driving organizational
strategies and creating high-quality scientific evidence, thus RISKS AND CONCERNS detection controls. Appropriate corrective actions taken to In accordance with Section 152 of the Companies Act, 2013,
aiding the optimization of healthcare. The Indian pharmaceutical industry operates within a reduce the risks include the following : Mr Ambati Venu (DIN : 07614849) and Mr Munir Shaikh
highly regulated environment. While stricter rules for (DIN : 00096273) retire by rotation at the ensuing Annual
During the year, the Company was managing 14 clinical • The Abbott Code of Business Conduct requires annual
clinical trials and new drug development may impact growth, General Meeting and being eligible, offer themselves for
studies with 14 publications in scientific journals. All the certification by all employees;
they are beneficial for the industry in the long term. re-appointment.
studies were conducted in compliance with Good Clinical
The industry faces certain challenges, such as growing • The Compliance Committee is formed with
Practice (GCP) and regulatory requirements.
competition from generic medicines, dependence on imports representatives from all the operating groups; Declaration of Independence
for Active Pharmaceutical Ingredients (APIs), and supply
OUTLOOK • Senior Management has oversight of the compliance The Company has received declarations from all the
chain disruptions. However, we continue to develop new
The pharmaceutical industry is projected to maintain its programs; Independent Directors confirming that they meet the
products to meet evolving patient needs.
growth rate in the foreseeable future. We have witnessed criteria of independence prescribed under sub-section (6) of
• The Business Compliance Cell is assigned the
Section 149 of the Companies Act, 2013 (“the Act”) and the
a global behavioral shift towards preventative care and INTERNAL CONTROL SYSTEM AND ITS ADEQUACY responsibility of training, monitoring and ensuring
remaining healthy, which is also anticipated to drive market SEBI Listing Regulations. All the Independent Directors
The Company has an internal control mechanism employees’ compliance with the Company’s policies and have registered themselves with the Independent Director’s
growth in India. This trend presents opportunities for Abbott commensurate with its size and nature of business. procedures;
to offer relevant products and solutions to our customers. Databank managed by the Indian Institute of Corporate
These systems provide a reasonable assurance on achievement • The Company has a Whistle-Blower mechanism in place; Affairs.
In 2024-25, the Company will continue efforts to serve of its operational, compliance and reporting objectives,
patients well and grow its volumes and market share. Some of • Internal Investigation reports are presented before the Number of Board Meetings
including safeguarding the Company’s assets, prevention
the key drivers that will help us deliver on our ambition are : Audit Committee on a quarterly basis;
and detection of frauds, accuracy and completeness of Five Board Meetings were held during the year 2023-24 on
• Therapy shaping to accelerate pillar brands : accounting records and ensuring compliance with corporate • Business divisions have periodic meetings with the May 19, 2023; August 9, 2023; November 9, 2023; February 1,
Focused efforts are being made to accelerate the policies and are manual, semi-automated and automated Director-Office of Ethics and Compliance, to monitor 2024 and March 13, 2024. The intervening gap between the
growth of existing brands and future launches. This is in nature. and discuss compliance with various business processes. Meetings was within the period prescribed under the Act,

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

read with the Secretarial Standards issued by the Institute Every year, Directors evaluate the effectiveness of the KEY MANAGERIAL PERSONNEL DIRECTORS’ RESPONSIBILITY STATEMENT
of Company Secretaries of India on Meetings of the Board of Board and its Committees in performing its governance and Mr Rajiv Sonalker retired as the Chief Financial Officer of Pursuant to Section 134(5) of the Act, your Directors state
Directors and the Listing Regulations. oversight responsibilities. Directors assess the performance the Company and Ms Krupa Anandpara resigned as the that :
of their peers, as well as the full Board of Directors and Company Secretary and Compliance Officer of the Company
each of the Committees on which they serve through online a) in the preparation of the Annual Accounts for the
Policy on Nomination and Appointment of effective June 30, 2023. Mr Vivek V Kamath resigned as the
questionnaire. year ended March 31, 2024, the applicable accounting
Directors/ Criteria for appointment of Senior Managing Director of the Company effective March 18, 2024.
standards have been followed and there are no material
Management and Remuneration Policy Online Evaluations solicit feedback on various parameters The Board upon recommendations of the Audit and departures from the same;
The Company has adopted the Policy on Nomination and described below : Nomination and Remuneration Committees, approved the
Appointment of Directors/ Criteria for appointment of Senior appointment of Mr Sridhar Kadangode as Chief Financial b) they have selected such accounting policies and applied
For Board : Structure and composition of the Board,
Management and Remuneration Policy as per the provisions Officer of the Company effective July 1, 2023. them consistently and made judgments and estimates
frequency and number of meetings, devotion of time for
of Section 178(3) of the Act and the Rules framed thereunder. that are reasonable and prudent so as to give a true
important business matters–financials, monitoring internal The Board upon recommendation of the Nomination and
The said Policies are available on the Company’s website at and fair view of the state of affairs of the Company as
controls/ code of conduct/ insider trading policy/ risk Remuneration Committee, approved the appointments of
https://www.abbott.co.in/investor-relations.html. at March 31, 2024 and of the Profits of the Company for
management framework and emerging risks/ governance Ms Sangeeta Shetty as the Company Secretary and that year;
Nomination Policy acts as a guideline for determining and compliance issues, adequate access to information for Compliance Officer of the Company effective September 14,
qualifications, positive attributes, independence of Directors effective decision-making, strategic guidance to management 2023 and Ms Swati Dalal as the Managing Director of the c) they have taken proper and sufficient care for
through regular interactions and cohesiveness in the overall Company effective from April 1, 2024. the maintenance of adequate accounting records
and matters related to the appointment and removal of
working that facilitates open discussion. in accordance with the provisions of the Act, for
Directors and Senior Management.
For Committees : Structure and composition of the AUDIT COMMITTEE safeguarding the assets of the Company and for
The Policy lays down : Committees, adequacy of charter and working procedure, The Audit Committee comprises of Ms Anisha Motwani preventing and detecting fraud and other irregularities;

i. criteria, terms and conditions with regard to identifying frequency of meetings, if the Committee is functioning as (Chairperson), Mr Munir Shaikh, Mr Sudarshan Jain and d) they have prepared the Annual Accounts of the
per the charter and if the Committee recommendations Ms Shalini Kamath. Role of the Committee is provided in the Company on a going concern basis;
suitable candidates who are qualified to become
contribute effectively to the Board decision-making. Corporate Governance Report, forming part of this Report.
Directors and Senior Management;
e) they have laid down adequate internal financial controls
For Directors : Skill set, knowledge, attendance, effective The recommendations made by the Audit Committee during
ii. appointment mechanism for Managing Director/ to be followed by the Company and that such internal
participation at Board/ Committee meetings, their the year were accepted by the Board.
Executive and Non-Executive Directors/ Independent financial controls are adequate and operating effectively;
contribution at the meetings, leveraging on his/ her experience
Directors/ Key Managerial Personnel and Senior to provide the necessary insights/ guidance on Board VIGIL MECHANISM/ WHISTLE-BLOWER POLICY f) they have devised proper systems to ensure compliance
Management; discussions and display of candor in expressing views even with the provisions of all applicable laws and that such
The Company has in place Vigil Mechanism/ Whistle-Blower
iii. tenure of Managing Director/ Executive Directors/ when they are in divergence with the rest of the Board, etc. Policy called “Abbott India Limited-Procedure for Internal systems are adequate and operating effectively.
Independent Directors; Review and discussions : Investigations”. It lays down a mechanism for reporting and
investigation of all unethical behavior, alleged or potential RELATED PARTY TRANSACTIONS
iv. their removal process and succession planning. • Results are presented in the form of anonymized reports;
violations of laws, regulations or Abbott Code of Business
Policy on dealing with Related Party Transactions
Remuneration Policy lays down the Company’s philosophy • The Nomination and Remuneration Committee reviews Conduct, policies, procedures or other standards.
and Materiality
and criteria as well as manner of determining the peer and Board Reports;
A report indicating the number of cases reported, The Company has in place the Policy on dealing with Related
remuneration of Managing Director, Executive/ • Reports are then shared with the Board for review and investigations conducted including the status update is Party Transactions and Materiality in terms of requirements
Non-Executive Directors, Independent Directors, Senior discussions. presented before the Audit Committee, on a quarterly basis. of the Act and the SEBI Listing Regulations. The said Policy
Management, Key Managerial Personnel and other
Feedback incorporation : The said Policy is available on the website of the is available on the Company’s website at https://www.abbott.
employees.
Company at https://www.abbott.co.in/investor-relations. co.in/investor-relations.html.
• Basis the feedback, enhancement opportunities are
html. Employees have numerous ways to voice their concerns
Performance Evaluation of the Board, Board identified and implemented as appropriate; As per the said Policy, all Related Party Transactions are
and are encouraged to report the same internally for
Committees and Directors • The Chairman of the Board discusses peer evaluation
pre-approved by the Independent Directors, Audit
resolution. The said Policy provides for adequate safeguards
results with individual directors as needed. Committee and Board, as and when required as per the
The Company has adopted the Board Evaluation Framework against retaliation and access to the Chairperson of the Audit
requirements under the Act and SEBI Listing Regulations.
and Policy based on the recommendation of the Nomination During the year 2023-24, evaluation of the Board, Committee.
The details of actual transactions are reviewed by the
and Remuneration Committee, which sets a mechanism Committees and Directors was conducted as per the process Any concerns/ grievances can be communicated through Audit Committee on a quarterly/ annual basis. Material
and criteria for performance evaluation of the Board, Board described above. Also, the Independent Directors conducted various sources as provided under the said Policy or online at transactions, if any, with the Related Parties are pre-
Committees and Directors, including Independent Directors. separate assessment of the Board, Non-Independent
https://speakup.abbott.com. approved by the Shareholders.
The same is available at https://www.abbott.co.in/investor- Directors and the Chairman basis the feedback from the other
relations.html. Board Members.

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

Details of Related Party Transactions RISK MANAGEMENT 2. Roles and Responsibilities iii. Plan and organise risk management programs;
The Company enters into business transactions with various The Company has formulated a “Risk Management Policy” • Board of Directors iv. Ensure adherence to Risk Management
which includes : policies and procedures within Abbott;
Abbott affiliate Companies (“Related Parties”) in the normal The Board provides oversight about Risk
course of business and at arm’s length basis. • Risk identification framework (including Environment, Management and is responsible for approving the v. Facilitate validators in preparation and
Sustainability and Governance related risks (ESG)); Risk Management Framework. The Board has execution of control validation plan;
All the transactions with the Related Parties entered into
during the financial year 2023-24 were pre-approved • Risk mitigation measures; constituted Risk Management Committee with
vi. Conduct adequate awareness;
by the Independent Directors and Audit Committee. defined roles and responsibilities.
• Business Continuity Plan (BCP).
vii. The Core Team along with the concerned
Actual Transactions are placed before the Audit Committee • Audit Committee
The framework above covers financial, operational, HR, Division/ Function heads identifies risks
on a quarterly basis. Material Related Party Transactions,
reputational, sectoral, cybersecurity, ESG and any other risk Audit Committee conducts evaluation of Risk faced/ perceived by the Company and
if any, are approved by the Shareholders. The details of the determined by the Risk Management Committee (RMC). mitigation plans. The core team further
Management systems and such other functions as
same are provided in Note 38 to the Financial Statements. may be assigned by the Board from time to time. evaluates whether the mitigation measures
Pursuant to Regulation 23(9) of the SEBI Listing Regulations, 1. Objective have helped bring down the scale and
• Risk Management Committee
Risk Management Policy is directed to enable magnitude of risk, from time to time.
the Company has filed half yearly reports on Related Party
Management to effectively deal with uncertainty Key roles and responsibilities are outlined below :
Transactions with the BSE Limited.
and associated risk and opportunity, enhancing the STATUTORY AUDITORS
i. Monitoring and implementing Risk
INVESTOR EDUCATION AND PROTECTION FUND capacity to build value. Broadly, the Policy Framework S R B C & CO LLP, Chartered Accountants (ICAI Firm
Management Plans;
encompasses : Registration No.: 324982E/ E300003), were re-appointed as
(IEPF)
ii. Ensures that the adequacy of the Company’s the Statutory Auditors at the Seventy-fifth Annual General
Pursuant to Section 124 and other applicable provisions of • Aligning risk appetite and strategy considering the
Risk Management Framework is being Meeting of the Company held on August 22, 2019, for a period
risk appetite in evaluating strategic alternatives,
the Act, read with the Investor Education and Protection assessed and that action is taken if it is of five years and accordingly will complete their second
setting related objectives and developing
Fund Authority (Accounting, Audit, Transfer and Refund) inadequate; term on conclusion of the ensuing Eightieth Annual General
mechanisms to manage related risks;
Rules, 2016 (“the IEPF Rules”), all dividends which remain Meeting of the Company.
• Enhancing risk response decisions and select iii. Reports Risk Management activities
unpaid or unclaimed for a period of seven years, are required
among alternative risk responses-risk avoidance, and information, including top risks and The Board has recommended the appointment of
to be transferred by the Company to the IEPF, established M/s Walker Chandiok & Co LLP, Chartered Accountants
reduction, sharing and acceptance; mitigation, to the Audit Committee and Board;
by the Government of India. Further, according to the (Firm Registration No. 001076N/ N500013), as Auditors of
IEPF Rules, the shares on which dividend has not been paid • Reducing operational surprises and losses iv. Understands the significant or high risks
the Company, for a period of five years from the conclusion
or claimed by the Shareholders for seven consecutive years by identifying potential events and resultant affecting Company and ensures that processes
of the ensuing Eightieth Annual General Meeting till the
responses, thus reducing surprises and associated to mitigate them are effective;
or more shall also be transferred to the demat account of the conclusion of the Eighty-fifth Annual General Meeting of the
costs or losses;
IEPF Authority. In accordance with the said requirements, v. Reviewing and amending Risk Management Company. M/s Walker Chandiok & Co LLP have confirmed
during the year, the unpaid dividend and shares were • Identifying and managing multiple and cross- Framework from time to time; their eligibility and qualification required under the Act for
enterprise risks; holding the office as Statutory Auditors of the Company.
transferred to IEPF. vi. Such other functions as may be delegated by
• Seizing opportunities by considering a full range of
The details of the same are provided in the Corporate the Board from time to time. AUDITORS’ REPORT
potential events and thus identify and proactively
Governance Report. realize opportunities; • Risk Management Core Team The Auditors’ Report for the financial year 2023-24 does not
• Improving deployment of capital through robust contain any adverse remarks, qualifications or reservations
CORPORATE SOCIAL RESPONSIBILITY The Risk Management Core Team oversees the
risk information to effectively assess overall capital or disclaimers, which require explanations/ comments by the
process by which business division/ function and
needs and enhance capital allocation. Board.
Corporate Social Responsibility (CSR) Policy management identifies and assesses risks and
determines appropriate responses. It addresses
The CSR Policy is available on the Company’s website at These capabilities inherent in this Framework help in COST AUDITORS
achieving the performance and profitability targets and organizational risks and sets performance, measure
https://www.abbott.co.in/investor-relations.html. M/s Kishore Bhatia & Associates, Cost Accountants
prevent loss of resources. goals and key risk indicators for those risks. It takes
(Registration No. 00294), are the Cost Auditors of the
care of the following :
CSR Programs/ Activities undertaken during the This Risk Management Framework is directed to help Company for the financial year 2023-24.
financial year 2023-24 ensure effective reporting and compliance with laws and i. Design, develop and periodically update the
M/s Joshi Apte & Associates, Cost Accountants
The Company spent an amount of ` 24.08 Crores on various regulations, avoid damage to the Company’s reputation Risk Management framework and procedure;
(Firm Registration No. 000240) have been appointed
CSR programs during the financial year 2023-24. The Annual and associated consequences.
ii. Ensure appropriateness of risk culture and as Cost Auditors of the Company for the financial year
Report of the CSR activities undertaken by the Company is Risk Management Framework enables the Company to understanding across the Company at all 2024-25 at a remuneration of ` 0.09 Crores plus taxes as
annexed as “Annexure I” and forms part of this Report. avoid pitfalls and surprises along the way. levels; applicable and reimbursement of out-of-pocket expenses.

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

The said remuneration to the Cost Auditors shall be In this connection, the Company has received post-facto Talent is a key priority for us, and all of our initiatives are The program focuses on building people manager
subject to ratification by the Members at the ensuing approval from the Department of Pharmaceuticals permitting based on ensuring that we help our employees grow within leadership competencies and comes with three levels :
Annual General Meeting. foreign shareholding in excess of the sectoral cap, upto the organization. At Abbott, fostering a culture of diversity, • Individual Contributor to People Manager;
80% of the paid-up share capital of the Company, subject equity, and inclusion (DE&I) is a core commitment. We have
COST AUDIT REPORT to compounding with the Reserve Bank of India (RBI). implemented impactful programs and initiatives to create • Manager to Director;

As per the provisions of Section 148(1) of the Companies The Company had filed a compounding application with a workplace where everyone feels valued and empowered. • Director to General Manager.
Act, 2013, the Company has maintained the cost records, as the Reserve Bank of India in this regard. However, the Employee well-being is a key priority and the Company is
RBI vide its letter dated March 19, 2024, has informed Key talent programs like In-Stride and Future Leaders
specified by the Central Government. committed to it with strong focus on employee’s physical,
the Company that the compounding application requires Development Program aim at developing future leaders
mental, social and financial wellbeing. The Company offers
Cost Audit Report along with the Compliance Report for and accelerate their readiness into critical roles.
further examination in consultation with the government. career development programs for employees from all levels
the financial year 2022-23, issued by M/s Kishore Bhatia & The 12-month development journey consists of cross-
RBI further informed the Company that since compounding of the organization to empower our teams with skills to meet
functional mentoring, classroom trainings, digital
Associates, Cost Auditors, was filed with the Ministry of was a time-bound process, the application was being returned the health needs of tomorrow.
learning, leadership and business simulations, campus
Corporate Affairs on August 16, 2023 (due date of filing was for the time being along with the compounding fee. RBI has
immersion at top class academic institutes and exposure
September 7, 2023). advised the Company to await further communication/ advice Talent Strategy to senior leaders to review development progress.
from RBI in this regard, on further course of action, if any.
A strong talent strategy has been developed to help attract These programs have successfully developed over 120
INTERNAL AUDITORS and retain the right talent and emerge as the employer of employees so far in the Company with many of them
The Secretarial Audit Report is annexed as “Annexure II” and
KPMG Assurance and Consulting Services LLP, Limited forms part of this Report. choice in the Indian Healthcare Industry. The Company experiencing role rotations and promotions.
Liability Partnership (LLP Registration No. AAT-0367) believes in motivating and engaging employees through
are the Internal Auditors of the Company for the financial REPORTING OF FRAUD BY AUDITORS shared goals, capability building initiatives, career growth 2. Executive Coaching and Mentoring
year 2023-24. During the year under review, the Statutory Auditors, Cost opportunities and providing an environment of transparency, Executive coaching and mentoring are used as
Auditors, Internal Auditors and Secretarial Auditor have not accountability and positive reinforcement. development interventions for senior leaders. They are
M/s Deloitte Touche Tohmatsu India LLP, Chartered
reported any instances of frauds committed in the Company based on the needs identified for senior leaders and a
Accountants (LLP Identification Number AAE-8458) are The India Talent Strategy has been our key strategic
by its Officers or Employees or reported to the Audit 6-12 months’ engagement with an external senior coach
appointed as Internal Auditors of the Company for the pillar which helps us deliver on our business goals and our
Committee under Section 143(12) of the Act. is established. The goals are set up and agreed to by the
financial year 2024-25. leadership team is fully invested in the same. Our work
coachee, coach and the manager. Success is measured by
culture here is driven by passion and the constant drive to
Internal Audit Report, their significant observations and HUMAN RESOURCES the achievement of milestones and development goals
think ahead and grow as an individual. That is what makes achieved by the coachee.
follow up actions taken by the Management is reviewed by At Abbott, we believe that a sustainable future starts with Abbott a great place to work.
the Audit Committee on a quarterly basis. health. We want to incorporate sustainability in everything
3. Mentoring Programs
we do. People are the foundation for us to be able to achieve Training and Capability Building initiatives
SECRETARIAL AUDITOR this goal. That’s why our 2030 sustainability plan includes Leaders like the Vice Presidents, General Managers,
Abbott has a well-defined development process aligned with Commercial Directors and functional leaders actively
Ms Neena Bhatia, Practising Company Secretary targeted actions to create a workforce of tomorrow.
our talent strategy. We offer development opportunities for engage in mentoring talent across the organization.
(Membership No. FCS 9492 and Certificate of Practice Abbott is an innovative great place to work. We care about employees to equip themselves with new skills. They have Mentoring develops employees to drive new, cross
No. 2661) is the Secretarial Auditor of the Company for the and value our employees. Our common purpose and mission access to appropriate training to help them develop and functional expertise and perspectives. Mentors are
financial year 2023-24. provide our workforce with the opportunity to change prosper in their career, while meeting the organizational identified and a panel is created with expertise in a
M/s BNP & Associates, Company Secretaries (Firm people’s lives for the better, while living their own best lives strategic plan. variety of areas of development to address the needs
Registration No. P2014MH037400), have been appointed as personally and professionally. of our talent with respect to business and professional
Secretarial Auditors of the Company for the financial year Our HR philosophy is in line with our Company’s purpose and
1. Leadership Pipeline Building Programs growth. The mentor-mentee pairs and groups are
Talent Management Reviews : These programs focus assigned based on need, expertise and personal
2024-25. mission. At Abbott our employees can leverage differentiated
on the identification and development of key personnel attributes. Tools and guidelines to maximize learning
opportunities and benefits to build their career in the
are provided. Our Wo-Mentoring program provides
SECRETARIAL AUDIT REPORT organization, while ensuring they can be themselves, take who are part of the succession pipeline at various levels.
an accelerated development experience through a
The Secretarial Audit Report issued by Ms Neena Bhatia, care of their family’s wellbeing, and live a fuller life. They focus on building internal talent across divisions
mentoring opportunity for identified key women talent
Practising Company Secretary for the financial year ended and geographies for the next level roles.
Our employees are the pillars of the Company’s growth and over a nine-month mentoring program.
March 31, 2024, does not contain any adverse remark, success. The Company has 3,814 employees as on March 31, Transition Programs : These training programs are
qualifications, reservations or declaimer except the 2024. We want to build a diverse, innovative workforce of very specific to the employees who are getting into 4. 
Leading with Impact–Integrated Managerial
observation that the name of the Company is appearing in tomorrow. New ideas come from different places and points their new roles. As an employee transitions from being Capability Program
the breach list displayed on the website of the Depositories of view. To achieve our ambitions, we’re actively shaping our an individual contributor to a manager, this program The Company helps managers accelerate their
and BSE Limited for having foreign investment in excess of organization for the future by prioritizing diversity, equity provides the necessary support in navigating the development through skill building, experiences and
prescribed sectoral cap. and inclusion. complexity of being a manager. learnings from current leaders. The “Leading With

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

Impact” program is being offered to all people managers Diversity is built into Abbott’s worldview, workplaces and Forums and Networks An initiative that was launched this year, which holds
in the Company since 2021 to help them effectively lead customer bases. The Company strives to create and provide Our vibrant employee networks provide opportunities immense potential for our organization, is the Benefits
people and continues in the form of refresher programs. the work environment where every employee feels welcome for employees to connect with and learn from different & Wellness (B&W) Metaverse. This is a scalable virtual
The 12-week module consisting of online learning and able to bring their wholeself to work. This means communities within and outside the organization. platform that has introduced new ways of connecting,
and simulations, on the job experiences, discussion integrating diversity, equity and inclusion in all areas of These employee networks enable employees to share collaborating, learning and engaging as a team. Employees
with peers on the learnings, coaching from certified business and building teams reflective of the communities experiences, perspectives and knowledge and provide are able to create their digital avatars, chat with colleagues
global coaches and pre and post program leadership the Company serves. a platform for networking, mentorship, advocacy and on the platform, go through the compensation and benefits
effectiveness surveys, outlined modules such as See, awareness in the organization. induction, know more about Abbott leaders, access
Our India Diversity, Equity and Inclusion (DE&I) vision policies, wellness resources and more. This metaverse is an
Hear, Speak, Coach and Develop is considered to be
for Abbott is “Building strength through diversity and • Women Leaders of Abbott (WLA) : WLA is an interconnected virtual arena that provides employees with
highly effective. Leading with Impact efforts are
sustained through various initiatives like Pop Up quiz celebrating our differences to become better together.” employee resource group that connects, inspires and a variety of immersive experiences, with the aim to help
on Intranet portal, quarterly mailers related to employee This vision beautifully captures how DE&I is a strategic helps women grow within our organization. It has them access relevant information quickly and efficiently.
life cycle processes, leader panel sessions, etc. enabler for us and will continue to be a pivotal part of our been helping women across through various programs
growth journey in India. Abbott India also enhances the employee experience through
to help them realize greater career achievements
an Artificial Intelligence enabled Chatbot “SmaHRty” which
5. Training and Development Resources through connections, dynamic programs, development
The DE&I vision is brought to life through five focus areas, is available 24x7 for employees for providing real-time and
opportunities and enhanced leadership experiences.
The Abbott Global Training site provides variety of i.e. Inclusive Policies and Workplace Practices, Hiring, error-free query resolution and has been able to resolve more
materials and resources to meet the development Capability and Mindset, Forums and Networks and sustained • Working Mothers of Abbott (WMA) : Launched in than 1,00,000+ employee queries since it has been launched.
and functional training needs of employees including Communication and Awareness. India in 2022, WMA is an employee resource group
role-based trainings, in-person trainings, E-Learning that provides working mothers with a platform to External Recognition of Efforts
(online training) and articles, accessible on Inclusive Workplace Policies and Practices connect, support, share and learn from one another Abbott India being recognized as amongst the Top 10
real-time basis. Calendarized and localized programs We are dedicated to creating a more inclusive work as they navigate the challenges of balancing work and Companies in Business Today’s “Best Places to Work for
are additionally designed basis need identification. environment by reviewing and enhancing our policies and motherhood. 2023” is a reflection of our continuous efforts. Abbott India
The Learning and Development team caters to practices. This includes reviewing our policy documents to has also been recognized as the “Best Place of Work” at
• PRIDE Network India : PRIDE Network India was
customized training requests from business in parallel ensure they are gender neutral and inclusive, reinforcing our the Business World’s People HR Excellence Awards 2023.
launched in June 2023, aiming to educate, encourage,
to the open enrollments. E-Learning and virtual Our maternity management program “Happy Feet” has
Equal Employment Opportunity policy across the employee and create a community for LQBTQ+ and Allies at
learning play an integral role in learning offerings and been recognized externally as well in 2024 by HDFC Ergo,
life cycle and enhancing the scope of our policies wherever the workplace through its pillars of Education and
provides employees the flexibility they need. The Career which is a testament to our commitment of celebrating
feasible to make them more accessible and inclusive. Awareness, Policy, and Engagement.
Connect Platform helps employees to engage in new diversity and fostering inclusion. Abbott is also ranked
experiences, discover innovative ways to connect with • Early Career Network (ECN) India : This employee
Capability and Mindset Development by Avtar & Seramount BCWI Study - 2023 as “100 Best
colleagues globally and take advantage of personalized resource group aims to help our early career
Companies for Women in India” for the 4th year in a row.
resources to create a high-impact development plan. We recognize the importance of cultivating a managerial professionals explore and engage with the vast
Employees also have opportunities to work on Learning pipeline that embraces diverse perspectives and talent. opportunities and diverse talent within Abbott.
Prevention of Sexual Harassment (POSH) at
Gigs - an innovative concept facilitating voluntary We are committed to equipping our leaders and managers ECN India was launched in 2021 to foster generational Workplace
project-based learnings with teams across any country with the necessary skills, resources and mindset to leverage diversity at Abbott. In 2023, ECN launched its
diverse ideas and build high-performing, inclusive teams. The Company has an Internal Complaints Committee (ICC)
within Abbott. Reverse Mentoring program – MentUp - to help
in place as required under the Sexual Harassment of Women
mentor our senior leaders with young talent across the
Hiring Practices at Workplace (Prevention, Prohibition and Redressal)
6. Excellence Academy organization.
Act, 2013.
Abbott is dedicated to building the best-in-class field We continuously evaluate and strengthen our hiring • Abbott disABILITY Network India : We strive to
force to foster market-beating growth. This is reflected practices to ensure effective recruitment of diverse talent Appropriate training under POSH is imparted to employees
empower people with disabilities to achieve their full
through robust onboarding and career development across various functions. By monitoring our practices and regularly.
career potential by fostering understanding, awareness,
programs for employees across all levels. Excellence approaches, we aim to attract and retain a diverse workforce advancement and advocacy. Abbott disABILITY 3 complaints were received by the Company/ ICC during the
Academy, the training team, has been instrumental in that is reflective of the communities we serve and will help us Network India was launched in September 2023, with year, under the aforesaid Act and the same were appropriately
strengthening the field force’s capabilities to effectively shape the future of healthcare. the vision of “Access for All” for creating an inclusive closed.
navigate through current and future challenges. environment to ensure accessibility at the workplace.
Communication and Awareness HEALTH, SAFETY AND ENVIRONMENT
Diversity, Equity and Inclusion (DE&I) : Communication underpins all other key focus areas Enhancing Collaboration, Innovation and The Company is committed to the protection of human
Diversity is fundamental at Abbott - in people, mindsets and is foundational element in building a coherent Employee Experience through Technology health, safety and the environment. This commitment forms
and business models. It’s core to fulfilling the purpose and DE&I understanding for the organization. It helps in building At Abbott, we recognize the power of technology to enhance the basis for our EHS management systems and governance.
is embedded in values and is driven across leadership levels. awareness, sensitization and advocacy for positive change. collaboration, innovation and employee experience. Attainment of our long-range targets to reduce worker

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

injuries and the environmental impacts of our business across Mass awareness programs such as celebration of National technical solution to cater to the future load and to enhance DISCLOSURE UNDER SECTION 197(12) OF THE
our value chain is a priority. Meeting our targets, along with Safety Week and Abbott EHS week were conducted to help existing treatment process. Based on the assessment, phase COMPANIES ACT, 2013 AND OTHER DISCLOSURES
our EHS objectives, is the continuation of a long legacy of build a sustainable EHS culture. wise upgradation will be carried out. This will further AS PER RULE 5 OF THE COMPANIES (APPOINTMENT
responsible business practices at Abbott that reflect our core improve the quality of treated water. AND REMUNERATION OF MANAGERIAL
For EHS cultural enhancement, we are running Behavior PERSONNEL) RULES, 2014
values : Pioneering, Achieving, Caring and Enduring.
Based Safety (BBS) program which includes observation Furthermore, gas emissions from the boiler and generator
Disclosures required in accordance with the provisions of
and correction of unsafe acts. There also exists system for stacks as well as the ambient air quality are monitored
Health and Safety : Section 197(12) of the Act, read with Rule 5(1) of the Companies
reporting of unsafe conditions and near miss. Such initiatives regularly and they are well within the limits set by the State
During the year, Goa plant received the prestigious Abbott (Appointment and Remuneration of Managerial Personnel)
have greatly helped improve positive EHS culture. Pollution Control Board. Vermi-composting unit is in place
EPD EHS Excellence award for upgrading Dust collectors Rules, 2014 is annexed as “Annexure IV” and forms part of
to convert canteen food waste into organic manure, which is
this Report. However, as per the provisions of Sections 134
system at site with advanced safety feature like isolation valve Road Safety : used in the lawns and in the plantation inside the Goa factory
and 136 of the Companies Act, 2013, the Report and Financial
and explosion vent. Various Road Safety programs were conducted for field premises.
Statements are being sent to the Members and others entitled
Site Safety Committee is formed at the Plant having employees during the year : Out of total non-hazardous waste generated at site, 65% of thereto, excluding the Statement containing Particulars
representation from both supervisory and non-supervisory • 99.96% of the sales employees completed the online the waste is used for beneficial purpose without undergoing of Employees, which is available for inspection by the
staff. Committee meets at regular frequency to discuss and defensive riding refresher training module. any recycling process. Remaining 35% of waste is sent for Members up to the date of ensuing Annual General Meeting.
resolve EHS issues. recycling. Any Member interested in obtaining a copy of such Statement
• All the new sales employees were trained on defensive may write to the Company Secretary at investorrelations.
On-job, Classroom and Online EHS trainings are regularly riding skills and behaviors. Out of total hazardous waste generated at site, 0.7% of the [email protected].
arranged for employees. Training topics cover applicable waste is incinerated without energy recovery, 0.3% is sent for
EHS regulations, Abbott’s EHS technical standards, • 100% of the new sales employees were provided with
recycling (used oil and e-waste). Rest 99 % of hazardous waste BUSINESS RESPONSIBILITY AND SUSTAINABILITY
firefighting, hazardous chemical and waste handling, 2 helmets (one for self and one for the pillion rider)
is disposed off through co-processing (in cement industries). REPORT (BRSR)
Slip/ Trip/ Fall, Machine Guarding, Material Handling and as a part of the joining kit. In addition to 2 helmets,
they were provided with “full finger motorcycle riding During the year, World Environment Day was celebrated as Business Responsibility and Sustainability Report and
emergency preparedness.
gloves” to protect fingers while riding a 2 wheeler EHS mass awareness program. Independent Assurance Statement on BRSR Core as required
3 day first-aid training program was conducted for our first vehicle (Over 2,700 employees have received riding under Regulation 34 of the SEBI Listing Regulations forms
Goa plant is certified as Zero Waste to Landfill facility which
aiders by Inspectorate of Factories and Boilers. Certified gloves). part of this Report.
means no waste is disposed off through landfill.
trainer conducted class room session as well as practical
To further enhance employee engagement in road safety, CORPORATE GOVERNANCE REPORT
exercise was conducted. After the successful completion
Road Safety Week was organized from 11th-16th January 2024. Plastic Waste Management :
of the course, the first aiders were awarded with first-aid Corporate Governance Report and Certificate from the
Through the safety week, a series of initiatives like various The Company is adhering to the requirements of Plastic
certificate from Inspectorate of Factories and Boilers. Statutory Auditors of the Company on compliance of the
training programs, quizzes and creative competitions were Waste Management Rules as laid down by the Ministry of conditions of Corporate Governance as required under
Another training program was conducted by Inspectorate of rolled out with good participation from employees. Environment, Forests and Climate change. We entered into Regulation 34 of the SEBI Listing Regulations, form part of
Factories and Boilers for employees on Occupational Health agreement with waste management agency for this purpose this Report.
and Safety. The 2 day program conducted at site focused on Environment : and collected and processed our post-consumer plastic
safety at workplace, machine guarding, chemical safety, A responsibility towards the environment is part of Abbott’s packaging waste, from the States and Union Territories of COMPLIANCE WITH SECRETARIAL STANDARDS
permit to work system, fire safety etc. mandate. We continuously endeavor to minimize the use of India where we operate. The Board of Directors affirms that the Company has
Fall protection upgrade for tanker truck operation was renewable resources and cut down on carbon emission. complied with the applicable Secretarial Standards issued by
successfully completed at site. The upgrade consisted of CONSERVATION OF ENERGY, TECHNOLOGY the Institute of Company Secretaries of India (SS1 and SS2)
In all our initiatives, a holistic approach is adopted and efforts
erecting fixed davit arm at 4 location where tanker/ truck ABSORPTION AND FOREIGN EXCHANGE relating to Meetings of Board, its Committees and General
are made to curtail adverse environmental impact, if any.
operation is carried out. Having fall protection in place
EARNINGS AND OUTGO Meetings, respectively.
The Goa plant continued to implement multiple energy, water
safeguards the person falling from height while he/ she is on conservation and emission reduction projects. The required information under the provisions of Section
top of tanker or truck. 134(3)(m) of the Act read with Rule 8 of the Companies DISCLOSURES OF ORDERS PASSED BY
The Company has a state-of-the-art effluent treatment plant (Accounts) Rules, 2014 in respect of Conservation of Energy, REGULATORS OR COURTS OR TRIBUNAL
M/s Sparrow Risk Management Private Limited conducted with parameters of treated effluent well within the limit set Technology Absorption, Foreign Exchange Earnings and No orders have been passed by any Regulator or Court or
Electrical Safety Audit at the site. The audit helped to by the local State Pollution Control Board. The rainwater Outgo, etc. are annexed as “Annexure III” and forms part of Tribunal which can have impact on the going concern status
identify underlying hazards associated with electricity at site. harvesting project continues to save water by reducing the this Report. and the Company’s operations in future.
The detailed action plan was drafted and executed to intake of purchased water.
eliminate the electrical hazard at site. ANNUAL RETURN INDUSTRIAL RELATIONS
In 2023-24, our Goa Plant conducted detailed assessment of
Special focus is maintained on critical safe work initiatives the existing effluent treatment plant (ETP). The assessment The Annual Return of the Company as on March 31, 2024 has The Company has overall cordial industrial relations.
like contractor safety, hand safety, hot work and working on was carried out by M/s Econ Pollution Control Consultants. been placed on the website of the Company at https://www. The Company continues to receive strong support from
heights. The report submitted consist of detailed analysis of the ETP, abbott.co.in/investor-relations.html. distributors, suppliers, vendors, stockists and other partners.

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

FIXED DEPOSITS 2. Issue of shares (including sweat equity shares) to ANNEXURE I

No fixed deposits were accepted during the year. employees of the Company under any scheme.
Annual Report on CSR activities for the financial year 2023-24
3. The Company does not have any joint venture or
PARTICULARS OF LOANS, INVESTMENTS AND [In compliance with Section 135 of the Companies Act, 2013 and Companies (Corporate Social Responsibility) Rules, 2014,
subsidiaries.
GUARANTEES as amended]
4. There are no applications made or any proceeding
The Company has not granted any loan or provided any 1. Brief outline on CSR Policy of the Company
pending against the Company under Insolvency
guarantees to or invested in securities of any other body
and Bankruptcy Code, 2016 (31 of 2016) during the At Abbott, we are committed to supporting the disadvantaged, marginalized and vulnerable population. We are focused
corporate during the year. financial year. on developing novel solutions to societal challenges facing them that are financially and operationally sustainable
5. There are no instances of one-time settlement during the and demonstrate scalability. We strive to improve access to quality and affordable healthcare and improve awareness,
GENERAL
financial year. diagnosis and adherence. Through our CSR interventions, we continuously work towards improving health education,
No disclosure or reporting is required in respect of the reaching low-income communities in both urban-rural and rural areas. In India, we intend to go about our work in
following items as there were no transactions relating to a manner that is responsible, respectful and in keeping with the rich traditions of our operations in the country and
ACKNOWLEDGEMENT
these items during the year under review : elsewhere in the world. Dialogue and engagement are also vital to ensure that our CSR strategy resonates with key
Your Board expresses gratitude towards all the employees,
external and internal stakeholders.
1. Issue of equity shares with differential rights as to business partners, institutions, banks and the Members, for
dividend, voting or otherwise. their continued trust and support to the Company. In accordance with the statutory requirements and keeping the Company philosophy at priority, the CSR Committee
identified the following thrust areas in line with our CSR goals :

For and on behalf of the Board of Directors • Improving access to quality and affordable healthcare for low-income communities; conducting wellness clinics
for improving lives of the disadvantaged communities;
• Promoting STEM learning and healthy living among young children;
Srinagar Swati Dalal Sudarshan Jain
• Charitable donations and educational grants for serving the deserving sections of society;
May 9, 2024 Managing Director Director
DIN : 01513751 DIN : 00927487 • Reaching out to the Government to advance sound public policy and expand patient access to healthcare;
• Disease awareness projects/ activities that support subsidized screening and treatment;
• Product donations through trusted partners in the context of Abbott’s global policies and international standards;
• Extending support to various NGOs through monetary grants for education, healthcare and livelihood of
underprivileged children and women;
• Environmental Protection measures;
• Such other projects that fall within the purview of the activities included in Schedule VII of the Act and Rules
made thereunder, as amended from time to time.

2. Composition of the CSR Committee :

No. of Meetings held in 2023-24
Sr.
Name of the Director Designation/ Nature of Directorship Held during the
No. Attended
tenure of the Director
1. Munir Shaikh (Chairman) Non-Executive Director 4 4
2. Swati Dalal1 Managing Director NIL NA
3. Anisha Motwani Independent Director 4 4
4. Shalini Kamath Independent Director 4 4
5. Mahadeo Karnik2 Non-Executive Director 3 3
6. Vivek V Kamath 3
Managing Director 4 4
7. Rajiv Sonalker4 Whole-time Director 1 1
1
appointed as Member effective April 1, 2024.
2
appointed as Member effective July 1, 2023.
3
ceased to be Member effective March 18, 2024.
4
ceased to be Member effective June 30, 2023.

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

3. Web-link where Composition of CSR Committee, CSR Policy and CSR Projects approved by the Board 7. Details of Unspent CSR amount for the preceding three financial years :
are disclosed on the website of the Company : (` in Crores)
https://www.abbott.co.in/investor-relations/corporate-social-responsibility.html Amount
Balance amount Amount transferred to a Amount
transferred to
in Unspent CSR Amount Fund as specified under remaining to
Preceding Unspent CSR
4. Executive Summary along with web link(s) of Impact Assessment of CSR Projects carried out in Sr.
financial Account under
Account under spent in the Schedule VII as per be spent in Deficiency,
pursuance of sub-rule (3) of rule 8, if applicable : No. sub-section (6) financial second proviso to sub- succeeding if any
year(s) sub-section (6)
of section 135 year (in `) section (5) of section 135, financial
of section 135
No Impact assessment was carried out in the financial year 2023-24. (in `) if any years (in `)
(in `)
Impact Assessment of CSR projects carried out in earlier financial years is available at https://www.abbott.co.in/investor- Amount Date of
relations/corporate-social-responsibility.html (in `) Transfer
1 FY 2022-23 8.75 NIL 8.75 NIL NIL NA NA
5. (a) Average net profit of the Company as per sub-section (5) of section 135 : ` 1,092.34 Crores
2 FY 2021-22 8.86 5.30 5.30 NIL NIL NA NA
(b) Two percent of average net profit of the Company as per sub-section (5) of section 135 : ` 21.84 Crores 3 FY 2020-21 NA NA NA NA NA NA NA
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years : ` 0.29 Crores 8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
(d) Amount required to be set-off for the financial year, if any : ` 0.62 Crores financial year : No

(e) Total CSR obligation for the financial year [(b)+(c)-(d)] : ` 21.52 Crores 9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per section 135(5) : NA

6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project) : ` 23.76 Crores
(b) Amount spent in Administrative Overheads : ` 0.61 Crores Munir Shaikh Swati Dalal
Srinagar Chairman, CSR Committee Member, CSR Committee
(c) Amount spent on Impact Assessment, if applicable : ` NIL
May 9, 2024 DIN : 00096273 DIN : 01513751
(d) Total amount spent for the financial year [(a)+(b)+(c)] : ` 24.37 Crores
(e) CSR amount spent or unspent for the financial year :

Amount Unspent (in ` Crores)

Amount transferred to any fund specified
Total amount spent Total amount transferred to Unspent CSR
under Schedule VII as per second proviso to
for the financial year Account as per sub-section (6) of section 135
sub-section (5) of section 135
(in `)
Date of Name of the Date of
Name of the Project Amount Amount
Transfer Fund Transfer

Rs` 24.37 Crores NIL NA

(f) Excess amount for set off, if any :

Sr. Amount
Particulars
No. (in ` Crores)
1. Two percent of average net profit of the Company as per sub-section (5) of section 135 21.84
2. Total amount spent for the financial year (5d+6d) 24.99
3. Excess amount spent for the financial year [(2)-(1)] 3.15
4. Surplus arising out of the CSR projects or programmes or activities of the previous 0.29
financial years, if any
5. Amount available for set-off in succeeding financial years [(3)-(4)] 2.86

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

ANNEXURE II was a time-bound process, the application was being Adequate notice is given to all the Directors to schedule the
returned for the time being along with the compounding Board Meetings, agenda and detailed notes on agenda were
Secretarial Audit Report for the financial year ended March 31, 2024 fee. RBI has advised the Company to await further sent atleast seven days in advance and a system exists for
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of communication/ advice from RBI in this regard, on seeking and obtaining further information and clarifications
Managerial Personnel) Rules, 2014 and Regulation 24A of the Securities and Exchange Board of India (Listing Obligations further course of action, if any. on the agenda items before the Meeting and for meaningful
and Disclosure Requirements), Regulation 2015] participation at the Meeting.
I further report that :
Decision is carried through majority while the dissenting
To, a. The Securities and Exchange Board of India Having regard to the compliance system prevailing in the
member’s views, if any, are captured and recorded as part of
The Members, (Substantial Acquisition of Shares and Takeover) Company and on examination of the relevant documents
the minutes.
Abbott India Limited Regulations, 2011, as amended from time to time; and records in pursuance thereof, on test-check basis, the
Company has complied with the following laws applicable I further report that :
I, Neena Bhatia, Company Secretary in Practice (Membership b. The Securities and Exchange Board of India specifically to the Company :
No.: FCS 9492 and CP No.: 2661), appointed as the Secretarial (Prohibition of Insider Trading) Regulations, 2015, There are adequate systems and processes in the Company
Auditor of the Company by the Board of Directors, have a. Drugs and Cosmetics Act, 1940 and Drugs and commensurate with the size and operations of the Company
as amended from time to time; and
conducted the Secretarial Audit of the compliance with Cosmetics Rules, 1945, as amended from time to time; to monitor and ensure compliance with applicable laws, rules,
applicable statutory provisions and the adherence to good c. The Securities and Exchange Board of India regulations and guidelines.
b. Drugs and Magic Remedies (Objectionable
corporate practices by Abbott India Limited (hereinafter (Registrars to an Issue and Share Transfer Agents) Advertisement) Act, 1954, as amended from time to time; During the audit period there was no other events/ actions
called “the Company”). Secretarial Audit was conducted in a Regulations, 1993 regarding the Companies Act and and having major bearing on the Company’s affairs.
manner that provided me a reasonable basis for evaluating the dealing with client.
c. Drugs (Price Control) Order, 2013, as amended from This report is to be read with my letter of even date which is
corporate conducts/ statutory compliances and expressing
I have also examined compliance with the applicable clauses time to time. annexed as Annexure A and forms integral part of this report.
my opinion thereon.
of the following :
I further report that :
Based on my verification of the Company’s books, papers, Place : Mumbai Neena Bhatia
minutes book, forms and returns filed and other records i. Secretarial Standards issued by The Institute of The Board of Directors of the Company is duly constituted Date : May 9, 2024 Practicing Company Secretary
maintained by the Company and also information provided Company Secretaries of India, as amended from time to with proper balance of Executive Directors, Non-Executive UDIN : F009492F000336269 Membership No : FCS 9492
by the Company, its officers, agents and authorized time; Directors and Independent Directors. Peer reviewed No : 1012/2020 Certificate of Practice No. : 2661
representatives during the conduct of Secretarial Audit, ii. The Securities and Exchange Board of India (Listing
I hereby report that, in my opinion, the Company has Annexure A to the Secretarial Audit Report of Abbott India Limited for the financial year ended March 31, 2024
Obligations and Disclosure Requirements) Regulations,
during the audit period covering the financial year ended
2015, as amended from time to time. To,
on March 31, 2024 complied with the statutory provisions
listed hereunder and also that the Company has proper Board To best of my understanding, I am of the view that during The Board of Directors
processes and compliance mechanism in place to the extent, Abbott India Limited
the period under review, the Company has complied with
in the manner and subject to the reporting made hereinafter. the provisions of the Act, Rules, Regulations and Guidelines, 1. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to
Standards, etc mentioned above subject to the following express an opinion on the secretarial records based on my audit. I have taken declaration from the management
I have examined the books, papers, minutes book, forms and
regarding the said compliances.
returns filed and other records maintained by the Company observation :
for the financial year ended on March 31, 2024 according to 2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
i. The name of the Company continues to appear in the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct
the provisions of :
breach list displayed on the website of the Depositories facts are reflected in secretarial records. I believe that the processes and practices I followed, provide a reasonable basis
1. The Companies Act, 2013, amendments thereto and and BSE Limited for having foreign investment in for my opinion.
Rules made thereunder; excess of sectoral cap in the past. In this connection, 3. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
2. The Securities Contracts (Regulation) Act, 1956 and the Company has received post-facto approval from
4. Wherever required, I have obtained the Management Representation about the compliance of laws, rules and regulations
Rules made thereunder; the Department of Pharmaceuticals permitting foreign
and happening of events etc.
shareholding in excess of the sectoral cap, upto 80%
3. The Depositories Act, 1996 and Regulations and 5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
of the paid-up share capital of the Company, subject to
Bye-laws framed thereunder; of Management. My examination was limited to the verification of procedures on test basis.
compounding with the Reserve Bank of India (RBI).
4. Foreign Exchange Management Act, 1999 and Rules and The Company had filed a compounding application 6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
Regulations made thereunder to the extent of Foreign with the RBI in this regard. However, the RBI vide its effectiveness with which the Management has conducted the affairs of the Company.
Direct Investment, as amended from time to time; letter dated March 19, 2024, has informed the Company
Place : Mumbai Neena Bhatia
5. The following Regulations and Guidelines prescribed that the compounding application requires further Date : May 9, 2024 Practicing Company Secretary
under the Securities and Exchange Board of India examination in consultation with the Government. RBI UDIN : F009492F000336269 Membership No : FCS 9492
Act, 1992 (“SEBI Act”) viz.: further informed the Company that since compounding Peer reviewed No : 1012/2020 Certificate of Practice No. : 2661

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Board of Directors’ Report and Management Discussion and Analysis (Contd.)

ANNEXURE III ANNEXURE IV

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo Disclosure under Section 197 (12) of the Companies Act, 2013 and other disclosures as per Rule 5 of the
[In compliance with the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies Companies (Appointment and Remuneration of Key Managerial Personnel) Rules, 2014, as amended from
(Accounts) Rules, 2014] time to time
A. Conservation of Energy iii. 
The steps taken by the Company for i. (a) The percentage increase in remuneration of each Director, Chief Financial Officer and Company
Following energy and water conservation measures utilizing alternate sources of energy - NIL Secretary of the Company and (b) ratio of the remuneration of each director to the median
were undertaken during the year : remuneration of the employees of the Company for the financial year 2023-24 :
iv. 
The Capital Investment on Energy
(a) % Increase in the (b) Ratio of remuneration of each Director/
i. Energy conservation measures : Conservation Equipment - NIL Name of the Director/ KMP
remuneration to median remuneration of employees
In 2023-24, Goa Plant harnessed solar energy to Munir Shaikh* -- 3.2
B. Technology Absorption (Non-Executive Director)
convert it into electricity through solar photovoltaic
cells. The benefits were : i. Efforts made towards Technology Absorption Sudarshan Jain* -- 3.0
and the benefits derived like product (Independent Director)
• Generated 2,85,764 KWH of power;
improvement, cost reduction, product Anisha Motwani* -- 3.1
• Reduced carbon emission by 198 MT; (Independent Director)
development or import substitution : None
• Reduced the intake of purchased power thus Shalini Kamath* -- 3.1
saving cost benefit of ` 0.20 Crores. ii. Details of Technology imported during last (Independent Director)
three financial years Kaiyomarz Marfatia* -- 2.3
ii. Water conservation measures : (Non-Executive Director)
• The details of technology imported : NIL Sridhar Kadangode1 NA 23.7
Reduction in tanker water consumption :
• The year of import : NA (Chief Financial Officer)
• The site is supported by three sources of Sangeeta Shetty2 NA NA
water i.e., tanker, raw water and treated • Whether the technology been fully absorbed : (Company Secretary)
wastewater. The tanker water is used only for NA Vivek V Kamath3 2.33% 65.4
de-mineralized plant/ purified water system/ (Managing Director)
• If not fully adsorbed, areas where adsorption Rajiv Sonalker4 NA 28.1
water generation. Raw water and treated
has not taken place and the reasons thereof : (CFO and Whole-time Director)
wastewater are used for all other purposes in
NA Krupa Anandpara5 NA NA
the plant. Earlier, there was more dependence
(Company Secretary)
on the expensive tanker water, which has iii. Expenditure on Research and Development
now reduced by approximately two tankers *Entitled for Sitting fees of ` 0.01 Crores for attending each Board, Audit Committee and Independent Directors Meetings and ` 0.005 Crores
Particulars ` in Crores for attending each other Committee Meetings. The Non-Executive Directors (other than directors who are in employment with Abbott group of
everyday leading to a cost saving of ` 0.04
companies) are entitled for Commission of ` 0.15 Crores per annum and additional ` 0.05 Crores for Board Chairman.
Crores/ annum. Capital 0.26 1
appointed as Chief Financial Officer effective July 1, 2023.
Recurring 0.96
• The reject water from the Reverse Osmosis 2
appointed as Company Secretary effective September 14, 2023.
Total 1.22 3
resigned as Managing Director effective March 18, 2024.
(RO) is utilized back in utilities and washroom.
With this 16,098 KL of water will be saved Total R&D expenditure as a 0.02% 4
retired as CFO and Whole-time Director effective June 30, 2023.
annually. Percentage of total turnover 5
resigned as Company Secretary and Compliance Officer effective June 30, 2023.

C. Foreign Exchange Earnings and Outgo ii. The percentage increase in the median remuneration of employees in the financial year :
5.10%
Particulars ` in Crores
A. Total Foreign Exchange used iii. Number of permanent employees on the rolls of the Company :
a. On import of raw materials, finished goods, consumable stores and capital goods 464.41 3,814
b. On professional charges, sales promotion expenses, commission on export sales, registration fees, business 7.79
travel, software, etc. iv. Average percentile increase made in the salaries of employees other than managerial personnel in the
Total 472.20 last financial year and its comparison with the percentile increase in the managerial remuneration
B. Total Foreign Exchange earned and justification thereof :
a. Exports of goods 27.18
b. Service income 16.33 (0.40%)
Total 43.51 v. It is affirmed that the remuneration paid to Directors, Key Managerial Personnel and other Employees
is as per the Remuneration Policy of the Company.
For and on behalf of the Board of Directors
For and on behalf of the Board of Directors
Srinagar Swati Dalal Sudarshan Jain
Srinagar Swati Dalal Sudarshan Jain
May 9, 2024 Managing Director Director
May 9, 2024 Managing Director Director
DIN : 01513751 DIN : 00927487
DIN : 01513751 DIN : 00927487

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BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

SECTION A : GENERAL DISCLOSURES 19. Markets served by the Company :

I. Details of the Company a. Number of locations
1. Corporate Identity Number (CIN) of the Company L24239MH1944PLC007330 Locations Number
2. Name of the Company Abbott India Limited
National (No. of States) 28 States, 8 Union territories
3. Year of incorporation 1944
4. Registered office address 3, Corporate Park, Sion-Trombay Road, Mumbai-400 071 International (No. of Countries) 4
5. Corporate office address 15-16th Floor, Godrej BKC, Bandra-Kurla Complex, Sri Lanka, Nepal, Maldives and Bhutan
Bandra (East), Mumbai-400 051
6. E-mail [email protected] b. What is the contribution of exports as a percentage of the total turnover of the Company?
7. Telephone +91 022 5046 1000/ 2000 1.37%
8. Website www.abbott.co.in
c. A brief on type of customers
9. Financial year for which reporting is being done April 1, 2023 to March 31, 2024
10. Name of the Stock Exchange(s) where shares are listed BSE Limited Customers are the key stakeholders for the Company. Our customers include distributors, stockists, healthcare
11. Paid-up Capital professionals, hospitals, government institutions and online pharmacies.
` 21,24,93,020/-
12. Name and contact details (telephone, e-mail address) Name : Sangeeta Shetty
of the person who may be contacted in case of any Designation : Company Secretary
IV. Employees
queries on the BRSR Report Telephone No. : +91 022 5046 1000/ 2000 20. Details as at the end of financial year 2023-24
E-mail ID : [email protected]
13. Reporting boundary Standalone basis a. Employees and Workers (including differently abled) :
(The reporting boundary covers Goa Plant, offices at
Sr. Total Male Female
BKC Mumbai, Chembur, Chennai, Hyderabad, Lucknow, Particulars
No. (A) No. (B) % (B/A) No. (C) % (C/A)
Delhi and Nepal. Reporting on all indicators of Principle 6
Employees
and Indicator 5 of Principle 8 excludes Nepal office.) 1. Permanent (D) 3,589 3,228 89.94% 361 10.06%
14. Name of assurance provider DNV Business Assurance India Private Limited 2. Other than Permanent (E) - - - - -
15. Type of assurance obtained Reasonable Assurance of BRSR Core Indicators 3. Total Employees (D + E) 3,589 3,228 89.94% 361 10.06%
Workers
II. Products/ Services
4. Permanent (F) 225 208 92.44% 17 7.56%
16. Details of business activities (accounting for 90% of the Turnover) : 5. Other than Permanent (G) 64 41 64.06% 23 35.94%
6. Total Workers (F+G) 289 249 86.16% 40 13.84%
Sr.
Description of Main Activity Description of Business Activity % of Turnover of the Company
No.
b. Differently abled Employees and Workers :
1. Pharmaceuticals Manufacturing, marketing, sale and 100%
Being an equal opportunity employer, we do not seek or track this data. The provisions available for differently
distribution of Pharmaceuticals
abled individuals are communicated to employees for awareness. We launched the Abbott disABILITY
Network in India in September 2023, which has been another significant step forward in creating an
17. Products/ Services sold by the Company (accounting for 90% of the Company’s Turnover) :
environment, where employee feels safe, respected and valued. We have 45+ allies/ caregivers/ persons with
Sr. disabilities who have already enrolled as part of this employee resource group since the launch in India.
Product/ Service NIC Code % of total Turnover Contributed
No.
1. Pharmaceuticals 21002 100% 21. Participation/ Inclusion/ Representation of Women as on March 31, 2024 :
No. and percentage of Females
III. Operations Total (A)
No. (B) % (B/A)
18. Number of locations where plants and/ or operations/ offices of the Company are situated : Board of Directors 8 3 37.50%
Key Management Personnel 2 1 50.00%
Location Number of Plants Number of Offices Total
National 1 6 7 22. Turnover rate for Permanent Employees and Workers :
International NA 1 1 FY 2023-2024 FY 2022-2023 FY 2021-2022
Male Female Total Male Female Total Male Female Total
Permanent Employees 15.33% 21.61% 15.97% 16.78% 22.29% 17.31% 9.73% 17.93% 10.54%
Permanent Workers 1.92% - 1.78% 0.47% - 0.44% 0.45% - 0.42%

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Business Responsibility and Sustainability Report (Contd.)

V. Holding, Subsidiary and Associate Companies (including joint ventures) FY 2023-24 FY 2022-23
Grievance Redressal Number of Number of
Stakeholder Mechanism in Place Number of complaints Number of complaints
23. Names of Holding/ Subsidiary/ Associate Companies/ Joint Ventures : group from (Yes/ No) (If yes, then
whom complaint complaints pending complaints pending
provide web-link for Remark Remark
Indicate whether Does the Company indicated at is received filed during resolution at filed during resolution
Name of the holding/ subsidiary/ % of shares grievance redress policy) the year close of the the year at close of
Sr. holding/ subsidiary/ Column A, participate in the Business
associate companies/ joint ventures held by the year the year
No. associate/ joint Responsibility initiatives
(A) Company Employees and Yes. The same is 47 7 - 38 4 -
venture of the Company (Yes/ No)
1. Abbott Capital India Limited, UK Holding 50.45% No Workers available on the
Company’s intranet
VI. CSR Details portal.

24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013 : Yes The web-links for
the policies are
(ii) Turnover : ` 5,779.83 Crores https//www.abbott.
co.in/content/dam/
(iii) Net worth : ` 3,698.89 Crores corp/abbott/en-
ind/pdf/policies/
VII. Transparency and Disclosures Compliances Equal-Employment-
Opportunity-EEO-
25. Complaints/ Grievances on any of the principles (Principles 1 to 9) under the National Guidelines Policy.pdf
on Responsible Business Conduct :
https//www.abbott.
FY 2023-24 FY 2022-23 co.in/content/dam/
Grievance Redressal Number of Number of corp/abbott/en-ind/
Stakeholder Mechanism in Place Number of complaints Number of complaints
group from (Yes/ No) (If yes, then pdf/policies/internal-
whom complaint complaints pending complaints pending
provide web-link for Remark Remark investigations-policy.
is received filed during resolution at filed during resolution
grievance redress policy) the year close of the the year at close of pdf
year the year Customers Yes. The Customers 376* 19 - 446* - -
Communities Yes. Communities - - - - - - can email at
can email at webmasterindia@
webmasterindia@ abbott.com
abbott.com
The web-link for the
The web-link for the policy is https//www.
policy is https//www. abbott.co.in/content/
abbott.co.in/content/ dam/corp/abbott/
dam/corp/abbott/ en-ind/pdf/policies/
en-ind/pdf/policies/ Code-of-Business-
Code-of-Business- Conduct.pdf
Conduct.pdf Value Chain Yes. The Value Chain - - - - - -
Investors and Yes. Investors and 18 - - 18 - - Partners Partners can email at
Shareholders Shareholders can email webmasterindia@
at investorrelations. abbott.com
[email protected]
The web-link for the
The web-link for the policy is https//www.
Investor Grievance abbott.co.in/content/
Redressal Mechanism dam/corp/abbott/
is https//www. en-ind/pdf/policies/
abbott.co.in/investor- Code-of-Business-
relations/investor- Conduct.pdf
centre.html
*Complaints/ Correspondence from patients received through website, email and healthcare professionals, are also included.

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Business Responsibility and Sustainability Report (Contd.)

26. Overview of the Company’s material responsible business conduct issues : Sr. Material issue Risk or Rationale for identifying the In case of risk, approach to adapt or Financial
No. identified Opportunity Risk/ Opportunity mitigate Implications
Sr. Material issue Risk or Rationale for identifying the In case of risk, approach to adapt or Financial
No. identified Opportunity Risk/ Opportunity mitigate Implications 2. Water and Risk Abbott is committed to Abbott conducts an annual Negative
Waste-water responsible water use in mapping process to understand the
1. Innovating Opportunity Build an innovative We continue our focus on building Positive
Management the communities where source of the water we use, how
for access and portfolio to address comprehensive product portfolios
we operate. We work to it is treated and discharged and
affordability unmet health needs at an through lifecycle management
minimize the impact we the impact our operations have on
accessible price point, to of current brands to address the
reach more people across health needs of more people. have on the quality and local basins. At a local level, our
geographies. We are looking to expand into quantity of local water Goa manufacturing site evaluates
allied therapy areas and enter new sources at our plant and where water is sourced and where
therapies in the segments where we offices. In some instances, it is discharged to help manage its
are currently present. we have established water program. We seek to reduce
initiatives that address the water withdrawals by recycling
We strive to be amongst the first to most pressing local needs and reusing water. For example,
launch off-patent and differentiated – whether that’s quality, Goa treats certain wastewater and
medicines as well as continue to quantity, or other concerns reuses it for our own gardening
expand a pipeline of products in
for those who rely on this purposes.
key therapeutic areas.
precious natural resource.
Our process centers around four
For example :
principles :
• Post-patent launch of Solfe • Reduce : Work to improve
FCM (Ferric Carboxy maltose
water use efficiency in our
injection) to treat severe
operations.
anemia and for patients
who cannot take oral iron • Prevent : Manage water
supplements. This product discharges that could
provides an affordable option adversely impact human
for the treatment of anemia. health or the environment.
• Excessive bleeding after • Educate : Emphasize to our
childbirth accounts for nearly employees and suppliers the
20% of maternal deaths in importance of protecting
India. The previous treatment
groundwater and other water
of choice had to be kept in
resources vulnerable to
cold storage, which proved to
be difficult in rural areas in overuse or contamination and
India. To address this the role they play in doing so.
challenge, in 2020, Abbott • Engage : Develop and apply
partnered with Ferring key water management
to launch a novel, room principles and best practices
temperature stable, single- across our Company.
dose formulation of the
medicine for excessive post- 3. Packaging Opportunity We recognize the impact Through our waste management Positive
birth bleeding, carbetocin. and Waste our packaging can have strategy, we are committed to
Management on the environment and finding efficient ways to reduce the
• Launch of differentiated we work to reduce the volume and potential hazardous
product ‘Brufen powergel’. impacts of our products characteristics of our waste and
This is an emulgel and services, including help ensure proper disposal
formulation and comes with
the waste they produce practices.
a unique novel stainless-steel
throughout their lifecycle.
applicator, that enables hands We are committed to using a
free, non-messy application. Responsibly handling circular economy approach to
• Thyrowel plus, a unique the waste we create is a maximize recovery of resources
micronutrient supplement for central tenet of Abbott’s and improve operating efficiency
thyroid patients with organic commitment to extend while attempting to reduce
selenium and L-tyrosine. the waste management environmental risks and impacts.
responsibility.

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Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

Sr. Material issue Risk or Rationale for identifying the In case of risk, approach to adapt or Financial Sr. Material issue Risk or Rationale for identifying the In case of risk, approach to adapt or Financial
No. identified Opportunity Risk/ Opportunity mitigate Implications No. identified Opportunity Risk/ Opportunity mitigate Implications
We maintain a comprehensive We also work with our suppliers Positive
approach to managing and reducing to promote the same commitment
our waste footprint. We also require to quality and safety, through
sites to provide waste management qualification programs, audits and
awareness to employees on waste other tools. We have conducted
disposal practices and relevant training programs for our TPMs.
reduction, reuse, and recycling
Abbott’s Quality Management
programs.
System (QMS) model and metrics
Our plant is certified under Abbott’s are reviewed to track site, business,
internal Zero Waste to Landfill and company-level performance.
(ZWL) program which means We analyze root causes for
no waste is disposed of through performance indicators and take
landfill. Our HQ, the Mumbai BKC appropriate corrective actions, as
office was certified under Abbott’s and when needed.
internal non-manufacturing ZWL 6. Talent-Build Opportunity Our ability to build a healthy, Our talent management approach Positive
Program in 2022. the diverse, sustainable future, depends focuses on attracting, retaining,
4. Energy and Opportunity Reducing climate impact We take a collaborative approach Positive innovative on the innovative ideas, engaging and developing a diverse
Emissions is important for a healthy to reducing our emissions, focusing workforce of execution, and dedication workforce ready for tomorrow’s
Management planet. We are working on : tomorrow of a diverse workforce. challenges. When you join Abbott,
to deliver results against In return, Abbott provides you are part of a community of
• Energy efficiency in
short-term science-based an environment that helps employees doing purposeful work
manufacturing operations.
targets to reduce carbon employees learn and grow in in an environment where everyone
emissions. • Low-carbon energy their careers and provides a can bring their true self to work
investments. workplace where they can every day.
Our operational activities
bring their best selves to
produce Scope 1 (direct) • Transportation fleet efficiency. work each day.
and Scope 2 (indirect)
• Supply chain carbon footprint. 7. Advance Opportunity In India, we are working Health Care Centers : Positive
emissions. Abbott India also
supports the science-based Our energy and air emissions health equity towards advancing access
through to quality and affordable We are working with Americares
environmental targets set recording and reduction programs India to upgrade primary
for Abbott globally for 2030. are outlined in our energy policy, partnership. healthcare through
operationally and financially healthcare centers (PHC) to
technical standards, and energy health and wellness centers
sustainable models of care.
guidelines. (HWCs), which offer enhanced
Towards our goal of helping
people live healthier and reproductive, maternal, and
We carry out air emission
fuller lives, we strive to find neonatal health services;
monitoring and ambient
measurable ways to improve build capacity of PHC staff
air monitoring, per permit
access and health outcomes and accredited social health
requirements, through Government
with scientific and technical activists (ASHAs); and educate
approved third parties.
expertise. communities on communicable
Select fuel-burning equipment and noncommunicable diseases.
have switched over from diesel to We have upgraded 127 PHCs by
dual fuel at the Goa plant. the end of FY 2023-24 and have
committed to upgrade 43 PHCs
5. Product Opportunity People depend on Abbott We have quality processes in place
across 7 states in FY 2024-25,
Quality products to get and stay for our products and services; and
thereby improving access to
healthy; we must build we are committed to continually quality and affordable healthcare
and retain their trust, so assessing and improving those to underserved communities.
delivering high quality, safe processes as information,
products is our number one technologies and practices evolve. Health Clinics :
priority.
Liver diseases are currently amongst
the top 10 reasons for mortality in
India.

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Business Responsibility and Sustainability Report (Contd.)

Sr. Material issue Risk or Rationale for identifying the In case of risk, approach to adapt or Financial Sr. Material issue Risk or Rationale for identifying the In case of risk, approach to adapt or Financial
No. identified Opportunity Risk/ Opportunity mitigate Implications No. identified Opportunity Risk/ Opportunity mitigate Implications
Liver diseases include Alcoholic Positive To help improve patient adherence
Liver disease and Non-Alcoholic for chronic conditions such as
Fatty Liver Disease (NAFLD). vertigo, Abbott has created a
NAFLD is an asymptomatic disease digital app that provides easy to
that is often ignored by patients. The implement and quick exercises and
biggest challenge that clinicians medication reminders for patients
face is the lack of quick, non- with vertigo. The vertigo coach app
invasive and convenient diagnostic was launched in 2023. This easy-to-
tools that have good sensitivity in use, patient-friendly app has helped
confirming or excluding NAFLD. reduce time for HCPs to explain
exercises and achieve better
Historically, liver biopsy was patient outcomes with treatment
considered the gold standard for adherence.
NAFLD diagnosis. However, liver
biopsy has significant limitations 8. Removing Opportunity Our goal is to break down By 2025, there will be 1.1 billion Positive
due to its invasiveness, painful barriers to barriers that may keep women experiencing menopause
nature, and risk of complications. health people from living healthy. in the world. In India, women
As a part of our offerings, we experience menopause at least 5
We work to remove barriers years earlier than their western
have partnered with Fibroscan to health by aiming to counterparts. Conversations around
to provide support in the form of improve access to quality this topic are limited, and women
liver health screenings. FibroScan care, enabling people to do not know how they can seek
is a non-invasive liver imaging see a doctor and creating help. In 2022, we launched The
technology product. We have been awareness on management Next Chapter initiative to debunk
improving access to diagnosis of of health conditions, with misconceptions and spark more
liver conditions through screening the goal of living healthier, conversations about menopause.
in health clinics. During the fuller lives.
past year, 3,50,000 patients were In 2023, we took the initiative
screened in more than 150 locations a step further. We conducted
in India. media and in-clinic awareness
Digital App for Vertigo : campaigns, culminating in an event
where we launched a menopause
Over 9.9 million people in India ‘conversation starter kit’, titled
live with vertigo, a balance Real, Made Up or Mine. At these
disorder that results in a sudden, events, women could also use
unpleasant sensation that makes the menopause rating scale to
people feel like the world is assess severity of symptoms and
spinning. Experiencing vertigo book a doctor’s appointment.
can be disturbing and disabling. The idea was to empower women
It can affect all aspects of a to seek help for their condition.
person’s life and yet many people
We also developed materials to
suffering from it do not recognize
support healthcare professionals
it. Vertigo may be dismissed as
in changing the conversation on
just a moment of ‘dizziness’.
menopause.
Getting people to recognize
the signs of vertigo, so its cause Furthermore, Abbott supports more
can be accurately diagnosed, than 750 independent menopause
is imperative. Vertigo episodes are centers in India to support women
treatable, so seeking proper care going through menopause. These
can help people get back to the centers provide information to help
lifestyle they enjoy. women navigate menopause, from
live educational sessions driven by
doctors to webinars where women
can get care by doctors specialized
in women’s health.

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Business Responsibility and Sustainability Report (Contd.)

SECTION B MANAGEMENT AND PROCESS DISCLOSURES 5. Specific commitments, goals and targets set by the Company with defined timelines, if any; and
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting 6. Performance of the entity against the specific commitments, goals and targets along with reasons in case the same are
the National Guidelines for Responsible Business Conduct (NGRBC) Principles and Core Elements. not met :
The NGRBC brought out by the Ministry of Corporate Affairs advocates nine principles referred as P1-P9 as given below : Focus Area Goals Progress made during the year Outlook for the current year

P1 Businesses should conduct and govern themselves with integrity and in a manner that is ethical, transparent and Protect a Our goals are aligned to - Installation of Solar panels at Goa - Implementation of water
healthy support the environmental plant to harness clean energy to stewardship practices.
accountable.
environment targets set in the Abbott help reduce the carbon footprint - Maintain Abbott’s
P2 Businesses should provide goods and services in a manner that is sustainable and safe. 2030 Sustainability Plan. of the plant. Benefits derived from internal Zero waste to
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains. Abbott has set enterprise- the project include : landfill certification.
P4 Businesses should respect the interests of and be responsive to all its stakeholders. wide environmental targets • For 2023-24, Energy utilised
for 2030 as detailed below. from solar power was 286
P5 Businesses should respect and promote human rights.
At Abbott India, some of MWh.
P6 Businesses should respect and make efforts to protect and restore the environment. our goals are aligned to the
• 
Carbon Emission has been
P7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and said global goals and we are
reduced to 198 MT
transparent. continuing to contribute
towards the same. • Guaranteed power generation
P8 Businesses should promote inclusive growth and equitable development. for over 20 years.
(a) Climate Change
P9 Businesses should engage with and provide value to their consumers in a responsible manner. - Project was undertaken at the
- Reduce absolute Scope 1
and Scope 2 carbon Goa plant for reducing energy
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
emissions by 30% from consumption under Abbott Agility
Policy and Management processes 2018 baseline by the Accelerator (A3) Program. Ideas
end of 2030, consistent implemented to reduce daily
1. a. Whether your Company’s policy/ policies cover energy consumption by 1 % i.e., 180
each principle and its core elements of the Yes Yes Yes Yes Yes Yes Yes Yes Yes with the objectives
of the Science Based KWH/ day.
NGRBCs. (Yes/ No) Targets initiative - CO2 Emission total at Goa plant
b. Has the policy been approved by the Board? (SBTi). was 4,691 MT (for the year 2023-
Yes Yes Yes Yes Yes Yes Yes Yes Yes
(Yes/ No) - 
Work with our key car- 24).
c. Web-link of the policies, if available Policies are available on bon-intensive suppliers - Water consumption at Goa plant
(1) https//www.abbott.co.in/investor-relations.html to reduce Scope 3 carbon was 47,327 KL (for the year 2023-
and (2) Intranet portal of the Company - accessible to the emissions. 24).
employees of the Company (b) Water Usage - The reject water from the Reverse
2. Whether the Company has translated the policy into - 
Work with key Osmosis (RO) is utilized back in
Yes suppliers in high water utilities and washroom. With this
procedures. (Yes/ No) 16,096 KL water is saved for year
stressed areas to reduce
3. Do the enlisted policies extend to your value chain Yes, Code of Conduct, Supplier Guidelines and water quality and 2023-24.
partners? (Yes/ No) other applicable policies, depending upon relevance, quantity risks to Abbott - The BKC office has successfully
extend to our partners. and the community. reduced absolute Scope 2
4. 
Name of the national and international codes/ - 
Achieve water stew- carbon emissions by 27 % from
certifications/ labels/ standards (e.g. Forest ardship certification at 2018 baseline for the year 2023-24.
Stewardship Council, Fairtrade, Rainforest Alliance, all high water-impact - The BKC office is also Zero Waste
None manufacturing sites in to Landfill certified under Abbott’s
Trustee) Standards (e.g. SA 8000, OHSAS, ISO, BIS)
water-stressed areas. internally managed program.
adopted by your Company and mapped to each
- Implement accredited - The BKC office has successfully
principle.
water stewardship renewed the ISO 50001:2018
management practices certification in the year 2023-24.
in more than 75% of
all manufacturing sites
operating in water-
stressed areas.

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Business Responsibility and Sustainability Report (Contd.)

Focus Area Goals Progress made during the year Outlook for the current year Focus Area Goals Progress made during the year Outlook for the current year
(c) Waste Management At Abbott, as a responsible, innovative, - 
In collaboration with
- 
Reduce waste impact and sustainable business, we intend Americares, upgrade more
using a circular to spearhead CSR efforts to help PHCs to HWCs and
economy approach to meet the urgent, unmet needs of strengthen access to
achieve and maintain the local community. This can help quality healthcare infra-
at least 90% waste catalyze a healthy, thriving society. structure and services for
diversion rate. We aim to provide lasting solutions to low-income communities.
health challenges, reach the grassroots,
Providing For Abbott India, increase -  Launched 8 new products in - Expansion into new sub-
and make a meaningful impact. One way -  Strengthen PHCs with
access and focus on prevention FY 2023-24 across various therapies in Gastroen- capacity building for
availability of and well-being, drive therapeutic areas, Women’s terology and Women’s in which we have been striving to do this
is by supporting efforts to strengthen their staff and ASHAs
products personalized patient-centric Health, Gastroenterology, Pain Health, Neurology who act as a crucial
solutions for establishing management, Neurolife, Metabolics the nation’s primary healthcare system,
- Vaccine portfolio expan- which is the first point of contact for linkage between physical
and shaping the therapy and Multi-Specialty. infrastructure and the
standards of health aware sion communities within the health system.
communities where they
and digital savvy consumers. - Launched line extensions of current - 
Expanding adult vacci- This supports our aim to bring more
live.
brands as a part of our product people into the care system early. This
Continue new Product lifecycle management (e.g., Brufen nation
can help contain the advancement of - Refine tech-based inter-
launches, Outreach in Tier 2 Powergel- expansion into local - 
Continued focus on cases. This PHC program will form ventions to improve the
and Tier 3 geographies and pain management, Zolfresh ODT building product port- another key step in Abbott’s journey
360° Marketing campaigns (orodispersible tablet) - patient efficacy of care delivery
folio through lifecycle of furthering its goal of improving the and drive higher levels of
to reach more consumers. friendly form, Rowasa OD – targeted management of existing lives of one in every three people on the adherence to treatment
tablet delivery for ul cerative colitis, brands to meet more
Thyrowel plus with higher Selenium planet by 2030. through Electronic Med-
people’s health needs in
content for better thyroid function). 2024. In collaboration with Americares India ical Records (EMR).

- 
Empowered patients to actively -  Foundation, we have been helping - Expand access to program
Launching off patent
participate in their healthcare upgrade Primary Health Centres (PHCs) services across newer
products at affordable
decisions via tools and services price for the benefit of to Health and Wellness Centres (HWCs) geographies through tech
such as the “Vertigo coach app” or more patients across India. The three core objectives platforms and community
“The Next Chapter” campaign for of this program are to upgrade PHCs health workers.
menopause. to HWCs, to drive capacity building
STEM By 2030, Abbott globally In India, in partnership with the Smile - 
Continue to strengthen for PHC staff and healthcare workers
(Science, plans to create 2,00,000 Foundation, we are supporting 4,660 our school program and and to improve community awareness
Technology, STEM opportunities children from low-income communities - STEM Internships. around NCDs and infectious diseases.
Engineering helping to create a pipeline 44% of whom are girls - in STEM, health By doing this, we aim to increase access
and of talent interested in STEM education and sports. Health education to primary healthcare. These centres
Mathematics) careers to meet the growing covers noncommunicable diseases, are vital to support the government’s
demands for healthcare menstrual hygiene, and water, sanitation Ayushman Bharat initiative, making
innovation. and hygiene (WASH). Our STEM quality healthcare equitable and
internship program in India is now in its accessible to all. Such upgrades make
third year. these centres better equipped to serve
community healthcare needs.
Advance Develop differentiated India has a significant non-communicable - 
Screen more people
health equity solutions to alleviate disease burden (NCD). This is especially from low-income There has been a greater uptake for
through the burden of Non- in terms of cardiovascular and chronic communities for non- health services across the upgraded
partnership Communicable Diseases respiratory disease, cancer and diabetes. communicable diseases centers, following improved healthcare
(NCDs) through community- NCDs account for roughly 65% of all and bring them into the infrastructure, strengthened service
based and community- deaths in the country. Moreover, the care system early. delivery capabilities and community
led models of care population’s pressing problems include education campaigns.
that demonstrate both lack of access to quality, affordable - Forge new partnerships
with care providers for We have advanced access to quality and
operational and financial healthcare.
efficient, cost-effective affordable care across 29 districts in 15
sustainability and scale.
and sustained care states.
delivery.
A cloud-based application for low-
income communities to improve care
delivery and adherence to treatment has
been facilitated.

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Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

Focus Area Goals Progress made during the year Outlook for the current year 10. Details of review of NGRBCs by the Company :
We have supported Ayushman Bharat Indicate whether review was undertaken by
Program by upgrading 127 Primary Frequency (Annually/ Half yearly/
Director/ Committee of the Board/
Health Centers (PHCs) to Health and Subject for review Quarterly/ any other-please specify)
any other Committee
Wellness Centers (HWCs) by end of P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
FY 2023-24.
Performance against above Annually at the time of approval of
When comparing numbers between policies and follow up action Yes Business Responsibility and Sustainability
April 2020 – March 2021 and
Reporting
April 2023 – December 2023, some
specific examples of improvements in Compliance with statutory
impact include : requirements of relevance to the
Yes Annual basis
principles and rectification of
- 57% rise in outpatients facilitated
any non-compliances
- 50% increase in lab tests conducted
There was also a steady increase in the P1 P2 P3 P4 P5 P6 P7 P8 P9
number of outpatients diagnosed with 11. Has the Company carried out independent assessment/ Our policies are reviewed internally
various conditions : evaluation of the working of its policies by an external on a periodic basis. No review is conducted
- 186% rise in diabetes diagnosis agency? (Yes/ No). If yes, provide name of the agency. through an external agency.

- 129% increase in outpatients 12. If answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be stated :
detected with hypertension
Not Applicable
- 122% rise in detection of dental
related issues SECTION C : PRINCIPLE WISE PERFORMANCE DISCLOSURE

Governance, Leadership and Oversight Principle 1 : Businesses should conduct and govern themselves with integrity and in a manner that is
Ethical, Transparent and Accountable
7. Statement by Director responsible for the business responsibility report, highlighting ESG related challenges,
targets and achievements : Essential Indicators
Sustainability at Abbott is about how we bring our purpose to life. For us, it means managing our company to deliver long-
term impact for the people we serve – shaping the future of healthcare and helping the greatest number of people live 1. Percentage coverage by training and awareness programmes on any of the principles during the
better and healthier. It’s what we’ve been doing for more than 130 years (globally) and over 113 years (in India). And it’s why financial year 2023-24 :
health is at the center of our 2030 Sustainability Plan. We believe a sustainable future starts with health.
Total number %age of persons in
The best healthcare solution is the one that can reach the most people who need it. Abbott’s 2030 Sustainability Plan of training Topics/ principles covered under the training and its respective category
Segment
and awareness impact covered by the
outlines our focus on removing barriers to health, driving health equity, and designing access and affordability into our
programmes held awareness programmes
products.
The Company conducts familiarization programs for
By 2030, our goal is to improve the lives of 3 billion people globally a year – 1 in 3 people on the planet, reaching a billion its Board of Directors wherein sessions are held during
Board of
more than we do today. the year on the strategy, business operations, ethics
Directors 8 100%
and compliance policies, financials, risk management,
We’ll continue to deliver results in foundational sustainability areas as well, including doing our part to protect the (BOD)
internal controls and compliances, CSR and ESG and
environment and manage our business responsibly. We’re working across our operations and with key suppliers to EHS initiatives and projects.
conserve water, reduce carbon emissions and expand renewable energy use. We’ll reduce the environmental impact of our
product packaging and minimize waste in our operations through reuse and recycling. Abbott India is committed towards The KMPs and employees undergo various trainings/
contributing towards this goal. awareness sessions such as induction training at the
time of joining and leadership, policy, technical and
Ref : https://www.abbott.com/responsibility/sustainability.html Key Managerial compliance training and/ or certifications during the
Personnel course of employment, including :
8. 
Details of the highest authority responsible for (KMP) and
Swati Dalal 1 • Code of Business Conduct 100%
implementation and oversight of the Business Employees
Managing Director
Responsibility policy(ies). other than BOD • Global Anti-Corruption
9. Does the Company have a specified Committee and KMPs • Protecting Sensitive Data
Yes
of the Board/ Director responsible for decision • Abbott Enterprise Cybersecurity
Swati Dalal
making on sustainability related issues? (Yes/ No).
Managing Director • Scientific Research
If yes, provide details.

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Business Responsibility and Sustainability Report (Contd.)

Total number %age of persons in Non-Monetary

of training Topics/ principles covered under the training and its respective category NGRBC Has an appeal
Segment Name of the regulatory/ enforcement Brief of the
and awareness impact covered by the Principle been preferred?
agencies/ judicial institutions Case
programmes held awareness programmes (Yes/ No)
• Conflict of Interest Imprisonment - - - -
• Careful Communication Punishment - - - -
• Certification for Code of Business Conduct,
Confidential Information and Conflict of Interest 3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where
Certification for topics as under : monetary or non-monetary action has been appealed :
• Code of Business Conduct Name of regulatory/ enforcement
Workers 1 100% Case Details
• Confidential Information agencies/ judicial institutions

• Conflict of Interest Office of the Assistant Commissioner of Central Goods and Services Tax - Medchal Appeal has been filed with the Joint
Division, Secunderabad, levied a penalty of ` 1.69 Crores for the period from Commissioner, (Appeals), Hqrs.
2. Details of fines/ penalties/ punishment/ award/ compounding fees/ settlement amount paid/ levied July 2017 to March 2020 stating disallowance of ITC on account of non-filing of Office, Basheerbagh, Hyderabad.
in proceedings (by the Company or by Directors/ KMPs) with regulators/ law enforcement agencies/ GSTR-3B returns by suppliers and other reasons.
judicial institutions, in the financial year (disclosures on the basis of materiality as specified in Office of the Commissioner of Customs (Import), Air Cargo Complex, Sahar, Appeal has been filed with CESTAT
Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
Mumbai, levied Customs Duty amounting to ` 12.60 Crores under Section 28(4) (Customs, Excise and Service Tax
Monetary of the Customs Act 1962 along with applicable interest under Section 28AA of Appellate Tribunal), Mumbai.
Name of the
NGRBC regulatory/
Has an appeal the Customs Act, imposed redemption fine of ` 50 Crores in lieu of confiscation
Date Amount (in `) Brief of the Case been preferred? of imported goods under Section 125(1) of the Customs Act and imposed Penalty
Principle enforcement agencies/
(Yes/ No)
judicial institutions equal to duty of ` 12.60 Crores and applicable interest thereon under Section 114A
Penalty/ Fine*
January 3, 2024 - Office of the Assistant GST Tax authorities Disallowance of ITC Yes of the Customs Act, stating disallowance of classification of imported goods under
Commissioner of levied a penalty of ` 1.69 on account of non- CTH 29372300/ 29379090 by the Company/ importer and order to reclassify the
Central Goods Crores for the period filing of GSTR-3B same under CTH 30033900 of the Customs Tariff Act 1975.
and Services Tax - from July 2017 to March returns by suppliers
Medchal Division, 2020. and other reasons. 4. Does the Company have an anti-corruption or anti-bribery policy? If yes, provide details in brief and
Secunderabad if available, provide a web-link to the policy :
February 6, 2024 - Office of the Customs authorities : Disallowance of Yes
Commissioner of (1) Levied Customs classification of Yes. Abbott India has adopted the Abbott Global Anti-Corruption policy and the same is available on the intranet portal
Customs (Import), Duty amounting imported goods of the Company.
Air Cargo Complex, to ` 12.60 Crores under CTH
Sahar, Mumbai. under Section 28(4) 29372300/ 29379090 Our Code of Business Conduct, available in 29 languages, is foundational to ethical conduct at Abbott. Every employee
of the Customs Act by the Company/ is required to read and certify adherence to the code annually. This and other policies are designed to align with laws,
1962 along with importer and order regulations, and industry guidelines. Our Global Anti-Corruption Policy, which has been adopted locally by Abbott India,
applicable interest to reclassify the same prohibits bribery and corruption in any form. Employees complete annual training on this and other related policies.
under Section under CTH 30033900 Third parties (for example, distributors, dealers, wholesalers, resellers, and marketing partners promoting and
28AA of the of the Customs Tariff
Customs Act. Act 1975. selling Abbott products) with whom Abbott works are expected to hold themselves to the same ethical and legal
(2) Imposed redemp- compliance standards as Abbott; and we detail our expectations in our Third-Party Guidelines. Our process requires
tion fine of ` 50 Abbott businesses, subsidiaries and affiliates outside the U.S. to complete diligence before engaging third parties,
Crores in lieu of including screening suppliers, identifying high-risk partners and monitoring and mitigating potential risks.
confiscation of
imported goods 5. Number of Directors/ KMPs/ Employees/ Workers against whom disciplinary action was taken by any
under Section
law enforcement agency for the charges of bribery/ corruption :
125(1) of the
Customs Act. Nil
(3) Imposed Penalty
equal to duty of 6. Details of Complaints with regards to Conflict of Interest :
` 12.60 Crores and
applicable interest Nil
thereon under
Section 114A of the 7. Provide details of any corrective action taken or underway on issues related to fines/ penalties/ action
Customs Act. taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts
Settlement - - - - - of interest :
Compounding Fee - - - - -
* Disclosures on penalties and fines where the amount paid/levied is less than ` 0.05 Crores and the Company has not Not applicable
preferred an appeal, are available on the website of the Company at www.abbott.co.in.

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Business Responsibility and Sustainability Report (Contd.)

8. Number of days of accounts payables ((Accounts payable *365)/ Cost of goods/ services procured) 2. a. Does the Company have procedures in place 4. 
Whether Extended Producer Responsibility
FY 2023-24 FY 2022-23
for sustainable sourcing? (Yes/ No) (EPR) is applicable to the Company’s activities
(Yes/ No). If yes, whether the waste collection
Number of days of accounts payables 91 92 Yes. Abbott has been working on increasing the
sourcing of local packaging materials, thereby
plan is in line with the Extended Producer
9. Open-ness of business Responsibility (EPR) plan submitted to Pollution
reducing the need for transportation and the
Details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans and resultant vehicular emissions. For example, the Control Boards? If not, provide steps taken to
advances and investments, with related parties : bottles for liquid products are pre-sleeved and address the same.
procured locally from a vendor close to the plant. Yes, EPR is applicable to Abbott’s activities and a waste
Parameter Metrics FY 2023-24 FY 2022-23
There has been increasing focus on localizing collection plan has been submitted to the Central
Concentration of a) Purchases from trading houses as % of total purchases 82.95% 80.05% the supply chain through the alternative vendor Pollution Control Board in line with EPR.
Purchases development process.
b) Number of trading houses where purchases are made from 48 52 Principle 3 : Businesses should respect and promote
b. If yes, what percentage of inputs were sourced
c) Purchases from top 10 trading houses as % of total purchases 95.56% 95.28% the well-being of all employees, including those in
sustainably?
from trading houses their value chains
Concentration of a) Sales to dealers/ distributors as % of total sales 96.57% 95.83% Approximately 40% of the materials were
Sales purchased from local suppliers at Goa. Essential Indicators
b) Number of dealers/ distributors to whom sales are made 6,954 7,106 1. a. 
Details of measures for the well-being of
3. 
Describe the processes in place to safely Employees
c) Sales to top 10 dealers/ distributors as % of total sales to 12.10% 12.30%
reclaim your products for reusing, recycling
dealers/ distributors We have benefits and programs to care for the health and
and disposing at the end of life, for (a) Plastics
Share of RPTs in a) Purchases (Purchases with related parties/ Total Purchases) 14.02% 17.08% (including packaging) (b) E-waste (c) Hazardous well-being of our employees. Our approach is to provide
b) Sales (Sales to related parties/ Total Sales) 1.63% 1.23% waste and (d) other waste employees with a workplace environment that
c) Loans and advances (Loans and advances given to related NIL NIL Abbott focuses on the 3Rs–namely reduce, recycle and • Promotes diversity, equity and inclusion;
parties/ Total loans and advances) reuse. Abbott is engaged with key suppliers to reduce the
• Offers extensive professional development,
d) Investments (Investments in related parties/ Total NIL NIL environment impact of materials that become waste in
mentoring and training programs;
Investments made) our operations and is developing and tracking supplier
waste diversion initiatives. • Encourages and supports work-life harmony;
PRINCIPLE 2 : Businesses should provide goods and services in a manner that is sustainable and safe
Some of the hazardous waste is dispatched to cement • Offers competitive compensation and benefits;
Essential Indicators factories which utilize these materials as fuel for
• Provides means to listen to employees;
manufacturing cement, thereby recovering energy.
1. Percentage of R&D and Capital Expenditure (capex) investments in specific technologies to improve
the environmental and social impacts of product and processes to total R&D and capex investments Non-hazardous waste like paper, glass, metals, sanitary, • Commits to employee health and safety and offers
made by the Company, respectively : etc., are sent to approved vendors for recycling. wellness programs.
The Goa plant and Abbott BKC Corporate Office
FY 2023-24 FY 2022-23 Details of improvements in environmental and social impacts The India Wellness Program is a flagship program that
retained Abbott’s internal certification of Zero Waste
R&D NIL NIL - covers initiatives around physical, emotional, financial,
to Landfill (ZWL) which means no waste is disposed
Capex 3% 53% For FY 2023-24 and social wellness as the four key pillars of employee
of through landfilling, helping manage and reduce our
holistic well-being, and we continue to amplify it each
• Upgraded fall protection system at Goa plant. The fall protection system helps waste footprint.
employees work safely at heights to help prevent the risk of fall. year. In 2023 this program was branded as BeStrong with
The Company has engaged an authorized recycler for an increased focus on each pillar. Some key programs
For FY 2022-23
E-waste disposal. Other waste such as biomedical waste under the pillars include :
• Solar PV panel for Green power resulted in reduction of CO2 emissions and cost;
is sent to a vendor authorized by the Pollution Control
• Additional dust extraction systems to help reduce safety explosion risk along 1. Physical Wellness (branded as FitStrong) : Health
Board.
with improved industrial hygiene for shop floor employees; check-ups, on-site doctor, vaccination drives,
• Close loop powder transfer system to help enhance industrial hygiene of shop The Company adheres to the requirements of the Plastic awareness sessions on critical and lifestyle diseases
floor employees; Waste Management Rules, 2022 as laid down by the and exercise challenges are some programs that
• ETP upgrade with pretreatment and multi disk screw press to help better control Ministry of Environment, Forests and Climate change. are provided for employees to focus on their
of parameters and reduction in moisture content of sludge help us to reduce cost; The Company has entered into an agreement with waste physical health. We have an annual team challenge
• Brine chiller with Eco friendly refrigerant; management agencies for collecting and processing known as “Exercise Across Abbott” encouraging
plastic packaging waste across the states and union employees to form teams and publish daily exercise
• Sprinkler system for material store.
territories of India where it operates. accomplishments.

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 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

2. Mental/ Emotional Wellness (branded as • Counselling for work life balance, stress % of Employees covered by
MindStrong) : Wellness of the mind is as significant management, management skills and family Health Accident Maternity Paternity Day Care
and essential as our physical wellness. We support support, including legal and financial information. Total Insurance Insurance Benefits Benefits Facilities
Category
our employees on this journey by offering avenues (A) No. No. No.
While these initiatives are available to all employees, % (B/A) No. C % (C/A) % (D/A) No.(E) % (E/A) % (F/A)
where employees can learn from and leverage (B) (D) (F)
Abbott with its increased focus on improving gender
the knowledge of experts through programs diversity in the workplace has organized specific Permanent Employees
addressing various aspects of emotional well-being. programs for its women employees. These include Male 3,228 3,228 100% 3,228 100% NA 3,228 100% 177 5%
The MindStrong program is aimed to de-stigmatize mammography check-ups, financial planning sessions, Female 361 361 100% 361 100% 361 100% NA 141 39%
mental health issues and enable resilience. It was and specially curated health check-up packages.
Total 3,589 3,589 100% 3,589 100% 361 100% 3,228 100% 318 9%
launched under the India Wellness Program in
Some other initiatives under health and well-being Other than Permanent Employees
2020. Since then, initiatives have been taken on
include :
sensitive issues like dealing with stress, sleep, Male - - - - - - - - - - -
anger management, family, and time management. 1. Work Life Harmony : Abbott values working Female - - - - - - - - - - -
On the occasion of Mental Health Day, a 3-day together, face-to-face, and we care about providing
Total - - - - - - - - - - -
dedicated celebration known as “MindStrong Fest” flexibility for our employees. Because both are
was organized in October 2023. Multiple programs important, Abbott’s Flex Work policy is designed b. Details of measures for the well-being of Workers :
were executed including a Leadership Symposium to provide flexible work options to employees while
also acknowledging the distinct benefits of being at % of Workers covered by
and external speaker sessions that encouraged
work together. We view these initiatives not only as Health Accident Maternity Paternity Day Care
employees to be more open about mental health
important tools for talent attraction and retention, Total Insurance Insurance Benefits Benefits Facilities
issues and learn from the leaders and their Mental Category
(A)
but also as key components in our approach to No. No. No.
Health mantras. % (B/A) No. C % (C/A) % (D/A) No.(E) % (E/A) % (F/A)
diversity, equity and inclusion. (B) (D) (F)
3. Financial Wellness (branded as WealthStrong) : Permanent Workers
2. Listening to our employees : Your Voice Counts.
Sessions with experts were arranged to educate At Abbott, it is important for us to get the pulse Male 208 208 100% 208 100% NA 208 100% 23 11%
employees on financial planning to enable them of how our employees feel. With this objective in Female 17 17 100% 17 100% 17 100% NA 16 94%
to understand the basics of retirement planning, mind the Company introduced “Your Voice Counts” Total 225 225 100% 225 100% 17 100% 208 100% 39 17%
planning for financial uncertainties, debt survey. The survey is crucial to the Company as it
management, personal income tax awareness, etc. Other than Permanent Workers
helps to identify areas that our employees think are
important and need improvement. The survey is Male 41 41 100% 41 100% NA 41 100% - -
4. Social Wellness (branded as BondStrong) : We
anonymous, and employees are covered in a given Female 23 23 100% 23 100% 23 100% NA 7 30%
believe in a culture where employees understand
calendar year. The actions are driven in various Total 64 64 100% 64 100% 23 100% 41 100% 7 11%
the broader sense of purpose. There are various
areas that impact employees and initiatives taken
initiatives that are run throughout the year that
are communicated back. c. Spending on measures towards well-being of employees and workers (including permanent and other than
drive a sense of community and align employees
3. Employee Resource Groups : As part of our Diversity permanent)
towards the corporate social responsibility agenda.
One such initiative being Abbott’s consistent and Inclusion initiatives, our employes also have
FY 2023-24 FY 2022-23
participation in Tata Mumbai Marathon where access to numerous employee resource groups
like Women Leaders of Abbott (WLA), Working Cost incurred on well-being measures as a % of total revenue of the Company 0.11% 0.09%
Abbott leaders run as allies with differently abled
people to promote the spirit of inclusion. Mothers of Abbott (WMA), PRIDE Network India,
Abbott disABILITY Network India and Early 2. Details of retirement benefits, for current financial year and previous financial year :
Abbott continues to provide its employees a dedicated Career Network (ECN) which aid in networking,
FY 2023-24 FY 2022-23
Employee Assistance Program (EAP). At Abbott, we enhancing learning, support and engagement.
recognize that the right help at the right time can help No. of
Health and Safety No. of No. of No. of
workers Deducted and Deducted and
manage challenges or crises life may bring. The EAP Benefits employees employees workers
covered deposited with deposited with
We are committed to keeping our employees safe by covered covered covered
was started with this aim in mind. It is an independent as a % the authority the authority
preventing incidents in and around the workplace. as a % of total as a % of total as a % of
counselling and resource service sponsored by Abbott of total (Y/N/ N.A.) (Y/N/ N.A.)
employees employees total workers
We strive to maintain high standards of Environment, workers
for its employees. Its features include :
Health and Safety (EHS) practices. The Company PF 100% 100% Yes 100% 100% Yes
• 24/ 7 availability for employees and their families has global policies and standards regarding how we Gratuity 100% 100% Yes 100% 100% Yes
via phone, e-mail or live chat; manage employee health, safety and productivity.
The Company’s manufacturing plant and commercial ESI NA NA NA NA NA NA
• All calls are directed to psychologists;
sites adhere to auditing and reporting requirements,
• Assistance for personal issues that could affect which serve as a baseline for health and safety
health; performance worldwide.

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 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

3. Accessibility of workplaces : 7. Membership of Employees and Worker in association(s) or unions recognized by the Company :
Are the premises/ offices of the Company accessible to differently abled employees and workers, as per the FY 2023-24 FY 2022-23
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken No. of employees/ No. of employees/
by the Company in this regard. Total workers in Total workers in
Category employees/ respective employees/ respective
Abbott is an Equal Opportunity Employer and our vision in India is to build strength through diversity and celebrate workers in category, who % (B/A) workers in category, who % (D/ C)
our differences to become better together. We hire employees based on merit and suitability to the role. We have a respective are part of respective are part of
category (A) Association(s) category (C) Association(s)
global Disability Network which aims to be a best-in-class support for people of all abilities, and we launched the Abbott or Unions (B) or Unions (D)
disABILITY Network in India in 2023. The Company empowers people with disabilities to reach their fullest career Male 3,228 - - 3,140 - -
potential through a culture of understanding, awareness, advancement and advocacy for individuals with disabilities.
Female 361 - - 332 - -
The Company consistently works towards identifying the needs of differently abled employees and proactively supporting Total Permanent Employees 3,589 - - 3,472 - -
them. Persons With Disability (PWD) friendly requirements such as ramps, washrooms and IT assets are available at our Male 208 208 100% 211 211 100%
Mumbai BKC Office and Goa Plant.
Female 17 17 100% 17 17 100%
The Company engaged an agency dedicated to individuals with special needs and conducted sensitivity workshops for Total Permanent Workers 225 225 100% 228 228 100%
BKC Office based employees including contract, housekeeping and admin support.
To strengthen our representation of individuals who are differently abled, Abbott has launched an Internship Program in 8. Details of training given to Employees and Workers :
India in 2023 wherein individuals from differently abled and other diverse groups were onboarded in various departments FY 2023-24 FY 2022-23
like Marketing, Finance, Human Resources, Supply Chain, Operations, Innovation and Development, and IT. On Health
On Skill On Health and On Skill
Category Total and Safety Total
Upgradation Safety Measures Upgradation
4. Does the Company have an equal opportunity policy as per the Rights of Persons with Disabilities Act, (A) Measures (D)
2016? If so, provide a web-link to the policy? No. (B) % (B/A) No (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)

Yes, the Company has a comprehensive Equal Opportunity Policy as per the Rights of Persons with Disabilities Act, 2016. Permanent Employees
The Policy is available on https//www.abbott.co.in/investor-relations.html. Male 3,228 2,811 87.08% 2,811 87.08% 3,140 2,818 89.75% 2,818 89.75%
Female 361 197 54.57% 198 54.84% 332 242 72.89% 242 72.89%
5. Return to work and Retention rates of permanent employees and workers that took parental leave : Total 3,589 3,008 83.81% 3,009 83.83% 3,472 3,060 88.13% 3,060 88.13%
Permanent Employees Permanent Workers Permanent Workers
Gender
Return to work rate Retention rate Return to work rate Retention rate Male 208 184 88.46% 180 86.53% 211 186 88.15% 186 88.15%
Male 100% 92% 100% 100% Female 17 1 5.88% 1 5.88% 17 1 5.88% 1 5.88%
Female 100% 81% 100% 100% Total 225 185 82.22% 181 80.44% 228 187 82.02% 187 82.02%
Total 100% 90% 100% 100%  A
 ll employees are trained on EHS and on skill development through induction programs and site standard operating procedures. The training is
conducted at time of joining and on regular intervals thereafter.
6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and worker? If yes, give details of the mechanism in brief : 9. Details of Performance and Career Development reviews of Employees and Workers :
Yes/No (If Yes, then give details of the mechanism in brief ) FY 2023-24 FY 2022-23
Category
Permanent Workers Yes Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Other than Permanent Workers Yes Permanent Employees
Permanent Employees Yes Male 3,228 3,228 100% 3,140 3,140 100%
Other than Permanent Employees Not Applicable Female 361 361 100% 332 332 100%
Yes, Abbott is committed to building a cordial work atmosphere that fosters trust and collaboration, by resolving Total 3,589 3,589 100% 3,472 3,472 100%
grievances in a systematic, fair and timely manner. We have a Grievance Redressal Policy where the procedure, committee Permanent Workers
and individuals involved as part of a resolution process are specified. The Grievance Redressal Committee is involved in Male 208 208 100% 211 211 100%
resolving issues and the Grievance Process helps maintain a fair and equitable process. Employees can also report to Female 17 17 100% 17 17 100%
management through traditional communication channels. They also have access to a web portal and phone line through Total 225 225 100% 228 228 100%
our “Speak Up” portal. Our multilingual Ethics and Compliance Helpline is available globally 24/7 to voice concerns about
a potential violation of our Company’s values and Company’s Code of Business Conduct.

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 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

10. Health and safety management system : • Promoting a culture of safety : We encourage our employees to report any safety concerns or hazards without fear
a. Whether an occupational health and safety management system has been implemented by the Company? of retaliation. We have also established a reporting mechanism for safety concerns and the Company takes prompt
(Yes/No). If yes, the coverage of such system? action to address these.

Yes, the Company has implemented an occupational health and safety management system and is covered at all 13. Number of Complaints on the following made by Employees and Workers :
levels at the Goa plant, field forces and offices.
FY 2023-24 FY 2022-23
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine Pending Pending
basis by the Company? Filed during resolution Filed during resolution
Remarks Remarks
the year at the end of the year at the end of
The Company has deployed a risk assessment tool, gap assessment tool, incident reporting and investigation and year year
trend analysis to identify work-related hazards and assess risks on a routine and non-routine basis. Working Conditions - - - - - -
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from Health and Safety - - - - - -
such risks. (Y/N)
Protocols to report work-related hazards are implemented in both manufacturing plants and commercial operations. 14. Assessments for the year :
At Plants, the site safety committee is responsible for analyzing the reports and act to minimize work-related hazards. % of your plants and offices that were assessed
In commercial operations, the EHS Liaisons of business affiliates work closely with the EHS team in addressing (by Company or statutory authorities or third parties)
reports of work-related hazards. In addition to these, implementation of Behavior Based Safety (BBS) helps us to Health and safety practices -
observe the hazards and implement corrective actions to address them. Working Conditions Vendor Labor compliance audit has been conducted for BKC Office.
d. Do the employees/ workers of the Company have access to non-occupational medical and healthcare services?
(Yes/No) 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 and safety practices and working
Yes, non-occupational medical services are offered to all employees/ workers at Occupational Health Center. All our
office employees are covered under medical insurance.
conditions :
In 2023-24, various corrective actions were taken for the safety incidents which occurred at the manufacturing site.
11. Details of safety related incidents : The corrective actions included improving machine guarding on certain equipment, adjusting work surfaces to minimize
Safety Incident/ Number Category FY 2023-24 FY 2022-23
trip hazards and reducing the use of sharps. These actions were shared with applicable personnel. For field-based
Lost Time Injury Frequency Rate (LTIFR) Employees 2.63 2.22 employees, corrective coaching was conducted for drivers who were involved in preventable incidents.
(per one million-person hours worked) Workers - -
Total recordable work-related injuries Employees 23 20
Principle 4 : Businesses should respect the interests of and be responsive to all its stakeholders
Workers - -
Essential Indicators
No. of fatalities Employees - -
Workers - - 1. Describe the processes for identifying key stakeholder groups of the Company :
High consequence work-related injury or ill-health Employees - -
The Company recognizes that listening to its stakeholders and responding thoughtfully to their concerns and ideas are
(excluding fatalities) Workers - -
vital to its success as a business and to its progress as a global corporate citizen. Understanding stakeholder insights helps
the Company to develop new products to address unmet health needs; educate patients; engage healthcare professionals
12. Describe the measures taken by the Company to ensure a safe and healthy workplace :
and understand how and where our Company can make a real difference. The Company engages with a broad range
We are committed to supporting a safe and healthy workplace for our employees, visitors, and contractors. We have
of stakeholders including Patients, Consumers and Customers; Governments and Regulators; Healthcare Professionals;
implemented several measures to help ensure safety and well-being at the workplace. Some of these are :
Employees; NGOs; Local Communities; Suppliers and Shareholders. Stakeholder engagement is conducted through many
• Implementation of safety policies and procedures : We have defined safety policies and procedures in place that associations and partnerships of which the Company is a member. The Company also seeks to engage with stakeholders
are regularly updated to help ensure compliance with local laws and regulations. We provide regular safety training more informally, through networks and organizations in which it participates.
to employees to help ensure that they are aware of safety protocols and standards to be followed.
• Conduct regular safety inspections : We conduct regular safety inspections of our facilities to identify potential
hazards and risks and take corrective measures to mitigate identified risks to provide a safe working environment.
• Providing Personal Protective Equipment (PPE) : We provide appropriate PPE to employees based on their work
requirements. We also take steps to ensure that the PPE provided is of high quality and meets safety standards. We
provide training to employees on the proper use, maintenance and disposal of PPE.

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 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

2. List stakeholder groups identified as key for your Company and the frequency of engagement with each Whether Frequency of
stakeholder group : identified as Channels of Communication Engagement
Stakeholder Purpose and scope of engagement
Vulnerable (E-mails, SMS, Newspaper, Pamphlets, (Annually/
Group including key topics and concerns
Whether Frequency of and Advertisement, Community meetings, Half-yearly/
raised during such engagements
identified as Channels of Communication Engagement Marginalized Notice Board, Website, Others) Quarterly/
Stakeholder Purpose and scope of engagement Group Others)
Vulnerable (E-mails, SMS, Newspaper, Pamphlets, (Annually/
Group including key topics and concerns
and Advertisement, Community meetings, Half-yearly/ Employees No - Mass Communication Regular Employees are engaged on various
raised during such engagements
Marginalized Notice Board, Website, Others) Quarterly/
Channels : e-mails, news- aspects like :
Group Others)
letters, surveys, townhalls
Shareholders/ No - Annual Shareholders’ Annual/ Providing adequate and timely - Organization updates
Investors Meetings Quarterly/ information about the financial - Internet Portal : aLIVE, Viva
- Communication about
need basis performance of the Company and Engage
- Investor Group Meetings benefits, policies and
other updates relevant to them processes
- Employee Networking and
- Annual Report Resource Groups
- Employee Health, Safety,
- Investor section on - Employee Volunteering Pro- and Wellbeing Programs -
Company’s website at Training/ skill development
gram and Employee Giving
www.abbott.co.in programs
Campaigns
- Through Stock Exchange
- Technology levers : Chatbots, - Enhancing the overall
intimations
Abbott World – an employee employee experience
Healthcare No - Sales Team visits Regular - Inform HCPs about Abbott intranet platform, Microsoft
Professionals Therapies/ Brands/ Evidence - Creating an inclusive culture
- Continuing Medical Education Teams
(HCPs) based Science and making employee voices
and Workshops - Company Notice Boards and feedback count through
- Medical Conferences - Updating scientific knowledge opportunities like Focus
and skills of HCPs through - Company website Group Discussions/ Surveys,
- Patient support or education CMEs and Workshops etc.
programs
- Clinical research and Communities Yes - Community engagement Regular - Community engagement
- Digital Therapy updates Publications with HCPs programs with SEWA, programs
through e-mails Americares and Smile
- Responding to scientific
- Abbott Therapy websites Foundations, Health Clinics
medical queries of HCPs
- Scientific Knowledge digital Suppliers No - Supplier Guidelines published Periodically - Supplier Evaluation
- Support conduct of Patient
platforms in multiple languages, Supplier
Education/ Diagnosis - Supplier Meetings
Social Responsibility Program,
- Advisory Boards programs
including surveys, Supplier
- Seek insights from HCPs on audit programs, e-mails and
challenges/ needs in clinical other communication
practice Government No - Trade Associations/ Chambers Periodically - Partner with Government
Patients No - Therapy websites On need - Patient Information materials to support Indian National
- Direct engagements
- Patient awareness services basis for reference policies or programs
(print, digital and online - Responding to the questions/
media, radio awareness) correspondence received Principle 5 : Businesses should respect and promote human rights
through Company website/
e-mails Essential Indicators

1. Employees and Workers who have been provided training on human rights issues and policy(ies) of the
Company :
FY 2023-24 FY 2022-23
Category No. of employee/ No of employees/
Total (A) % (B/A) Total (C) % (D/C)
workers covered (B) workers covered (D)
Employees
Permanent 3,589 3,589 100% 3,472 3,472 100%
Other than permanent - - - - - -
Total Employees 3,589 3,589 100% 3,472 3,472 100%

94 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 95

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

FY 2023-24 FY 2022-23 Abbott is committed to providing a cordial work we operate, as well as through our policies and programs.
Category No. of employee/ No of employees/ atmosphere for employees to foster trust and We take steps to prohibit illegal and inappropriate labor
Total (A) % (B/A) Total (C) % (D/C)
workers covered (B) workers covered (D) collaboration, by resolving grievances in a systematic, conditions and inhumane treatment in our workplaces
Workers fair and timely manner. The Grievance Redressal Policy and in connection with our business activities.
Permanent 225 225 100% 228 228 100% is laid out wherein the procedure, committee and
Our global guidelines include :
Other than permanent 64 64 100% 149 149 100% individuals involved as part of the resolution process are
specified. The Grievance Redressal Committee resolves • Providing a healthy and safe working environment
Total Workers 289 289 100% 377 377 100%
issues through effective communication, initiative and • Promoting workforce diversity and not
sound judgement. Over the year, multiple employee discriminating against any employee for reasons
2. Details of minimum wages paid to Employees and Workers
awareness sessions have been held to build better such as race, religion, color, age, gender, ethnicity,
FY 2023-24 FY 2022-23 understanding amongst employees of the Grievance
Equal to More than Equal to More than
disability, marital status and sexual orientation, in
Category Total Total Redressal Process and the Committee responsible for addition to any other status protected by local law
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
(A) (D) addressing their grievances. The Company has also
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
• Not tolerating harassment or harsh or inhumane
Employees established an Internal Complaints Committee (ICC), to
treatment in the workplace
Permanent address any matters of sexual harassment through a fair
Male 3,228 - - 3,228 100% 3,140 - - 3,140 100% investigation. • Protecting individual privacy
Female 361 - - 361 100% 332 - - 332 100%
Other than Permanent There are various leadership touch points created • Providing compensation and benefits that are
Male - - - - - - - - - - for employees through town halls, cycle meets, field competitive and comply with applicable laws for
Female - - - - - - - - - - visits and various other forums to enable a culture of minimum wages, overtime and mandated benefits
Workers open communication. The “Your Voice Counts” survey as well as complying with child labor laws
Permanent feedback is reviewed by the leadership on regular basis, • Encouraging open communication between the
Male 208 - - 208 100% 211 - - 211 100% to further strengthen the employee experience.
Female 17 - - 17 100% 17 - - 17 100% management and employees.
Other than Permanent Abbott has various initiatives and policies that help Abbott maintains an open working environment
Male 41 - - 41 100% 118 - - 118 100% provide support systems to employees like 24x7 that allows free exchange of information through
Female 23 - - 23 100% 31 - - 31 100% Employee Assistance Programs, Distress Management communication channels across the organization. All
Protocol, Employee Health and Safety Processes and employees are allowed to share their concerns, problems,
3. Details of remuneration/ salary/ wages
policies like Equal Opportunity Employer Policy, questions or suggestions without any fear of retaliation,
a. Median remuneration/ wages Prevention of Sexual Harassment, Prevention of and it is vital that these concerns are discussed and
Workplace Harassment which helps foster a positive resolved in a timely manner.
(` in Crores)
work environment. Under ‘Project Respect’, the
Male Female The Company offers several channels where individuals
Median Median Company has also conducted multiple in-person
can ask questions and raise concerns. Employees
Category remuneration/ remuneration/ workshops for people managers, to further build on
Number Number can report to management through traditional
salary/ wages of salary/ wages of their leadership capabilities in terms of leading with
respective category respective category communication channels but also have access to a web
respect, empathy, and inclusion.
Board of Directors (BoD) 5 0.23 3 0.31 portal and phone line through our “Speak Up” portal.
Key Managerial Personnel (KMP) 1 2.85 1 0.54 For addressing matters pertaining to sexual harassment, Our multilingual Ethics and Compliance Helpline is
Employees other than BoD and KMP 3,227 0.10 360 0.09 there is a policy as laid down under the law, under which available globally 24/ 7 to voice concerns about a potential
Permanent Workers 208 0.12 17 0.06 an Internal Complaints Committee has been established, violation of our Company’s values and Company’s Code
which investigates such matters. Also, annual refresher of Business Conduct.
b. Gross wages paid to females as % of total wages paid by the Company
training is given to employees.
FY 2023-24 FY 2022-23
By creating open channels of communication, Abbott
promotes a positive work environment, while also
Gross wages paid to females as % of total wages 11% 11% 5. Describe the internal mechanisms in place to
fostering a culture of integrity and ethical decision-
redress grievances related to human rights
making. “SpeakUp” provides an avenue for employees
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues.
and/ or others to raise concerns perceived or known in
issues caused or contributed to by the business? (Yes/No) The Company believes in the dignity of every human the work environment.
Yes. The Company offers several channels where individuals can ask questions and raise concerns. Employees can report to being and respects individual rights. These principles
management through traditional communication channels but also have access to a web portal and phone line through our are reflected in the Company’s mission and core values Our Diversity and Inclusion vision in India focuses on
and are reinforced through our global employment building strength through diversity and ensuring there
“Speak Up” portal. Our multilingual Ethics and Compliance Helpline is available globally 24/7 to voice concerns about a
policies. We contribute to the fulfilment of human rights is no discrimination. We have inclusive policies and
potential violation of our Company’s values and Company’s Code of Business Conduct.
through compliance with laws and regulations wherever hiring practices. There is also a high focus on building

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Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

capability, mindset, forums, and employee networks As a preferred employer, Abbott is committed to provide 7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
to duly support diverse employee groups and help equal employment opportunity. Abbott views the unique Redressal) Act, 2013
them network with allies in the system. The Company differences and perspectives that individuals bring to
also ensures due sensitization and awareness sessions the workplace as integral to our success in business. FY 2023-24 FY 2022-23
are held for employees around Pride and Disability
Abbott has an Employee Assistance Program (EAP) to Total Complaints reported under Sexual Harassment of Women at Workplace 3 1
networks, to enable them to contribute to creating an
help our employees get the right help from psychologists (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
inclusive environment for all.
at the right time to help manage personal or professional Complaints on POSH as a % of female employees/ workers 0.75% 0.26%
Abbott is committed to providing a cordial work
challenges. It is an independent counselling and resource Complaints on POSH upheld 3 1
atmosphere to foster trust and collaboration for
employees, by resolving grievances in a systematic, service sponsored by Abbott for its employees and their
families. 8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment
fair, and timely manner. In cases where an informal
cases
resolution could not be achieved, the Grievance A Distress Management Protocol exists to enable
Redressal Policy is laid out wherein the procedure, The Company does not tolerate retaliation against anyone who reports a violation of Company policy in good faith.
managers and HR business partners to gauge a distress
committee and individuals involved as part of the These policies are well publicized and enforced throughout the Company. It is the Company’s philosophy to maintain
situation and proactively offer support to the employee, an open working environment that allows free exchange of information through communication channels across the
resolution process are specified. Grievance Redressal
where possible, in a timely, empathetic, and judicious organization. All employees are allowed to share their concerns, problems, questions or suggestions without any fear of
Committee is involved in resolving issues through
manner. retaliation, and it is vital that these concerns are discussed and resolved promptly. In line with the Grievance Redressal
effective communication, initiative, and sound
judgment. The Grievance Committee reviews open Employee Health and Safety is of paramount importance, Policy, Abbott does not retaliate when a grievance is raised. We have an annual training on the Code of Business Conduct
cases if any, to determine speedy closure and to ensure and we are committed to helping our employees stay safe and Prevention of Sexual Harassment (POSH) for employees. We reinforce the aspect of no retaliation for the complainant
due preventive and corrective measures are taken. during these trainings.
by preventing incidents in and around the workplace.
Employees are also duly trained from time-to-time on We strive to maintain high standards of Environment,
the Grievance Redressal Process. Multiple employee 9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Health, and Safety (EHS) practices. The Company has
awareness sessions have been held for our teams to We are committed to upholding the fundamental principles of human rights, labor, environmental protection and anti-
global policies and standards regarding how we manage
build better understanding amongst employees of corruption to ensure long-term business success for Abbott and our suppliers and to improve lives around the world.
employee health and safety.
the Grievance Redressal Process and the Committee Our Abbott Global Supplier Guidelines establish expectations for suppliers we work with, aligning with internationally
responsible to address their grievances. In their daily work, employees may encounter work- recognized and industry-accepted guidelines. Through the Guidelines, we detail our expectations that suppliers conduct
The Internal Complaints Committee (ICC) established related queries and issues. A dedicated “1 Point” Team business in compliance with relevant legal requirements and industry codes. When asked, suppliers are expected to
to address matters pertaining to sexual harassment, has been established to enable employees to log their demonstrate compliance at the request and to the satisfaction of Abbott through our Supplier Responsibility program.
ensures a fair investigation is conducted to enable speedy queries through a system and get a time bound response We have started embedding a social responsibility clause in applicable procurement contracts detailing our values and the
resolution. to the same. expectation that vendors comply with our Supplier Guidelines and remediate identified issues. Further, all other business
agreements and contracts have a clause obligating the vendors to comply with all the applicable central, state and local
6. Number of complaints made by Employees and Workers :
laws, regulations and guidance documents including, but not limited to, privacy and data protection laws, tax laws and
FY 2023-24 FY 2022-23 regulations; labour laws and regulations.
Pending Pending 10. Assessments for the year :
Complaints Filed Filed
resolution at resolution at
during Remarks during Remarks
the end of the end of % of your plants and offices that were assessed
the year the year
year year (by Company or Statutory authorities or third parties)
Sexual Harassment 3 - - 1 - - Child labour 100%
Discrimination at workplace - - - - - - Forced/ involuntary labor 100%
Sexual harassment 100%
Child Labour - - - - - -
Discrimination at workplace 100%
Forced Labour/ Involuntary Labour - - - - - -
Wages 100%
Wages - - - - - -
Other Human Rights related issues - - - - - - 11. Provide details of any corrective actions taken or underway to address significant risks/ concerns arising
from the assessments at Question 10 above :
Total 3 - - 1 - -
Based on the annual compliance audit conducted internally, there were no significant risks/ concerns arising from the
assessments at Question 10 above.

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Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

Principle 6 : Businesses should respect and make efforts to protect and restore the environment# 3. Provide details of the following disclosures related to water :
Essential Indicators Parameter Unit FY 2023-24 FY 2022-23
Water withdrawal by source
1. Details of total energy consumption (in Joules or multiples) and energy intensity :
(i) Surface water - -
Parameter Unit FY 2023-24 FY 2022-23 (ii) Groundwater - -
From renewable sources (iii) Third party water KL 55,093.05 81,686.00
Total electricity consumption (A) (Solar) GJ 1,028.75 168.05 (iv) Seawater/ desalinated water - -
Total fuel consumption (B) GJ - - (v) Others - -
Energy consumption through other sources (C) (HVAC) GJ 1,110.39 - Total volume of water withdrawal (i + ii + iii + iv + v) KL 55,093.05 81,686.00
Total energy consumed from renewable sources (A+B+C) GJ 2,139.14 168.05 Total volume of water consumption KL 30,654.85 56,222.84
From non-renewable sources Water intensity per rupee of turnover KL/ Crore INR 5.30 10.64
Total electricity consumption (D)* GJ 24,034.17 27,155.69 (Total water consumption/ revenue from operations)
(Diesel) GJ 3,086.55 3,386.57 Water intensity per rupee of turnover adjusted for KL/ Crore INR 118.80 235.85
Total fuel consumption (E) Purchasing Power Parity (PPP)
(Gas) GJ 918.15 0.99
(Total water consumption/ revenue from operations
Energy consumption through other sources (F) (Bio Briquette) GJ 15,434.02 7,474.04
adjusted for PPP)
Total energy consumed from non-renewable sources (D+E+F) GJ 43,472.89 38,017.29
Water intensity in terms of physical output KL/ MT of 3.61 5.16
Total energy consumed (A+B+C+D+E+F) GJ 45,612.03 38,185.34 production
Energy intensity per rupee of turnover GJ/ Crore INR 7.89 7.23
*BKC Office data is calculated basis area occupied, Sales Offices data is calculated basis IS 1172:1993 and Goa Plant data is based on actuals.
(Total energy consumed/ revenue from operations)
Energy intensity per rupee of turnover adjusted for GJ/ Crore INR 176.77 160.19 Indicate if any independent assessment/ evaluation/ assurance has been carried out by an external agency? (Y/N)
Purchasing Power Parity (PPP) If yes, name of the external agency.
(Total energy consumed/ revenue from operations adjusted for PPP) A reasonable assurance has been carried out by an independent external agency, DNV Business Assurance.
Energy intensity in terms of physical output GJ/ MT of 5.37 3.51
4. Details relating to water discharged
production
Parameter Unit FY 2023-24 FY 2022-23
BKC Office data is calculated basis area occupied and Sales Offices and Goa Plant data are based on actuals.
#

Water discharge by destination and level of treatment*

Indicate if any independent assessment/ evaluation/ assurance has been carried out by an external agency? (Y/N) (i) To Surface water - -
If yes, name of the external agency.
(ii) To Groundwater - -
A reasonable assurance has been carried out by an independent external agency, DNV Business Assurance. (iii) To Seawater - -
2. Does the Company have any sites/ facilities identified as Designated Consumers (DCs) under the (iv) Sent to third-parties - -
Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose (v) Others - -
whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, - No treatment - -
provide the remedial action taken, if any.
- With treatment – Primary and Secondary level of KL 24,438.20 26,506.00
Since the Company is engaged in pharmaceutical sector, it is not identified as DC under the PAT scheme. treatment
Total water discharged KL 24,438.20 26,506.00
*BKC Office data is calculated basis area occupied, Sales Offices data is calculated basis IS 1172:1993 and Goa Plant data is based on actuals.

Indicate if any independent assessment/ evaluation/ assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency.
A reasonable assurance has been carried out by an independent external agency, DNV Business Assurance.

Excludes Nepal Office.

#

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Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

5. Has the Company implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its The Company also installed a Solar power system of 286 kwp covering the terrace area of Goa plant. The system was
coverage and implementation commissioned from January 2023. This system is designed to generate power and is inbuilt with net meeting system and
No anti-islanding protection in case of grid power failure. Key benefits of this system are :
i. Generated 286 MWH of power for year 2023-24
6. Please provide details of air emissions (other than GHG emissions) by the Company
ii. Carbon emission reduction of 198 MT
Parameter Unit FY 2023-24 FY 2022-23 iii. Guaranteed power generation for over 20 years
NOx g/ kw-hr 0.2 0.45 iv. Minimum maintenance required for panel cleaning
SOx kg/ hr 0.2 0.23
Particulate Matter (PM) mg/ Nm3 107 110
9. Provide details related to waste management by the Company :
Persistent Organic Pollutants (POP) - - - Parameter Unit FY 2023-24 FY 2022-23
Volatile Organic Compounds (VOC) - - - Total Waste Generated
Hazardous Air Pollutants (HAP) - - - Plastic waste (A) MT 274.70 63.20
E-waste (B) MT 0.47 3.26
Indicate if any independent assessment/ evaluation/ assurance has been carried out by an external agency? (Y/N) Bio-medical waste (C) MT 1.30 1.00
If yes, name of the external agency. Construction and demolition waste (D) - -
No Battery waste (E) - -
Radioactive waste (F) - -
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity Other Hazardous waste (G) MT 329.33 270.00
Parameter Unit FY 2023-24 FY 2022-23 Other Non-hazardous waste generated (H) MT 140.29 163.96
Total Scope 1 emissions (Break-up of the GHG into CO2, MT of CO2 298.95 315.00 Total (A+B+C+D+E+F+G+H) MT 746.09 501.42
CH4, N2O, HFCs, PFCs, SF6, NF3, if available)* equivalent Waste intensity per rupee of turnover MT/ Crore INR 0.13 0.09
Total Scope 2 emissions (Break-up of the GHG into CO2, MT of CO2 4,907.11 5,572.90 (Total waste generated/ revenue from operations)
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent Waste intensity per rupee of turnover adjusted for MT/ Crore INR 2.89 2.10
Purchasing Power Parity (Total waste generated/ revenue
Total Scope 1 and Scope 2 emission intensity per rupee of MT of CO2 0.90 1.11
from operations adjusted for PPP)
Turnover equivalent/
(Total Scope 1 and Scope 2 GHG emissions/ revenue from Crore INR Waste intensity in terms of physical output MT/ MT of 0.09 0.05
operations) production
Total Scope 1 and Scope 2 emission intensity per rupee of MT of CO2 20.18 24.70 For each category of waste generated, total waste recovered
Turnover adjusted for Purchasing Power Parity equivalent/ through recycling, re-using or other recovery operations
(Total Scope 1 and Scope 2 GHG emissions/ revenue from Crore INR Category of waste
operations adjusted for PPP) (i) Recycled MT 155.11 144.78
Total Scope 1 and Scope 2 emission intensity in terms of MT of CO2 0.61 0.54 (ii) Re-used MT 242.86 -
physical output equivalent/ MT (iii) Other recovery operations MT 17.43 85.39
of production Total MT 415.40 230.17
*BKC Office and Sales Offices do not have Scope 1 emissions For each category of waste generated, total waste disposed
Indicate if any independent assessment/ evaluation/ assurance has been carried out by an external agency? (Y/N) by nature of disposal method
If yes, name of the external agency. Category of waste
(i) Incineration MT 330.67 271.25
A reasonable assurance has been carried out by an independent external agency, DNV Business Assurance.
(ii) Landfilling Company is committed to
8. Does the Company have any project related to reducing Green House Gas emission? If yes, then provide Zero Waste to Landfill
details. and is also ZWL certified
The Company’s head office at Mumbai has switched to Green energy for a portion of the electricity consumption which is (iii) Other disposal operations NA NA
facilitated through building utilities (HVAC system). The office premises are equipped with motion sensors and lux level- Total MT 330.67 271.25
based controls for the lighting system that facilitates utilization of natural light and optimization of electricity for lighting.
Indicate if any independent assessment/ evaluation/ assurance has been carried out by an external agency? (Y/N)

The Smartsense system is based on sensors installed across utilities which monitor the electricity usage in a live manner
If yes, name of the external agency.
and facilitates interventions as necessary to optimize energy usage. An investment was made to facilitate VRF systems for
critical rooms (Server rooms, UPS room etc.) with the aim to reduce energy consumption. A reasonable assurance has been carried out by an independent external agency, DNV Business Assurance.

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Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy 2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct
adopted by your Company to reduce usage of hazardous and toxic chemicals in your products and by the Company, based on adverse orders from regulatory authorities
processes and the practices adopted to manage such wastes. Not Applicable
Abbott has a continuous focus on the 3Rs–namely reduce, recycle and reuse. Certain waste and sludge are dispatched
Principle 8 : Businesses should promote inclusive growth and equitable development
to cement factories which utilize these materials as fuel for manufacturing cement, thereby recovering energy. Non-
hazardous waste like paper, glass, metals, and sanitary are sent to approved vendors for recycling. The Goa plant and Essential Indicators
Corporate Office at BKC retains its certification of Zero Waste to Landfill (ZWL) which means no waste is disposed of
through landfilling, helping to protect the environment from degradation. 1. Details of Social Impact Assessments (SIA) of projects undertaken by the Company based on applicable
laws, in the current financial year
The Company has engaged with the authorized recycler for E-waste disposal. Other Waste such as biomedical waste is
During the year, the Company was not required to undertake any SIA under the Right to Fair Compensation and
sent to vendor authorized by the Pollution Control Board.
Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013.
The Company is adhering to the requirements of Plastic Waste Management Rules as laid down by the Ministry of
The Company has however undertaken the following SIA of its CSR activities :
Environment, Forests and Climate change. The Company has entered into agreement with waste management agency for
collecting and processing plastic packaging waste, from the states and union territories of India where it operates. Whether conducted Results
SIA
Name and brief of Date of by independent communicated
Notification Relevant Web-link
The Company’s Head office at Mumbai uses Stabilized Aqueous Ozone (SAO) for cleaning, which is effective and is more project notification external agency in public domain
No.
environmentally friendly. The office also undertakes several initiatives to raise awareness of Sustainability and Circular (Y/N) (Y/N)
economy topics by organizing activities during Earth Week. We provided education on topics such as waste management STEM Labs and NA NA Yes Yes
and how to recycle. Additionally, we organized donation drives for the collection of old clothes, books, stationery, toys, Healthy Living
footwear etc. from employees. These donations were provided to NGO’s for further distribution to the needy with the Sessions
hope of preventing them from going to a landfill. We have also conducted clean-up drives across beaches. PHC upgradation NA NA Yes Yes https://www.abbott.co.in/
program investor-relations.html
11. If the Company has operations/ offices in/ around ecologically sensitive areas (such as national parks, NCD awareness NA NA Yes Yes
wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation program
zones etc.) where environmental approvals/ clearances are required, please specify details Health clinics NA NA Yes Yes
None
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
12. Details of environmental impact assessments of projects undertaken by the Company based on applicable undertaken by your Company
laws, in the current financial year Not applicable
During the year, the Company was not required to undertake any Environment Impact Assessment under applicable 3. Describe the mechanisms to receive and redress grievances of the community
regulations.
Abbott regularly engages with its stakeholders and key community institutions relevant to projects. Detailed and
structured community interactions are planned periodically to review the ongoing activities with the changing priorities
13. Is the Company compliant with the applicable environmental law/ regulations/ guidelines in India; such and needs of the stakeholders and key community institutions. Abbott’s CSR programs adopt a bottom-up approach by
as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, keeping the community needs and priorities at the centre of its interventions. Issues, complaints and grievances identified
Environment Protection Act and Rules thereunder (Y/N) as part of these engagements are further investigated and addressed.
Yes
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers
Principle 7 : Businesses when engaging in influencing public and regulatory bodies, should do so in a manner FY 2023-24 FY 2022-23
that is responsible and transparent Directly sourced from MSMEs/ Small Producers 18.87% 14.85%
Essential Indicators Directly from within India 39.68% 22.43%

1. a. Number of affiliations with trade and industry chambers/ associations 5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or
The Company is affiliated with one industry chamber/ association workers employed on a permanent or non-permanent/ on contract basis) in the following locations, as %
of total wage cost
b. List the top 10 trade and industry chambers/ associations (determined based on the total members Location* FY 2023-24 FY 2022-23
of such body) the Company is a member of/ affiliated to
Rural 0.44% 0.20%
Sr. Name of the trade and industry chambers/ Reach of trade and industry chambers/ associations Semi-urban 0.29% 0.24%
No. associations (State/ National)
Urban 11.90% 11.13%
1. Confederation of Indian Industry (CII) National Metropolitan 87.37% 88.43%
*excludes Nepal office

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 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Business Responsibility and Sustainability Report (Contd.)

Principle 9 : Business should engage with and provide value to their customers in a responsible manner 4. Details of instances of product recalls on account of safety issues
Number Reasons for recall
Essential Indicators
Voluntary recalls 2 Thyronorm labeling issue,
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback Digene Gel Micro product issue
The Company has a complaint handling system/ mechanism to receive and respond to the complaints from consumers Forced recalls Nil Nil
and healthcare professionals regarding product quality, adverse events, vigilance reporting and post-release product
actions. The Quality department of the organization has the responsibility for oversight of all product quality complaints 5. Does the Company have a framework/ policy on cyber security and risks related to data privacy?
and their management processes, including establishment and maintenance of written standard operating procedures. (Yes/No) If available, provide a web-link of the policy.
The Company’s Pharmacovigilance System is designed to allow for early detection of potential safety signals and to Yes, the Company has a Policy on Cyber Security and risks related to data privacy. The same is available on the website
take prompt action as necessary to help safeguard patient safety. In the interest of protecting patients, ongoing safety of the Company at https://www.abbott.co.in/investor-relations.html.
surveillance is conducted centrally for all Abbott products to identify, evaluate, and respond to emerging safety signals.
Safety signals identified through standardized surveillance activities or other signal sources are thoroughly analyzed and
6. Provide details of any corrective actions taken or underway on issues relating to advertising and delivery
documented according to internal processes. Compliance with the processes is continuously monitored.
of essential services; cyber security and data privacy of customers; re-occurrence of instances of product
recalls; penalty/ action taken by regulatory authorities on safety of products/ services.
Procedures that define responsibilities for the oversight of complaint management systems, including the following
Not applicable
• Managing the complaint process, including complaint intake, investigations and resolution.
• Reviewing complaint documentation, closures or other final actions. 7. Provide the following information relating to data breaches
a. Number of instances of data breaches - None
• Maintaining complaint records, including written and other versions (e.g., electronic media).
b. Percentage of data breaches involving personally identifiable information of customers - NA
• Assuring that complaint records are readily accessible to the product manufacturing site(s) and responsible qualified
person, if applicable. c. Impact, if any, of the data breaches - NA
• Assuring evaluation of complaints for regulatory reporting is performed.
Disclaimer
• Handling of complaints in compliance to local health authority requirement.
The information furnished in the above Report is extracted out of system maintained by the Company and/ or manually.
The Company has taken certain assumptions in the definitions/ terminology to arrive at the data.
2. Turnover of products/ services as a percentage of turnover from all products/ service that carry
information about
As a percentage to total turnover
Environmental and social parameters relevant to the product -
Safe and responsible usage 100%
Recycling and/ or safe disposal -
 ote : The Company does not maintain/ record data pertaining to the percentage of turnover of products of the Company that carry information
N
regarding environmental/ social parameters relevant to the product and recycling and/ or safe disposal of the products. The Company complies with
applicable laws and regulations regarding product labelling and information.

3. Number of consumer complaints in respect of the following

FY 2023-24 FY 2022-23
Pending Pending
Received Remarks Received Remarks
resolution resolution
during the during the
at the end at the end
year year
of the year of the year
Data Privacy - - - - - -
Advertising - - - - - -
Cyber-security - - - - - -
Delivery of Essential Services - - - - - -
Restrictive Trade Practices - - - - - -
Unfair Trade Practices - - - - -
Customers 376* - - 446* - -
(Received from patients regarding products)
*Complaints/ Correspondence from patients received through website, email and healthcare professionals, are also included.

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Abbott India Limited 2-43 44-141 142-211 212-224

INDEPENDENT ASSURANCE STATEMENT

INTRODUCTION Level of Assurance Boundary for Reasonable Boundary for Reasonable

BRSR Core Indicator BRSR Core Indicator
Assurance Assurance
DNV Business Assurance India Private Limited (‘DNV’), • Reasonable Level of assurance for BRSR 9 Core
has been commissioned by Abbott India Limited, Principle 1 : Question 8 : Covers PAN India Principle 5 : Question 3(b) : Covers PAN India
Indicators (Ref : Annexure I of SEBI circular)
Corporate Identity Number L24239MH1944PLC007330, Number of days of accounts including all National and Gross wages paid to females including all National and
payables ((Accounts payable International locations, as % of total wages paid by International locations, i.e. :
(hereafter referred to as “Abbott” or “the Company”) to Responsibilities of the Management of Abbott India *365)/ Cost of goods/ i.e. : the Company 1) BKC Office
undertake an independent assurance of the Company’s Limited and of the Assurance Provider services procured) 1) BKC Office 2) Chembur
disclosures in Business Responsibility and Sustainability
The Management of Abbott has the sole responsibility for 2) Chembur 3) Chennai
Report (hereafter referred as “BRSR”). The disclosures
the preparation of the BRSR Report and is responsible for 3) Chennai 4) Hyderabad
include Core indicators as per Annexure I of SEBI Circular 4) Hyderabad
all information disclosed in this BRSR Report. The company 5) Lucknow
dated 12 July 2023. 5) Lucknow
is responsible for maintaining processes and procedures 6) Delhi
6) Delhi 7) Goa Plant
Reporting standard/ framework for collecting, analyzing and reporting the information and
7) Goa Plant 8) Nepal
The disclosures have been prepared by Abbott in reference to : also, ensuring the quality and consistency of the information 8) Nepal Principle 5 : Question 7 : Covers PAN India
presented in the Report. Abbott is also responsible for Principle 1 : Question 9 : Covers PAN India
• BRSR Core – Framework for assurance and ESG Complaints filed under including all National and
ensuring the maintenance and integrity of its website and any Openness of Business : including all National and
disclosures for value chain as per SEBI (Securities and the Sexual Harassment International locations, i.e. :
referenced BRSR disclosures on their website. Details of concentration of International locations, i.e. :
Exchange Board of India) Circular No. SEBI/HO/CFD/ of Women at Workplace 1) BKC Office
purchases and sales with 1) BKC Office (Prevention, Prohibition and 2) Chembur
CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023. In performing this assurance work, DNV’s responsibility is
trading houses, dealers, and 2) Chembur Redressal) Act, 2013 3) Chennai
to the Management of the Company; however, this statement
• BRSR reporting guidelines (Annexure II) as per SEBI related parties along-with 3) Chennai 4) Hyderabad
represents our independent opinion and is intended to inform loans and advances and 4) Hyderabad
Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 5) Lucknow
the outcome of the assurance to the stakeholders of the investments, with related 5) Lucknow
dated May 10, 2021, and incorporated Master Circular 6) Delhi
Company. parties 6) Delhi
No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 7) Goa Plant
11, 2023. 7) Goa Plant
8) Nepal
Scope, Boundary and Limitations 8) Nepal
• Greenhouse Gas Protocol : A Corporate Accounting and Principle 6 : Question 1 : All National locations
Principle 3 : Question 1(c) : Covers PAN India
Reporting Standard. Scope Energy footprint covered, i.e. :
Spending on measures including all National and
1) BKC Office
The scope of our engagement includes independent assurance towards well-being of International locations, i.e. :
Assurance Methodology/ Standard 2) Chembur
of ‘BRSR 9 Core indicators’ (Ref : Annexure I of SEBI Circular) employees and workers 1) BKC Office
3) Chennai
This assurance engagement has been carried out in accordance (including permanent and 2) Chembur
– Reasonable level of assurance for Financial Year (FY) 4) Hyderabad
with DNV’s VeriSustain protocol, V6.0, which is based on our other than permanent) 3) Chennai
2023-24. 5) Lucknow
professional experience and international assurance practice, 4) Hyderabad
5) Lucknow 6) Delhi
and the international standard in Assurance Engagements,
Boundary of our assurance work : 6) Delhi 7) Goa Plant
ISAE 3000 (revised) - Assurance Engagements other than
7) Goa Plant Excludes International
Audits or Reviews of Historical Financial Information. DNV’s • Reasonable assurance of BRSR Core indicators :
8) Nepal location : Nepal
VeriSustainTM Verisustain Protocol has been developed Boundary covers the performance of Abbott operations
Principle 3 : Question 11 : Covers PAN India Principle 6 : Question 3 : All National locations
in accordance with the most widely accepted reporting and that fall under the direct operational control of the
Safety related incidents including all National and Water footprint covered, i.e. :
assurance standards. Company’s legal structure. Based on the agreed
International locations, i.e. : 1) BKC Office
scope with the Company, the boundary of reasonable
1) BKC Office 2) Chembur
Intended User assurance covers the operations of Abbott across all
2) Chembur 3) Chennai
The intended user of this assurance statement is the locations globally/ India, unless otherwise stated in the 3) Chennai 4) Hyderabad
Management of Abbott (‘the Management’). table below. 4) Hyderabad 5) Lucknow
5) Lucknow 6) Delhi
6) Delhi 7) Goa Plant
7) Goa Plant Excludes International
8) Nepal location : Nepal

108 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 109

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Independent Assurance Statement (Contd.)

Boundary for Reasonable Boundary for Reasonable • The assessment does not include a review of the 5. Interviews with selected senior managers responsible
BRSR Core Indicator BRSR Core Indicator
Assurance Assurance Company’s strategy, or other related linkages expressed for management of disclosures and review of selected
Principle 6 : Question 4 : All National locations Principle 8 : Question 5 : Covers PAN India including in the Report. These aspects are not within the scope of evidence to support environmental KPIs and metrics
Water discharge covered, i.e. : Job creation in smaller all National locations, i.e. : the assurance engagement. disclosed in the Report. We were free to choose
1) BKC Office towns – Disclose wages 1) BKC Office interviewees and interviewed those with overall
2) Chembur paid to persons employed 2) Chembur • The assurance does not extend to mapping the Report responsibility of monitoring, data collation and reporting
3) Chennai (including employees 3) Chennai with reporting frameworks other than those specifically the selected indicators.
4) Hyderabad or workers employed 4) Hyderabad mentioned. Any assessments or comparisons with
6. DNV audit team conducted on-site and remote audits for
5) Lucknow on a permanent or non- 5) Lucknow frameworks beyond the specified ones are not considered
data testing and also, to assess the uniformity in reporting
6) Delhi permanent/ on contract 6) Delhi in this engagement. processes and also, quality checks at different locations
7) Goa Plant basis) in the following 7) Goa Plant
• Aspects of the Report that fall outside the mentioned of the Company. Sites for data testing and reporting
locations, as % of total wage Excludes International
Excludes International system checks were selected based on the percentage
cost location : Nepal scope and boundary are not subject to assurance.
location : Nepal contribution each site makes to the reported indicator,
The assessment is limited to the defined parameters.
Principle 6 : Question 7 : All National locations *BKC Office and Sales offices have only Scope 2 GHG emissions complexity of operations at each location (high/ low/
Note : CFAs (Clearing and Forwarding Agents) and Warehouses are out of
GHG footprint* covered, i.e. : • The assurance engagement does not include a review of medium) and reporting system within the organization.
the BRSR scope as they are not owned by Abbott India Limited. They are
1) BKC Office taken on lease. legal compliances. Compliance with legal requirements Sites selected for audits are listed in Annex-II.
2) Chembur is not within the scope of this assurance, and the 7. Conduct a comprehensive examination of key material
Limitation(s) :
3) Chennai Company is responsible for ensuring adherence to aspects within the BRSR Core framework supporting
4) Hyderabad We performed a reasonable level of assurance for the relevant laws. adherence to the assurance based on applicable
BRSR Core indicators reporting based on our assurance
5) Lucknow principles plus specified data and information.
methodology VeriSustain, v06. • The assurance engagement is based on the assumption
6) Delhi
that the data and information provided by the Company 8. DNV teams conducted the :
7) Goa Plant The assurance scope has the following limitations :
are complete, sufficient and authentic. • Verification of the data consolidation of reported
Excludes International
• The assurance engagement considers an uncertainty
location : Nepal performance disclosures in context to the Principle
of ±5% based on materiality threshold for estimation/ Assurance process
Principle 6 : Question 9 : All National locations of Completeness.
measurement errors and omissions.
Waste management covered, i.e. : As part of the assurance process, a multi-disciplinary team of
• Verification of the consolidated reported
• DNV has not been involved in evaluation or assessment assurance specialists performed assurance work for selected
1) BKC Office performance disclosures in context to the Principle
of any financial data/ performance of the company. DNV sites of Abbott. We adopted a risk-based approach, that is,
2) Chembur of Completeness as per VeriSustain for reasonable
opinion on specific BRSR Core indicators (ref- all sections we concentrated our assurance efforts on the issues of high
3) Chennai level verification for the disclosures.
of core indicators where currency; INR has been applied)
4) Hyderabad material relevance to the Company’s business and its key
relies on the third party audited financial reports of the
5) Lucknow stakeholders. We carried out the following activities : Conclusion
Company. DNV does not take any responsibility of the
6) Delhi financial data reported in the audited financial reports Reasonable level of Assurance - BRSR 9 Core Indicators
1. Reviewed the disclosures under BRSR Core,
7) Goa Plant of the Company. Based on our review and procedures followed for reasonable
encompassing the framework for assurance consisting
Excludes International level of assurance, DNV is of the opinion that, in all material
• The assessment is limited to data and information within of a set of Key Performance Indicators (KPIs) under 9
location : Nepal aspects, the BRSR Core indicators (as listed in Annex I of this
the defined Reporting Period. Any data outside this ESG attributes. The format of BRSR Core used as basis
Principle 8 : Question 4 : Covers PAN India statement) for FY 2023-24 are reported in accordance with
period is not considered within the scope of assurance. of reasonable level of assurance.
Percentage of input material including all National and reporting requirements outlined in BRSR Core (Annexure I
(inputs to total inputs International locations, i.e. : • Data outside the operations specified in the assurance 2. Evaluation of the design and implementation of key of SEBI Circular dated 12 July 2023).
by value) sourced from 1) BKC Office boundary is excluded from the assurance, unless systems, processes, and controls for collecting, managing Statement of Competence and Independence
suppliers 2) Chembur explicitly mentioned otherwise in this statement. and reporting the BRSR Core indicators
DNV applies its own management standards and compliance
3) Chennai • The assurance does not cover the Company’s statements 3. Assessment of operational control and reporting policies for quality control, which are based on the
4) Hyderabad that express opinions, claims, beliefs, aspirations, boundaries principles enclosed within ISO IEC 17029:2019 – Conformity
5) Lucknow expectations, aims, or future intentions. Additionally, assessment – General principles are requirements for
6) Delhi assertions related to Intellectual Property Rights and 4. Seek extensive evidence across all relevant areas, validation and verification bodies, and accordingly maintains
7) Goa Plant other competitive issues are beyond the scope of this ensuring a detailed examination of BRSR Core a comprehensive system of quality control including
8) Nepal assurance. indicators. Engaged directly with stakeholders to gather documented policies and procedures regarding compliance
insights and corroborative evidence for each disclosed with ethical requirements, professional standards, and
indicator. applicable legal and regulatory requirements.

110 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 111

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Independent Assurance Statement (Contd.)

We have complied with the DNV Code of Conduct during the Purpose and Restriction on Distribution and Use Annex I
assurance engagement and maintain independence wherever This assurance statement, including our conclusion has
required by relevant ethical requirements. This engagement Verified Data
been prepared solely for the exclusive use and benefit of
work was carried out by an independent team of sustainability management of the Company and solely for the purpose for Attribute BRSR Core Parameter Measurement Unit FY 2023-24
assurance professionals. During the reporting period i.e which it is provided. To the fullest extent permitted by law, Attribute 1 Green-house Total Scope 1 emissions Total Scope 1 emissions (Break- MT of CO2 298.95
FY 2023-24, DNV, to the best of its knowledge, was not involved DNV does not assume responsibility to anyone other than gas (GHG) (Break-up of the GHG into up of the GHG into CO2, CH4, equivalent
in any non-audit/ non-assurance work with the Company and the Company for DNV’s work or this assurance statement. footprint CO2, CH4, N2O, HFCs, PFCs, N2O, HFCs, PFCs, SF6, NF3,
its Group entities which could lead to any Conflict of Interest. SF6, NF3, if available) if available)
The usage of this assurance statement shall be governed by
DNV was not involved in the preparation of any statements the terms and conditions of the contract between DNV and Total Scope 2 emissions Total Scope 2 emissions (Break- MT of CO2 4,907.11
or data included in the Report except for this Assurance (Break-up of the GHG (CO2e) up of the GHG into CO2, CH4, equivalent
Abbott and DNV does not accept any liability if this assurance
into CO2, CH4, N2O, HFCs, N2O, HFCs, PFCs, SF6, NF3,
Statement for internal use of Abbott. DNV maintains complete statement is used for an alternative purpose from which it is PFCs, SF6, NF3, if available) if available)
impartiality toward stakeholders interviewed during the intended, nor to any third party in respect of this assurance GHG Emission Intensity Total Scope 1 and Scope 2 MT of CO2 0.90
assurance process. We did not provide any services to Abbott statement. No part of this assurance statement shall be (Scope 1 +2) emissions per Crore rupee equivalent/
in the scope of assurance for the reporting period that could reproduced, distributed or communicated to a third party of turnover (Total Scope 1 Crore INR
compromise the independence or impartiality of our work. without prior written consent. and Scope 2 GHG emissions/
Revenue from operations
For DNV Business Assurance India Private Limited Total Scope 1 and Scope 2 MT of CO2 20.18
emission intensity per Crore equivalent/
Tapan Kumar Panda Karthik Ramaswamy rupee of turnover adjusted for Crore INR
Lead Verifier, Assurance Reviewer, Purchasing Power Parity (PPP)
Sustainability Services, Sustainability Services, (Total Scope 1 and Scope 2
DNV Business Assurance India Private Limited, India. DNV Business Assurance India Private Limited, India. GHG emissions/ Revenue from
operations adjusted for PPP)
Mithu Ghosh Total Scope 1 and Scope 2 MT of CO2 0.61
HR Expert emission intensity in terms of equivalent/ MT
physical output of production
July 4, 2024, Bengaluru, India
Total Scope 1 and Scope 2 - NA
emission intensity (optional)
– the relevant metric may be
selected by the entity
Attribute 2 Water footprint Total water consumption Water withdrawal by source
(i) Surface water KL -
(ii) Groundwater KL -
(iii) Third-party water KL 55,093.05
(municipal water supplies)
(iv) Seawater/ desalinated KL -
water
(v) Others (Tanker Water and KL -
Produced Water)
Total volume of water KL 55,093.05
withdrawal (i + ii + iii + iv + v)
Total volume of water KL 30,654.85
consumption

112 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 113

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Independent Assurance Statement (Contd.)

Attribute BRSR Core Parameter Measurement Unit FY 2023-24 Attribute BRSR Core Parameter Measurement Unit FY 2023-24
Water consumption intensity Water intensity per Crore rupee KL/ Crore INR 5.30 Energy Intensity Energy intensity per Crore GJ/ Crore INR 7.89
of turnover (water consumed/ rupee of turnover
turnover) (Total energy consumed/
Water intensity per Crore KL/Crore INR 118.80 Revenue from operations)
rupee of turnover adjusted for Energy intensity per Crore GJ/ Crore INR 176.77
Purchasing Power Parity (PPP) rupee of turnover adjusted for
(Total water consumption/ Purchasing Power Parity (PPP)
Revenue from operations Energy intensity in terms of GJ/ MT of 5.37
adjusted for PPP) physical output production
Water intensity in terms of KL/ MT of 3.61 Energy intensity (optional) – the GJ NA
physical output production relevant metric may be selected
Water intensity (optional) – the - NA by the entity.
relevant metric may be selected Attribute 4 Embracing Plastic waste (A) Kg/ MT MT 274.70
by the entity circularity – E-waste (B) Kg/ MT MT 0.47
Water Discharge by (i) To Surface water - details related
destination and levels of to waste Bio-medical waste (C) Kg/ MT MT 1.30
(ii) To Groundwater -
Treatment management Construction and demolition Kg/ MT MT -
(iii) To Seawater - by the entity waste (D)
(iv) Sent to third parties - Battery waste (E) Kg/ MT MT -
(v) Others Radioactive waste (F) Kg/ MT MT -
- No treatment - - Other Hazardous waste(G) Kg/ MT MT 329.33
- With treatment-Primary KL 24,438.20 Used/ Spent oil Kg/ MT MT 1.22
and Secondary level of
Waste residue containing oil Kg/ MT MT 0.09
treatment
Spent Carbon Kg/ MT MT 0.70
Total water discharged 24,438.20
Off Specification Kg/ MT MT 172.39
Attribute 3 Energy % of energy consumed from Renewable stake % 4.69
footprint renewable sources (Derived KPI) Date expiry products Kg/ MT MT 1.90
Total energy consumed Total electricity consumption (A) GJ 1,028.75 Spent Solvents Kg/ MT MT 0.46
Total fuel consumption (B) GJ - Contanimated polybags/ Kg/ MT MT 20.03
liners
Energy consumption through GJ 1,110.39
other sources (C) Resin Kg/ MT MT 0.93
Total energy consumed from GJ 2,139.14 ETP Sludge Kg/ MT MT 131.62
renewable sources (A+B+C) Other Non-hazardous waste Kg/ MT MT 140.29
From non-renewable sources generated (H)

Total electricity consumption (D) GJ 24,034.17 Glass Kg/ MT MT 1.11

Total fuel consumption (E) GJ(Diesel) 3,086.55 Metal Kg/ MT MT 15.38

GJ(Gas) 918.15 Operation Wastes Kg/ MT MT 64.32

(Boiler Ash)
Energy consumption through GJ(Bio 15,434.02
other sources (F) Briquette) Cafeteria wastes Kg/ MT MT 19.08

Total energy consumed GJ 43,472.89 Corrugate/ Paper/ Cardboard Kg/ MT MT 35.90

from non-renewable sources Garbage Kg/ MT MT 4.07
(D+E+F) Landscaping wastes Kg/ MT MT 0.39
Total energy consumed GJ 45,612.03 Office Sanitary Waste Kg/ MT MT 0.05
(A+B+C+D+E+F)
Total waste generated Kg/ MT MT 746.09
(A+B+C+D+E+F+G+H)

114 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 115

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Independent Assurance Statement (Contd.)

Attribute BRSR Core Parameter Measurement Unit FY 2023-24 Attribute BRSR Core Parameter Measurement Unit FY 2023-24
Waste Intensity Kg or MT/ Revenue from MT/ Crore INR 0.13 Attribute 5 Enhancing Spending on measures In % terms % 0.11
Operations (in Crore INR) Employee towards wellbeing of
adjusted for PPP Wellbeing and employees and workers –
Waste intensity per Crore MT/ Crore INR 2.89 Safety cost incurred as a % of total
rupee of turnover adjusted revenue of the company
for Purchasing Power Parity Details of safety related Number of Permanent Employees -
(PPP) (Total waste generated/ incidents for employees and Disabilities
Revenue from operations workers (including contract-
adjusted for PPP) Total recordable work related Employees 23
workforce e.g. workers in the
Injuries
Kg or MT/ Unit of Product or MT/ MT of 0.09 company’s construction sites)
Service production - Employees Lost Time Injury Frequency Employees 2.63
Rate (LTIFR) (per one- million-
Each category of waste (i) Recycled MT 155.11 person hour worked)
generated, total waste Plastic waste MT 38.20
recovered through recycling, No. of fatalities Employees -
re-using or other recovery Lamp (Hazardous) MT 0.10
High consequence work- related Employees -
operation Scrap Electronics MT 0.02 injury or ill-health
Corrugate/ paper/ Cardboard MT 35.90 (excluding fatalities)

Metal Scrap MT 15.38 Details of safety related Number of Permanent Workers -

incidents for employees and Disabilities
Glass MT 1.11 workers (including contract-
Lost Time Injury Frequency Workers -
Operation Waste(Boiler ash) MT 64.32 workforce e.g. workers in the
Rate (LTIFR) (per one- million-
company’s construction sites)
E Waste MT 0.08 person hour worked)
- Workers
ii)Re Used MT 242.86 No. of fatalities Workers -
Plastic Waste MT 236.50 High consequence work- related Workers -
Cafeteria waste MT 6.10 injury or ill-health
(excluding fatalities)
E Waste MT 0.0
Attribute 6 Enabling Gross wages paid to females In % terms % 11
(iii) Other recovery operations MT 17.43
Gender as % of wages paid
Cafeteria waste MT 12.98 Diversity in
Complaints on POSH (sexual Total Complaints reported Nos. 3
Garbage/ Rubbish MT 4.07 Business
harassment) under Sexual Harassment
Landscaping wastes MT 0.39 on of Women at Workplace
(Prevention, Prohibition and
For each category of waste (i) Incineration MT 330.67 Redressal) Act, 2013 (POSH)
generated, total waste Used/ Spent oil MT 1.22
disposed by nature of disposal Complaints on POSH as a % of % 0.75
method Waste residue containing oil MT 0.09 female employees/ workers
Spent Carbon MT 0.70 Complaints on POSH upheld Nos. 3
Off Specification MT 172.39 Attribute 7 Enabling Input material sourced from In % terms – As % of total % 18.87
Date expiry products MT 1.90 Inclusive following sources as purchases by value (Directly
Development % of total purchases – sourced from MSMEs/ small
Spent Solvents MT 0.46
Directly sourced from producers)
Contanimated polybags/ liners MT 20.03 MSMEs/ small producers
In % terms – As % of total % 39.68
Resin MT 0.93 and from within India
purchases by value (Directly
ETP Sludge MT 131.62 from within India)

Biomedical Waste MT 1.29

Office ( sanitary wastes) MT 0.05
(ii) Landfilling MT -
(iii) Other disposal operations MT -

116 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 117

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

Independent Assurance Statement (Contd.)

Attribute BRSR Core Parameter Measurement Unit FY 2023-24 Attribute BRSR Core Parameter Measurement Unit FY 2023-24
Job creation in smaller Rural % 0.44 c. Loans and -
towns – Wages paid to Semi-Urban % 0.29 advances
persons employed in smaller (Loans and
towns (permanent or non- Urban % 11.90 advances with
permanent/ on contract) as % Metropolitan % 87.37 related parties/
of total wage cost total Loans and
Attribute 8 Fairness in Instances involving loss/ In % terms % - advances)
Engaging with breach of data of customers d. Investments -
Customers and as a percentage of total data (Investments
Suppliers breaches or cyber security to related
events parties/ total
Number of days of accounts (Accounts payable *365)/ Nos. 91 Investments
payable Cost of goods/ services procured made)
Attribute 9 Open-ness of Concentration of purchases Concentration of purchase a. Purchase 82.95
business and sales done with trading from trading Annex II
houses, dealers, and related houses as
parties % of total Sites selected for audits
Loans and advances and purchase Sr.
investments with related Site Location
No.
parties b. Number 48
of trading 1. Corporate office BKC Mumbai
houses where 2. India Offices Goa Plant
purchases are
Sales Offices at Chembur, Chennai, Hyderabad, Lucknow, Delhi
made from
c. Purchases 95.56
from top 10
trading houses
as % of total
purchase from
trading houses
Concentrations of sales a. Sales to 96.57
dealers/
distributors as
% of total sales
b. Number 6,954
of dealers/
distributors to
whom sales are
made
c. Sales to top 12.10
10 dealers/
distributors as
% of total sales
to dealers/
distributors
Share of RPTs in a. Purchases 14.02
(purchases with
related parties/
total purchase)
b. Sales (Sales to 1.63
related parties/
total sales)

118 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 119

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

REPORT ON CORPORATE GOVERNANCE

COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE The composition of the Board of Directors, their attendance at the Board Meetings held during the year under review and at
At Abbott India, we are committed to strong corporate governance that is aligned with our objective of maximizing our the last Annual General Meeting along with the number of directorships and memberships/ chairmanships held in various
stakeholders’ interests. We adhere to the highest standards of governance, integrity, ethics and transparency. Committees in other Companies, as on the date of this Report are given in the table below :

The Company’s Code of Business Conduct lays down values and principles that always guide our actions to live up to our best Board Attendance at
ideals and to operate our business with the utmost integrity. We ensure that ethical conduct is embedded across our operations, Meetings No. of
No. of held in Annual No. of Committee
and we expect all our employees and external partners to follow the same. Our policies and procedures operate alongside our Category of shares 2023-24 Board Directorships positions
Name of the Director General
Code to guide our employees as they conduct their day-to-day activities. They encompass all relevant laws, regulations and Directorship held in the during Meetings in other held in
Meeting
Company the tenure held in Companies1 other
promotional standards. The Company’s Board and leadership teams fully abide by and support the code, policies, procedures (August
of the 2023-24 Companies2
9, 2023)
and principles it embodies. The Board maintains the high ground when it comes to compliance. Director
The Company’s philosophy on Corporate Governance is thus, concerned with the ethics, values and morals of the Company and Munir Shaikh Non-Executive NIL 5 5 Yes NIL NIL
its Directors, who are expected to act in the best interests of the Company and remain accountable to the Members and other Chairman of the Board Director
beneficiaries for their actions. Swati Dalal Managing 4 NA NA NA 1 NIL
(appointed as Managing Director ( jointly
BOARD OF DIRECTORS Director effective with
April 1, 2024) relative)
At Abbott India, the Board of Directors plays an oversight role. The Board clearly understands the business dynamics and
environment under which the Company operates, challenges and opportunities associated with the business operations. Ambati Venu Non-Executive NIL 5 5 Yes NIL NIL
Director
The Board provides guidance and strategic direction to the Management in achievement of overall objectives. The Board Sudarshan Jain Non-Executive 250 5 5 Yes 2 1
always acts in good faith, with due diligence and care and in the best interests of all stakeholders. Independent (along
Director with
Board Appointments relative)
The Company has a comprehensive policy on nomination and appointment of Directors which lays down the characteristics, Anisha Motwani Non-Executive NIL 5 5 Yes 93 6
qualifications and other positive attributes which are taken into consideration when selecting Members for the Board of Independent
Directors. Director
Shalini Kamath Non-Executive NIL 5 5 Yes 34 2
The Board Members should, at a minimum, have backgrounds that when combined provide a portfolio of experience and Independent
knowledge that will serve Abbott’s governance and strategic needs. Board candidates are considered basis a range of criteria Director
including broad-based business knowledge and relationships, prominence and excellent reputations in their primary fields Sabina Ewing Non-Executive NIL 5 3 Yes NIL NIL
of endeavor, as well as a broad business perspective and commitment to good corporate citizenship. Directors should have Director (via video-
demonstrated experience and ability that is relevant to the Board of Directors’ oversight role with respect to the Company’s conference)
business and affairs. Kaiyomarz Marfatia Non-Executive NIL 5 5 Yes 15 2
The Nomination and Remuneration Committee plays a constructive role in identifying Board candidates and recommending Director
their appointments to the Board. Mahadeo Karnik Non-Executive NIL 4 4 Yes NIL NIL
(appointed as Director Director
Board Composition and Category effective July 1, 2023)
Vivek V Kamath Managing NIL 5 5 Yes NIL NIL
The Board is well-structured and has optimum combination of executive and non-executive directors. The composition of the
(resigned effective Director
Board of Directors of the Company is in conformity with the requirements under the Companies Act, 2013 (“the Act”) and the March 18, 2024)
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
Rajiv Sonalker Executive 45 1 1 NA NIL NIL
from time to time (“the SEBI Listing Regulations”).
Whole-time Director Director
The Chairman of the Board is a Non-Executive Director. As on the date of this Report, the Board comprises of 9 Directors (retired effective
including 1 Executive and 8 Non-Executive Directors, of which 3 are Independent. June 30, 2023)
1. Includes directorships in public (including listed), private, foreign Companies and alternate directorship. However, it does not include directorship in
There are 4 Women Directors on the Board. There is no inter se relationship between the Directors. Companies registered under Section 8 of the Act.
2. Includes Memberships/ Chairmanships of Audit Committee and Stakeholders Relationship Committee in listed and public limited Companies.
3. Ms Anisha Motwani is an Independent Director on the Board of Prataap Snacks Limited; Welspun Living Limited; Star Health and Allied Insurance
Company Limited; Hindware Home Innovation Limited and Nuvama Wealth Management Limited (listed entities).
4. Ms Shalini Kamath is an Independent Director on the Board of Borosil Renewables Limited and Johnson Controls-Hitachi Air Conditioning India
Limited (listed entities).
5. Mr Kaiyomarz Marfatia is an Independent Director on the Board of SNL Bearings Limited (listed entity).

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Abbott India Limited 2-43 44-141 142-211 212-224

Report on Corporate Governance (Contd.)

The Company notifies the BSE Limited regarding all appointments/ re-appointments/ cessations of Directors as required Name Skills/ Competencies/ Expertise/ Qualifications
under Regulation 30 of the SEBI Listing Regulations.
Ambati Venu Mr Ambati holds extensive experience in consumer goods, OTC and pharmaceutical businesses.
None of the Directors on the Board holds directorship in more than ten public Companies. Further, none of the Independent Having worked in various regions, one of the strongest assets is his ability to excel within diverse socio-
Directors of the Company serve as Independent Director in more than seven listed Companies or as whole-time director in any cultural environments.
listed Company.
He holds strong business acumen, strategic leadership, the ability honed in both developed and emerging
markets across the world.
Board Meetings held during the year
During the year under review, 5 Board Meetings were held on the following dates : He is an alumnus of the Indian Institute of Management, Ahmedabad and holds a Bachelor’s degree in
Engineering (Mechanical) from the University of Bhopal.
May 19, 2023; August 9, 2023; November 9, 2023; February 1, 2024 and March 13, 2024 (via Video-Conference). The necessary
Sudarshan Jain Mr Jain is a veteran in the healthcare business. He has rich business experience in strategic management,
quorum was present for all the Board Meetings. The option for attending Board/ Committee Meetings via audio-visual means
corporate affairs, brand building and overall business operations in healthcare companies. His experience
except for the items which are specifically excluded for the same is provided to the Directors. The average attendance at the covers pharmaceutical, OTC, hospital, diagnostic and nutrition businesses.
Meetings of Board of Directors was 95.5%.
He has played active role in shaping the healthcare policy and improving access to healthcare in India and
BOARD SKILL/ COMPETENCIES/ EXPERTISE has wide industry knowledge and extensive expertise in building market leading brands.
The Board has diverse sets of competencies and expertise, ideal mix of analytical, strategic and leadership skills that is required He holds Master’s in Business Administration from the Indian Institute of Management (IIM), Ahmedabad
for its oversight role and meet the governance and strategic needs. The Board constantly focuses on raising the governance and Bachelor of Science in Physics from St. Stephens College, Delhi.
standards of the Company.
Anisha Motwani Ms Motwani is a Brand and Innovation expert with varied experience in marketing across diverse
Name Skills/ Competencies/ Expertise/ Qualifications industries. As a marketer and creator of multiple consumer-oriented strategies, she takes a very strong
interest in the topic of the Indian consumer-buying behavior, connect points, impact of the digital revolution,
Munir Shaikh Mr Shaikh has held several management and leadership positions in different geographies across various new segments and sub-segments etc. She has immense knowledge and expertise on digital marketing and
Chairman businesses. He possesses vast knowledge of the industry and is a consummate team player with an brand building, corporate communications, consumer research and analytics and creative excellence.
entrepreneurial flair. He has an extensive leadership and industry experience including a deep knowledge
and understanding of the Company’s business operations, strategies and the business environment in She has been the advisor with the World Bank on the prestigious “Swachh Bharat Programme”, “Adoption
which the Company operates. of Solar Rooftops” and “National Mission for Clean Ganga”. She is a multi-faceted business leader and draws
from her rich experience of over 30 years in diverse industries – FMCG, automobiles, financial and health
He holds expertise in the areas of general management, finance, marketing and business development. services. After a successful 25 years corporate career, Anisha founded StormTheNorm ventures in 2015,
a Company specializing in Brand, Digital and Innovation Projects. She brings in new perspectives on how
He is a fellow of the Institute of Chartered Accountant in England and Wales.
businesses can challenge the conventional norms and storm them in a way that will help them re-wire to
Swati Dalal Ms Dalal is an experienced leader in Abbott. She joined Abbott in 1995 as a Product Manager in Abbott succeed in a disruptive world. In her podcast channel, she takes on and disrupts different norms across
Managing Director India Limited (AIL). Over the next 10 years she took on various roles of increasing responsibilities within the business landscape.
(appointed the marketing and sales function of the Neurosciences division and was then promoted as Head for the
effective April 1, Specialty Care business. In the last few years as an entrepreneur, Anisha has successfully completed projects for a range of corporate
2024) clients across India and South-East Asia.
She then took several roles spanning New Product Introduction (NPI) and Life Cycle Management for
AIL, and Director Commercial Operations and Commercial Director in Primary Care with Established She is the author of 2 bestselling books: Storm the Norm - a first-of-its-kind collection of 20 contemporary
Pharmaceutical Division’s (EPD) Healthcare Solutions business. stories of truly inspiring businesses and She Storms - a groundbreaking book that celebrates the
extraordinary journeys of 17 women who defied norms and shattered barriers.
In April 2020, she was promoted as General Manager for Abbott’s India Nutrition business. During Swati’s
time with Nutrition, the business achieved a growth of 15.4% CAGR, which includes the unprecedented She is on the Advisory Board of the CII Innovation Committee, Atal Incubation Center, Indian Institute of
pandemic times. Health and Medical Research, India Diversity Forum and a regular speaker at National and Global business
platforms.
She was then appointed as General Manager for EPD’s Primary Care business in May 2023. Over the last
one year, Swati has ably led the business to deliver market beating growth. She has been instrumental in In recognition of her achievements, she was voted as one of the “50 Most Powerful Women in Indian
reshaping the primary care portfolio to drive growth in core therapies and traded generics for long term Business” by Business Today for three consecutive years since 2009. She has also been recognized amongst
success. the “Top 50 Women in Media, Marketing and Advertising” by Impact & Colors for 4 consecutive years
since 2011. She has been conferred “The Women at Work Leadership Award 2011” by Asian Confederation
She is an active Member of the DEI (Diversity, Equity and Inclusion) Council of Abbott in India and of Business and “Brand Builder of the Year” award by NDTV amongst many others.
a founder Member of the “Women Leaders of Abbott” India Chapter and Business Advisory Council (BAC)
sponsor of the Early Careers Network in India. She holds Master’s in Business Administration and Bachelor of Science from Sophia College.

She holds a pharmacy degree from P.K.M. Kundnani College of Pharmacy, Mumbai and a post-graduate
degree in Management Studies from the Jamnalal Bajaj Institute of Management Studies in Mumbai.

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Report on Corporate Governance (Contd.)

Name Skills/ Competencies/ Expertise/ Qualifications Name Skills/ Competencies/ Expertise/ Qualifications
Shalini Kamath Ms Kamath is a Transformation Strategist and an Executive Coach. As a Transformation Strategist, she Mahadeo Karnik Mr Karnik is a veteran in finance stream and brings in vast knowledge and expertise in financial analysis,
assists organisations through their change and transformation journey to enhance productivity, efficiency, (appointed as capital markets, corporate taxation, mergers and acquisitions. He is a keen strategist with considerable
processes, systems and organizational culture. She is a Certified and practicing Executive Coach having Director effective experience of participation in Company-wide initiatives for developing and implementing improved
completed numerous assignments across Financial services, Logistics, Agri, Manufacturing and Consumer July 1, 2023) business models and profitable market-beating growth strategy. He has been instrumental in driving many
industries. automation and digitization projects critical for the Companies.

Her Human Resources career spans close to a decade and half with Group HR Head positions for large He is currently the Regional Finance Director of Abbott Healthcare Private Limited for Abbott’s established
corporates. Prior to her roles in HR, Shalini as the Marketing Director at Raytheon India was responsible pharmaceutical businesses in India. He is well-versed with the pharma and diagnostics operating
for Business Development of large multi-million dollar programs in the areas of Defense and Commercial business models. He has advised on many significant change management projects while ensuring smooth
Electronics. transition and without any business disruption.

Shalini began her working career in Zambia and Botswana in Southern Africa. Over a decade, she worked Prior to joining Abbott, Mr Karnik was associated with Perkin Elmer India Private Limited,
with the Governments of both the countries and acquired extensive experience in tripartite partnership Roche Diagnostics India Private Limited, International Best foods Limited and United Phosphorus.
projects related to community-oriented income generation programs.
He is a fellow Member of the Institute of Chartered Accountants of India and Institute of Cost and
She holds Master’s in Business Administration from Edinburgh Business School, UK; training from Harvard Management Accountants of India.
Business School in change and transformation; alumnus of CSC Global leadership program and a certified
Zenger Folkman Leadership4you trainer and facilitator. Tenure of Directorships Section 149(6) of the Act and Regulation 16(1)(b) of the
Sabina Ewing Ms Ewing is a passionate, transformational global technology leader. She is a champion for delivering Managing Director/ Executive Directors are appointed for SEBI Listing Regulations and that they are independent
21st century Information Technology organizations that move beyond the back office to Information such tenure as prescribed under the Act and in accordance of the management. Further, the Independent
Technology as a strategic enabler of top-line and bottom-line results. Currently, Ms Ewing is acting as with the terms of their contract of service with the Company. Directors have included their names in the data bank
a Global CIO, Senior Vice President-Business and Technology Services for Abbott Laboratories, USA. of Independent Directors maintained with the Indian
Prior to that, she served as the Global Head-Business Technology for Pfizer Upjohn headquartered in Non-Executive Directors (other than the Independent Institute of Corporate Affairs in terms of Section 150 of
Shanghai, China. She has also served as Vice President for corporate functions and business services BT, Directors) are subject to retirement by rotation as per the the Act read with Rule 6 of the Companies (Appointment
supporting Pfizer’s human resources, legal, corporate affairs, corporate compliance and corporate aviation provisions of the Act. One-third of total number of such and Qualification of Directors) Rules, 2014.
divisions, as well as the enterprise-wide Global Support Services Organization. Directors who are liable to retire by rotation, retire at each
She holds Bachelor of Science in Commerce (with concentrations in Management Information Systems Annual General Meeting and are eligible for re-appointment. Meeting of Independent Directors
and Finance) from the University of Virginia and a Master of Science in Systems and Management from Independent Directors are appointed for a term upto five Meeting of Independent Directors was held on May 18,
New York University.
consecutive years. They are eligible for re-appointment for 2023, in compliance with the requirements of the Act, Rules
Kaiyomarz Mr Marfatia holds strong legal acumen and extensive experience in corporate compliance functions, another term upto five consecutive years on passing of a framed thereunder and Regulation 25(3) of the SEBI Listing
Marfatia litigation, industrial licensing, foreign collaborations, technology transfer arrangements, distribution special resolution by the Company. Regulations. The said Meeting was attended by all the
arrangements, commercial and IPR matters, among others, in pharmaceutical, healthcare and engineering
Details of the Directors seeking re-appointment at the Independent Directors. Mr Sudarshan Jain acted as the Lead
industries.
forthcoming Annual General Meeting as required under Independent Director for the said Meeting.
He has been associated with Abbott for about 28 years, including over 25 years in their full-time Regulation 36(3) of the SEBI Listing Regulations and The Independent Directors at their Meeting inter alia,
employment. During this period, he held positions of increasing responsibility and built a highly skilled
Secretarial Standards issued by the Institute of Company reviewed the performance of Non-Independent Directors
team of legal and corporate secretarial professionals.
Secretaries of India are annexed to the Notice convening the and the Board of Directors as a whole and the performance of
He has served on the Board of the Company since 2011. Annual General Meeting, which forms part of the Annual the Chairman, considering the views of Executive Directors
Report. and Non-Executive Directors. They also assessed the quality,
Mr Marfatia has been a strong business partner and has played a vital role in the acquisition of various
brands and businesses and handled cross functional projects such as manufacturing reconfiguration/ quantity and timeliness of flow of information between the
INDEPENDENT DIRECTORS Management and the Board of Directors that helps the Board
optimization and corporate restructuring. He played a key role in setting up the formal compliance
framework and policies for Abbott in India. (i) In terms of Regulation 25(8) of the SEBI Listing in effective decision making and provided valuable feedback
Regulations, Independent Directors have confirmed and inputs.
He is a Law Graduate from Government Law College, Mumbai. that they are not aware of any circumstance or situation
which exists or may be reasonably anticipated that could FAMILIARIZATION PROGRAMS FOR INDEPENDENT
impair or impact their ability to discharge their duties. DIRECTORS
(ii) Based on the declarations received from the Independent As a part of induction and continuing education program for
Directors, the Board of Directors and the Nomination Independent Directors, the Managing Director/ Commercial
and Remuneration Committee have confirmed that they Directors/ Function Heads make periodic presentations at the
meet the criteria of independence as mentioned under Board/ Committee Meetings to apprise the Directors of the

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Report on Corporate Governance (Contd.)

Company’s business strategies, long-term plans, operations Besides payment of commission, sitting fees and dividend The Company has entered into Agreement with Ms Swati invitees. The Cost Auditors attend the Audit Committee
and performance, relevant legal/ regulatory updates in the on equity shares held by the Directors, if any, none of the Dalal, Managing Director for a period of 3 years with Meeting where Cost Audit Report is discussed and approved.
laws and regulations applicable to the Company. In addition, Non-Executive Directors had any pecuniary relationship or effect from April 1, 2024 to March 31, 2027 on such terms Ms Anisha Motwani, Chairperson of the Audit Committee
these presentations also provide insights into various transactions with the Company. and conditions including remuneration as set out in the attended the Annual General Meeting of the Company held
growth opportunities for the Company, operational and Explanatory Statement annexed to the Postal Ballot Notice on August 9, 2023, in compliance with the requirements of
environmental challenges associated with the Company’s Executive Directors dated March 13, 2024. Regulation 18(1)(d) of the SEBI Listing Regulations.
business operations, products, management’s risk mitigation The Executive Directors are paid remuneration in
plans, human resources, cyber security and CSR updates, etc. accordance with the limits prescribed under the Act and the AUDIT COMMITTEE Role :
Regular briefs are provided to the Directors on the Company’s Remuneration Policy of the Company. Such remuneration The composition, role, terms of reference as well as powers of The role of the Committee includes :
business operations, policies and procedures, distribution is considered and approved by the Nomination and the Audit Committee are in compliance with the provisions of
• oversight of the Company’s financial reporting process
channels, business model, cash and treasury management, Remuneration Committee, the Board of Directors and the Section 177 of the Act and Regulation 18 of the SEBI Listing
and the disclosure of its financial information to ensure
accounting systems and internal financial controls, etc. Shareholders of the Company. Regulations. All the Members of the Audit Committee are
that the financial statements are correct, sufficient and
Annual interactive strategy sessions are arranged with the financially literate.
Details of remuneration paid to the Executive Directors credible;
Senior Management and Functional heads.
during the financial year 2023-24 are as follows : Composition : • recommendation for appointment, remuneration and
Details of the programs conducted by the Company during (` in Crores) terms of appointment of auditors of the Company;
the financial year 2023-24 and participation by independent The Committee comprises of 4 Members of which, 3 are
Rajiv Sonalker • approval of payment to statutory auditors for any other
Vivek V Kamath Independent Directors and 1 Non-Executive Director as on
directors are available on the website of the Company at Terms of Agreement Managing
CFO and
services rendered by them;
https://www.abbott.co.in/investor-relations.html. Whole-time the date of this Report.
Director#
Director$ • reviewing with the management, the annual financial
The composition of the Audit Committee, category of its
REMUNERATION OF DIRECTORS Period of appointment 5 years 2 years statements and auditor’s report thereon before
Members, their attendance at the Committee Meetings held submission to the Board for approval, with particular
Date of appointment/ February 15, July 1, 2021
during the year under review is given below : reference to :
Non-Executive Directors re-appointment 2022
Criteria for payment of remuneration to Non-Executive Salary and Other 3.66 2.12 No. of Meetings a) matters required to be included in the Directors’
Allowances held in 2023-24 Responsibility Statement to be included in the
Directors are set out in the Remuneration Policy which Name of the
Category During the Board’s Report in terms of clause (c) of sub-section
is available on the website of the Company at https://www. Perquisites 2.01 0.50 Member
tenure of the Attended 3 of Section 134 of the Act;
abbott.co.in/investor-relations.html. Contribution to 0.17 0.03 Director
Provident Fund Anisha Motwani Independent 5 5 b) changes, if any, in accounting policies and practices
The Non-Executive Directors of the Company are paid
Performance Linked 0.74 0.18 Chairperson Director and reasons for the same;
remuneration by way of sitting fees and commission.
Incentive Munir Shaikh Non-Executive 5 5 c) major accounting entries involving estimates based
In accordance with the approval granted by the
Shareholders on November 12, 2022, the Non-Executive Notice Period Three Months Director on the exercise of judgment by management;
Directors (other than Non-Executive Directors of Severance Fees There is no separate provision for Sudarshan Jain Independent 5 5 d) significant adjustments made in the financial
the Company, who are in full time employment with payment of severance fees. Director statements arising out of audit findings;
Abbott Group Companies) are entitled for Commission of Stock Option@ NIL Shalini Kamath Independent 5 5 e) compliance with listing and other legal
` 0.15 Crores per annum and additional ` 0.05 Crores #
resigned effective March 18, 2024. Director requirements relating to the financial statements;
per annum to the Board Chairman, in proportion to the $
retired effective June 30, 2023.
@
The Company does not have any Stock Option Plan for its employees. Ms Sangeeta Shetty, Company Secretary is the Secretary of f) disclosure of any related party transactions;
Board Meetings attended by them during the year.
However, above Executive Directors are entitled to Stock Option of Abbott the Committee. g) modified opinion(s) in the draft audit report.
The details of sitting fees and commission paid to Laboratories, USA under its “Incentive Stock Option Program” and is also
eligible to purchase shares of Abbott Laboratories, USA, under its “Affiliate • reviewing with the management, the quarterly financial
Non-Executive Directors for the financial year 2023-24 is Employee Stock Purchase Plan”, the perquisite value of which is included Meetings :
statements before submission to the Board for approval;
given below : above. During the year under review, the Committee met 5 times on
• reviewing and monitoring the auditor’s independence
(` in Crores) The amount of performance bonus/ commission payable to the following dates :
and performance and effectiveness of audit process;
Sr. No. Name of the Director Sitting Fees Commission the Managing Director/ Whole-time Director is calculated May 19, 2023; August 9, 2023; November 9, 2023; February 1, • approval or any subsequent modification of transactions
basis the performance of the Company in general and the 2024 and March 13, 2024 (via Video-Conference).
1. Munir Shaikh 0.12 0.20 of the Company with related parties;
individual’s performance for the relevant financial year
2. Sudarshan Jain 0.15 0.15 The necessary quorum was present for all the Committee • scrutiny of inter-corporate loans and investments;
measured against specific key result areas, which are aligned
Meetings. • valuation of undertakings or assets of the Company,
3. Anisha Motwani 0.16 0.15 to the Company’s objectives and policies. The same is
considered and approved by the Board based on the Meetings of Audit Committee are also attended by the wherever it is necessary;
4. Shalini Kamath 0.16 0.15
recommendation of the Nomination and Remuneration Managing Director, Non-Executive Directors, Chief Financial • evaluation of internal financial controls and risk
5. Kaiyomarz Marfatia 0.08 0.15
Committee in alignment with Company policies. Officer, Statutory Auditors and the Internal Auditors as management systems;

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Report on Corporate Governance (Contd.)

• reviewing with the management, performance of The composition of the Nomination and Remuneration • ensuring that there is an appropriate induction STAKEHOLDERS RELATIONSHIP COMMITTEE
statutory and internal auditors, adequacy of the internal Committee, category of its Members and their attendance at program in place for new Directors and reviewing its The composition, role, terms of reference as well as powers of
control systems; the Committee Meetings held during the year under review effectiveness. the Stakeholders Relationship Committee are in compliance
• reviewing the adequacy of internal audit function, is given below : • formulating the criteria for evaluation of performance with the provisions of Section 178 of the Act and Regulation 20
if any, including the structure of the internal audit of Board, its Committees and individual Directors and of the SEBI Listing Regulations.
No. of Meetings
department, staffing and seniority of the official heading held in 2023-24 review its implementation and compliance and whether
Name of the to extend or continue the term of appointment of the
the department, reporting structure, coverage and Category During the Composition :
Member
frequency of internal audit; tenure of the Attended Independent Director on the basis of such assessment;
Director The Committee comprises of 4 Members, of which 2 are
• discussion with internal auditors of any significant • to consider any other matters as may be delegated by the Independent Directors, 1 Non-Executive Director and
Sudarshan Jain Independent 4 4
findings and follow up thereon; Board.
Chairman Director 1 Executive Director as on the date of this Report.
• reviewing the findings of any internal investigations Ambati Venu Non-Executive 4 4 The role of the Committee in relation to Remuneration
The composition of the Stakeholders Relationship
by the internal auditors into matters where there is Director matters include :
Committee, category of its Members and their attendance at
suspected fraud or irregularity or a failure of internal Anisha Motwani Independent 4 4 • recommend to the Board a policy, relating to the the Committee Meetings held during the year under review
control systems of a material nature and reporting the Director remuneration for the Directors, Key Managerial
matter to the Board; is given below :
Ms Sangeeta Shetty, Company Secretary, is the Secretary of Personnel and other employees. The Committee shall,
• discussion with statutory auditors before the audit the Committee. while formulating the policy ensure that :
No. of Meetings
commences, about the nature and scope of audit as - the level and composition of remuneration is held in 2023-24
well as post-audit discussion to ascertain any areas of Meetings : reasonable and sufficient to attract, retain and Name of
concern; Category During
motivate Directors of the quality, required to run the Member
the tenure
During the year under review, the Committee met 4 times on Attended
• to look into the reasons for substantial defaults in the the Company successfully; of the
the following dates : Director
payment to the depositors, debenture holders, members - relationship of remuneration to performance is
(in case of non-payment of declared dividends) and May 19, 2023; August 9, 2023; February 1, 2024 and March 12, clear and meets appropriate performance Kaiyomarz Marfatia Non-Executive 2 2
creditors; 2024. benchmarks; Chairman Director
• approval of appointment of Chief Financial Officer after The necessary quorum was present for all the Committee - remuneration to Directors, Key Managerial Swati Dalal1 Managing NIL NA
assessing the qualifications, experience and background, Meetings. Personnel and Senior Management involves a Director
etc, of the candidate; balance between fixed and incentive pay reflecting
Mr Sudarshan Jain, Chairman of the Committee attended Anisha Motwani Independent 2 2
short and long-term performance objectives
• reviewing the functioning of the Vigil Mechanism/ the Annual General Meeting of the Company held on August Director
appropriate to the working of the Company and its
Whistle-Blower Mechanism; 9, 2023, to answer the Shareholders’ queries in compliance goals. Shalini Kamath Independent 2 2
• carrying out any other functions as may be prescribed with the requirements of Regulation 19(3) of the SEBI Listing Director
• recommend to the Board all remuneration, in whatever
under the Act, Rules framed thereunder and Regulation Regulations.
form, payable to the Senior Management; Vivek V Kamath2 Managing 2 2
18 of the SEBI Listing Regulations or as may be delegated Director
by the Board, from time to time. Role : • to consider any other matters as may be delegated by the
Board.
1
appointed as Member effective April 1, 2024.
The Committee also reviews various information prescribed The role of the Committee in relation to Nomination matters 2
ceased to be Member effective March 18, 2024.
under Part C of Schedule II as referred in Regulation 18(3) of include :
Performance Evaluation Criteria for Independent Ms Sangeeta Shetty, Company Secretary, is the Secretary of
the SEBI Listing Regulations. Directors
• formulating criteria for identifying suitable candidates the Committee. She also acts as the Compliance and Nodal
NOMINATION AND REMUNERATION COMMITTEE for Directors and Senior Management; In terms of the requirements of the Act and Rules made Officer of the Company.
thereunder, evaluation of Independent Directors is done
The composition, role, terms of reference as well as powers • identify persons who are qualified to become Directors
by the entire Board of Directors (except the Director Meetings :
of the Nomination and Remuneration Committee are in and appointed as the Senior Management in accordance whose evaluation is being done) basis the criteria set by the
compliance with the provisions of Section 178 of the Act and with criteria laid down and recommend to the Board During the year under review, the Committee met twice on
Nomination and Remuneration Committee. The Board also
Regulation 19 of the SEBI Listing Regulations. their appointment and removal; evaluates if the Independent Directors fulfill the criteria the following dates :

• formulating the criteria for determining the of independence as laid down in the Act, Rules framed May 18, 2023 and November 9, 2023.
Composition : thereunder and the SEBI Listing Regulations. Criteria for
qualifications, positive attributes and independence of a
The Committee comprises of 3 Members, of which 2 are evaluation and detailed mechanism adopted for evaluation of The necessary quorum was present for all the Committee
Director;
Independent Directors and 1 Non-Executive Director as on Directors are provided in the Board’s Report. Meetings.
the date of this Report. • devising policy on the diversity of the Board;

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Report on Corporate Governance (Contd.)

Role : The composition of the CSR Committee, category of its • recommend the amount of expenditure to be incurred Meetings :
Members and their attendance at the Committee Meetings on the CSR activities, for each financial year of the
The role of the Committee includes : During the year under review, the Committee met 3 times on
held during the year under review is given below : Company;
• resolving the grievances of the Shareholders including the following dates :
• devise suitable transparent monitoring mechanism for
complaints related to transfer/ transmission of shares, No. of Meetings
held in 2023-24 monitoring progress/ status of implementation of the May 18, 2023; November 9, 2023 and February 1, 2024.
non-receipt of annual report, non-receipt of declared Name of the CSR activities;
Category During the
dividends, issue of new/ duplicate certificates, general Member The necessary quorum was present for all the Committee
tenure of the Attended • receive reports and review activities from executive and
meetings, etc; Director Meetings.
specialist groups managing CSR activities;
Munir Shaikh Non-Executive 4 4
• review of measures taken for effective exercise of voting Chairman Director • monitor CSR Policy from time to time and revise the Role :
rights by the Shareholders; Swati Dalal1 Managing NIL NA same as and when needed;
The role of the Committee includes :
• review of adherence to the service standards adopted Director • carry out such other functions, as may be prescribed
by the Company in respect of various services being Anisha Motwani Independent 4 4 by the Act or CSR Rules or as may be delegated by the • to formulate a detailed Risk Management Policy which
rendered by the Registrar and Share Transfer Agent; Director Board, from time to time. shall include :
Shalini Kamath Independent 4 4
• review of the various measures and initiatives taken by Director RISK MANAGEMENT COMMITTEE (a) a framework for identification of internal and
the Company for reducing the quantum of unclaimed Mahadeo Karnik 2
Non-Executive 3 3 The composition, role, terms of reference as well as powers external risks specifically faced by the listed entity,
dividends and ensuring timely receipt of dividend Director of Risk Management Committee are in compliance with the in particular including financial, operational,
warrants/ annual reports/ statutory notices by the Vivek V Kamath3 Managing 4 4 provisions of Regulation 21 of the SEBI Listing Regulations. sectoral, sustainability (particularly, ESG related
Shareholders of the Company. Director risks) information, cyber security risks or any other
Rajiv Sonalker4 Whole-time 1 1 Composition : risk as may be determined by the Committee;
A summary of grievances received and resolved by the Director
Company to the satisfaction of the Shareholders during the The Committee comprises of 5 Members of which 2 are
1
appointed as Member effective April 1, 2024. (b) measures for risk mitigation including systems and
year under review, is given below : Independent Directors, 2 Non-Executive Directors and
2
appointed as Member effective July 1, 2023.
1 Executive Director as on the date of this Report. processes for internal control of identified risks;
3
ceased to be Member effective March 18, 2024.
No. of 4
ceased to be Member effective June 30, 2023. (c) business continuity plan.
Particulars
Grievances
The composition of the Risk Management Committee,
Ms Sangeeta Shetty, Company Secretary, is the Secretary of category of its Members, their attendance at the Committee
Pending at the beginning of the year NIL • to ensure that appropriate methodology, processes
the Committee. Meetings held during the year under review is given below :
Received during the year 18# and systems are in place to monitor and evaluate risks
Resolved during the year 18# No. of Meetings associated with the business of the Company;
Pending at the end of the year NIL Meetings : held in 2023-24
Name of the
Category During the • to monitor and oversee implementation of the risk
#
pertains 8 letters received through BSE Limited and 10 letters through During the year under review, the Committee met 4 times on Member
tenure of the Attended management policy, including evaluating the adequacy
Securities and Exchange Board of India (SEBI-SCORES). the following dates : Director
Swati Dalal1 Managing NIL NA of risk management systems;
These investor grievances mainly pertained to Duplicate May 18, 2023; August 9, 2023; November 9, 2023 and
Chairperson Director • to periodically review the risk management policy, at
Share Certificate; Transmission of Shares/ Deletion of February 1, 2024.
Sudarshan Jain Independent 3 3
name; KYC updation; Exchange of Share Certificate; least once in two years, including by considering the
The necessary quorum was present for all the Committee Director
Dematerialization of Shares and IEPF Claim. All the changing industry dynamics and evolving complexity;
Meetings. Shalini Kamath Independent 3 3
grievances were resolved upto the satisfaction of the Director • the appointment, removal and terms of remuneration of
Shareholders. Role : Kaiyomarz Marfatia Non- 3 3
the Chief Risk Officer (if any), shall be subject to review
Executive
CORPORATE SOCIAL RESPONSIBILITY (“CSR”) The role of the Committee includes : Director by the Risk Management Committee;
COMMITTEE • formulate and recommend for the acceptance of the Mahadeo Karnik2 Non- 2 2 • to keep the Board of Directors informed about the
Board, the Corporate Social Responsibility Policy (“CSR Executive
The composition, role, terms of reference as well as powers nature and content of its discussions, recommendations
Policy”) inter alia, to include the CSR activities, specify Director
of the Corporate Social Responsibility Committee are in and actions to be taken;
the modalities of execution, implementation schedules Vivek V Kamath3 Managing 3 3
compliance with the requirements of Section 135 of the Act Director
and Companies (Corporate Social Responsibility Policy) and recommend the same to the Board of Directors; • any other role as may be delegated by the Board from
Rajiv Sonalker4 Whole-time 1 1
Rules, 2014. • identify the CSR projects/ activities/ programs to be Director time to time or which may be prescribed under the Act or
undertaken by the Company (“CSR activities”), in 1
appointed as Chairperson effective April 1, 2024. the SEBI Listing Regulations or by amendments thereof.
Composition : alignment with Company’s CSR Policy and Schedule VII 2
appointed as Member effective July 1, 2023.
The Risk Management Committee shall coordinate its
3
ceased to be Chairman and Member effective March 18, 2024.
The Committee comprises of 5 Members of which 2 are of the Act; 4
ceased to be Member effective June 30, 2023. activities with other Committees, in instances where there
Independent Directors, 2 Non-Executive Directors and • review best practices in the key CSR areas by appropriate Ms Sangeeta Shetty, Company Secretary, is the Secretary of is any overlap with activities of such Committees, as per the
1 Executive Director, as on the date of this Report. internal/ external analysis; the Committee. framework laid down by the Board of Directors.

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ANNUAL GENERAL MEETINGS Internal Procedures and Conduct for Regulating, Monitoring iv) Dividend Payment Date
Financial and Reporting of Trading by Insiders. The same has been On or after August 13, 2024
Date Time Location Special Resolutions Passed
Year posted on the Company’s website at https://www.abbott.
2022-23 August 9, 2023 9.30 a.m. Via Video-Conferencing -- co.in/investor-relations.html. v) Listing on Stock Exchange
(VC)/ Other Audio-Visual
BSE Limited
Means (OAVM) VIGIL MECHANISM/ WHISTLE-BLOWER POLICY Phiroze Jeejeebhoy Towers
2021-22 August 10, 9.30 a.m. Via Video-Conferencing Re-appointment of Mr Munir Shaikh The Company has in place the Vigil Mechanism/ Whistle- Dalal Street, Mumbai – 400 001
2022 (VC)/ Other Audio-Visual (DIN : 00096273), who has attained the age of Blower Policy called “Abbott India Limited-Procedure for Telephone No. : +91-22-2272 1233/4, +91-22-6654 5695
Means (OAVM) Seventy-five years, as Director, liable to retire by
Internal Investigations” in terms of the requirements of Fax : +91-22-2272 1919
rotation.
the Act and Regulation 22 of the SEBI Listing Regulations. Website : www.bseindia.com
2020-21 July 27, 2021 9.30 a.m. Via Video-Conferencing Re-appointment of Ms Anisha Motwani E-mail : [email protected]
Adequate safeguards are provided against victimization of
(VC)/ Other Audio-Visual (DIN : 06943493) as an Independent Director for
Means (OAVM) a term of 5 (five) years effective April 25, 2021, not director(s) or employee(s) or any other person who raises vi) The annual listing fees for the financial year 2023-24
liable to retire by rotation. concerns using such mechanism. No employee has been and 2024-25 was paid to the BSE Limited as per
denied access to the Audit Committee. Regulation 14 of the SEBI Listing Regulations.
All the resolutions set out in the Notices of the Meetings, as aforesaid, were duly passed with requisite majority by
the Members. MEANS OF COMMUNICATION vii) I nternational Securities Identification Number
POSTAL BALLOT i) The quarterly, half-yearly and annual results are (ISIN)
published in English daily newspaper (Business INE358A01014
The following resolutions were passed by the Company through Postal Ballot on April 25, 2024.
Standard-Pan India) and Marathi newspaper (Loksatta
Voting Pattern published from Mumbai). The quarterly results/ viii)Stock Code (BSE)
Sr. Type of shareholding pattern/ notice of Board Meetings are
Particulars % of votes in favor % of votes against
No. Resolution 500488
of the resolution the resolution made available on the website of the Company at
https://www.abbott.co.in/investor-relations.html and
1. Ordinary Appointment of Ms Swati Dalal (DIN : 01513751) as a Director of 100% -- ix) Market Price Data (High/ Low) on BSE
the Company effective April 1, 2024 on the website of BSE Limited.
(`)
2. Ordinary Appointment of Ms Swati Dalal (DIN : 01513751) as Managing 99.20% 0.80% ii) During the year under review, the Company has neither
Month High Low
Director of the Company for a period of 3 (three) years made any presentations to institutional investors/
effective April 1, 2024 on such terms and conditions including analysts nor had any official news release. April, 2023 23,142.55 21,808.00
remuneration as set out in the Explanatory Statement annexed to May, 2023 22,795.75 20,594.25
the Postal Ballot Notice dated March 13, 2024. GENERAL SHAREHOLDER INFORMATION
June, 2023 23,488.00 21,451.50
No other resolution was passed by the Company through Postal Ballot during the financial year 2023-24. i) Annual General Meeting July, 2023 24,200.00 22,700.05
PROCEDURE ADOPTED FOR POSTAL BALLOT CODE OF BUSINESS CONDUCT Thursday, August 8, 2024, through Video-Conferencing August, 2023 24,724.95 23,035.50
The Postal Ballot was conducted in compliance with Code of Business Conduct for Board of Directors and Senior (VC)/ Other Audio-Visual Means (OAVM) at 10.00 am
September, 2023 23,630.00 22,023.00
Section 108 and 110 of the Act, read with Rule 20 and 22 Management (“Code”) lays down various principles of ethics (IST).
October, 2023 23,346.10 21,907.45
of the Companies (Management and Administration) and compliance. The Code has been posted on the Company’s
ii) Financial year November, 2023 24,422.50 22,161.00
Rules, 2014 and other applicable provisions of the Act website at https://www.abbott.co.in/investor-relations.html.
and the Rules, General Circular Nos. 14/2020 dated April 1, 2023 to March 31, 2024 December, 2023 23,909.95 21,983.40
All the Directors and Senior Management have confirmed the
April 8, 2020 and 17/2020 dated April 13, 2020 read with January, 2024 26,350.00 22,534.65
compliance of the Code of Business Conduct. The Certificate iii) E-voting Period
other relevant circulars, including General Circular No.
issued by Ms Swati Dalal - Managing Director to this effect From 9.00 a.m. (IST) on Monday, August 5, 2024 February, 2024 29,628.15 25,701.20
09/2023 dated September 25, 2023, issued by the Ministry
forms part of this report. March, 2024 28,825.00 26,442.85
of Corporate Affairs, Regulation 44 of the SEBI Listing Upto 5.00 p.m. (IST) on Wednesday, August 7, 2024
Regulations, Secretarial Standard on General Meetings
(“SS-2”) issued by the Institute of Company Secretaries
CODE OF FAIR DISCLOSURE
of India and other applicable laws, rules and regulations. The Company has in line with the requirements of the
Mr Taizoon M. Khumri, Practicing Company Secretary Securities and Exchange Board of India (Prohibition of
(CP No. 88 and Membership No. FCS 993) acted as a Insider Trading) Regulations, 2015, as amended from time
Scrutinizer for the above Postal Ballot. to time, adopted the Code of Fair Disclosure i.e., Code of

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Report on Corporate Governance (Contd.)

x)  erformance in comparison to broad based

P All the requests received as specified above, are xiv) Distribution of Shareholding as on March 31, 2024
indices processed as per the prescribed timelines upon receipt
Distribution No. of Shareholders % to Total No. of Shares held % to Total
April 1, 2023 to March 31, 2024, Normalized (100) of complete set of documents.
Abbott Stock Price Sensex Healthcare Index
Upto 500 68,227 98.34 16,48,680 7.76
170 xiii) Shareholding Pattern as on March 31, 2024 501 to 1,000 628 0.91 4,62,058 2.17
No. of 1,001 to 2,000 299 0.43 4,22,101 1.99
Category of Shareholders % to Total
140 Shares
2,001 to 3,000 93 0.14 2,24,361 1.06
Promoters 1,59,34,048 74.99 3,001 to 4,000 38 0.05 1,35,537 0.64
110
Banks 4,819 0.02 4,001 to 5,000 23 0.03 1,02,715 0.48
80 Foreign Portfolio 38,110 0.18 5,001 to 10,000 31 0.04 2,21,316 1.04
Corporation Above 10,000 43 0.06 1,80,32,534 84.86
50
04/23 05/23 06/23 07/23 08/23 09/23 10/23 11/23 12/23 01/24 02/24 03/24 Alternative Investment 22,646 0.11 Total 69,382 100.00 2,12,49,302 100.00
Fund
xi) Registrar and Share Transfer Agent
General Insurance 27,911 0.13 xv) In terms of requirements of Regulation 39(4) and dividend has not been paid or claimed for 7 (seven)
KFin Technologies Limited
Corporation of India consecutive years or more are required to be transferred
Schedule VI of the SEBI Listing Regulations, shares
Selenium Building, Tower B, 6/8, Ground Floor, which remained unclaimed in the custody of the to the Investor Education and Protection Fund Authority
Mutual Funds 16,07,722 7.57
Plot No. 31-32, Financial Crossley House,
District, Nanakramguda, Near BSE Limited, Company are required to be transferred to the Unclaimed (“IEPF Authority”).
Qualified Institutional 2,29,193 1.08 Suspense Account opened by the Company.
Serilingampally, Next to Union Bank, The details of shares so transferred is available on the
Buyer
Hyderabad - 500 032 Opposite to J&K Bank,
Tel No. : +91-40-6716 2222; Fort, Mumbai - 400 001 Accordingly, details of the unclaimed shares lying in the Company’s website under the Investor Section at https://
Domestic Companies 1,37,609 0.64 Company’s Unclaimed Suspense Account are as follows :
Toll Free No. : 1800 309 4001 www.abbott.co.in/investor-relations.html.
E-mail : [email protected] Resident Indians 30,08,464 14.16
No. of The Members whose shares/ unclaimed dividends, etc.
Website : https://www.kfintech.com Particular No. of Shares
https://ris.kfintech.com Non-Resident Indians 1,29,243 0.61 Shareholders have been transferred to IEPF, may claim the shares
Investor Support Center : https://ris.kfintech.com/clientservices/isc/ No. of shares as on 33 3,958 by making an application to IEPF Authority in Form
Directors 50 0.00
April 1, 2023 IEPF-5 (available on www.iepf.gov.in) along with requisite
Details of various centers of KFin are available on Directors Relatives 200 0.00 No. of shares claimed - - fee as decided by the Authority from time to time.
www.kfintech.com and transferred from
Unclaimed Suspense 3,958 0.02 During the year, the Company has transferred 8,157
Account the Unclaimed Suspense Equity Shares held by 57 Members to the IEPF Authority
xii) Share Transfer System Account during the year in September 2023, details of which are given below :
Share Transfer Committee comprising of the Directors Investor Education and 1,04,401 0.49
No. of shares transferred - -
Protection Fund (IEPF) No. of
and officials of the Company attend to the share related to Investor Education Particular No. of Shares
Authority Shareholders
formalities at least once in a fortnight. The Committee and Protection Fund
also considers requests received for duplicate, split/ Others 928 0.00 (IEPF) No. of shares in 684 98,049
consolidation, dematerialization and transmission of No. of shares as on 33 3,958 IEPF Account as on
Total 2,12,49,302 100.00
shares. March 31, 2024 April 1, 2023

All benefits accruing on such shares shall be credited No. of shares transferred 57 8,157
to Unclaimed Suspense Account for a period of seven to IEPF Account during
years. Thereafter, the said shares including all benefits the year 2023-24
accrued thereon shall be transferred by the Company No. of shares claimed (9) (1,805)
to the IEPF Authority in accordance with provisions of and transferred to the
Section 124(5) and (6) of the Act and Rules framed Shareholders from
thereunder. IEPF Account during the
xvi) In terms of requirements of Section 124(6) of the Act year 2023-24
read with the Investor Education and Protection Fund No. of shares in 732 1,04,401
Authority (Accounting, Audit, Transfer and Refund) IEPF Account as on
Rules, 2016 (“IEPF Rules”), all shares in respect of which March 31, 2024

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Report on Corporate Governance (Contd.)

xvii) Pursuant to the Act, read with IEPF Rules, dividend, xxiii) 
Address for correspondence/ E-mail ID for OTHER DISCLOSURES f) Pursuant to the disclosures made by the Senior
if not claimed for a period of 7 (seven) years from the Shareholders a) The Company has obtained a certificate from Ms Neena Management to the Board, there were no material
date of transfer to Unpaid Dividend Account of the Abbott India Limited Bhatia, Practising Company Secretary (Membership financial and commercial transactions entered by them
Company, are liable to be transferred to IEPF. During CIN : L24239MH1944PLC007330 No. FCS 9492 and Certificate of Practice No. 2661), where they have personal interest and which could have
the financial year 2023-24, the Company has transferred confirming that none of the Directors on the Board potential conflict with the interest of the Company at
Registered Office : Corporate Office : large.
to IEPF unpaid dividend amounting to ` 0.52 Crores is debarred or disqualified from being appointed or
3, Corporate Park, Shares Department
pertaining to the financial year 2015-16. continuing as Director of the Company by the Securities g) In terms of requirement of Regulation 17(8) of the SEBI
Sion-Trombay Road, 15-16th Floor, Godrej BKC,
Mumbai – 400 071 Plot C – 68, “G’’ Block,
and Exchange Board of India/ Ministry of Corporate Listing Regulations, Managing Director and Chief
xviii)The Company has appointed a Nodal and Deputy Bandra Kurla Complex, Affairs or any such Statutory Authority for the year Financial Officer have made a certification to the Board
Nodal Officer under the provisions of IEPF. Details of Near MCA Club, Bandra (East), ended March 31, 2024. of Directors in the prescribed format, which has been
the Nodal and Deputy Nodal Officer for the purpose of Mumbai – 400 051 reviewed by the Audit Committee and taken on record
b) There were no Related Party Transactions entered
Tel No. : +91-22-5046 1000/2000 by the Board.
co-ordination with the IEPF Authority are available into by the Company during the year that had potential
E-mail : [email protected]
on the website of the Company at https://www.abbott. conflict with the interests of the Company at large. h) The Company has complied with all the Corporate
Website : www.abbott.co.in
co.in/investor-relations.html. Governance requirements specified in Regulations 17 to
c) Policies on dealing with Related Party Transactions
KFin Technologies Limited and Materiality and on Determination of Materiality of 23, 24A to 27 and applicable clauses of Regulation 46(2)
xix) Dematerialization of Shares as on March 31, 2024 Unit : Abbott India Limited Event or Information for Disclosure are disclosed on the of the SEBI Listing Regulations. The Company does not
and liquidity Selenium Building, Tower B, 6/8, Ground Floor, Crossley website of the Company at https://www.abbott.co.in/ have any subsidiary and therefore, Regulation 24 is not
Plot No. 31-32, Financial District, House, Near BSE Limited, investor-relations.html. applicable to the Company.
The shares of the Company are compulsorily traded in Nanakramguda, Next to Union Bank,
electronic mode and are available for trading with both Serilingampally, Opposite to J&K Bank, The details of transactions entered into with Related i) There has been no instance of any non-compliance of
Hyderabad – 500 032 Fort, Mumbai - 400 001 Parties is disclosed in Note 38 of the Financial any requirement of Corporate Governance Report of
the Depositories in India namely, National Securities Tel No. : +91-40-6716 2222;
Statements. Schedule V of the SEBI Listing Regulations.
Depository Limited (NSDL) and Central Depository Toll Free No. : 1800 309 4001
Services (India) Limited (CDSL). d) Details of instances of non-compliance by the Company, j) The Company does not deal in commodity(ies) and
E-mail : [email protected] hence disclosure relating to commodity price risks and
penalties/ strictures imposed on the Company by the
Website : https://www.kfintech.com commodity hedging activities does not apply.
2,10,42,838 Equity Shares representing 99.03% of the Stock Exchange or the Securities and Exchange Board of
https://ris.kfintech.com
Company’s total paid-up share capital were held in Investor Support Center: https://ris.kfintech.com/clientservices/isc/ India or any Statutory Authority on any matters related k) The Company has not raised any funds
dematerialized mode, as on March 31, 2024. to the capital markets during the last three years : through Preferential Allotment or Qualified
KPRISM-Digital application by KFin Institutional Placement during the financial year
xx) The Company has not issued any GDR/ ADR or The Company has received post-facto approval from
KFin Technologies Limited (KFin) has launched a mobile ended March 31, 2024.
the Department of Pharmaceuticals permitting foreign
Warrants or any other convertible instruments application-KPRISM and a website i.e., https://kprism.
shareholding in excess of the sectoral cap, upto 80% l) The Company has not obtained any Credit Ratings
kfintech.com/signin.aspx for online service.
of the paid-up share capital of the Company, subject to during the year.
xxi) Foreign exchange risk and hedging activities
The Members are required to complete one time registration compounding with the Reserve Bank of India (RBI).
m) The Company has complied with all the mandatory
The Company has foreign exchange exposure and for availing various services viz., view of consolidated The Company had filed a compounding application with
requirements of the SEBI Listing Regulations.
hedging is done for a significant portion of the same. portfolio service by KFin, dividend status, requests for change the Reserve Bank of India in this regard. However, the
of address, change/ update bank mandate. The Members can RBI vide its letter dated March 19, 2024, has informed n) During the financial year, there was no instance where
xxii) Plant Location also download Annual Reports, standard forms and keep the Company that the compounding application the Board has not accepted any recommendation of any
track of upcoming General Meetings and dividend requires further examination in consultation with Committees of the Board.
L-18/19, Verna Industrial Estate, Verna Salcette, disbursements. The said application can alternatively be the government. RBI further informed the Company o) Total fees paid to the Statutory Auditors and all the
Goa – 403 722. downloaded from the Android Play Store. that since compounding was a time-bound process, entities in their network firm/ network entities for all
the application was being returned for the time being the services rendered by them during the financial year
along with the compounding fee. RBI has advised the 2023-24 is ` 2.26 Crores including all taxes, as may be
Company to await further communication/ advice from applicable.
RBI in this regard, on further course of action, if any.
p) During the financial year 2023-24, 3 (three) complaints
e) In the preparation of Financial Statements, no were received under the Sexual Harassment of Women
differential treatment from that prescribed in the at Workplace (Prevention, Prohibition and Redressal)
Accounting Standards has been followed. Act, 2013 and the same were appropriately closed.

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Report on Corporate Governance (Contd.)

Compliance with Discretionary requirements : CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

i. The quarterly and half-yearly financial results are published in two newspapers as prescribed under the SEBI Listing (Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of the Securities and Exchange Board of India
Regulations and are also available on the website of the Company at https://www.abbott.co.in/investor-relations.html. (Listing Obligations and Disclosure Requirements) Regulations, 2015)
Therefore, the results were not separately circulated to the Members.
ii. The Internal Auditors report directly to the Audit Committee. To, Date of
Sr.
The Members, Name of Director DIN Appointment
iii. The Auditors have issued Audit Report with unmodified opinion on the financial statements. No.
in Company
Abbott India Limited
Unit No. 3, Corporate Park, 1 Munir Shaikh 00096273 02/03/2001
For and on behalf of the Board of Directors
Sion Trombay Road, 2 Swati Dalal 01513751 01/04/2024
Chembur, Mumbai – 400 071
Swati Dalal Sudarshan Jain 3 Anisha Motwani 06943493 25/04/2018
Srinagar Managing Director Director I have examined the relevant registers, records, forms, 4 Sudarshan Jain 00927487 01/04/2019
May 9, 2024 DIN : 01513751 DIN : 00927487 returns and disclosures received from the Directors of Abbott
5 Shalini Kamath 06993314 29/10/2019
India Limited having CIN : L24239MH1944PLC007330 and
having their registered office at Unit No. 3, Corporate Park, 6 Ambati Venu 07614849 01/03/2020
Sion-Trombay Road, Mumbai - 400 071 (hereinafter referred 7 Kaiyomarz Marfatia 03449627 01/03/2011
to as “the Company”), produced before me by the Company
DECLARATION UNDER SCHEDULE V (D) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA 8 Mahadeo Karnik 02606595 01/07/2023
(LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 for the purpose of issuing this Certificate, in accordance with
Regulation 34(3) read with Schedule V, Para-C, sub-clause 9 Sabina Ewing 09201770 15/06/2021
Pursuant to Schedule V (D) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
10(i) of the Securities and Exchange Board of India (Listing 10 Vivek V Kamath 06606777 15/02/2022
Regulations, 2015, I, Swati Dalal - Managing Director of Abbott India Limited, do hereby affirm that, all the Board Members
and Senior Management Personnel of the Company have affirmed Compliance with the Abbott India Code of Conduct for the Obligations and Disclosure Requirements) Regulations, 2015. (resigned effective
year ended March 31, 2024. March 18, 2024)
In my opinion and to the best of my information and according
to the verifications including Directors Identification 11 Rajiv Sonalker 07900178 08/08/2017
Swati Dalal
(retired effective
Mumbai Managing Director Number (DIN), status at the portal www.mca.gov.in as
June 30, 2023)
April 1, 2024 DIN : 01513751 considered necessary and explanations furnished to me by
the Company and its officers, I hereby certify that none of the Ensuring the eligibility for the appointment/ continuity
Directors on the Board of the Company as stated below for the of every Director on the Board is the responsibility of the
financial year ending on March 31, 2024 have been debarred or management of the Company. My responsibility is to express
disqualified from being appointed or continuing as Directors an opinion on these based on my verification. This certificate
of Company by the Securities and Exchange Board of India, is neither an assurance as to the future viability of the
Ministry of Corporate Affairs or any such other Statutory Company nor of the efficiency or effectiveness with which
Authority. the management has conducted the affairs.

Place : Mumbai Neena Bhatia

Date : May 9, 2024 Practicing Company Secretary
UDIN : F009492F000336291 Membership No : FCS 9492
Peer reviewed no : 1012/2020 Certificate of Practice No.: 2661

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Report on Corporate Governance (Contd.)

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE CONDITIONS OF CORPORATE vii. Obtained the schedule of related party transactions Other matters and Restriction on Use
GOVERNANCE AS PER PROVISIONS OF CHAPTER IV OF THE SECURITIES AND EXCHANGE BOARD OF during the year and balances at the year-end. 10. This report is neither an assurance as to the future
INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, AS AMENDED Obtained and read the minutes of the audit viability of the Company nor the efficiency or
committee meeting where in such related party effectiveness with which the management has conducted
The Members of Abbott India Limited 6. We have complied with the relevant applicable transactions have been pre-approved prior by the the affairs of the Company.
requirements of the Standard on Quality Control audit committee.
1. The Corporate Governance Report prepared by Abbott
(SQC) 1, Quality Control for Firms that Perform Audits 11. This report is addressed to and provided to the Members
India Limited (hereinafter the “Company”), contains
and Reviews of Historical Financial Information, and viii. Performed necessary inquiries with the of the Company solely for the purpose of enabling it to
details as specified in regulations 17 to 27, clauses (b) to
Other Assurance and Related Services Engagements. management and also obtained necessary specific comply with its obligations under the Listing Regulations
(i) and (t) of sub-regulation (2) of regulation 46 and para
representations from management. with reference to compliance with the relevant
C, D, and E of Schedule V of the Securities and Exchange 7. The procedures selected depend on the auditor’s
8. The above-mentioned procedures include examining regulations of Corporate Governance and should not
Board of India (Listing Obligations and Disclosure judgement, including the assessment of the risks
evidence supporting the particulars in the Corporate be used by any other person or for any other purpose.
Requirements) Regulations, 2015, as amended associated in compliance of the Corporate Governance Accordingly, we do not accept or assume any liability
(“the Listing Regulations”) (“Applicable criteria”) for Report with the applicable criteria. Summary of Governance Report on a test basis. Further, our scope
or any duty of care or for any other purpose or to any
the year ended March 31, 2024 as required by the procedures performed include : of work under this report did not involve us performing
other party to whom it is shown or into whose hands it
Company for annual submission to the Stock Exchange. audit tests for the purposes of expressing an opinion
i. Read and understood the information prepared may come without our prior consent in writing. We have
on the fairness or accuracy of any of the financial
by the Company and included in its Corporate no responsibility to update this report for events and
Management’s Responsibility information or the financial statements of the Company
Governance Report; circumstances occurring after the date of this report.
2. The preparation of the Corporate Governance Report taken as a whole.
is the responsibility of the Management of the For S R B C & CO LLP
ii. Obtained and verified that the composition of the
Company including the preparation and maintenance Board of Directors with respect to executive and
Opinion Chartered Accountants
of all relevant supporting records and documents. 9. Based on the procedures performed by us, as referred in ICAI Firm Registration Number : 324982E/ E300003
non-executive directors has been met throughout
This responsibility also includes the design, the reporting period; paragraph 7 above, and according to the information and per Aruna Kumaraswamy
implementation and maintenance of internal control explanations given to us, we are of the opinion that the Partner
iii. Obtained and read the Register of Directors as Company has complied with the conditions of Corporate
relevant to the preparation and presentation of the Membership Number : 219350
Corporate Governance Report. on March 31, 2024 and verified that atleast one Governance as specified in the Listing Regulations, as UDIN : 24219350BKCSUX7354
independent woman director was on the Board of applicable for the year ended March 31, 2024, referred to Place of Signature : Mumbai
3. The Management along with the Board of Directors Directors throughout the year; in paragraph 4 above. Date : May 9, 2024
are also responsible for ensuring that the Company
complies with the conditions of Corporate Governance iv. Obtained and read the Minutes of the following
as stipulated in the Listing Regulations, issued by the Committee Meetings/ Other Meetings held from
Securities and Exchange Board of India. April 1, 2023 to March 31, 2024:
(a) Board of Directors;
Auditor’s Responsibility
(b) Audit Committee;
4. Pursuant to the requirements of the Listing Regulations,
our responsibility is to provide a reasonable assurance (c) Annual General Meeting (AGM) ;
in the form of an opinion whether, the Company has
(d) Nomination and Remuneration Committee;
complied with the conditions of Corporate Governance
as specified in the Listing Regulations. (e) Stakeholders Relationship Committee;
5. We conducted our examination of the Corporate (f) Risk Management Committee;
Governance Report in accordance with the Guidance
(g) Corporate Social Responsibility Committee;
Note on Reports or Certificates for Special Purposes
and the Guidance Note on Certification of Corporate (h) Independent Directors Meeting
Governance, both issued by the Institute of Chartered
v. Obtained necessary declarations from the directors
Accountants of India (“ICAI”). The Guidance Note on
of the Company.
Reports or Certificates for Special Purposes requires
that we comply with the ethical requirements of the vi. Obtained and read the policy adopted by the
Code of Ethics issued by ICAI. Company for related party transactions.

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INDEPENDENT AUDITOR’S REPORT

To the Members of Abbott India Limited in accordance with the ‘Code of Ethics’ issued by the Key audit matters How our audit addressed the key audit matter
Institute of Chartered Accountants of India together with The complexity and significance of the assumptions and • We tested the workings in respect of classification of
Report on the Audit of the Financial Statements
the ethical requirements that are relevant to our audit of the judgments required for estimating provisions for sales returns current and non-current provisions for sales return
financial statements under the provisions of the Act and the may result, in incorrect recording of revenue and related prepared by the management including the underlying
OPINION
Rules thereunder, and we have fulfilled our other ethical provisions. Accordingly, we have considered this as a key audit assumptions.
We have audited the accompanying financial statements of responsibilities in accordance with these requirements and matter.
Abbott India Limited (“the Company”), which comprise the • We understood and assessed the Company’s accounting
the Code of Ethics. We believe that the audit evidence we have
Balance sheet as at March 31, 2024, the Statement of Profit policy for revenue recognition, including the recognition
obtained is sufficient and appropriate to provide a basis for
and Loss, including the statement of Other Comprehensive and measurement of deductions to gross sales relating to
our audit opinion on the financial statements.
Income, the Cash Flow Statement and the Statement of sales returns and related disclosures.
Changes in Equity for the year then ended, and notes to KEY AUDIT MATTERS Evaluation of uncertain tax positions (as described in Note 36 (b) (ii) of the financial statements)
the financial statements, including a summary of material The Company has litigations involving question of law and • We obtained an understanding of the management’s
Key audit matters are those matters that, in our professional
accounting policies and other explanatory information. certain disallowances made by Income tax authorities in process for :
judgment, were of most significance in our audit of the
financial statements for the financial year ended March 31, assessment orders that the Company has appealed against
In our opinion and to the best of our information and - identification of tax matters initiated against the
2024. These matters were addressed in the context of our before the relevant appellate authorities.
according to the explanations given to us, the aforesaid Company,
financial statements give the information required by the audit of the financial statements as a whole, and in forming our The Company has disclosed ` 74.10 Crores as Contingent
opinion thereon, and we do not provide a separate opinion on - assessment of accounting treatment for each such
Companies Act, 2013, as amended (“the Act”) in the manner liability (including uncertain tax positions for open assessment
litigation identified under applicable accounting
so required and give a true and fair view in conformity with these matters. For each matter below, our description of how orders) in accordance with Ind AS 37 Provisions, Contingent
principles, and for measurement of amounts
the accounting principles generally accepted in India, of the our audit addressed the matter is provided in that context. Liabilities and Contingent Assets, based on management’s
involved.
state of affairs of the Company as at March 31, 2024, its Profit assessment in consultation with professional advice from the
We have determined the matters described below to be
including Other Comprehensive Income, its Cash Flows and external legal counsel. • We evaluated the design and tested the operating
the key audit matters to be communicated in our report.
the Changes in Equity for the year ended on that date. effectiveness of controls around the above process.
We have fulfilled the responsibilities described in the The eventual outcome of the legal proceedings is dependent
Auditor’s responsibilities for the audit of the financial on the outcome of future events and unexpected adverse • We obtained an understanding of the nature of litigations
BASIS FOR OPINION statements section of our report, including in relation to these outcomes could significantly impact the Company’s reported pending against the Company and discussed the key
We conducted our audit of the financial statements in matters. Accordingly, our audit included the performance Profits and Balance Sheet position. developments during the year with the management.
accordance with the Standards on Auditing (SAs), as specified of procedures designed to respond to our assessment of the
Key judgments are also made by the management in estimating • We focused on the key developments in the tax litigations,
under Section 143(10) of the Act. Our responsibilities under risks of material misstatement of the financial statements.
the amount of contingent liabilities related to aforementioned which could have materially impacted the amounts
those Standards are further described in the ‘Auditor’s The results of our audit procedures, including the procedures
litigations. recorded as provisions or disclosed as contingent liability
Responsibilities for the Audit of the Financial Statements’ performed to address the matters below, provide the basis for
in the financial statements. We inspected the demand
section of our report. We are independent of the Company our audit opinion on the accompanying financial statements. Considering the degree of judgment, significance of the
notices, assessment orders received for such cases and
amounts involved, inherent high estimation uncertainty
Key audit matters How our audit addressed the key audit matter obtained grounds of appeal submitted by the management
and reliance on external legal counsel, this matter has been
in consultation with their external legal counsel.
(a) Provision for Non-Saleable returns (as described in Note 16 and 21 of the financial statements) identified as a key audit matter.
The Company makes sales to stockist who further sells Our audit procedures included, amongst others, • We evaluated the appropriateness of methods used and
products in the market. Stockist have a right of return in the reliability of underlying data for quantifying the
• Obtained an understanding of management’s process and
respect of goods expiring while being in supply chain before amounts involved by analyzing the relevant demand
related controls for recording provision for non-saleable
reaching end consumers. Existence of right of return of such notices, assessment orders received. We also tested the
returns.
expired products results in accounting for deductions to arithmetical accuracy of such calculations.
gross amounts invoiced in arriving at revenue and creation • Tested the Company‘s key controls relating to the
• We also tested the independence, objectivity and
of obligations for the Company to give credit for such sales accounting for sales and related deductions made to gross
competence of such external legal counsel involved.
returns. sales for sales returns.
• We engaged internal tax specialists to evaluate
The amounts pertaining to such sales return are estimated at • We obtained management’s calculations for provisions,
management’s assessment of the outcome of such
the time of sale and deducted from gross sales and recorded recalculated the amounts and evaluated the assumptions
litigation cases. The tax specialists considered legal
as provisions for sales returns. These estimates are based on used with reference to historical sales returns levels and
precedence and other rulings in evaluating management’s
analysis of historical trends of sales return and shelf life of the current trends.
position on such litigation cases.
products.
• We considered the management’s estimates by comparing
• We have evaluated the disclosures made by the Company
The management has accounted for provision for sales returns historical accrued provisions and revenue deductions
in the financial statements in view of the requirements as
amounting to ` 201.61 Crores at March 31, 2024 (including recorded to the actual amounts.
specified in the Indian Accounting Standards.
reimbursable sales return amounting to ` 71.16 Crores)

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Independent Auditor’s Report (Contd.)

INFORMATION OTHER THAN THE FINANCIAL going concern and using the going concern basis of accounting significant doubt on the Company’s ability to continue 2. As required by Section 143(3) of the Act, we report that :
STATEMENTS AND AUDITOR’S REPORT THEREON unless management either intends to liquidate the Company as a going concern. If we conclude that a material (a) We have sought and obtained all the information
The Company’s Board of Directors is responsible for the other or to cease operations, or has no realistic alternative but to uncertainty exists, we are required to draw attention and explanations which to the best of our knowledge
information. The other information comprises the Director’s do so. in our auditor’s report to the related disclosures in and belief were necessary for the purposes of our
Report, Management Discussion and Analysis, Corporate The Board of Directors are also responsible for overseeing the the financial statements or, if such disclosures are audit;
Governance Report but does not include the financial Company’s financial reporting process. inadequate, to modify our opinion. Our conclusions are (b) In our opinion, proper books of account as required
statements and our auditor’s report thereon. based on the audit evidence obtained up to the date of our by law have been kept by the Company so far as it
Our opinion on the financial statements does not cover AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF auditor’s report. However, future events or conditions appears from our examination of those books, the
the other information and we do not express any form of THE FINANCIAL STATEMENTS may cause the Company to cease to continue as a going back-up of books of account were taken on a server
assurance conclusion thereon. Our objectives are to obtain reasonable assurance about concern. physically located in India except for an application
used for processing expenses of field employees
whether the financial statements as a whole are free from • Evaluate the overall presentation, structure and content
In connection with our audit of the financial statements, our where backup taken on a daily basis were kept on
material misstatement, whether due to fraud or error, of financial statements, including the disclosures, and
responsibility is to read the other information and, in doing a server physically located outside India as stated
and to issue an auditor’s report that includes our opinion. whether financial statements represent the underlying
so, consider whether such other information is materially in Note 45 to the financial statements and for the
Reasonable assurance is a high level of assurance, but is matter stated in paragraph (i) below on reporting
inconsistent with the financial statements, or our knowledge transactions and events in a manner that achieves fair
not a guarantee that an audit conducted in accordance under Rule 11 (g).
obtained in the audit or otherwise appears to be materially presentation.
with SAs will always detect a material misstatement when
misstated. If, based on the work we have performed, (c) The Balance Sheet, the Statement of Profit and Loss
it exists. Misstatements can arise from fraud or error and We communicate with those charged with governance
we conclude that there is a material misstatement of this including the Statement of Other Comprehensive
are considered material if, individually or in the aggregate, regarding, among other matters, the planned scope and
other information, we are required to report that fact. Income, the Cash Flow Statement and Statement of
they could reasonably be expected to influence the timing of the audit and significant audit findings, including
We have nothing to report in this regard. Changes in Equity dealt with by this Report are in
economic decisions of users taken on the basis of these any significant deficiencies in internal control that we identify agreement with the books of account;
financial statements. during our audit.
RESPONSIBILITIES OF MANAGEMENT FOR THE (d) In our opinion, the aforesaid financial statements
FINANCIAL STATEMENTS As part of an audit in accordance with SAs, we exercise We also provide those charged with governance with a comply with the Accounting Standards specified
The Company’s Board of Directors is responsible for the professional judgment and maintain professional skepticism statement that we have complied with relevant ethical under Section 133 of the Act, read with Companies
matters stated in Section 134(5) of the Act with respect to throughout the audit. We also : requirements regarding independence, and to communicate (Indian Accounting Standards) Rules, 2015, as
the preparation of these financial statements that give a true with them all relationships and other matters that may amended;
• Identify and assess the risks of material misstatement of
and fair view of the financial position, financial performance the financial statements, whether due to fraud or error, reasonably be thought to bear on our independence, and (e) On the basis of the written representations
including Other Comprehensive Income, Cash Flows and design and perform audit procedures responsive to those where applicable, related safeguards. received from the directors as on March 31, 2024
Changes in Equity of the Company in accordance with the risks, and obtain audit evidence that is sufficient and taken on record by the Board of Directors, none of
From the matters communicated with those charged with the directors is disqualified as on March 31, 2024
accounting principles generally accepted in India, including appropriate to provide a basis for our opinion. The risk
the Indian Accounting Standards (Ind AS) specified under governance, we determine those matters that were of most from being appointed as a director in terms of
of not detecting a material misstatement resulting from
Section 133 of the Act read with the Companies (Indian significance in the audit of the financial statements for the Section 164 (2) of the Act;
fraud is higher than for one resulting from error, as fraud
Accounting Standards) Rules, 2015, as amended. This financial year ended March 31, 2024 and are therefore the
may involve collusion, forgery, intentional omissions, (f) The modification relating to the maintenance of
responsibility also includes maintenance of adequate key audit matters. We describe these matters in our auditor’s accounts and matters connected therewith, and
misrepresentations, or the override of internal control.
accounting records in accordance with the provisions of the report unless law or regulation precludes public disclosure audit trail are as stated in paragraph (b) above and
• Obtain an understanding of internal control relevant to about the matter or when, in extremely rare circumstances, clause vi of paragraph (i) below respectively
Act for safeguarding of the assets of the Company and for
the audit in order to design audit procedures that are we determine that a matter should not be communicated
preventing and detecting frauds and other irregularities; (g) With respect to the adequacy of the internal
appropriate in the circumstances. Under Section 143(3)(i) in our report because the adverse consequences of doing so
selection and application of appropriate accounting policies; financial controls with reference to these financial
of the Act, we are also responsible for expressing our would reasonably be expected to outweigh the public interest
making judgments and estimates that are reasonable and statements and the operating effectiveness of
opinion on whether the Company has adequate internal
prudent; and the design, implementation and maintenance benefits of such communication. such controls, refer to our separate Report in
financial controls with reference to financial statements
of adequate internal financial controls, that were operating “Annexure 2” to this report;
in place and the operating effectiveness of such controls.
effectively for ensuring the accuracy and completeness of REPORT ON OTHER LEGAL AND REGULATORY
(h) In our opinion, the managerial remuneration for the
the accounting records, relevant to the preparation and • Evaluate the appropriateness of accounting policies used REQUIREMENTS year ended March 31, 2024 has been paid / provided
presentation of the financial statements that give a true and and the reasonableness of accounting estimates and 1. As required by the Companies (Auditor’s Report) Order, by the Company to its directors in accordance with
fair view and are free from material misstatement, whether related disclosures made by management. 2020 (“the Order”), issued by the Central Government the provisions of Section 197 read with Schedule V
due to fraud or error. of India in terms of Sub-Section (11) of Section 143 of to the Act;
• Conclude on the appropriateness of management’s use of
In preparing the financial statements, management is the going concern basis of accounting and, based on the the Act, based on our audit, we give in the “Annexure 1” (i) With respect to the other matters to be included in
responsible for assessing the Company’s ability to continue as audit evidence obtained, whether a material uncertainty a statement on the matters specified in paragraphs 3 and the Auditor’s Report in accordance with Rule 11 of
a going concern, disclosing, as applicable, matters related to exists related to events or conditions that may cast 4 of the Order. the Companies (Audit and Auditors) Rules, 2014,

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Independent Auditor’s Report (Contd.) ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING “REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF
ABBOTT INDIA LIMITED

as amended in our opinion and to the best of our c) Based on such audit procedures performed In terms of the information and explanations sought by us and given by the Company and the books of account and records
information and according to the explanations that have been considered reasonable and examined by us in the normal course of audit and to the best of our knowledge and belief, we state that :
given to us : appropriate in the circumstances, nothing has
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and
come to our notice that has caused us to believe
i. The Company has disclosed the impact of situation of Property, Plant and Equipment.
that the representations under sub-clause (a)
pending litigations on its financial position in
and (b) contain any material misstatement. (B) The Company has maintained proper records showing full particulars of intangibles assets.
its financial statements – Refer Note 36 to the
financial statements; v. The final dividend paid by the Company (b) All Property, Plant and Equipment were not physically verified by the management but there is a planned programme
during the year in respect of the same declared of verifying them once in three years which is reasonable having regard to the size of the Company and the nature of
ii. The Company did not have any long-term
for the previous year is in accordance with its assets.
contracts including derivative contracts for
which there were any material foreseeable Section 123 of the Act to the extent it applies to (c) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease
losses; payment of dividend. agreements are duly executed in favour of the lessee) disclosed in Note 3 to the financial statements included in
As stated in Note 14 to the financial statements, Property, Plant and Equipment are held in the name of the Company, except for the following :
iii. There has been no delay in transferring
amounts, required to be transferred, to the the Board of Directors of the Company have Gross Whether Period held
Investor Education and Protection Fund by proposed final dividend for the year which Description of carrying promoter, director - indicate Reason for not being held in
Held in name of
is subject to the approval of the members property value of their relative or range, where name of Company
the Company (` in Crores) employee appropriate
at the ensuing Annual General Meeting.
iv. a) The management has represented that, to The dividend declared is in accordance with Building – 6.35 Boots No 1996 The property is held in
the best of its knowledge and belief, and as Section 123 of the Act to the extent it applies to Chembur Pharmaceuticals the erstwhile name of the
disclosed in the Note 44(iii)(a) to the financial declaration of dividend. Limited Company.
statements, no funds have been advanced Building - 0.16 Duphar Interfan No 1989 The said property is held
or loaned or invested (either from borrowed vi. Based on our examination which included Chennai Limited in the name of Duphar
funds or share premium or any other sources test checks, the Company has used accounting Interfran Limited, which
or kind of funds) by the Company to or in software for maintaining its books of was demerged into a new
any other person(s) or entity(ies), including account which has a feature of recording entity - Solvay Pharma
foreign entities (“Intermediaries”), with the audit trail (edit log) facility and the same has India Limited (SPIL). SPIL
understanding, whether recorded in writing operated throughout the year for all relevant was ultimately merged with
or otherwise, that the Intermediary shall, transactions recorded in the software except the Company and the deed
whether, directly or indirectly lend or invest that, audit trail feature is not enabled for of merger was filed by the
in other persons or entities identified in changes made, if any, using privileged/ Company.
any manner whatsoever by or on behalf of administrative access rights to the application
Building - 30.34 Solvay Pharma No 2009 The said property was
the Company (“Ultimate Beneficiaries”) or and the underlying database, as described in
Goregaon India Limited acquired by the Company
provide any guarantee, security or the like on Note 45 to the financial statements. Further, pursuant to the Scheme of
behalf of the Ultimate Beneficiaries; during the course of our audit we did not come Amalgamation of Solvay
across any instance of audit trail feature being Pharma India Limited with
b) The management has represented that, to
tampered with in respect of the accounting the Company, approved by
the best of its knowledge and belief, and as
software. the Hon’ble High Court
disclosed in the Note 44(iii)(b) to the financial
statements, no funds have been received by and the deed of merger has
For S R B C & CO LLP been filed by the Company.
the Company from any person(s) or entity(ies),
Chartered Accountants
including foreign entities (“Funding Parties”), Goa 0.07 Knoll No 1997 The property is held in
ICAI Firm Registration Number : 324982E/E300003
with the understanding, whether recorded in residential Pharmaceuticals the erstwhile name of the
writing or otherwise, that the Company shall, building Limited Company.
per Aruna Kumaraswamy
whether, directly or indirectly, lend or invest
Partner (d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or Intangible assets
in other persons or entities identified in any
Membership Number : 219350 during the year ended March 31, 2024.
manner whatsoever by or on behalf of the
UDIN : 24219350BKCSUV9709 (e) There are no proceedings initiated or are pending against the Company for holding any benami property under the
Funding Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on Place of Signature : Mumbai Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
behalf of the Ultimate Beneficiaries; and Date : May 09, 2024

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Independent Auditor’s Report (Contd.)

(ii) (a) The inventory has been physically verified by the management during the year except for inventories lying with (b) The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, customs duty, cess, and
third parties. In our opinion, the frequency of verification by the management is reasonable and the coverage and other statutory dues which have not been deposited on account of any dispute, are as follows :
procedure for such verification is appropriate. Discrepancies of 10% or more in aggregate for each class of inventory
Nature of the Period to which the Forum where the
were not noticed in respect of such physical verification. Inventories lying with third parties have been confirmed by Name of the statute (` in Crores) amount relates
dues dispute is pending
them as at March 31, 2024 and discrepancies were not noticed in respect of such confirmations.
Income Tax Act, 1961 Income Tax 1.84 A.Y. 1998-99 Bombay High Court
(b) The Company has not been sanctioned working capital limits in excess of ` 5 crores in aggregate from banks or Income Tax Act, 1961 Income Tax 32.05 A.Y. 2004-05, Commissioner of Income
financial institutions during any point of time of the year on the basis of security of current assets. Accordingly, the A.Y. 2016-17, Tax (Appeals)
requirement to report on clause 3(ii)(b) of the Order is not applicable to the Company. A.Y. 2017-18 and
(iii) (a) During the year the Company has not provided loans, advances in the nature of loans, stood guarantee or provided A.Y. 2018-19
security to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to Central Excise Act, 1944 Excise Duty 0.03 1991-92 Commissioner (Appeals)
report on clause 3(iii)(a) of the Order is not applicable to the Company. 0.04 1994-95 Commissioner
(b) During the year the Company has not made investments, provided guarantees, provided security and granted 0.03 1994 and 1997 to 2002 Assistant Commissioner
loans and advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties. 0.26 2005-06 CESTAT
Accordingly, the requirement to report on clause 3(iii)(b) of the Order is not applicable to the Company. Customs Act, 1962 Customs Duty 0.04 1996 Commissioner (Appeals)

(c) The Company has not granted loans and advances in the nature of loans to companies, firms, Limited Liability 0.75 2011 to 2013 CESTAT
Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(c), (d), (e) and (f) of the The Bombay Sales Tax Sales Tax 0.40 1999-2000 Deputy Commissioner of
Order is not applicable to the Company. Act, 1959 Sales Tax
Gujarat Value Added Tax Value Added 0.13 2017-18 Deputy Commissioner,
(iv) There are no loans, investments, guarantees, and security in respect of which provisions of Sections 185 and 186 of the
Tax Commercial Taxes, Gujarat
Companies Act, 2013 are applicable and accordingly, the requirement to report on clause 3(iv) of the Order is not applicable
Kerala General Sales Tax Sales Tax 0.13 2002-03 Sales Tax Appellate
to the Company.
Act, 1963 Tribunal, Additional Bench
(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be Goa Value Added Tax Value Added 0.02 2006-07 Additional Commissioner of
deposits within the meaning of Sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent Act, 2005 Tax Commercial Taxes, Panaji,
applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company. Goa
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Central Sales Tax, 1956 Sales Tax 3.97 2006-07 Additional Commissioner of
Government for the maintenance of cost records under Section 148 (1) of the Companies Act, 2013, related to the (Goa) Commercial Taxes, Panaji,
manufacture of pharmaceutical products, and are of the opinion that prima facie, the specified accounts and records have Goa
been made and maintained. We have not, however, made a detailed examination of the same. Central Sales Tax, 1956 Sales Tax 0.17 2009-10 Assistant Commissioner of
(vii) (a) Undisputed statutory dues including goods and services tax, provident fund, employees’ state insurance, income- (Goa) Commercial Taxes, Panaji,
tax, customs duty, cess and other statutory dues have generally been regularly deposited with the appropriate Goa
authorities though there has been a slight delay in a few cases of provident fund dues. According to the information Central Excise Act, 1944 Excise Duty 4.52 2014-15 to 2017-18 CESTAT, Mumbai
and explanations given to us and based on audit procedures performed by us, undisputed dues in respect of provident Central Goods & Services GST 4.07 2018-19 to 2020-21 The Additional
fund which were outstanding, at the year end, for a period of more than six months from the date they became Tax Act, 2017 Commissioner, Panaji, Goa
payable, are as follows : Central Goods & Services GST 4.37 2017-18 to 2019-20 The Joint Commissioner
Tax Act, 2017 (Appeals)
Period to which
Nature of Date of Remarks, Central Goods & Services GST 0.03 2018-19 NA
Name of the Statute (` in Crores) the amount Due Date
the Dues Payment if any
relates Tax Act, 2017
Employees’ Provident Funds Provident 0.03 April 22 15th of NA Customs Duty Act Customs 12.60 2018-2021 Commissioner (Appeals)
& Miscellaneous Provisions Fund to Sept 23 subsequent
Act, 1952 month (viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the
tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on
clause 3(viii) of the Order is not applicable to the Company.
(ix) (a) The Company did not have any outstanding loans or borrowings or interest thereon due to any lender during the year.
Accordingly, the requirement to report on clause 3(ix)(a) of the Order is not applicable to the Company.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

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Independent Auditor’s Report (Contd.)

(c) The Company did not have any term loans outstanding during the year hence, the requirement to report on (xix) On the basis of the financial ratios disclosed in Note 42 to the financial statements, ageing and expected dates of realization
clause 3(ix)(c) of the Order is not applicable to the Company. of financial assets and payment of financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the
(d) The Company did not raise any funds during the year hence, the requirement to report on clause 3(ix)(d) of the
assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the
Order is not applicable to the Company.
date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and
(e) The Company does not have any subsidiary, associate or joint venture. Accordingly, the requirement to report on when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance
clause 3(ix)(e) of the Order is not applicable to the Company. as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year
(f) The Company does not have any subsidiary, associate or joint venture. Accordingly, the requirement to report on
from the balance sheet date, will get discharged by the Company as and when they fall due.
clause 3(ix)(f) of the Order is not applicable to the Company.
(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund
(x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including
specified in Schedule VII of the Act, in compliance with second proviso to Sub-Section (5) of Section 135 of the Act.
debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.
This matter has been disclosed in Note 30(b) to the financial statements.
(b) The Company has not made any preferential allotment or private placement of shares /fully or partially or optionally
(b) All amounts that are unspent under Section (5) of Section 135 of Companies Act, pursuant to any ongoing project, has
convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the
been transferred to special account in compliance with provisions of Sub-Section (6) of Section 135 of the said Act.
Order is not applicable to the Company.
This matter has been disclosed in Note 30(b) to the financial statements.
(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or reported during the year.
(b) During the year, no report under Sub-Section (12) of Section 143 of the Companies Act, 2013 has been filed by cost For S R B C & CO LLP
auditor/ secretarial auditor or by us in Form ADT – 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Chartered Accountants
Rules, 2014 with the Central Government. ICAI Firm Registration Number : 324982E/E300003
(c) We have taken into consideration the whistle blower complaints received by the Company during the year while
determining the nature, timing and extent of audit procedures. per Aruna Kumaraswamy
Partner
(xii) The Company is not a nidhi Company as per the provisions of Companies Act, 2013. Therefore, the requirement to report Membership Number : 219350
on clause 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.
UDIN : 24219350BKCSUV9709
(xiii) Transactions with the related parties are in compliance with Sections 177 and 188 of Companies Act, 2013 where applicable
and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting Place of Signature : Mumbai
standards. Date : May 09, 2024
(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.
(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been
considered by us.
(xv) The Company has not entered into any non-cash transactions with directors or persons connected with its directors and
hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.
(xvi) (a) The provisions of Section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company.
Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company.
(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly,
the requirement to report on clause 3(xvi)(b) of the Order is not applicable to the Company.
(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India.
Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.
(d) There is no Core Investment Company as a part of the Group, hence, the requirement to report on clause 3(xvi)(d) of
the Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current financial year and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on
Clause 3(xviii) of the Order is not applicable to the Company.

150 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 151

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

ANNEXURE 2 - TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE FINANCIAL

STATEMENTS OF ABBOTT INDIA LIMITED

Report on the Internal Financial Controls under Clause (i) their operating effectiveness. Our audit of internal financial occur and not be detected. Also, projections of any evaluation reporting criteria established by the Company considering
of Sub-Section 3 of Section 143 of the Companies Act, 2013 controls with reference to financial statements included of the internal financial controls with reference to financial the essential components of internal control stated in the
(“the Act”) obtaining an understanding of internal financial controls with statements to future periods are subject to the risk that Guidance Note issued by the ICAI.
reference to these financial statements, assessing the risk that the internal financial control with reference to financial
We have audited the internal financial controls with reference For S R B C & CO LLP
a material weakness exists, and testing and evaluating the statements may become inadequate because of changes in
to financial statements of Abbott India Ltd. (“the Company”) Chartered Accountants
design and operating effectiveness of internal control based conditions, or that the degree of compliance with the policies ICAI Firm Registration Number : 324982E/E300003
as of March 31, 2024 in conjunction with our audit of the
on the assessed risk. The procedures selected depend on the or procedures may deteriorate.
financial statements of the Company for the year ended on
auditor’s judgement, including the assessment of the risks of per Aruna Kumaraswamy
that date.
material misstatement of the financial statements, whether OPINION Partner
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL due to fraud or error. In our opinion, the Company has, in all material respects, Membership Number : 219350
FINANCIAL CONTROLS We believe that the audit evidence we have obtained is
adequate internal financial controls with reference to UDIN : 24219350BKCSUV9709
financial statements and such internal financial controls with
The Company’s Management is responsible for establishing sufficient and appropriate to provide a basis for our audit
reference to financial statements were operating effectively as Place of Signature : Mumbai
and maintaining internal financial controls based on the opinion on the Company’s internal financial controls with
at March 31, 2024, based on the internal control over financial Date : May 09, 2024
internal control over financial reporting criteria established reference to these financial statements.
by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of MEANING OF INTERNAL FINANCIAL CONTROLS
Internal Financial Controls Over Financial Reporting issued WITH REFERENCE TO THESE FINANCIAL
by the Institute of Chartered Accountants of India (“ICAI”). STATEMENTS
These responsibilities include the design, implementation A Company’s internal financial controls with reference
and maintenance of adequate internal financial controls to financial statements is a process designed to provide
that were operating effectively for ensuring the orderly and reasonable assurance regarding the reliability of financial
efficient conduct of its business, including adherence to reporting and the preparation of financial statements for
the Company’s policies, the safeguarding of its assets, the external purposes in accordance with generally accepted
prevention and detection of frauds and errors, the accuracy accounting principles. A Company’s internal financial
and completeness of the accounting records, and the timely controls with reference to financial statements includes those
preparation of reliable financial information, as required policies and procedures that (1) pertain to the maintenance
under the Companies Act, 2013. of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the
AUDITOR’S RESPONSIBILITY
Company; (2) provide reasonable assurance that transactions
Our responsibility is to express an opinion on the Company’s are recorded as necessary to permit preparation of financial
internal financial controls with reference to these financial statements in accordance with generally accepted accounting
statements based on our audit. We conducted our audit in principles, and that receipts and expenditures of the Company
accordance with the Guidance Note on Audit of Internal are being made only in accordance with authorisations of
Financial Controls Over Financial Reporting (the “Guidance management and directors of the Company; and (3) provide
Note”) and the Standards on Auditing, as specified under reasonable assurance regarding prevention or timely
Section 143(10) of the Act, to the extent applicable to an detection of unauthorised acquisition, use, or disposition of
audit of internal financial controls, both issued by ICAI. the Company’s assets that could have a material effect on the
Those Standards and the Guidance Note require that we financial statements.
comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate INHERENT LIMITATIONS OF INTERNAL FINANCIAL
internal financial controls with reference to these financial CONTROLS WITH REFERENCE TO FINANCIAL
statements was established and maintained and if such STATEMENTS
controls operated effectively in all material respects.
Because of the inherent limitations of internal financial
Our audit involves performing procedures to obtain audit controls with reference to financial statements, including the
evidence about the adequacy of the internal financial possibility of collusion or improper management override of
controls with reference to these financial statements and controls, material misstatements due to error or fraud may

152 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 153

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

BALANCE SHEET STATEMENT OF PROFIT AND LOSS

as at March 31, 2024 for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
As at As at For the year ended For the year ended
Notes Notes
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
ASSETS INCOME
Non-Current Assets
Property, Plant and Equipment 3 147.19 130.23 Revenue from Operations 23 5,848.91 5,348.73
Capital Work-in-Progress 3 10.11 3.66
Other Income 24 248.27 154.15
Intangible Assets 4 6.66 7.52
Right-of-Use Assets 5 71.09 99.16 Total Income 6,097.18 5,502.88
Financial Assets
EXPENSES
Other Financial Assets 6 1,656.52 1,222.07
Deferred Tax Assets (net) 17A 15.85 16.93 Cost of Materials Consumed 25 565.67 558.61
Non-Current Tax Assets (net) 17B 39.22 49.28
Purchases of Stock-in-Trade 2,647.21 2,350.36
Other Non-Current Assets 7 1.01 1.55
Total Non-Current Assets 1,947.65 1,530.40 Changes in Inventories of Finished Goods, Stock-in-Trade and
Current Assets Work-in-Progress 26 7.73 66.09
Inventories 8 619.58 648.85
Financial Assets Employee Benefits Expense 27 576.58 563.59
Trade Receivables 9 319.11 318.80 Finance Costs 28 12.45 15.99
Cash and Cash Equivalents 10 291.74 239.67
Bank Balances other than Cash and Cash Equivalents 11 1,842.75 1,697.39 Depreciation and Amortisation Expense 29 71.17 69.97
Other Financial Assets 12 94.56 68.63
Other Expenses 30 598.62 604.45
Other Current Assets 13 78.10 51.77
Total Current Assets 3,245.84 3,025.11 Total Expenses 4,479.43 4,229.06
TOTAL ASSETS 5,193.49 4,555.51
PROFIT BEFORE TAX 1,617.75 1,273.82
EQUITY AND LIABILITIES
Equity TAX EXPENSES
Equity Share Capital 14 21.25 21.25
Current Tax Expense 17A 415.43 329.41
Other Equity 15 3,677.64 3,167.29
Total Equity 3,698.89 3,188.54 Tax Adjustment for Earlier Years 17A 0.03 (3.81)
Non-Current Liabilities
Financial Liabilities Deferred Tax - charge/(credit) 17A 1.07 (1.19)
Lease Liabilities 5 36.76 67.49 Total Tax Expenses 416.53 324.41
Provisions 16 115.12 93.46
Total Non-Current Liabilities 151.88 160.95 PROFIT FOR THE YEAR 1,201.22 949.41
Current Liabilities OTHER COMPREHENSIVE INCOME
Financial Liabilities
Lease Liabilities 5 46.47 45.68 Items that will not be reclassified subsequently to profit or loss :
Trade Payables 18 Remeasurement gains/(losses) of defined benefit plan 31 0.03 4.84
Total outstanding dues of Micro enterprises and Small enterprises 41.11 24.57
Total outstanding dues of creditors other than Micro enterprises Income tax on above 17A (0.01) (1.22)
and Small enterprises 961.58 867.42
Total Other Comprehensive Income, net of tax 0.02 3.62
Other Financial Liabilities 19 74.85 77.99
Other Current Liabilities 20 70.47 53.63 TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 1,201.24 953.03
Provisions 21 136.78 126.19
EARNINGS PER EQUITY SHARE 32
Current Tax Liabilities (net) 17C 11.46 10.54
Total Current Liabilities 1,342.72 1,206.02 Basic and Diluted - ` (Face value of `10 each) 565.28 446.78
TOTAL EQUITY AND LIABILITIES 5,193.49 4,555.51
Material accounting policies 2 Material accounting policies 2
The accompanying notes are an integral part of the financial statements. The accompanying notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board of Directors As per our report of even date For and on behalf of the Board of Directors
For S R B C & CO LLP SWATI DALAL SUDARSHAN JAIN For S R B C & CO LLP SWATI DALAL SUDARSHAN JAIN
Chartered Accountants Managing Director Director Chartered Accountants Managing Director Director
ICAI Firm Registration No. 324982E/E300003 DIN : 01513751 DIN : 00927487 ICAI Firm Registration No. 324982E/E300003 DIN : 01513751 DIN : 00927487
per ARUNA KUMARASWAMY SRIDHAR KADANGODE SANGEETA SHETTY per ARUNA KUMARASWAMY SRIDHAR KADANGODE SANGEETA SHETTY
Partner Chief Financial Officer Company Secretary Partner Chief Financial Officer Company Secretary
Membership No. 219350 Membership No. ACS 18865 Membership No. 219350 Membership No. ACS 18865
Place : Mumbai Place : Srinagar Place : Mumbai Place : Srinagar
Date : May 9, 2024 Date : May 9, 2024 Date : May 9, 2024 Date : May 9, 2024

154 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 155

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS

for the year ended March 31, 2024 for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

For the year ended For the year ended For the year ended For the year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES
Profit Before Tax 1,617.75 1,273.82 Dividend paid (690.60) (584.36)
Adjustments to reconcile Profit Before Tax to net cash flows : Payment of Lease Liabilities (53.91) (53.87)
Depreciation and Amortisation Expense 71.17 69.97
Interest paid, other than on Lease Liabilities (0.20) (0.49)
Unrealised Exchange (gain)/loss (net) 0.29 (1.00)
Net cash flows used in Financing Activities (C) (744.71) (638.72)
(Gain)/Loss on sale/write off of Property, Plant and Equipment (net) (0.16) 0.26
Gain on early Termination of Leases (0.02) (0.60)
Net increase/(decrease) in Cash and Cash Equivalents (A+B+C) 52.07 106.96
Interest Income (224.00) (142.31)
Finance Costs 12.45 15.99 Cash and Cash Equivalents at the beginning of the year 239.67 132.71

Allowance / (Write back) for Credit Impaired Debts 1.39 (0.09) Cash and Cash Equivalents at the end of the year (Refer Note 10) 291.74 239.67

Allowance for Credit Impaired Deposits (1.01) -* Material accounting policies (Refer Note 2)
Provision/(Write back) for likely sales returns, date expiry and damaged The accompanying notes are an integral part of the financial statements.
products (net) 15.61 (10.06)
Note :
Liabilities / Provisions no longer required written back (19.64) (7.08)
Share Based Compensation Expense 14.07 12.22 1. Cash Flow Statement has been prepared under the Indirect Method, as set out in Ind AS 7 ‘Statement of Cash Flows’.

Operating Profit before Working capital changes 1,487.90 1,211.12

Working capital changes : As per our report of even date For and on behalf of the Board of Directors

(Increase)/ decrease in Trade Receivables (1.68) (28.73) For S R B C & CO LLP SWATI DALAL SUDARSHAN JAIN
(Increase)/ decrease in Inventories 29.26 38.97 Chartered Accountants Managing Director Director
ICAI Firm Registration No. 324982E/E300003 DIN : 01513751 DIN : 00927487
(Increase)/ decrease in Other Current and Non-Current Assets (8.84) 16.95
per ARUNA KUMARASWAMY SRIDHAR KADANGODE SANGEETA SHETTY
Increase/ (decrease) in Trade Payables 95.95 (1.41) Partner Chief Financial Officer Company Secretary
Increase/ (decrease) in Current and Non-Current Liabilities and Provisions 14.69 (2.65) Membership No. 219350 Membership No. ACS 18865

Cash generated from Operations 1,617.28 1,234.25 Place : Mumbai Place : Srinagar
Date : May 9, 2024 Date : May 9, 2024

Income tax paid (net of refunds) (404.47) (340.86)

Net cash flows from Operating Activities (A) 1,212.81 893.39

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Property, Plant And Equipment (including Capital Work-in-progress,
Capital Creditors and Capital Advances) (48.33) (34.11)
Proceeds from Sale of Property, Plant and Equipment 0.20 0.48
Investment in Fixed Deposits with original maturity of more than 3 months (4,271.67) (4,318.26)
Investment in Fixed Deposits with remaining maturity of more than twelve months (369.00) (1,137.00)
Redemption of Fixed Deposits with original maturity of more than 3 months 4,129.14 5,238.94
Interest received on Deposits (interest income) 143.63 102.24
Net Cash Flows used in Investing Activities (B) (416.03) (147.71)
* below ` 50,000/-

156 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 157

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

STATEMENT OF CHANGES IN EQUITY NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024 for the year ended March 31, 2024

1 COMPANY INFORMATION
(All amounts in ` Crores, unless otherwise stated)

its operating cycle as twelve months for the purpose

0.02
-
3,167.29
1,201.22
(584.36)
12.22
(12.14)

-
3,677.64
3.62
953.03
-
Amount
21.25
-
21.25
-
21.25

2,798.54
949.41

(690.60)
14.07
(14.36)
1,201.24
-
Equity
Other
Total
Abbott India Limited (‘The Company’) is a public of current/non-current classification of assets and
limited Company domiciled and incorporated in India liabilities. An asset is treated as current when it is :
under the provisions of the Companies Act, 1913. The • Expected to be realised or intended to be sold

0.02
-
(3.21)
-
-
-
-

-
(3.19)
(6.83)
-
3.62
3.62

-
-
-
0.02
-
of defined benefit
Remeasurement
Comprehensive

(Refer Note 15)

Items of Other

Income (OCI)
Company is listed and traded on the Bombay Stock or consumed in normal operating cycle

plan
Exchange. It is traded on the National Stock Exchange
under the “permitted category”. The registered office of • Held primarily for the purpose of trading
Number of shares
2,12,49,302
-
2,12,49,302
-
2,12,49,302

the Company is 3, Corporate Park, Sion-Trombay road, • Expected to be realised within twelve months
Mumbai - 400 071, India. after the reporting period

-
2,428.51
1,201.22
-

2,819.01
949.41
(94.94)
(584.36)

-
-
-
2,158.40
949.41
-

1,201.22
(120.12)
(690.60)
Retained
Earnings

The Company is one of the leading multinational • Cash or cash equivalent unless restricted from
pharmaceutical companies in India and operates with being exchanged or used to settle a liability
an owned manufacturing facility in Goa and various for at least twelve months after the reporting

Membership No. ACS 18865

-
-
1.72
691.34
-
-
-
-
-
94.94

-
2.07
813.53
594.68
-

-
120.12
-
-
Reserve
General

independent contract/third party manufacturers based period

SANGEETA SHETTY
across the country. The Company sells its products

SUDARSHAN JAIN
All other assets are classified as non-current.

Company Secretary
through independent distributors primarily within

DIN : 00927487
Reserves and Surplus (Refer Note 15)

42.52
-
-
12.22
(12.14)
(1.72)

40.16
-
-
-

14.07
(14.36)
(2.07)
44.16
-
-

-
-
-
India. A liability is current when :
Compensation
Share based

Reserves

• It is expected to be settled in normal operating

2  SUMMARY OF MATERIAL ACCOUNTING

Director
cycle
POLICIES

For and on behalf of the Board of Directors

2.1 Statement of Compliance • It is held primarily for the purpose of trading
-
2.52
-
-
-
-
-

2.52
-
-

-
-
-
2.52
-

-
-
-
Redemption
Reserve
Capital

The financial statements are prepared in accordance • It is due to be settled within twelve months
with the Indian Accounting Standards (Ind AS) notified after the reporting period
under the Companies (Indian Accounting Standards) • There is no unconditional right to defer the

SRIDHAR KADANGODE
-
-

-
5.23
-
-
-
-

-
5.23
5.23
-
-

-
-
-
-
-

Rules, 2015 (as amended from time to time) and settlement of the liability for at least twelve
Reserve
Capital

Chief Financial Officer

presentation and disclosure requirements of division II months after the reporting period

Managing Director

Date : May 9, 2024

of Schedule III of the Companies Act, 2013.

SWATI DALAL
All other liabilities are classified as non-current.

Place : Srinagar
DIN : 01513751
-
-
0.38
-
-
-

-
0.38
-
-
-
0.38
-

-
-
-
-
-
Amalgamation

2.2 Basis of preparation Deferred tax assets and liabilities are classified as
Reserve

The accompanying notes are an integral part of the financial statements.

The financial statements have been prepared on a non-current assets and liabilities.
* On account of cancellation of share options awarded to employees

historical cost basis, except for certain financial assets

Equity shares of ` 10 each issued, subscribed and fully paid

and liabilities measured at fair value. b) Foreign currency translation

Transfer from Share based Compensation Reserve to General Reserve*

Transfer from Share based Compensation Reserve to General Reserve*

The financial statements are presented in INR and Functional and presentation currency
all values are rounded to the nearest Crores upto two Items included in the financial statements of the
Dividend for the year ended March 31, 2022 (Refer Note 14)

Dividend for the year ended March 31, 2023 (Refer Note 14)

decimal, except when otherwise indicated. Company are measured using the currency of
Remeasurement of post employment benefits (net of tax)
Remeasurement of post employment benefits (net of tax)

Share based compensation to employees (Refer Note 27)

Share based compensation to employees (Refer Note 27)

the primary economic environment in which the

ICAI Firm Registration No. 324982E/E300003
Increase/(decrease) during the year

Increase/(decrease) during the year

The financial statements are approved for issue by the

Company operates (‘the functional currency’). The
Transfer from Profit and Loss to General Reserve

Transfer from Profit and Loss to General Reserve

Company’s Board of Directors on May 9, 2024.

financial statements are presented in Indian Rupee
EQUITY SHARE CAPITAL :

Total Comprehensive Income for the year

Total Comprehensive Income for the year

Material accounting policies (Refer Note 2)

(INR), which is the Company’s functional and

Profit for the year ended March 31, 2024
Profit for the year ended March 31, 2023

2.3 Summary of material accounting policies

presentation currency.
per ARUNA KUMARASWAMY

a) Current and non-current classification

As at March 31, 2024

As per our report of even date

As at March 31, 2023

OTHER EQUITY :

Balances as at March 31, 2024

Transactions and balances

Balances as at March 31, 2023

All assets and liabilities are presented in the Balance

As at April 1, 2022

Balances as at April 1, 2022

Membership No. 219350

Chartered Accountants

Sheet based on current or non-current classification Transactions in foreign currencies are initially
For S R B C & CO LLP
Payment towards RSU

Payment towards RSU

as per the Company’s normal operating cycle recorded at the foreign exchange rate on the date
Date : May 9, 2024

and other criteria set out in Schedule III of the of the transaction. Monetary assets and liabilities
Place : Mumbai

Companies Act, 2013. Based on the nature of denominated in foreign currencies at the reporting
products and the time between the acquisition of date are translated into the functional currency at
Partner

assets for processing and their realisation into cash the exchange rate at that date. Exchange differences
A.

B.

and cash equivalents, the Company has ascertained arising on the settlement of monetary items or on

158 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 159

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

translating monetary items at rates different from All assets and liabilities for which fair value is An item of Property, plant and equipment is e) Intangible assets
those at which they were translated on initial measured or disclosed in the financial statements derecognised upon disposal or when no future
Intangible assets that are acquired by the Company
recognition during the period or in previous period are categorised within the fair value hierarchy, economic benefits are expected to arise from
and that have finite useful lives are measured at cost
are recognised in the Statement on Profit and loss described as follows, based on the lowest level input the continued use of the asset. Gains or losses
arising from derecognition of Property, plant and less accumulated amortisation and accumulated
in the period. that is significant to the fair value measurement as a
equipment are measured as the difference between impairment losses, if any.
whole :
Non-monetary assets and liabilities denominated in the net disposal proceeds and the carrying amount Amortisation is recognised on a straight-line basis
a foreign currency and measured at historical cost • Level 1 — Quoted (unadjusted) prices in active of the asset and are recognised in the Statement of
over the estimated useful lives of intangible assets.
are translated at the exchange rate prevalent at the markets for identical assets or liabilities. Profit and Loss.
Intangible assets that are not available for use are
date of the initial transaction.
• Level 2 (if level 1 feed is not available/ Depreciation of these assets commences when the amortised from the date they are available for use.
appropriate) — Valuation techniques for assets are ready for their intended use. Depreciation
c) Fair value measurement Intangible assets are tested for impairment when
which the lowest level input that is significant is recognised on the cost of assets (other than
The Company measures financial instruments such to the fair value measurement is directly or Capital work-in-progress) less their residual values there are indications that the carrying value may
as derivatives at fair value at each Balance Sheet indirectly observable. on straight-line method over their useful lives as not be recoverable. Intangible assets are carried
date. Fair value is the price that would be received indicated in Part C of Schedule II of the Companies at cost, net of accumulated amortisation and
on sale of an asset or paid to transfer a liability in an • Level 3 (if level 1 and 2 feed is not available/ Act, 2013 and based on technical parameters/ accumulated impairment losses, if any.
orderly transaction between market participants at appropriate) — Valuation techniques for which assessments. The management believes that useful
the lowest level input that is significant to the lives currently used fairly reflect its estimate of Intangible assets are amortised over the useful
the measurement date. The fair value measurement
fair value measurement is unobservable. the useful lives and residual values of Property, economic life and intangible assets are assessed
is based on the presumption that the transaction
plant and equipment, though these lives in certain for impairment whenever there is an indication
to sell the asset or transfer the liability takes place For financial assets and liabilities maturing within
cases are different from lives prescribed under that the intangible asset may be impaired.
either : one year from the Balance Sheet date and which
Schedule II. The amortisation period and the amortisation
• In the principal market for the asset or are not carried at fair value, the carrying amount
Leasehold improvements are depreciated over method for an intangible asset are reviewed at least
liability, or approximates fair value due to the short maturity
period of the lease agreement or the useful life, at the end of each reporting period with the effect
of these instruments.
• In the absence of a principal market, in the whichever is shorter. of any changes in estimate being accounted for on
most advantageous market for the asset or For assets and liabilities that are recognised in a prospective basis. The amortisation expense on
The estimated useful lives are as follows :
liability the financial statements on a recurring basis, intangible assets is recognised in the Statement of
the Company determines whether transfers Type of assets Useful life in years Profit and Loss.
The principal or the most advantageous market have occurred between levels in the hierarchy Buildings*
must be accessible by the Company. The fair value by re-assessing categorisation (based on the Factory Building 30 years The estimated useful lives are as follows :
of an asset or a liability is measured using the lowest level input that is significant to the fair Other Buildings 50 years
Plant and Equipment* Type of assets Useful life in years
assumptions that market participants would use value measurement as a whole) at the end of each
when pricing the asset or liability, assuming that Anaesthetic Equipment 5 years Software 3 to 5 years
reporting period.
market participants act in their economic best Others 5 to 20 years Trade Marks 5 years
Furniture and Fixtures 10 years Distribution Rights 10 years
interest. d) Property, plant and equipment Office Equipment
A fair value measurement of a non-financial asset Property, plant and equipment are stated at cost Computers* 2 to 5 years Intangible assets are de-recognised either on their
takes into account a market participant’s ability to of acquisition less accumulated depreciation and Others 5 to 10 years disposal or where no future economic benefits are
generate economic benefits by using the asset in accumulated impairment losses, if any. Cost for Vehicles* 5 years expected from their use. Gains or losses arising
its highest and best use or by selling it to another additions comprises the purchase price and any * In respect of these assets, the management estimate of useful from derecognition of such intangible assets
market participant that would use the asset in its other attributable cost of bringing the asset to its lives, based on technical assessment is lower than the useful are measured as the difference between the net
highest and best use. working condition for its intended use. life prescribed under part C of Schedule II to the Companies disposal proceeds and the carrying amount of the
Act, 2013. asset and are recognised in the Statement of Profit
The Company uses valuation techniques that are The Company identifies and determines cost of
appropriate in the circumstances and for which each component/part of the Property, plant and The residual values, useful lives and methods of and Loss.
sufficient data are available to measure fair value, equipment separately, if the component/part has a depreciation of Property, plant and equipment are
maximising the use of relevant observable inputs cost which is significant to the total cost of the plant reviewed at each financial year end and adjusted f) Financial instruments
and minimising the use of unobservable inputs. and equipment and has useful life that is materially prospectively, if appropriate. A financial instrument is any contract that gives
Where required/appropriate, external valuers are different from that of the remaining plant and Capital work in progress is stated at cost, net of rise to a financial asset of one entity and a financial
involved. equipment. accumulated impairment loss, if any. liability or equity instrument of another entity.

160 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 161

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

Financial assets On derecognition of a financial asset in its entirety, Offsetting of financial instruments ECL are measured in a manner that they reflect
the difference between the asset’s carrying unbiased and probability weighted amounts
Recognition and measurement Financial assets and financial liabilities are offset
amount and the sum of the consideration receives determined by a range of outcomes, taking into
and the net amount is reported in the Balance Sheet
All financial assets are recognised initially at fair recognised in Statement of profit and loss. account the time value of money and other
value, except for trade receivables plus, in the if there is a legally enforceable right to offset the
reasonable information available as a result of past
case of financial assets not recorded at ‘Fair value recognised amounts and there is an intention to
Financial liabilities events, current conditions and forecasts of future
through profit or loss’, transaction costs that are settle on a net basis or realise the assets and settle
economic conditions.
Recognition and measurement the liabilities simultaneously.
attributable to the acquisition of the financial
asset. Financial assets are classified, at initial All financial liabilities are recognised initially at Non-financial assets
recognition, as financial assets measured at fair fair value plus, in the case of financial liabilities g) Impairment
The carrying amount of non-financial assets are
value or as ‘Financial assets measured at amortised not recorded at ‘Fair value through profit or Financial assets assessed at each reporting date to ascertain whether
cost’. However trade receivables that do not contain loss’, transaction costs that are attributable A financial asset is assessed at each reporting date to there is any indication of impairment. If any such
a significant financing component are measured at to the acquisition of the financial liabilities. determine whether there is any objective evidence indication exists or when annual impairment
transaction price determine under Ind AS 115. Financial liabilities are classified, at initial that it is impaired. A financial asset is considered testing for an asset is required, then the asset’s
For purposes of subsequent measurement, financial recognition, as either ‘Financial liabilities at fair to be impaired, if objective evidence indicates that recoverable amount is estimated. An impairment
assets are classified in following categories : value through profit or loss’ or ‘Other Financial one or more events have had a negative effect on the loss is recognised, as an expense in the Statement
Liabilities’. estimated future cash flows of that asset. of Profit and Loss, for the amount by which the
• Financial assets at amortised cost
asset’s carrying amount exceeds its recoverable
For purposes of subsequent measurement, financial In accordance with Ind AS 109, the Company
• Financial assets at fair value amount. The recoverable amount is the higher of an
liabilities are classified in following categories : applies Expected Credit Loss (ECL) model for asset’s fair value less cost to sell and value in use.
A financial asset is measured at amortised cost net
(a) Financial liabilities are classified as ‘Financial measurement and recognition of impairment loss Value in use is ascertained through discounting of
of impairment, if the objective of the Company’s
liabilities at fair value through profit or loss’, on the following financial assets and credit risk the estimated future cash flows using a discount
business model is to hold the financial asset
if they are held for trading or if they are exposure : rate that reflects the current market assessments of
to collect the contractual cash flows and the
designated as financial liabilities at fair value the time value of money and the risk specific to the
contractual terms of the financial asset give rise a) Trade receivables or any contractual right to
through profit or loss. These are measured assets. For the purpose of assessing impairment,
on specified dates to cash flows that are solely receive cash or another financial asset that
initially at fair value with subsequent changes assets are grouped at the lowest levels into cash
payments of principal and interest on the principal result from transactions that are within the
amount outstanding. recognised in Statement of Profit and Loss. generating units for which there are separately
scope of Ind AS 115.
identifiable cash flows.
All other financial assets are measured at fair value (b) Other financial liabilities, are subsequently b) Other financial assets which are measured at
through Statement of Profit and Loss. An impairment loss recognised in prior years
measured at amortised cost are determined amortised cost. are reversed if there has been a change in the
based on the Effective Interest Rate (EIR)
Derecognition The Company follows simplified approach for estimates used to determine the recoverable
method. Interest expense that is not
recognition of impairment loss allowance on Trade amount. An impairment loss is reversed only to the
A financial asset (or, where applicable, a part of a capitalised as part of costs of an asset is
receivables. The Company recognises impairment extent that the asset’s carrying amount does not
financial asset or part of a group of similar financial included in the ‘Finance costs’ line item in the
loss allowance based on lifetime ECLs at each exceed the carrying amount that would have been
assets) is primarily derecognised (i.e. removed Statement of Profit and Loss.
reporting date, right from its initial recognition. determined, net of depreciation or amortisation,
from the Company’s Balance Sheet) when :
if no impairment had been recognised in previous
• The contractual rights to receive cash flows Derecognition For recognition of impairment loss on other years.
from the asset have expired, or A financial liability is derecognised when the financial assets and risk exposure, the Company
obligation under the liability is discharged or determines that whether there has been a significant h) Leases
• The Company has transferred its rights
cancelled or expires. When an existing financial increase in the credit risk since initial recognition. The Company assesses at contract inception
to receive contractual cash flows from the
liability is replaced by another from the same If credit risk has not increased significantly, twelve whether a contract is, or contains, a lease. That is, if
asset or has assumed an obligation to pay the
received cash flows in full without material lender on substantially different terms, or the terms month ECL is used to provide for impairment loss. the contract conveys the right to control the use of
delay to a third party under a ‘pass-through’ of an existing liability are substantially modified, However, if credit risk has increased significantly, an identified asset for a period of time in exchange
arrangement, and either (a) the Company has such an exchange or modification is treated as lifetime ECL is used. If, in a subsequent period, for consideration.
transferred substantially all the risks and the derecognition of the original liability and credit quality of the instrument improves such that
rewards of the asset, or (b) the Company has the recognition of a new liability. The difference there is no longer a significant increase in credit Company as a lessee
neither transferred nor retained substantially between the carrying amount of the financial risk since initial recognition, then the entity reverts The Company applies a single recognition and
all the risks and rewards of the asset, but has liability derecognised and the consideration paid to recognising impairment loss allowance based on measurement approach for all leases, except for
transferred control of the asset. and payable is recognised in profit or loss. twelve month ECL. short-term leases. The Company recognises lease

162 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 163

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

liabilities to make lease payments and Right-of-use In calculating the present value of lease Cost of raw materials and packing materials Provision for sales return and date expiry
assets representing the right to use the underlying payments, the Company uses its incremental includes cost of purchase and other costs incurred The Company as per trade practice accepts returns
assets. borrowing rate at the lease commencement in bringing the inventories to their present location from market which are primarily in the nature of
date because the interest rate implicit in the and condition. expired or near expiry products. Provisions for
i) Right-of-use assets lease is not readily determinable. After the such returns are estimated on the basis of historical
Cost of work-in-progress and finished goods
The Company recognises Right-of-use assets commencement date, the amount of lease includes direct materials, labour and proportion experience, market conditions and specific
at the commencement date of the lease (i.e., liabilities is increased to reflect the accretion of manufacturing overheads based on the normal contractual terms and are provided for.
the date the underlying asset is available for of interest and reduced for the lease payments operating capacity, wherever applicable. Cost of
use). Right-of-use assets are measured at made. In addition, the carrying amount of Contingencies
finished goods further includes other costs incurred
cost, less any accumulated depreciation and lease liabilities is remeasured if there is a A contingent liability is :
in bringing the inventories to their present location
accumulated impairment losses, and adjusted
modification, a change in the lease term, a and condition. • a possible obligation that arises from past
for any remeasurement of lease liabilities.
change in the lease payments (e.g., changes to events and whose existence will be confirmed
The cost of Right-of-use assets includes the Cost of stock-in-trade includes cost of purchase and
future payments resulting from a change in only by the occurrence or non-occurrence
amount of lease liabilities recognised, initial other costs incurred in bringing the inventories to
direct costs incurred, and lease payments an index or rate used to determine such lease their present location and condition. of one or more uncertain future events not
made at or before the commencement date payments) or a change in the assessment of an wholly within the control of the Company; or
option to purchase the underlying asset. Net realisable value is the estimated selling price
less any lease incentives received. Right-of- • a present obligation that arises from past
in the ordinary course of business, less estimated
use assets are depreciated on a straight-line The Company’s lease liabilities are presented events but is not recognised because :
costs of completion and estimated costs necessary
basis over the shorter of the lease term and the
within the Balance Sheet under Financial to make the sale. However, materials and other - it is not probable that an outflow of
estimated useful lives of the assets, as follows :
Liabilities (Refer Note 5). items held for use in the production of inventories resources embodying economic benefits
• Leasehold Land : Over lease period which are not written down below cost if the finished will be required to settle the obligation;
is 95 years iii) Short-term leases products in which they will be used are expected to or
•  Buildings : 2 to 9 years The Company applies the short-term lease be sold at or above cost.
- the amount of the obligation cannot be
recognition exemption to its short-term leases measured with sufficient reliability.
• Furniture and Fixtures : 5 years j) Cash and cash equivalents
(i.e. those leases that have a lease term of
• Vehicles : 2 to 5 years twelve months or less from the commencement Cash and cash equivalents in the Balance Sheet l) Revenue
If ownership of the leased asset transfers to date and do not contain a purchase option). comprise cash at banks and on hand and short-term
Revenue from contracts with customers
the Company at the end of the lease term or Lease payments on short-term leases are deposits with a maturity of three months or less,
which are subject to an insignificant risk of changes Revenue from contracts with customers is
the cost reflects the exercise of a purchase recognised as expense on straight line basis
in value. recognised when control of the goods or services
option, depreciation is calculated using the over lease term. are transferred to the customer at an amount that
estimated useful life of the asset. For the purpose of the Statement of Cash Flows, reflects the consideration to which the Company
The Right-of-use assets are also subject to Company as a lessor cash and cash equivalents consist of cash and short- expects to be entitled in exchange for those goods
impairment. Refer to the accounting policies Leases in which the Company does not term deposits, as defined above, net of outstanding or services. The Company has concluded that it
in Note 2.3 (g) Impairment - non-financial transfer substantially all the risks and rewards bank overdrafts, if any, as they are considered an is the principal in all of its revenue arrangements
assets. incidental to ownership of an asset are integral part of the Company’s cash management. since it is the primary obligor in all the revenue
classified as operating leases. Rental income arrangements as it has pricing latitude and is also
ii) Lease Liabilities arising is accounted for over the lease terms. k) Provisions and contingencies exposed to inventory risks.
At the commencement date of the lease, the Initial direct costs incurred in negotiating Provisions Goods and Services Tax (GST) is not received by
Company recognises lease liabilities measured and arranging an operating lease are added to A provision is recognised if, as a result of a the Company on its own account. Rather, it is tax
at the present value of lease payments to the carrying amount of the leased asset and past event, the Company has a present legal or collected on value added to the commodity by the
be made over the lease term. The lease recognised over the lease term on the same constructive obligation and it is probable that an seller on behalf of the government. Accordingly, it
payments include fixed payments (including basis as rental income. outflow of resources embodying economic benefits is excluded from revenue.
in substance fixed payments) less any lease will be required to settle the obligation. Provisions
incentives receivable. The lease payments Sale of products
i) Inventories are determined by discounting the expected future
also include the exercise price of a purchase cash flows at a pre-tax rate that reflects current Revenue from sale of products is recognised at the
option reasonably certain to be exercised Inventories consists of raw materials, packing
market assessments of the time value of money and point in time when control of the asset is transferred
by the Company and payments of penalties materials, work-in-progress, stock-in-trade and
the risks specific to the liability. Where discounting to the customer, generally on delivery of the
for terminating the lease, if the lease term finished goods. Inventories are valued at lower of
is used, the increase in the provision due to the products. Invoices are payable within contractually
reflects the Company exercising the option to cost and net realisable value. Cost is determined on
passage of time is recognised as a finance cost. agreed credit period.
terminate. First-In-First-Out basis.

164 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 165

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

The Company considers whether there are by transferring goods or services to a customer Scheme, Superannuation, Employees’ Deposit changes, curtailments and settlements. Past service
other promises in the contract that are separate before the customer pays consideration or before Linked Insurance and Group Life Insurance are costs are recognised in statement of profit and loss
performance obligations to which a portion of payment is due, a contract asset is recognised for charged as an expense based on the amount of in the period of a plan amendment. The net interest
the transaction price needs to be allocated. In the earned consideration that is conditional. contribution required to be made as and when cost is calculated by applying the discount rate to
determining the transaction price for the sale of services are rendered by the employees. The above the net balance of the defined benefit obligation and
Contract liabilities
products, the Company considers the effects of benefits are classified as defined contribution the fair value of plan assets. This cost is included
variable consideration (if any). A contract liability is the obligation to transfer schemes and the Company has no further defined in employee benefit expense in Statement of Profit
goods or services to a customer for which the obligations beyond the contributions. and Loss. Actuarial gains and losses arising from
Revenue from sale of products is stated exclusive of
Company has received consideration (or an amount experience adjustments and changes in actuarial
Goods and Services Tax (GST). Revenues are net of If the contribution payable to the scheme for
of consideration is due) from the customer. If a assumptions are charged or credited to OCI in
sales returns, discounts, provision for anticipated service received before the Balance Sheet date
customer pays consideration before the Company the period in which they arise and is reflected
returns on expiry, made on the basis of management exceeds the contribution already paid, the deficit
expectations. transfers goods or services to the customer, a immediately in retained earnings and is not
payable to the scheme is recognised as a liability
contract liability is recognised when the payment is reclassified to Statement of Profit and Loss.
after deducting the contribution already paid. If the
Sales returns received from customer or due, whichever is earlier.
contribution already paid exceeds the contribution When the benefits of the plan are changed or when
Contract liabilities are recognised as revenue when
The Company accounts for sales returns accrual due for services received before the Balance Sheet a plan is curtailed or settlement occurs, the portion
the Company performs under the contract.
by recording an allowance for sales returns date, then excess is recognised as an asset to the of the changed benefit related to past service
concurrent with the recognition of revenue at the extent that the pre-payment will lead to a reduction by employees or the gain or loss on curtailment
m) Interest income
time of a product sale. This allowance is based on in future payment or a cash refund. or settlement, is recognised immediately in
the Company’s estimate of expected sales returns. Interest income from a financial asset is recognised the Statement of Profit and Loss when the plan
when it is probable that the economic benefits will Defined benefit plan : amendment or when a curtailment or settlement
With respect to established products, the Company flow to the Company and the amount of income can
considers its historical experience of sales returns, The Company has defined benefit plan in the occurs.
be measured reliably. Interest income is accrued on a
levels of inventory in the distribution channel, form of Gratuity, Long Service Benefits and Post
time basis, by reference to the principal outstanding Other employee benefits :
estimated shelf life, product discontinuances, Retirement Medical Benefits as per policies of the
and at the effective interest rate applicable, which
price changes of competitive products, and the Company. The liability in respect of defined benefit Other employee benefits comprise of leave
is the rate that exactly discounts estimated future
introduction of competitive new products, to the plans is calculated using the projected unit credit encashment which is provided for, based on the
cash receipts through the expected life of the
extent each of these factors impact the Company’s method with actuarial valuations being carried actuarial valuation carried out as at the end of the
financial asset to that asset’s net carrying amount
business and markets. With respect to new products out at the end of each annual reporting period. year.
on initial recognition. Interest income is included
introduced by the Company, such products have The Company’s net obligation in respect of the
in ‘Other Income’ in the Statement of Profit and Liabilities recognised in respect of other employee
historically been either extensions of an existing defined benefit plan is calculated by estimating the
Loss. benefits are measured at the present value of the
line of product where the Company has historical amount of future benefit that employee has earned
estimated future cash outflows expected to be made
experience or in therapeutic categories where in exchange of their service in the current and
n) Employee benefits by the Company in respect of services provided by
established products exist. prior periods and discounted back to the current
Short-term employment benefits : employees up to the reporting date.
valuation date to arrive at the present value of the
Rendering of services All employee benefits payable within twelve months defined benefit obligation. The present value of
o) Income Tax
Service income is recognised as per the terms of the of service such as salaries, wages, bonus, ex-gratia, the defined benefit obligation is deducted from the
medical benefits, sick leave, casual leave etc. are fair value of plan assets, to arrive at the net asset/ Current income tax
contracts/arrangements when related services are
performed and is stated net of GST. recognised in the year in which the employees (liability), which need to be accounted for in the Income Tax expense comprises of current and
render the related service and are presented as books of accounts of the Company. deferred tax and includes any adjustments related
Contract balances : current employee benefit obligation within the to past periods in current and/or deferred tax
The discount rate used to arrive at the present
Trade receivables Balance Sheet. Termination benefits are recognised adjustments that may become necessary due
value of the defined benefit obligations is based on
as an expense as and when incurred. to certain developments or reviews during the
A receivable represents the Company’s right to an the Indian government security yields prevailing as
relevant period. The provision for current tax is
amount of consideration that is unconditional (i.e., Short-term leave benefit is provided at undiscounted at the Balance Sheet date that have maturity date
made at the rate of tax as applicable for the income
only the passage of time is required before payment amount during the accounting period based on the equivalent to the tenure of the obligation.
of the previous year as defined under the Income
of the consideration is due). service rendered by employees.
The current service cost of the defined benefit tax Act, 1961.
Contract assets plan, recognised in the Statement of Profit and
Defined contribution plan : Current income tax relating to items recognised,
Loss as employee benefits expense, reflects the
A contract asset is the right to consideration in Contributions to defined contribution schemes such either in other comprehensive income or directly in
increase in the defined benefit obligation resulting
exchange for goods or services transferred to the as State governed Provident Fund and Employee equity, is also recognised in other comprehensive
from employee service in the current year, benefit
customer. If the Company performs it’s obiligation Pension Scheme, Employees’ State Insurance income or in equity, as appropriate and not in

166 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 167

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated)

the Statement of Profit and Loss. Management p) Earnings per equity share 3 PROPERTY, PLANT AND EQUIPMENT
periodically evaluates positions taken in The Company presents basic and diluted earnings Buildings
Plant and Furniture
the tax returns with respect to situations in Leasehold (Refer Office
per share (‘EPS’) data for its equity shares. Improvements Note (b)
Equipment and
Equipment
Vehicles Total
which applicable tax regulations are subject to and (c))
(Refer Note (a)) fixtures
interpretation and establishes provisions where The Basic EPS is computed by dividing the net profit
after tax for the year attributable to the equity At cost or deemed cost
appropriate.
shareholders of the Company by weighted average As at April 1, 2022 0.85 54.29 120.31 5.98 45.40 0.16 226.99
Current tax assets and current tax liabilities are number of equity shares outstanding during the Additions - 1.17 21.41 0.29 9.27 - 32.14
offset when there is a legally enforceable right year. Disposals (0.12) - (2.24) (0.70) (4.27) - (7.33)
to set off the recognised amounts and there is an
Diluted earnings per equity share are computed by As at March 31, 2023 0.73 55.46 139.48 5.57 50.40 0.16 251.80
intention to settle the asset and the liability on a net
dividing the net profit attributable to equity holders Additions - 5.39 28.73 1.60 7.58 - 43.30
basis.
of the Company by the weighted average number of Disposals - - (0.17) (0.02) (1.47) - (1.66)
equity shares considered for deriving basic earnings
Deferred tax As at March 31, 2024 0.73 60.85 168.04 7.15 56.51 0.16 293.44
per equity share and also the weighted average
Deferred tax is recognised using the Balance Sheet number of equity shares that could have been issued
approach on temporary differences at the reporting Accumulated depreciation
upon conversion of all dilutive potential equity
date between the tax bases of assets and liabilities shares. The dilutive potential equity shares are As at April 1, 2022 0.54 10.89 58.46 3.32 30.56 0.03 103.80
and their carrying amounts for financial reporting adjusted for the proceeds receivable had the equity Depreciation charge for the year 0.11 1.71 12.51 0.45 9.55 0.03 24.36
purposes at the reporting date. shares been actually issued at fair value (i.e. the Disposals (0.12) - (1.68) (0.53) (4.26) - (6.59)
The carrying amount of deferred tax assets is average market value of the equity shares). Dilutive As at March 31, 2023 0.53 12.60 69.29 3.24 35.85 0.06 121.57
reviewed at each reporting date and reduced to the potential equity shares are deemed converted as of Depreciation charge for the year 0.08 1.78 14.60 0.48 9.34 0.03 26.31
extent that it is no longer probable that sufficient the beginning of the period unless issued at a later
Disposals - - (0.16) (0.02) (1.45) - (1.63)
taxable profit will be available to allow all or part of date.
As at March 31, 2024 0.61 14.38 83.73 3.70 43.74 0.09 146.25
the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting
q) Share based compensation
Abbott Laboratories, USA, being the Ultimate Net carrying value
date and are recognised to the extent that it has
become probable that future taxable profits will Holding Company, has given restricted stock option As at March 31, 2024 0.12 46.47 84.31 3.45 12.77 0.07 147.19
allow the deferred tax asset to be recovered. plan to the employees of the Company. As at March 31, 2023 0.20 42.86 70.19 2.33 14.55 0.10 130.23

Deferred tax assets and liabilities are measured at Pursuant to Ind AS 102 ‘Share-based Payment’, Notes :
the tax rates that are expected to apply in the year the Company recognises an expense based on the
a) Included in Plant and Equipment are anaesthetic equipments, installed at various hospitals free of cost with the intention
when the asset is realised or the liability is expected fair value of the stock options as at grant date.
of procuring business for the Company’s products :
to be settled, based on tax rates and tax laws that The expenses are amortised over the vesting
have been enacted or substantively enacted at the period. The corresponding credit is given to Net carrying value
reporting date. equity because the award represents in substance Class of Asset As at As at
equity contribution by the Parent Company. The March 31, 2024 March 31, 2023
Deferred tax relating to items recognised, either cumulative expense recognised for stock options at Plant and Equipment 4.57 4.12
in other comprehensive income or in equity, is also each reporting date until the vesting date reflects
b) Included in Buildings is an amount of ` 0.00* Crores (March 2023 : ` 0.00* Crores) representing value of shares in
recognised in other comprehensive income or in the extent to which the vesting period has expired
co-operative housing society.
equity, as appropriate and not in the Statement of and the Company’s best estimate of the number of
Profit and Loss. equity instruments that will ultimately vest. * below ` 50,000/-

Deferred tax assets and deferred tax liabilities are The stock based compensation cost is recharged
offset, if a legally enforceable right exists to set-off to the Company upon exercise, which is adjusted
current tax assets against current tax liabilities. against share based compensation reserve.

168 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 169

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

c) Title deeds of Immovable Property not held in the name of the Company : 4 INTANGIBLE ASSETS
Whether title Software Trade Marks Distribution Rights Total
Gross deed holder is a At Cost
carrying promoter, director Property
Relevant line Description Reason for not being As at April 1, 2022 6.43 0.86 8.52 15.81
value as at Title deeds held or relative of held since
item in the of item of held in the name of the
March 31, in the name of promoter/director which Additions 0.17 - - 0.17
Balance sheet property Company
2024 or employee date
(` in Crores) of promoter/ Disposals (0.01) - - (0.01)
director As at March 31, 2023 6.59 0.86 8.52 15.97
Property, Building- 6.35 M/s Boots No July 1, The property is held in Additions 0.38 - - 0.38
Plant and Chembur Pharmaceuticals 1996 the erstwhile name of the Disposals - - - -
Equipment Limited Company.
As at March 31, 2024 6.97 0.86 8.52 16.35
Property, Building- 0.16 M/s Duphar No May 15, The said property is held
Plant and Chennai Interfan Ltd 1989 in the name of Duphar
Accumulated Amortisation
Equipment Interfran Limited, which
was demerged into a new As at April 1, 2022 5.74 0.80 0.64 7.18
entity - Solvay Pharma Amortisation charge for the year 0.37 0.06 0.85 1.28
India Limited (SPIL). Disposals (0.01) - - (0.01)
SPIL was ultimately As at March 31, 2023 6.10 0.86 1.49 8.45
merged with the Amortisation charge for the year 0.39 - 0.85 1.24
Company and the deed of
Disposals - - - -
merger was filed by the
As at March 31, 2024 6.49 0.86 2.34 9.69
Company.
Property, Building- 30.34 M/s Solvay No May 19, The said property was
Plant and Goregaon Pharma India 2009 acquired by the Company Net carrying value
Equipment Limited pursuant to the Scheme As at March 31, 2024 0.48 - 6.18 6.66
of Amalgamation of As at March 31, 2023 0.49 - 7.03 7.52
Solvay Pharma India
Limited with the 5 LEASES
Company, approved by
the Hon’ble High Court A Right-of-use assets :
and the deed of merger The Company has lease contracts for various items of Land, Buildings, Vehicles and Furniture & Fixtures used in its
has been filed by the operations. Leases of Land have lease terms of 95 years, Buildings generally have lease terms between 2 to 9 years, Vehicles
Company. have lease terms between 2 to 5 years and Furniture & Fixtures have lease terms of 5 years. The Company’s obligations
Property, Building- 0.07 M/s Knoll No October The property is held in under its leases are secured by the lessor’s title to the leased assets.
Plant and Goa Pharmceuticals 15, 1997 the erstwhile name of the
Changes in net carrying value of Right-of-use assets for the year ended March 31, 2024 and March 31, 2023 are as follows :
Equipment Ltd Company.
Furniture and
Land Buildings Vehicles Total
d) The amount of contractual commitments for the acquisition of Property, plant and equipment is disclosed in Note 36 (a). Fixtures
Capital Work-In-Progress (CWIP) Ageing Schedule Balance as at April 1, 2022 0.33 128.05 3.00 7.80 139.18
Amount in CWIP for a period of Additions - 5.59 1.45 - 7.04
As at March 31, 2024 Total
Less than 1 year 1-2 years 2-3 years More than 3 years Deletions - (2.57) (0.16) - (2.73)
Projects in progress 10.11 - - - 10.11 Depreciation (0.01) (40.36) (1.29) (2.67) (44.33)
Projects temporarily suspended - - - - - Balance as at March 31, 2023* 0.32 90.71 3.00 5.13 99.16
Total 10.11 - - - 10.11
Additions - 17.48 2.19 - 19.67
Amount in CWIP for a period of Deletions - (3.98) (0.14) - (4.12)
As at March 31, 2023 Total
Less than 1 year 1-2 years 2-3 years More than 3 years Depreciation (0.01) (39.48) (1.46) (2.67) (43.62)
Projects in progress 3.66 - - - 3.66 Balance as at March 31, 2024* 0.31 64.73 3.59 2.46 71.09
Projects temporarily suspended - - - - - * Includes ` 1.26 Crores (March 31, 2023 : ` 2.07 Crores) towards deferred lease assets. Out of this deferred lease assets, ` 0.86 Crores (March 31,
Total 3.66 - - - 3.66 2023 : ` 1.80 Crores) is towards deposit given to related party (Refer Note 38 (D)).

170 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 171

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

B Lease liabilities : 6 NON-CURRENT FINANCIAL ASSETS - OTHERS (UNSECURED, CONSIDERED GOOD)

Set out below are the carrying amounts of lease liabilities and the movements during the period : As at As at
March 31, 2024 March 31, 2023
As at As at Deposits with body corporates and others :
March 31, 2024 March 31, 2023
For premises with a Related party (Refer Note 38 (D)) - 12.96
Opening balance* 113.17 151.69
For premises with others 1.35 0.90
Additions 19.44 6.93
Against tenders (Refer (a) below) 0.50 0.12
Accretion of interest 8.67 11.75
Margin deposit and deposit against guarantees and tenders 2.45 3.66
Termination (4.14) (3.33)
Term deposits with remaining maturity of more than twelve months 1,506.00 1,137.00
Payments (53.91) (53.87)
Interest accrued but not due on bank deposits 108.12 34.36
Closing balance* 83.23 113.17
Expected reimbursement towards likely sales return - reimbursable 38.10 33.07
Current 46.47 45.68
(Refer Note 22)
Non-Current 36.76 67.49
1,656.52 1,222.07
* Includes ` 29.84 Crores (March 31, 2023 : ` 59.21 Crores) pertaining to lease liabilities towards related party (Refer Note 38 (D)).
(a) Deposits against tenders :
The maturity analysis of lease liabilities are disclosed in Note 40. Secured, considered good - -
Unsecured, considered good 0.50 0.12
C Impact on Profit or Loss : Credit impaired deposits 3.23 4.24
For the year ended For the year ended 3.73 4.36
March 31, 2024 March 31, 2023
Less : Allowance for credit impaired deposits (3.23) (4.24)
Depreciation of Right-of-use assets (Refer Note 29) 43.62 44.33
0.50 0.12
Finance costs (Refer Note 28) 8.67 11.75
Expense relating to short-term leases (Refer Note 30) 0.30 0.26 7 OTHER NON-CURRENT ASSETS (UNSECURED, CONSIDERED GOOD)
Gain on early termination of leases (Refer Note 24) (0.02) (0.60)
As at As at
Total amount recognised in profit or loss 52.57 55.74 March 31, 2024 March 31, 2023
Capital advances 0.23 0.86
D Company as lessor : Balance with Government on account of VAT deposits 0.78 0.69
The Company has recognised rent income from leasing of a property amounting to ` 1.15 Crores (March 31, 2023 : 1.01 1.55
` 1.15 Crores) in the Statement of Profit or Loss under ‘Other Income’ (Refer Note 24).
Future minimum rentals receivable under non-cancellable operating leases are as follows : 8 INVENTORIES (AT LOWER OF COST OR NET REALISABLE VALUE)
As at As at
As at As at March 31, 2024 March 31, 2023
March 31, 2024 March 31, 2023
Raw materials and packing materials# 117.67 139.21
Within one year 1.15 1.15
Work-in-progress 17.76 15.28
After one year but not more than five years 0.84 1.99
Finished goods 108.21 126.67
More than five years - -
Stock-in-trade@ 375.94 367.69
1.99 3.14
619.58 648.85
#
Includes Goods in Transit ` 19.41 Crores (March 31, 2023 : ` 45.97 Crores)
@
Includes Goods in Transit ` 3.38 Crores (March 31, 2023 : ` 31.61 Crores)

During the year ended March 31, 2024, ` 18.57 Crores (March 31, 2023: ` 20.05 Crores) was charged to the statement of
Profit and Loss on account of slow moving, expired and near expiry inventories.

172 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 173

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
9 TRADE RECEIVABLES 10 CASH AND CASH EQUIVALENTS
As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Trade receivables 300.47 308.70 Balances with banks
Receivables from related parties (Refer Note 38 (D)) 18.64 10.10 In current accounts 113.75 62.17
319.11 318.80 Deposits with original maturity of less than three months @
177.99 177.50
291.74 239.67
Break-up for Trade receivables : @
Represents time deposits at fixed rates maintained with various banks by the Company.
As at As at
March 31, 2024 March 31, 2023 11 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS
Trade receivables :
As at As at
Secured, considered good 3.10 6.03 March 31, 2024 March 31, 2023
Unsecured, considered good 319.12 314.63 Margin deposit and deposit against guarantees and tenders 1.75 1.33
Credit impaired 10.66 10.57 Earmarked bank balance towards dividend #
13.03 11.41
332.88 331.23 Term deposits with original maturity of more than three months but less than
Less : Allowances for expected credit loss (Refer Note 40) (13.77) (12.43) twelve months@* 1,827.97 1,684.65
319.11 318.80 1,842.75 1,697.39
#
These balances are available for use only towards settlement of corresponding unpaid dividend liabilities.
Trade receivables Ageing Schedule @
Represents time deposits at fixed rates maintained with various banks by the Company.
* Includes Fixed Deposit under lien of ` 1.72 Crores (March 31, 2023 : ` 1.92 Crores)
As at March 31, 2024
Current Outstanding for following periods from due date of payment 12 CURRENT FINANCIAL ASSETS - OTHERS (UNSECURED, CONSIDERED GOOD)
but not Less than 6 months – More than Total As at As at
due 1-2 years 2-3 years
6 Months 1 year 3 years March 31, 2024 March 31, 2023
Undisputed Trade Receivables – Deposits with body corporates and others :
considered good 269.40 47.16 2.56 0.73 0.46 1.91 322.22 For premises with a Related party (Refer Note 38 (D)) 13.97 -
Undisputed Trade receivable – For premises with others 5.34 5.92
credit impaired - - 0.21 0.09 0.34 2.90 3.54 Interest accrued but not due on bank deposits 27.04 21.54
Disputed Trade receivable – Receivables from related parties (Refer Note 38 (D)) 5.04 4.22
credit impaired - 0.10 0.74 0.20 1.33 4.75 7.12 Expected reimbursement towards likely sales return - reimbursable
Total 269.40 47.26 3.51 1.02 2.13 9.56 332.88 (Refer Note 22) 33.06 28.77
Other receivables 10.11 8.18
As at March 31, 2023 94.56 68.63
Current Outstanding for following periods from due date of payment
but not Less than 6 months – More than Total 13 OTHER CURRENT ASSETS
due 1-2 years 2-3 years
6 Months 1 year 3 years
As at As at
Undisputed Trade Receivables – March 31, 2024 March 31, 2023
considered good 285.64 31.60 1.91 0.17 0.73 0.61 320.66 Prepaid expenses 9.01 6.73
Undisputed Trade receivable – Advances to employees and suppliers 16.79 14.54
credit impaired - - - 0.30 0.19 3.44 3.93 GST receivables 49.44 29.88
Disputed Trade receivable – Others (Refer Note 30 (b)) 2.86 0.62
credit impaired - 0.09 0.15 1.78 1.38 3.24 6.64 78.10 51.77
Total 285.64 31.69 2.06 2.25 2.30 7.29 331.23
There are no trade or other receivables which are due from directors or other officers of the Company either severally or
jointly with any other person. Also, there are no trade or other receivables which are due from firms or private companies,
in which any director is a partner, a director or a member.
For terms and conditions relating to related party receivables, refer Note 38.
For information on financial risk management objectives and policies, refer Note 40.

174 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 175

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
14 EQUITY SHARE CAPITAL Details of shares held by promoters
As at March 31, 2024
Authorised share capital :
No. of shares at Change No. of shares at % change
% of Total
Equity shares of ` 10 each the beginning of during the the end of the
Shares
during the
the year year year year
Number of shares Amount
i) Abbott Capital India Ltd., U.K. 1,07,19,097 - 1,07,19,097 50.45% -
As at April 1, 2022 2,75,00,000 27.50
ii) Abbott Healthcare Products Ltd., U.K. 37,44,951 - 37,44,951 17.62% -
Changes during the year - -
As at March 31, 2023 2,75,00,000 27.50 iii) British Colloids Ltd., U.K. 14,70,000 - 14,70,000 6.92% -
Changes during the year - - As at March 31, 2023
As at March 31, 2024 2,75,00,000 27.50 No. of shares at Change No. of shares at % change
% of Total
the beginning of during the the end of the during the
Shares
Terms/rights attached to equity shares the year year year year
The Company has only one class of equity shares with voting rights having a par value of ` 10 per share. The Company i) Abbott Capital India Ltd., U.K. 1,07,19,097 - 1,07,19,097 50.45% -
declares and pays dividends in Indian Rupees (`). The dividend proposed by the Board of Directors is subject to the ii) Abbott Healthcare Products Ltd., U.K. 37,44,951 - 37,44,951 17.62% -
approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. The remittance iii) British Colloids Ltd., U.K. 14,70,000 - 14,70,000 6.92% -
of dividend outside India is governed by Indian law on foreign exchange and is subject to applicable distribution taxes.
For the year ended For the year ended
In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of Dividend paid and proposed
March 31, 2024 March 31, 2023
the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
Dividend on equity shares declared and paid :
shares held by the shareholders.
Date of approval (date of Annual General Meeting) August 9, 2023 August 10, 2022
Issued, Subscribed and Paid up Capital : Final dividend for the year ended March 31, 2023 : ` 180 per share
Equity shares of ` 10 each fully paid (March 31, 2022 : ` 145 per share) 382.49 308.11
Special dividend for the year ended March 31, 2023 : ` 145 per share
Number of shares Amount
(March 31, 2022 : ` 130 per share) 308.11 276.25
As at April 1, 2022 2,12,49,302 21.25
Changes during the year - -
Proposed dividend on equity shares :
As at March 31, 2023 2,12,49,302 21.25
Final dividend for the year ended March 31, 2024 : ` 410 per share
Changes during the year - -
(March 31, 2023 : ` 180 per share) 871.22 382.49
As at March 31, 2024 2,12,49,302 21.25
Special dividend for the year ended March 31, 2024 : ` NIL per share
As at As at
(March 31, 2023 : ` 145 per share) - 308.11
Details of Equity shares of ` 10 each fully paid held by the Holding Company and
subsidiaries of the Ultimate Holding Company : March 31, 2024 March 31, 2023
Proposed dividends on equity shares are subject to approval at the Annual General Meeting and are not recognized as a
i)  1,07,19,097 (March 31, 2023 : 1,07,19,097) Abbott Capital India Ltd., U.K. liability as at March 31, 2023 and March 31, 2024.
(Holding Company) 10.72 10.72
ii) 37,44,951 (March 31, 2023 : 37,44,951) Abbott Healthcare Products Ltd.,
U.K. (Subsidiary of the Ultimate Holding Company) 3.75 3.75
14,70,000 (March 31, 2023 : 14,70,000) British Colloids Ltd., U.K.
iii) 
(Subsidiary of the Ultimate Holding Company) 1.47 1.47
The Ultimate Holding Company is Abbott Laboratories, USA.

Details of shareholders holding more than 5% As at March 31, 2024 As at March 31, 2023
shares in the Company Number of shares % Holding Number of shares % Holding
i) Abbott Capital India Ltd., U.K. 1,07,19,097 50.45% 1,07,19,097 50.45%
ii) Abbott Healthcare Products Ltd., U.K. 37,44,951 17.62% 37,44,951 17.62%
iii) British Colloids Ltd., U.K. 14,70,000 6.92% 14,70,000 6.92%
1,59,34,048 74.99% 1,59,34,048 74.99%

176 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 177

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated)

(All amounts in ` Crores, unless otherwise stated)

Nature and purpose of components of other equity :

3,677.64
(14.36)

-
(690.60)

14.07
1,201.22

0.02

-
-
3,167.29
(584.36)

12.22
(12.14)
-
2,798.54
949.41

3.62
Total Other
Equity

1. Amalgamation Reserve
This was created on amalgamation of Beem Healthcare Limited and Valencia Pharmaceuticals Limited, wholly owned
subsidiary of the Company with appointed date as July 1, 1998. All assets and liabilities of erstwhile Beem Healthcare
Limited and Valencia Pharmaceuticals Limited were transferred to the Company and all shares held by the Company

-
(3.19)
-
-
-
0.02

-
-
-

-
(3.21)
-
-
(6.83)
-

3.62

-
Remeasurement
Comprehensive
Items of Other

in erstwhile Beem Healthcare Limited and Valencia Pharmaceuticals Limited were cancelled. The amalgamation was
benefit plan
of defined
Income

accounted under ‘Pooling of Interests method’ as prescribed in then Accounting Standard 14 issued by the Institute of
Chartered Accountants of India. The reserve can be utilised in accordance with the provisions of the Companies Act, 2013.
2. Capital Reserve
This was created on amalgamation of Lenbrook Pharmaceuticals Limited, a wholly owned subsidiary of the Company with

-
2,819.01
-
-
(690.60)
-

(120.12)
1,201.22
-
-

-
2,428.51
(94.94)

(584.36)
2,158.40
949.41

-
Retained
Earnings

the appointed date as October 1, 2003. All the assets and liabilities of erstwhile Lenbrook Pharmaceuticals Limited were
transferred to the Company and all shares held by the Company in the erstwhile Lenbrook Pharmaceuticals Limited were
cancelled. The amalgamation was accounted under the ‘Purchase Method’ as prescribed in then applicable Accounting
Standards 14 issued by the Institute of Chartered Accountants of India. The reserve can be utilised in accordance with the

2.07
813.53
-
-
-

120.12

-
-
1.72
691.34
-
-
-
594.68
-

94.94
Reserve
General

provisions of the Companies Act, 2013.

3. Capital Redemption Reserve
This was created according to Section 77A of the Companies Act, 1956 by transferring the face value of shares bought back

(2.07)
40.16
14.07
(14.36)
-
-

-
-
(1.72)
42.52
12.22
(12.14)
-
-

-
44.16
-
Compensation

during the period 2003 to 2008 from free reserves. The reserve can be utilised in accordance with the provisions of the
Share based

Reserve

Companies Act, 2013.

4. Share based Compensation Reserve
Reserves and Surplus

The Company’s employees are awarded Restricted Stock Units (RSUs) of the Ultimate Holding Company, Abbott
Laboratories, USA. The Share based Compensation Reserve is used to recognise the fair value of the RSUs awarded to

-
2.52
-
-
-

-
-
-
2.52
-
-
-

-
2.52
-

the employees and reserves are used for payments towards RSU charge to the Ultimate Holding Company. The award
Redemption
Reserve
Capital

represents in substance equity contributions by the Ultimate Holding Company.

5. General Reserve
General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. General
Reserve is created by a transfer from one component of equity to another and is not an item of Other Comprehensive

-
5.23
-
-
-
-

-
-
-
5.23
-
-
-

-
5.23
-
Reserve
Capital

Income. The reserve can be utilised in accordance with the provisions of the Companies Act, 2013.
6. Retained Earnings

*On account of cancellation of share options awarded to employees

Retained Earnings are the profits the Company has earned till date, less any transfer to General Reserve, dividends or other
-
0.38
-
-
-
-

-
0.38
-
-
-
-
-
-

-
0.38
-
Amalgamation

distributions paid to the shareholders. The reserve can be utilised in accordance with the provisions of the Companies
Reserve

Act, 2013.
7. Other Comprehensive Income (Remeasurement of defined benefit plan)
Differences between the interest income on plan assets and the return actually achieved and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in
Transfer from Profit and Loss to
Transfer from Profit and Loss to

‘Other Comprehensive Income’ and subsequently not reclassified to the Statement of Profit and Loss.
March 31, 2022 (Refer Note 14)

March 31, 2023 (Refer Note 14)

Payment towards RSU Charge

Payment towards RSU Charge

Share based compensation to

Share based compensation to

Dividend for the year ended

Dividend for the year ended

16 NON-CURRENT PROVISIONS
Remeasurement of defined
Remeasurement of defined

Transfer from Share based

Transfer from Share based

employees (Refer Note 27)

employees (Refer Note 27)

Compensation Reserve to
Compensation Reserve to

benefit plan (net of tax)

benefit plan (net of tax)

As at As at
As at March 31, 2024
As at March 31, 2023

March 31, 2024 March 31, 2023

As at April 1, 2022
OTHER EQUITY

Profit for the year

Profit for the year

Provision for employee benefits :

General Reserve*
General Reserve*

General Reserve
General Reserve

Post Retirement Medical Benefits (Refer Note 34) 0.78 0.61

Long Service Benefits 2.41 2.02
Others :
For likely sales returns and date expiry (Refer Note 22) 73.83 57.76
For likely sales returns - reimbursable (Refer Note 22) 38.10 33.07
115.12 93.46
15

178 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 179

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
17A) INCOME TAXES Deferred tax :
The major components of income tax expense for the years ended March 31, 2024 and March 31, 2023 are : The tax effect of significant temporary differences that resulted in deferred income tax assets and liabilities are as
Extract of Statement of Profit and Loss : follows :

Profit and Loss Section : Balance Sheet Statement of Profit and Loss
As at As at For the year ended For the year ended
For the year ended For the year ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
March 31, 2024 March 31, 2023
Deferred tax assets
Current income tax :
Provision for Compensated Absences 10.28 10.47 0.19 1.38
Current tax expense 415.43 329.41
Gratuity and Other employee benefits 2.02 0.89 (1.13) 0.06
Tax adjustment for earlier years 0.03 (3.81)
Allowance for credit impaired debts 3.46 3.13 (0.33) 0.03
Deferred tax :
Other items deductible under Income
Relating to origination and reversal of temporary differences 1.07 (1.19)
Tax Act on payment basis 6.42 5.27 (1.15) 0.03
Income tax expense reported in the Statement of Profit and Loss 416.53 324.41
Other items giving rise to temporary
differences 1.72 5.32 3.60 (0.47)
Other Comprehensive Income (OCI) Section - Deferred tax related to items recognised in OCI during the year :
Deferred tax liabilities
For the year ended For the year ended Difference between written down value
March 31, 2024 March 31, 2023
of Property, Plant and Equipment as per
Net loss/(gain) on remeasurement of defined benefit plans (0.01) (1.22) books of accounts and income tax (5.66) (5.99) (0.33) (0.59)
Income tax expense charged to OCI (0.01) (1.22) Other items giving rise to temporary
differences (2.39) (2.16) 0.23 (0.41)
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for March 31, 2024
Net deferred tax assets/(liabilities) 15.85 16.93
and March 31, 2023 :
Deferred tax charge/(income) 1.08 0.03
For the year ended For the year ended Deferred tax charge/(income) recognised
March 31, 2024 March 31, 2023 in Profit and Loss 1.07 (1.19)
Accounting profit before income tax 1,617.75 1,273.82 Deferred tax charge/(income) recognised
1,617.75 1,273.82 in OCI 0.01 1.22
At India's statutory income tax rate of 25.168% (March 31, 2023 : 25.168%) 407.16 320.60 1.08 0.03
Adjustments in respect of current income tax of previous years 0.03 (3.81)
Reflected in the Balance Sheet as follows :
Tax impact on Non-deductible expenses for tax purposes 9.34 7.62
416.53 324.41 As at As at
March 31, 2024 March 31, 2023
At the effective income tax rate of 25.747% (March 31, 2023 : 25.467%)
Deferred tax assets 23.90 25.08
Income tax expense reported in the Statement of Profit and Loss 416.53 324.41
Deferred tax liabilities (8.05) (8.15)
Deferred tax assets (net) 15.85 16.93

Reconciliation of deferred tax assets (net) :

For the year ended For the year ended

March 31, 2024 March 31, 2023
Opening balance as of April 1 16.93 16.96
Tax income/(charge) during the period recognised in Profit and Loss (1.07) 1.19
Tax income/(charge) during the period recognised in OCI (0.01) (1.22)
Closing balance as at March 31 15.85 16.93

180 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 181

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
17B) NON-CURRENT TAX ASSETS (NET) As at March 31, 2023
As at As at Outstanding for following periods from
Current due date of payment
March 31, 2024 March 31, 2023 Unbilled but not Total
due Less than More than
Advance income tax (net of provisions) 39.22 49.28 1-2 years 2-3 years
1 Year 3 years
39.22 49.28 Total outstanding dues of micro
enterprises and small enterprises - 8.41 16.07 0.05 0.04 - 24.57
17C) CURRENT TAX LIABILITIES (NET) Total outstanding dues of creditors
As at As at other than micro enterprises and
March 31, 2024 March 31, 2023 small enterprises 90.01 738.90 38.06 0.22 0.13 0.10 867.42
Provision for income tax (Net of advance income tax) 11.46 10.54 Disputed dues of micro enterprises
and small enterprises - - - - - - -
11.46 10.54
Disputed dues of creditors other
than micro enterprises and small
18 TRADE PAYABLES enterprises - - - - - - -
As at As at 90.01 747.31 54.13 0.27 0.17 0.10 891.99
March 31, 2024 March 31, 2023
For terms and conditions relating to related party payables, refer Note 38.
Dues of micro and small enterprises (Refer (a) below) 41.11 24.57
For information on financial risk management objectives and policies, refer Note 40.
Dues of creditors other than to micro enterprises and small enterprises
- Due to related parties (Refer Note 38 (D)) 90.17 134.44 (a) Details of dues to Micro and Small Enterprises under the Micro, Small and Medium Enterprises Development
Act, 2006 (MSMED Act, 2006)*
- Due to others 871.41 732.98
961.58 867.42 As at As at
March 31, 2024 March 31, 2023
1,002.69 891.99 (i) The principal amount remaining unpaid to any supplier (but within due date
as per the MSMED Act, 2006) 41.11 24.57
Trade payables Ageing Schedule (ii) Interest due on above remaining unpaid 0.14 0.11
As at March 31, 2024 (iii) Interest paid by the Company in terms of Section 16 of the Micro, Small and
Outstanding for following periods from Medium Enterprises Development Act, 2006, alongwith the amount of the
Current due date of payment payment made to the supplier beyond the appointed day during the year - -
Unbilled but not Total (iv) Interest due and payable for the period of delay in making payment (which
due Less than More than
1-2 years 2-3 years have been paid but beyond the appointed day during the year) but without
1 Year 3 years
Total outstanding dues of micro adding interest specified under the Micro, Small and Medium Enterprises
enterprises and small enterprises - 31.27 9.74 0.06 0.04 - 41.11 Development Act, 2006 - -
(v) Interest accrued and remaining unpaid - -
Total outstanding dues of creditors
(vi) Interest remaining due and payable even in the succeeding years, until such
other than micro enterprises and
date when the interest dues as above are actually paid to the small enterprises - -
small enterprises 73.59 847.57 40.12 0.22 0.07 0.01 961.58
Disputed dues of micro enterprises * The above information has been determined to the extent such parties have been identified on the basis of information available with the
and small enterprises - - - - - - - Company.

Disputed dues of creditors other

than micro enterprises and small 19 CURRENT FINANCIAL LIABILITIES - OTHERS
enterprises - - - - - - - As at As at
73.59 878.84 49.86 0.28 0.11 0.01 1,002.69 March 31, 2024 March 31, 2023
Deposits from customer 0.64 0.64
Payables for capital expenditure 4.96 3.78
Unclaimed dividend# 13.03 11.41
Salaries, wages, incentives and bonus payable to employees 47.76 53.80
Deposit from a related party (Refer Note 38 (D)) 0.45 0.45
Others 8.01 7.91
74.85 77.99
In respect of the amounts as mentioned under Section 125 of the Companies Act, 2013, no dues are required to be credited to the Investor Education
#

and Protection Fund as on March 31, 2024 and March 31, 2023.

182 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 183

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
20 OTHER CURRENT LIABILITIES 23 REVENUE FROM OPERATIONS
As at As at For the year ended For the year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Statutory dues including provident fund and tax deducted at source 10.47 20.37 Sale of products 5,779.83 5,284.86
GST payable 20.38 2.75
Contract liabilities (Refer Note 23 (c)) 7.40 4.71 Other operating revenue
Others 32.22 25.80 Rendering of services (Refer (a) below) 67.36 61.87
70.47 53.63 Sale of scrap 1.40 1.71
Export Incentive 0.32 0.29
21 CURRENT PROVISIONS Total other operating revenue 69.08 63.87
As at As at 5,848.91 5,348.73
March 31, 2024 March 31, 2023
(a) Rendering of services includes : (Refer Note 38 (C))
Provision for employee benefits :
Compensated Absences 40.83 41.62 For the year ended For the year ended
Post Retirement Medical Benefits (Refer Note 34) 0.09 0.07 March 31, 2024 March 31, 2023
Long Service Benefits 0.27 0.43 Shared and support services rendered to Abbott Healthcare Private Limited,
Gratuity (Refer Note 34) 4.47 0.42 India 49.60 51.92
Superannuation 1.44 1.37 Shared and support services rendered to Abbott Products Operations AG.,
Provision for likely sales returns and date expiry (Refer Note 22) 56.62 53.51 Switzerland 7.59 4.76
Provision for likely sales returns - reimbursable (Refer Note 22) 33.06 28.77 Shared and support services rendered to Abbott Laboratories GmbH, UAE
136.78 126.19 (previously known as Abbott Laboratories S.A., Dubai) 2.22 1.86
Shared and support services rendered to Abbott Laboratories (Singapore)
22 DISCLOSURE PURSUANT TO IND AS 37 ‘PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT Pte Ltd., Singapore 2.22 1.86
ASSET’ TOWARDS PROVISIONS FOR SALES RETURN, DATE EXPIRY AND DAMAGED PRODUCTS Shared and support services rendered to St Jude Medical India Private
Likely sales Likely sales Limited, India 1.23 1.23
returns & date returns - Total
Shared and support services rendered to Abbott Diagnostics Medical Private
expiry reimbursable
Limited, India 0.20 0.24
Carrying Amount as at April 1, 2022 117.58 50.48 168.06
Shared and support services rendered to Abbott GmbH, Germany 0.21 -
Provision during the year@ 52.52 36.53 89.05
Shared and support services rendered to Abbott Manufacturing Singapore
Less : Utilisation/settlement/reversal (58.83) (25.17) (84.00)
Private Limited, Singapore 0.30 -
Carrying Amount as at March 31, 2023* 111.27 61.84 173.11
Shared and support services rendered to Abbott Operations Uruguay s.r.l. 1.52 -
Provision during the year@ 92.09 37.08 129.17
Shared and support services rendered to Diversified Healthcare Solutions
Less : Utilisation/settlement/reversal (72.91) (27.76) (100.67)
Operations Unlimited Company 1.89 -
Carrying Amount as at March 31, 2024* 130.45 71.16 201.61
Shared and support services rendered to Abbott Laboratories, Philippines 0.38 -
 Includes unwinding of discount and effect of changes in discount rate on provision of ` 3.57 Crores (March 31, 2023 : ` 3.75 Crores)
@
67.36 61.87
(Refer Note 28).
* Carrying Amount comprises of :
As at As at (b) Revenue from contracts with customers :
March 31, 2024 March 31, 2023
For the year ended For the year ended
Non-Current provision : March 31, 2024 March 31, 2023
For likely sales returns and date expiry (Refer Note 16) 73.83 57.76
India (Goods) 5,701.56 5,214.57
For likely sales returns - reimbursable (Refer Note 16) 38.10 33.07
Current provision : Outside India (Goods) 78.27 70.29
For likely sales returns and date expiry (Refer Note 21) 56.62 53.51 Total revenue from contracts with customers 5,779.83 5,284.86
For likely sales returns - reimbursable (Refer Note 21) 33.06 28.77
201.61 173.11 Timing of revenue recognition
Nature of provision : Goods transferred at a point in time 5,779.83 5,284.86
Total revenue from contracts with customers 5,779.83 5,284.86
The provision is for anticipated returns on expiry which is made on the basis of management expectation taking into
account historical experience and market conditions.
The expected timing of any resulting outflows of economic benefits ranges from 1 month to 40 months.

184 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 185

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

(c) Contract Balances : 25 COST OF MATERIALS CONSUMED

For the year ended For the year ended
For the year ended For the year ended
March 31, 2024 March 31, 2023
March 31, 2024 March 31, 2023
Inventory at the beginning of the year 139.21 112.09
Trade receivables (Refer Note 9) 319.11 318.80
Add : Purchases during the year 544.13 585.73
Contract assets - -
Less : Inventory at the end of the year (117.67) (139.21)
Contract liabilities (Refer Note 20) (7.40) (4.71)
565.67 558.61
Contract liabilities include short-term advances received from customers for sale of products/services.
26 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS
(d) Reconciling the amount of revenue recognised in the Statement of Profit and Loss with the contracted price :
For the year ended For the year ended
For the year ended For the year ended March 31, 2024 March 31, 2023
March 31, 2024 March 31, 2023 Opening Stock
Revenue as per contracted price 5,974.49 5,425.76 Finished goods 126.67 97.14
Add/(Less) : Adjustments Stock-in-trade 367.69 469.25
- Sales Return (168.31) (110.55) Work-in-progress 15.28 9.34
- Discounts (26.35) (30.35) Less : Closing Stock
Net revenue from sale of products and rendering of services 5,779.83 5,284.86 Finished goods (108.21) (126.67)
Stock-in-trade (375.94) (367.69)
Information about the Company’s performance obligations are summarized below :
Work-in-progress (17.76) (15.28)
Sale of products : 7.73 66.09
The performance obligation is satisfied upon delivery of the product and payment is generally due within six months
27 EMPLOYEE BENEFITS EXPENSE
from delivery and are non-interest bearing.
For the year ended For the year ended
Rendering of services : March 31, 2024 March 31, 2023
Salaries, wages and bonus 520.28 507.53
The performance obligation is satisfied when related services are performed.
Contribution to provident and other funds 29.87 31.06
Share based compensation to employees (Refer Note 35) 14.07 12.22
24 OTHER INCOME
Staff welfare expenses 12.36 12.78
For the year ended For the year ended 576.58 563.59
March 31, 2024 March 31, 2023
Interest income on : 28 FINANCE COSTS
Fixed deposits at amortised cost 222.51 140.95
For the year ended For the year ended
Income Tax refund - 1.75 March 31, 2024 March 31, 2023
Security deposits at amortised cost 1.10 1.05 Interest expense on lease liabilities (Refer Note 5) 8.67 11.75
Others (from employees and other receivables)
Interest expense, other than on lease liabilities 0.21 0.49
at amortised cost 0.39 0.31
Unwinding of discount and effect of changes in discount rate on provisions
(Refer Note 22) 3.57 3.75
Other non-operating income :
12.45 15.99
Rental income from a related party (Refer Note 38 (C)) 1.15 1.15
Liabilities / provisions no longer required written back 19.64 7.08
29 DEPRECIATION AND AMORTISATION EXPENSE
Gain on early termination of leases (Refer Note 5) 0.02 0.60
For the year ended For the year ended
Gain on sale/write off of Property, plant and equipment (net) 0.16 - March 31, 2024 March 31, 2023
Insurance, customs and carriers claims 2.82 0.64
Depreciation of Property, plant and equipment (Refer Note 3) 26.31 24.36
Others 0.48 0.62
Amortisation of intangible assets (Refer Note 4) 1.24 1.28
248.27 154.15
Depreciation of Right-of-use assets (Refer Note 5) 43.62 44.33
71.17 69.97

186 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 187

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
30 OTHER EXPENSES (b) Details of Corporate Social Responsibility (CSR) expenditure :
For the year ended For the year ended The Company believes that innovative, responsible and sustainable business plays an important role in building a
March 31, 2024 March 31, 2023 healthy, thriving society. The CSR policy of the Company is focused on fostering economic, environmental and social
Consumption of stores 11.74 8.91 well-being. Through CSR initiatives, the Company strives to enhance people’s health and well-being and provide
Power and fuel 16.63 17.15 lasting solutions to development challenges.
Rent (Refer Note 5) 0.30 0.26 As a part of its CSR obligations, the Company undertook following initiatives during the year :
Repairs to buildings 0.88 0.81 i. Improving Access to Healthcare through Health Clinics
Repairs to plant and machinery 5.46 5.64 ii. Quality and Affordable Healthcare Delivery Program with SEWA
Repairs (others) 5.74 4.57
iii. Building Access to Quality & Affordable Healthcare Infrastructure and Services with Americares
Insurance 3.94 4.14
iv. Promoting STEM Education and Healthy Living Among Children – with Smile Foundation
Rates and taxes 25.37 27.37
Advertising, publicity and sales promotion 114.14 121.60 v. Building Access to Timely Diagnostic Services for Trauma Patients
Processing Charges 62.25 20.78 For the year ended For the year ended
March 31, 2024 March 31, 2023
Freight and forwarding charges 40.40 39.28
Travelling and business meetings 81.11 99.40 Gross amount required to be spent by the Company during the year
Commission to carrying and forwarding agents 55.93 57.09 as per Section 135 of the Companies Act, 2013 21.84 18.74
Exchange loss (net) 2.53 4.31 Amount approved by the Board to be spent during the year 21.84 18.74
Bad debts written off 0.05 0.05
Yet to be paid
Less : Adjusted against earlier year's provision (0.05) (0.05) Amount spent during the year ending on March 31, 2024 : In cash
in cash
Total
- -
i) Construction/ acquisition of any asset - - -
Allowance for credit impaired debts 1.39 (0.09)
ii) Others :
Professional fees and other services 120.86 125.73
Loss on sale/write off of Property, plant and equipment (net) - 0.26 On Building Healthcare Infrastructure, Building
Access to Timely Diagnostic Services for Trauma
Payment to auditors (Refer (a) below) 1.89 1.80 Patients, STEM Education, Contributions to SEWA
CSR expenditure (Refer (b) below) 21.84 18.74 (Self Employed Women’s Association) and various
Miscellaneous expenses 26.22 46.70 programmes to expand awareness and access to
598.62 604.45 healthcare 23.88 0.20 24.08
iii) Amount unspent during the year - - -
(a) Payment to auditors : 23.88 0.20 24.08
For the year ended For the year ended
March 31, 2024 March 31, 2023 Yet to be paid
Amount spent during the year ending on March 31, 2023 : In cash Total
As auditor : in cash
Audit fees 0.91 0.96 i) Construction/ acquisition of any asset - - -
Tax audit fees 0.17 0.16 ii) Others :
Limited review 0.38 0.36 On Building Healthcare Infrastructure, STEM
Education, Contributions to SEWA (Self Employed
Women’s Association) and various programmes to
In other capacity : expand awareness and access to healthcare 9.93 0.68 10.61
Other services (including certification fees) 0.38 0.28 iii) Amount unspent during the year 8.75 - 8.75
Reimbursement of expenses 0.05 0.04 18.68 0.68 19.36
1.89 1.80

188 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 189

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

For the year ended For the year ended 32 EARNINGS PER EQUITY SHARE (EPS)
March 31, 2024 March 31, 2023
The following reflects the income and share data used in the Basic and Diluted EPS computations :
Details related to spent / unspent obligations :
For the year ended For the year ended
i) Contribution to Public Trust - - March 31, 2024 March 31, 2023
ii) Contribution to Charitable Trust 24.08 10.61 Profit attributable to equity holders for Basic/Diluted earnings 1,201.22 949.41
iii) Unspent amount in relation to : Weighted average number of equity shares for Basic/Diluted EPS* 21,249,302 21,249,302
- Ongoing project - 8.75 565.28 446.78
Basic/Diluted EPS ` (Face value of ` 10 per share)
- Other than Ongoing project - -
24.08 19.36 * There have been no transactions involving equity shares or potential equity shares between the reporting date and the date of authorisation of these
financial statements.
For the year ended For the year ended
March 31, 2024 March 31, 2023
33 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
Details of ongoing project The preparation of the Company’s financial statements in conformity with Ind AS requires management to make
Opening Balance judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities,
- With Company / In Separate CSR Unspent A/c* 14.05 8.86 and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions
and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities
Amount required to be spent during the year 24.08 19.36
affected in future periods. The estimates and associated assumptions are based on historical experience and various
Amount spent during the year
other factors that are believed to be reasonable under the circumstances existing when the financial statements were
- From Company’s bank A/c 24.08 10.61 prepared. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates
- From Separate CSR Unspent A/c 14.05 3.56 is recognised in the year in which the estimates are revised and in any future year affected.
Closing Balance
- With Company / In Separate CSR Unspent A/c* - 14.05 In the process of applying the Company’s accounting policies, management has made the following judgements, estimates
and assumptions, which have the most significant effect on the amounts recognised in the financial statements :
*Subsequently transferred to the CSR unspent account in Apr 2023 respectively

For the year ended For the year ended Provision for sales return and date expiry
March 31, 2024 March 31, 2023
The Company as per trade practice accepts returns from market which are primarily in the nature of expired or near
Details of Excess Amount Spent
expiry products. Provisions for such returns are estimated on the basis of historical experience, shelf life of the product
Opening Balance 0.62 -
and market conditions and are provided for accordingly. Also refer Note 22.
Amount required to be spent during the year 21.84 18.74
Amount spent during the year 24.08 19.36 Uncertainty over income tax treatment
Closing Balance 2.86 0.62
The Company determines whether to consider each uncertain tax treatment separately or together with one or
The excess spent in the current year is carried forward to next year and accordingly asset has been created in more other uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty.
“Other Current assets” (Refer Note 13) in accordance with Section 135 of the Companies Act, 2013 read with The Company applies significant judgement in identifying uncertainties over income tax treatments (Refer Note 36).
relevant rules thereunder.
Determining the lease term of contracts
31 COMPONENTS OF OTHER COMPREHENSIVE INCOME (OCI)
The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
For the year ended For the year ended option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
March 31, 2024 March 31, 2023
lease, if it is reasonably certain not to be exercised.
Remeasurements of defined benefit plan : (Refer Note 34)
Gratuity 0.27 4.28 Leases - Estimating the incremental borrowing rate
Post retirement medical benefit scheme (0.24) 0.56
The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its Incremental Borrowing
0.03 4.84
Rate (IBR) to measure lease liabilities. IBR is the rate of interest that the Company would have to pay to borrow over a
The above has been aggregated in other equity of respective periods similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset
in a similar economic environment. The Company estimates the IBR using observable inputs i.e. bank borrowing interest
rates on secured assets.

190 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 191

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

Useful lives of Property, plant and equipment Impairment of other financial assets
The Company reviews the useful life of Property, plant and equipment at the end of each reporting period. This The loss allowance for other financial assets are based on assumptions about risk of default. The Company uses judgments
reassessment may result in change in depreciation expense in future periods. Refer Note 2.3 (d) for management estimate in making these assumptions based on its past history, existing market conditions and certainty of realisation. Also refer
of useful lives. Note 6 and 12.

Defined benefit plans 34 EMPLOYEE BENEFITS

The cost of the defined benefit gratuity plan and other post employment medical benefits are determined using actuarial (a) Defined contribution plans
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in i) Provident Fund/Employees’ Pension Fund
the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the
ii) Employees’ State Insurance
complexities involved in the valuation and its long term nature, a defined benefit obligation is highly sensitive to changes
in these assumptions. All assumptions are reviewed at each reporting date. iii) Superannuation Fund
iv) Employees’ Deposit Linked Insurance Scheme
The parameter most subject to change is the discount rate. In determining the appropriate discount rate, the management
considers the interest rates of government bonds in currencies consistent with the currencies of the post employment v) Group Life Insurance Cover
benefit obligation. The Company has recognised following amounts as expense in the Statement of Profit and Loss :

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval For the year ended For the year ended
in response to demographic changes. Future salary increase and gratuity increase are based on expected future inflation March 31, 2024 March 31, 2023
rates in the country. Included in contribution to Provident and Other Funds (Refer Note 27)

Further details about gratuity and other post employment medical benefits obligations are given in Note 34. Employer’s contribution to Provident Fund/Employees' Pension Fund 21.08 20.80
Employer’s contribution to Superannuation Fund 2.77 2.91
Share based compensation to employees Included in staff welfare expenses (Refer Note 27)
The fair value of restricted stock units plan is measured at the date of grant using the Black Scholes option pricing model. Employer’s contribution to Employees’ Deposit Linked Insurance
The estimate also requires determination of the most appropriate inputs to the valuation model, including the volatility, Scheme 0.64 0.60
dividend yield, risk free interest rates, expected life of share option etc., which are disclosed in the Note 35.
Premium paid in respect of Group Life Insurance Cover 1.00 1.78

Fair value measurement of financial instruments Premium paid in respect of Employees' State Insurance Scheme - 0.03

When the fair values of financial assets and financial liabilities recorded in the Balance Sheet cannot be measured based
(b) Defined Benefit Plans
on quoted prices in active markets, their fair value is measured using appropriate valuation techniques. The inputs for
i. Gratuity : (Included as part of contribution to provident and other funds in Note 27 - Employee benefits expense)
these valuations are taken from observable sources where possible, but where this is not feasible, a degree of judgement
is required in establishing fair values. Judgements include considerations of various inputs including liquidity risk, credit Gratuity is payable to all eligible employees of the Company on retirement, death, permanent disablement and
risk, volatility etc. Changes in assumptions/judgements about these factors could affect the reported fair value of financial resignation in terms of the provision of the Payment of Gratuity Act 1972, or Company’s Scheme whichever is
instruments. Also refer Note 39. more beneficial. Benefits would be paid at the time of the separation based on employees’ salary and tenure of
employment with the Company.
Provision for inventories
ii. Post Retirement Medical Benefits (PRMB) : (Included as part of staff welfare expenses in Note 27 - Employee
Provision is made in the financial statements for slow and non-moving items based on estimates regarding their usability. benefits expense)
Further for finished goods and stock-in-trade, all inventories expiring within six months and not expected to be sold, have
been fully provided for. Also refer Note 8. Under this scheme, select group of senior employees and their spouse are covered for hospitalisation benefits
after the employee has retired from the Company. The cover is available to these beneficiaries until they are
Impairment of trade receivables alive. The Company has procured a group hospitalisation cover from an insurance Company for providing these
benefits to these beneficiaries.
For the purpose of measuring lifetime expected credit loss allowance of trade receivables, the Company has used a
practical expedient as permitted under Ind AS 109. This expected credit loss allowance is computed based on a provision iii. Long Service Benefits (LSB) : (Included as part of salaries and wages in Note 27 - Employee benefits expense)
matrix which takes into account historical credit loss experience and adjusted for forward-looking information. Refer Under this scheme, long service benefits accrues to the employee, while in service and is payable upon completion
Note 9. of stipulated service with the Company.

192 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 193

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

Post Retirement Medical Benefits Post Retirement Medical Benefits

Gratuity (Funded) Gratuity (Funded)
(Non-funded) (Non-funded)
For the For the For the For the For the For the For the For the
year ended year ended year ended year ended year ended year ended year ended year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
I) Change in present value of defined benefit obligation IV) Expenses recognised in the Statement of Profit and
during the year Loss for the year
Present value of defined benefit obligation at the Current service cost 6.58 7.04 - -
beginning of the year 81.92 83.59 0.68 1.23 Past service cost (1.44) - - -
Interest cost 5.64 5.32 0.05 0.08 Interest cost on benefit obligation (net) (0.23) (0.24) 0.05 0.08
Current service cost 6.58 7.04 - - One Year Renewable Term Assurance (OYRTA) Premium 0.32 0.54 - -
Past service cost (1.44) - - - Total expenses included in Employee benefits expense 5.23 7.34 0.05 0.08
Benefits paid (6.47) (10.27) (0.10) (0.07) V) 
Recognised in other comprehensive income for the
year
Actuarial changes arising from changes in demographic
Actuarial changes arising from changes in demographic
assumptions (0.95) - - -
assumptions (0.95) - - -
Actuarial changes arising from changes in financial
Actuarial changes arising from changes in financial
assumptions 2.06 (2.97) 0.01 (0.03) assumptions 2.06 (2.97) 0.01 (0.03)
Actuarial changes arising from changes in experience Actuarial changes arising from changes in experience
adjustments (1.16) (0.79) 0.23 (0.53) adjustments (1.16) (0.79) 0.23 (0.53)
Present value of defined benefit obligation at the end Return on plan assets excluding interest income (0.22) (0.52) - -
of the year 86.18 81.92 0.87 0.68 Recognised in other comprehensive income for the
II) Change in fair value of plan assets during the year year (Refer Note 31) (0.27) (4.28) 0.24 (0.56)
Fair value of plan assets at the beginning of the year 81.50 83.53 - - VI) Maturity profile of defined benefit obligation
Interest income 5.87 5.56 - - Within the next 12 months (next annual reporting period) 7.37 11.37 0.09 0.07
Contributions paid by the employer 0.59 2.16 0.09 0.07 Between 2 and 5 years 29.44 33.74 0.36 0.27
Benefits paid from the fund (6.47) (10.27) (0.09) (0.07) Between 6 and 9 years 32.56 32.11 0.32 0.25
Return on plan assets excluding interest income 0.22 0.52 - - For 10 years and above 114.68 77.74 0.75 0.63
Fair value of plan assets at the end of the year 81.71 81.50 - -
Post Retirement Medical Benefits
Gratuity (Funded)
(Non-funded)
Post Retirement Medical Benefits
Gratuity (Funded) As at As at As at As at
(Non-funded)
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 VII) Sensitivity analysis for significant assumption is as
below :
III) Net (asset)/liability recognised in the Balance Sheet
1. Increase/(decrease) on present value of defined
Present value of defined benefit obligation at the end of
benefits obligation at the end of the year
the year 86.18 81.92 0.87 0.68
Impact of 50 bps increase in discount rate (4.19%) (3.41%) (3.00%) (3.08%)
Fair value of plan assets at the end of the year (unquoted
Impact of 50 bps decrease in discount rate 4.50% 3.63% 3.18% 3.27%
insurer managed funds) (81.71) (81.50) - -
Impact of 100 bps increase in healthcare cost - - 6.57% 6.78%
Amount recognised in the Balance Sheet/Net funded
obligation 4.47 0.42 0.87 0.68 Impact of 100 bps decrease in healthcare cost - - (5.95%) (6.12%)
Impact of increase by 1 year in life expectancy - - 5.01% 4.88%

Net liability-current (Refer Note 21)

 4.47 0.42 0.09 0.07 Impact of decrease by 1 year in life expectancy - - (4.92%) (4.80%)

Net liability-non-current (Refer Note 16)

 - - 0.78 0.61 Impact of 50 bps increase in rate of salary increase 3.44% 3.07% - -
Impact of 50 bps decrease in rate of salary increase (3.43%) (3.02%) - -

194 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 195

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

2. Sensitivity analysis method 35 SHARE BASED COMPENSATION TO EMPLOYEES

The Sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit a) International Stock Ownership Plan (Stocks of Abbott Laboratories, USA, being Ultimate Holding
obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
Company)
Abbott Laboratories, USA has an ‘Affiliate Employee Stock Purchase Plan’ (employee share purchase plan) whereby
Post Retirement Medical Benefits
Gratuity (Funded) specified employees of its subsidiaries have been given a right to purchase shares of Abbott Laboratories, USA. Every
(Non-funded)
As at As at As at As at employee who opts for the scheme contributes, by way of payroll deductions, up to 10% of his cash remuneration (i.e.
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 basic salary for officers and basic salary and dearness allowance for staff category) towards purchase of shares on a
VIII) The major categories of plan assets as monthly basis over the purchase cycle of six months.
a percentage of total
The maximum that an employee can contribute to the plan is USD 12,500 per purchase cycle or USD 25,000 per
Insurer managed funds 100% 100% - -
calendar year. At the end of the cycle, accumulated payroll deductions are used to purchase shares at a discounted
The Trustees have taken Policy from Life Insurance Corporation of India (LIC) and pays premium. LIC in turn manages the price. The purchase price of the share is 85% of the lesser of fair market value either on the first or last day of the
assets which is within the permissible limits prescribed in the insurance regulations. The Company does not foresee any purchase cycle. The shares of Abbott Laboratories, USA are listed with the New York Stock Exchange, USA and are
material risk from these investments. purchased on behalf of the employees at market price less discount, allocated to participants as of last day of the
purchase cycle. The concession in the price of the shares is entirely borne by Abbott Laboratories, USA.
Post Retirement Medical Benefits
Gratuity (Funded)
(Non-funded) During the year ended March 31, 2024, 19,831 shares (March 31, 2023 : 20,943 shares) were purchased by employees
As at As at As at As at
at weighted average fair value of US $ 94.29 (March 31, 2023 : US $ 93.64) per share.
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
IX) Actuarial assumptions
Discount rate 7.20% 7.40% 7.20% 7.40% b) Employees Restricted Stock Options Plan (Stocks of Abbott Laboratories, USA, being Ultimate
Salary escalation 7.5% until year 2 7.5% until year 1 - - Holding Company)
inclusive, and 7% inclusive, and 7% Abbott Laboratories, USA as part of the ‘Long Term Incentive Program’ has offered Restricted Stock Units (RSUs)
thereafter thereafter to specified employees of its subsidiaries, whereby the employees covered by the plan are granted units. The units
Mortality rate during employment Indian Assured Indian Assured - - when vested, become shares of Abbott Laboratories, USA at a NIL Cost. The shares of Abbott Laboratories, USA are
Lives Mortality Lives Mortality listed with the New York Stock Exchange, USA. The grants issued are vested in one third instalments over a three
(2012-14) Ult table (2012-14) Ult table year period. Pursuant to Ind AS 102 ‘Share-based Payment’, the fair value of the RSUs have been recorded by the
Rate of leaving service Age related Age related - - Company. The fair value of the RSUs is estimated at the grant date using Black Scholes Option Pricing Model, taking
Mortality post retirement rate - - S1PA (90) S1PA (90) into account the terms and conditions upon which such RSUs were granted.
Mortality table Mortality table
Annual increase in healthcare costs - - 6% 6% For the year ended For the year ended
March 31, 2024 March 31, 2023
Expected retirement age of
Number of Weighted Average Number of Weighted Average
employees (years) 58 years / 60 years 58 years 58 years 58 years
options Exercise Price US $ options Exercise Price US $
Expected contribution to the defined benefit plan (Gratuity) for the next annual reporting period is ` 4.50 Crores Outstanding at the beginning of the year 35,981 NA 34,705 NA
(March 31, 2023 : ` 0.50 Crores) Add : Granted during the year 16,947 NA 20,129 NA
The average duration of the defined benefit plan obligation at the end of the reporting period for Gratuity is 8.68 years Add : Transfers in during the year 1,618 NA 1,289 NA
(March 31, 2023 : 7.03 years) and for PRMB is 6.18 years (March 31, 2023 : 6.35 years). Less : Exercised during the year (15,028) NA (13,889) NA
Notes : Less : Cancelled/Expired during the year (3,358) NA (5,624) NA
Less : Transfers out during the year (559) NA (629) NA
(i) The actuarial valuation of plan assets and the present value of the defined benefit obligation were carried out as at
March 31, 2024. The present value of the defined benefit obligation and the related current service cost and past service Outstanding at the end of the year 35,601 NA 35,981 NA
cost, were measured using the Projected Unit Credit Method. The weighted average share price at the date of exercise for stock options exercised during the year was US $ 113.89
(ii) Discount rate is based on the prevailing market yields of Indian Government securities as at the Balance Sheet date for the (March 31, 2023 : US $ 106.42).
estimated term of the obligations.
The weighted average remaining contractual life for the share options outstanding as at 31 March 2024 was
(iii) The salary escalation rate is arrived after taking into consideration the seniority, the promotion and other relevant factors, 2.74 years (31 March 2023: 2.47 years).
such as, demand and supply in employment market.

196 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 197

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

The following tables list the inputs to the models used for the Restricted Stock Option plan for the years ended 37 SEGMENT REPORTING
March 31, 2024 and March 31, 2023, respectively : The Managing Director of the Company takes decision in respect of allocation of resources and assesses the performance
basis information provided by functional heads and are thus considered to be Chief Operating Decision Maker.
As at As at
March 31, 2024 March 31, 2023 The Company operates under the principal business segment viz. “Pharmaceuticals”. The Chief Operating Decision Maker
Dividend yield (%) 0% 0% (CODM) views and monitors the operating results of its single business segment for the purpose of making decisions about
resource allocation and performance assessment. Also, sales of Company is substantially in domestic market. Accordingly,
Expected volatility (%) 22.50% 25.93%
there are no separate reportable segments in accordance with the requirements of Ind AS 108 ‘Operating segment’ and
Risk–free interest rate (%) 4.82% 3.78% hence, there are no additional disclosures to be provided other than those already provided in the financial statements.
Expected life of Restricted Stock Units (years) 3 years 3 years There are no individual customer contributing more than 10% of Company’s total revenue.
Weighted average share price (`) ` 9,740.90 ` 8,791.01
38 RELATED PARTY DISCLOSURE
Model used Black Scholes Black Scholes
A) Parties where control exists :
The expected life of the RSUs is based on historical data and current expectations and is not necessarily indicative
of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility Ultimate Holding Company : Abbott Laboratories, USA
over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual Holding Company : Abbott Capital India Ltd., UK
outcome.
During the year, ` 5.11 Crores (March 31, 2023 : ` 4.94 Crores) withholding taxes has been deposited with tax B) Other related parties with whom transactions have taken place during the year :
authorities against exercised options. I) Fellow subsidiaries :
British Colloids Ltd., U.K.
36 COMMITMENTS AND CONTINGENCIES
Abbott Healthcare Products Ltd., U.K
a. Commitments :
Abbott Healthcare Private Ltd., India
As at As at Abbott International LLC, USA
March 31, 2024 March 31, 2023
Abbott Products Operations AG., Switzerland
Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) 9.51 7.48 Abbott Laboratories (Singapore) Pte Ltd., Singapore
Abbott GmbH, Germany
b. Contingent liabilities : Abbott Diagnostics Medical Private Limited, India
Claims against Company not acknowledged as debts Abbott Manufacturing Singapore Private Limited, Singapore
(i) In February 1996, the Government had made a tentative claim for a sum of ` 11.12 Crores to be paid into the Abbott Laboratories GmbH, UAE (previously known as Abbott Laboratories S.A., Dubai)
Drugs Prices Equalisation Account (DPEA) on account of unintended benefit allegedly enjoyed by the Company Diversified Healthcare Solutions Operations Unlimited Company (Erstwhile Abbott Laboratories Vascular
during the period May 1, 1981 to August 25, 1987. This was contested by the Company and subsequently during Enterprises Limited Partnership)
the year ended November 30, 2005, a final demand was received for ` 3.47 Crores (including interest of ` 1.90 Abbott Laboratories, Philippines
Crores upto March 31, 2004). The Company, being aggrieved of the said demand and based on legal advice Abbott Operations Uruguay s.r.l.
obtained in this regard, contested the above final demand of ` 3.47 Crores and filed a writ petition before the St Jude Medical India Private Limited, India
Bombay High Court to restrain the government from recovering the said amount. The Bombay High Court has
Abbott Laboratuarlari Ithalat Ve Ihracat Tic.Ltd.Sti., Turkiye
admitted the writ petition and granted stay of the recovery of the amount subject to the Company furnishing
a bank guarantee in respect of the principal amount of ` 1.56 Crores. The said bank guarantee has been II) Key Management personnel and Independent directors :
furnished. The Company however, out of abundant caution and based on its understanding of the facts and Ms. Swati Dalal, Managing Director (appointed as Managing Director effective April 1, 2024)
circumstances of the case provided for a sum of ` 1.35 Crores (March 31, 2023 : ` 1.31 Crores) including interest
Mr. Vivek Kamath, Managing Director (ceased to be the Managing Director effective close of business hours on
liability till date.
March 18, 2024)
As at As at Mr. Munir Shaikh, Chairman
March 31, 2024 March 31, 2023
Mr. Rajiv Sonalker, Whole-Time Director (ceased to be the Whole-Time Director and CFO effective close of
(ii) Income Tax 74.10 80.81 business hours on June 30, 2023)
(iii) Sales Tax 7.53 6.65 Mr. Sridhar Kadangode, Chief Financial Officer (appointed as Chief Financial Officer effective July 1, 2023)
(iv) Custom Duty 10.35 - Mr. Kaiyomarz Marfatia, Non-Executive Director
It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above and Ms. Anisha Motwani, Independent Director
other pending litigations of the respective proceedings as it is determinable only on receipt of judgements/decisions Mr. Sudarshan Jain, Independent Director
pending with various forums/authorities. Ms. Shalini Kamath, Independent Director

198 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 199

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

C) Transactions during the year : iv) Other expenses to fellow subsidiaries :

I) Transactions with the Ultimate Holding Company during the year For the year ended For the year ended
March 31, 2024 March 31, 2023
For the year ended For the year ended
March 31, 2024 March 31, 2023 Abbott Healthcare Private Ltd., India
Abbott Laboratories, USA Shared and support services 54.15 57.78
Promotional expenses 1.92 1.19
Payment towards RSU (Refer Note 15) 14.36 12.14
Conversion charges 54.65 11.82
Reimbursement towards issue of parent Company shares
Payment of lease liabilities 33.21 33.21
to employees at discounted price under Employee Stock
Purchase Plan (ESPP) 2.95 2.91 Finance costs 3.85 6.33
Electricity and communication expenses 0.96 0.96
II) Transactions with the Holding Company during the year Abbott Diagnostics Medical Private Limited, India
Promotional expenses 0.13 0.05
For the year ended For the year ended
March 31, 2024 March 31, 2023
Abbott Capital India Ltd., UK
v) Reimbursements to and from fellow subsidiaries :
Remittance of dividend 348.37 294.78 Reimbursement to Reimbursement from
For the For the y For the For the
III) Transactions with fellow subsidiaries during the year year ended ear ended year ended year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
i) Remittance of dividend :
Abbott Healthcare Private Ltd., India
For the year ended For the year ended
March 31, 2024 March 31, 2023 Market research and other expenses - 0.11 - -
British Colloids Ltd., U.K. Abbott International LLC, USA
Remittance of dividend 47.78 40.43 Employee benefits expense, travel
Abbott Healthcare Products Ltd., U.K. and other expenses 0.19 0.11 - -

Remittance of dividend 121.71 102.99 Abbott Laboratories (Singapore) Pte

Ltd., Singapore
ii) Sales to fellow subsidiaries : Employee benefits expense, travel
and other expenses 0.08 0.49 - -
For the year ended For the year ended
March 31, 2024 March 31, 2023 Abbott Diagnostics Medical Private Ltd.
Abbott Healthcare Private Ltd., India Employee benefits expense, travel
Sale of stock-in-trade 75.60 60.01 and other expenses - - 0.01 -
Sale of raw materials 18.40 4.04 Abbott Laboratories Limited, Thailand
Abbott Products Operations AG., Switzerland Employee benefits expense, travel
Sale of stock-in-trade 0.39 0.92 and other expenses - - - 0.24
Abbott GmbH, Germany
iii) Purchases from fellow subsidiaries : Employee benefits expense, travel
For the year ended For the year ended and other expenses - - - 0.14
March 31, 2024 March 31, 2023 Abbott Laboratuarlari Ithalat Ve Ihracat
Abbott Healthcare Private Ltd., India Tic.Ltd.Sti., Turkiye
Purchase of raw materials 5.74 0.02 Honorarium to HCP for Training &
Purchase of stock-in-trade 6 7.88 53.14 Education Support - 0.01 - -

Abbott Products Operations AG., Switzerland

Purchase of raw materials 270.20 335.82
Purchase of stock-in-trade 103.57 112.58

200 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 201

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

vi) Income from fellow subsidiaries : Also, provision for post employment benefits as gratuity, leave encashment on retirement and other defined
benefits which are made based on actuarial valuation on an overall Company basis are not included in
For the For the
year ended year ended remuneration to key management personnel.
March 31, 2024 March 31, 2023
Abbott Healthcare Private Ltd., India viii) Non-Executive, Other Directors’ sitting fees and Annual Commission :
Shared and support services (Refer Note 23 (a)) 49.60 51.92 For the year ended For the year ended
March 31, 2024 March 31, 2023
Rent income (Refer Note 24) 1.15 1.15 Mr. Munir Shaikh, Chairman 0.32 0.31
Abbott Products Operations AG., Switzerland Ms. Anisha Motwani, Independent Director 0.31 0.30
Shared and support services (Refer Note 23 (a)) 7.59 4.76 Mr. Sudarshan Jain, Independent Director 0.30 0.28
Abbott Laboratories (Singapore) Pte Ltd., Singapore Ms. Shalini Kamath, Independent Director 0.31 0.30
Mr. Kaiyomarz Marfatia, Non-Executive Director 0.23 0.23
Shared and support services (Refer Note 23 (a)) 2.22 1.86
Abbott Laboratories GmbH, UAE D) Outstanding :
Shared and support services (Refer Note 23 (a)) 2.22 1.86 As at As at
St Jude Medical India Private Limited, India March 31, 2024 March 31, 2023

Shared and support services (Refer Note 23 (a)) 1.23 1.23 Trade payable to fellow subsidiaries (Refer Note 18)
Abbott Products Operations AG., Switzerland 68.13 124.09
Abbott Diagnostics Medical Private Limited, India
Abbott Healthcare Private Limited, India 21.96 8.72
Shared and support services (Refer Note 23 (a)) 0.20 0.24
Abbott Laboratories (Singapore) Pte Ltd., Singapore 0.08 0.05
Abbott GmbH, Germany Abbott International LLC, USA - 0.10
Shared and support services (Refer Note 23 (a)) 0.21 - Abbott Laboratories, USA - 1.48
Abbott Manufacturing Singapore Private Limited, Singapore 90.17 134.44
Shared and support services (Refer Note 23 (a)) 0.30 - Lease Liabilities to fellow subsidiary (Refer Note 5)
Abbott Operations Uruguay s.r.l. Abbott Healthcare Private Limited, India 29.84 59.21
29.84 59.21
Shared and support services (Refer Note 23 (a)) 1.52 -
Deposit from fellow subsidiary (Refer Note 19)
Diversified Healthcare Solutions Operations Unlimited Company
Abbott Healthcare Private Limited, India 0.45 0.45
Shared and support services (Refer Note 23 (a)) 1.89 - 0.45 0.45
Abbott Laboratories, Philippines Trade receivables from fellow subsidiaries (Refer Note 9)
Shared and support services (Refer Note 23 (a)) 0.38 - Abbott Healthcare Private Limited, India 15.60 8.29
Abbott Products Operations AG., Switzerland 1.11 1.02
vii) Key management personnel remuneration# : Abbott Laboratories (Singapore) Pte Ltd., Singapore 0.43 0.30
For the For the Abbott Laboratories GmbH, UAE 0.43 0.29
year ended year ended St Jude Medical India Private Limited, India 0.11 0.11
March 31, 2024 March 31, 2023
Abbott Diagnostics Medical Private Limited 0.19 0.09
Mr. Vivek Kamath, Managing Director (ceased to be the Managing
Abbott Manufacturing Singapore Private Limited, Singapore 0.05 -
Director effective close of business hours on March 18, 2024) 6.58 6.43
Abbott Operations Uruguay s.r.l. 0.31 -
Mr. Sridhar Kadangode, Chief Financial Officer (appointed as Chief
Diversified Healthcare Solutions Operations Unlimited Company 0.34 -
Financial Officer effective July 1, 2023) 2.39 -
(Erstwhile Abbott Laboratories Vascular Enterprises Limited
Mr. Rajiv Sonalker, Whole-Time Director (ceased to be the Whole-Time Partnership)
Director and CFO effective close of business hours on June 30, 2023) 2.83 3.69 Abbott GmbH, Germany 0.04 -
 During the year, as a part of the ‘Long-term Incentive Program’, Restricted Stock Units of Abbott Laboratories, USA
#
Abbott Laboratories, USA 0.03 -
carrying perquisite value of ` 2.33 Crores (March 31, 2023 : ` 2.30 Crores) have been granted to the above employees. Also refer
Note 35 (b).
18.64 10.10

202 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 203

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

As at As at B. Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s
March 31, 2024 March 31, 2023 financial assets/liabilities, other than those with the carrying amounts that are reasonable
Other receivables from fellow subsidiaries (Refer Note 12) approximations of fair values :
Abbott Healthcare Private Limited, India - 0.03 Carrying
Fair value Fair value hierarchy
Abbott International LLC, USA - 4.19 amount

Abbott Laboratories, USA 5.04 - Particulars Quoted prices Significant Significant

As at As at
in active observable unobservable
5.04 4.22 March 31, March 31,
markets inputs inputs
2024 2024
Deposit to fellow subsidiary Level 1 Level 2 Level 3

Abbott Healthcare Private Limited., India (Refer Note 5, 6 and 12) 14.83 14.76 Financial assets at amortised cost
Other financial assets (Refer Note 6)
Terms and conditions of transactions with related parties : (non-current)
Deposits given to fellow
All transactions with related parties are made in the ordinary course of business and the same is at arm’s length.
subsidiary - - - - -
Outstanding balances at the year end are unsecured and interest free and settlement occurs in cash. The Company has
not recorded any impairment for receivables. This assessment is undertaken each financial year through examining Deposits for premises 1.35 1.35 - - 1.35
the financial position of the related parties and the market in which related parties operate. Against tenders 0.50 0.50 - - 0.50
Term deposits with remaining
39 FAIR VALUE DISCLOSURE maturity of more than 12 months 1,506.00 1,506.00 - - 1,506.00
A. The carrying value and fair value of financial assets/liabilities by categories are as follows : Others 148.67 148.67 - - 148.67
Carrying value of the Fair value of the Total 1,656.52 1,656.52 - - 1,656.52
financial assets/liabilities financial assets/liabilities Financial liabilities at amortised
Particulars
As at As at As at As at cost
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Lease liabilities (Refer Note 5) 83.23 83.23 - - 83.23
Financial assets/liabilities at amortised cost
Total 83.23 83.23 - - 83.23
Financial assets at amortised cost (non-current) :
Financial Liabilities at fair value
Other financial assets (Refer Note 6) 1,656.52 1,222.07 1,656.52 1,222.07
through Profit or Loss
Financial assets at amortised cost (current) :
Forward contract receivable 0.21 0.21 - 0.21 -
Trade and other receivables (Refer Note 9) 319.11 318.80 319.11 318.80
Total 0.21 0.21 - 0.21 -
Cash and cash equivalents (Refer Note 10) 291.74 239.67 291.74 239.67
Bank balances other than cash and cash equivalents Carrying
Fair value Fair value hierarchy
(Refer Note 11) 1,842.75 1,697.39 1,842.75 1,697.39 amount
Other financial assets (Refer Note 12) 94.35 68.63 94.35 68.63 Particulars Quoted prices Significant Significant
As at As at
in active observable unobservable
Financial liabilities at amortised cost (non-current) : March 31, March 31,
markets inputs inputs
2023 2023
Lease liabilities (Refer Note 5) 36.76 67.49 36.76 67.49 Level 1 Level 2 Level 3
Financial liabilities at amortised cost (current) : Financial assets at amortised cost
Lease liabilities (Refer Note 5) 46.47 45.68 46.47 45.68 Other financial assets
Trade payables (Refer Note 18) 1,002.69 891.99 1,002.69 891.99 (Refer Note 6) (non-current)
Other financial liabilities (Refer Note 19) 74.85 77.38 74.85 77.38 Deposits given to fellow subsidiary 12.96 12.96 - - 12.96
Financial assets/liabilities at fair value through Deposits for premises 0.90 0.90 - - 0.90
Profit or Loss Against tenders 0.12 0.12 - - 0.12
Financial assets at fair value through Profit or Loss Term deposits with original
(current) : maturity of more than 12 months 1,137.00 1,137.00 - - 1,137.00
Forward contract receivable 0.21 - 0.21 - Others 71.09 71.09 - - 71.09
Financial liabilities at fair value through Profit or Total 1,222.07 1,222.07 - - 1,222.07
Loss (current) :
Forward contract payable - 0.61 - 0.61

204 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 205

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

Carrying 40 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Fair value Fair value hierarchy
amount
The Company’s activities expose it to variety of financial risks namely market risk, credit risk and liquidity risk. The
Particulars Quoted prices Significant Significant
As at As at Company has various financial assets such as deposits, trade and other receivables and cash and bank balances directly
in active observable unobservable
March 31, March 31, related to their business operations. The Company’s principal financial liabilities comprise of trade and other payables.
markets inputs inputs
2023 2023
Level 1 Level 2 Level 3
The Company’s senior management’s focus is to foresee the unpredictability and minimize potential adverse effects on
Financial liabilities at amortised cost
Lease liabilities (Refer Note 5) 113.17 113.17 - - 113.17 the Company’s financial performance. The Company’s overall risk management procedures to minimise the potential
Total 113.17 113.17 - - 113.17 adverse effects of financial market on the Company’s performance are as follows :
Financial assets at fair value through
Profit or Loss a) Market risk
Forward contract payable 0.61 0.61 - 0.61 - Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
Total 0.61 0.61 - 0.61 - changes in market prices. Market risk comprises three types of risks namely interest rate risk, currency risk and
other price risk, such as commodity risk. The Company is not exposed to other price risk whereas the exposure to
The following methods and assumptions were used to estimate the fair values :
currency risk and interest risk is given below :
Fair value of cash and bank balances, trade and other financial current assets, trade payables, other financial current
liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. (i) Interest rate risk
Methods and assumptions used to estimate the fair values are consistent with those used for the year ended Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
March 31, 2024. because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest
During the reporting period ending March 31, 2024 and March 31, 2023, there were no transfers between Level 1 and rates relates primarily to the Company’s deposit accounts with banks.
Level 2 fair value measurements.
Carrying Amount
Particulars As at As at
The Company uses the following hierarchy for determining and disclosing the fair value of financial
March 31, 2024 March 31, 2023
instruments by valuation technique :
Fixed rate instruments
Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities
Financial assets 3,511.96 2,999.15
Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value are observable,
either directly or indirectly Interest Rate sensitivity
Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are based on The Company’s investments are primarily in fixed rate interest bearing investments. Hence, the Company is not
unobservable market data significantly exposed to interest rate risk.
The fair values of the foreign exchange forward contract has been determined using valuation techniques with
(ii) Foreign currency risk
adequate observable inputs. This model incorporate various inputs including the credit quality of counter parties
and foreign exchange forward rates. Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates and arises where transactions are done in foreign currency. It arises mainly
Description of significant unobservable inputs to valuation (Level 3) : where receivables and payables exist due to transactions entered in foreign currencies.
The following table shows the valuation techniques and inputs used for financial instruments that are not carried at The Company evaluates exchange rate exposure arising from foreign currency transactions and follows
fair value : established risk management policies including use of derivatives like foreign exchange forward contracts to
As at As at hedge foreign currency risk. The Company does not enter into financial instrument transactions for trading or
March 31, 2024 March 31, 2023 speculative purposes. Unhedged exposure at any point of time during the year is not material.
a) Deposits for premises Discounted cashflow Discounted cashflow
The Company’s exposure to foreign currency risk is as follows :
method using interest method using interest
rate for similar financial rate for similar financial As at March 31, 2024 As at March 31, 2023
Particulars
instrument instrument USD EURO GBP CHF USD EURO GBP
b) Lease liabilities Discounted cashflow Discounted cashflow Trade receivables 4.81 0.34 - - 6.05 - -
method using incremental method using incremental
Other financial assets 5.34 - 0.01 - 5.13 - -
borrowing rate borrowing rate
Trade payables 80.01 0.05 0.01 -* 162.93 1.63 0.05
c) Financial assets/liabilities other than above Expected cashflows for Expected cashflows for
the financial instruments the financial instruments *below ` 50,000

A one percentage point change in the unobservable inputs used in fair valuation of level 3 assets or liabilities does not
have significant impact in its value.

206 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 207

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)

Foreign currency sensitivity c) Liquidity risk

The following table demonstrate the sensitivity to a reasonably possible change in foreign exchange rates, Liquidity risk is the risk that Company will not be able to meet its financial obligations as they fall due. Liquidity
being the most transacted currencies with all other variables held constant. The exchange rate between Rupee risk arises because of the possibility that the Company could be required to pay its liabilities earlier than expected
and other foreign currencies have changed substantially in the recent years and may fluctuate substantially in or encounters difficulty in raising funds to meet commitments associated with financial liabilities as they fall due.
the future. Consequently the results of the Company’s operations could be affected as the Rupee appreciates/ The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
depreciates against these currencies. liquidity to meet its liabilities when due. The Company manages liquidity risk by maintaining sufficient cash and
As at March 31, 2024 As at March 31, 2023 bank balance and availability of funding through adequate amount of committed credit facilities.
Currency
1% Increase 1% Decrease 1% Increase 1% Decrease The details of the contractual maturities of significant liabilities as at March 31, 2024 are as follows :
USD (0.70) 0.70 (1.52) 1.52
Carrying Less than More than
EURO -* -* (0.02) 0.02 Particulars 1-3 years 3-5 years Total
Amount 1 year 5 years
GBP - - -* -* Trade payables (Refer Note 18) 1,002.69 1,002.69 - - - 1,002.69
CHF -* -* - - Other current financial liabilities
Increase/(Decrease) in Profit or Loss (0.70) 0.70 (1.54) 1.54 (Refer Note 19) 74.85 74.85 - - - 74.85
* below ` 50,000/- Lease Liabilities (Refer Note 5)
83.23 51.65 25.99 10.46 8.65 96.75
b) Credit risk 1,160.77 1,129.19 25.99 10.46 8.65 1,174.29
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer The details of the contractual maturities of significant liabilities as at March 31, 2023 are as follows :
contract, leading to a financial loss. Concentration of credit risk arises when counter parties are engaged in similar
business activities or have similar economic features that would cause the ability to meet contractual obligations to Carrying Less than More than
Particulars 1-3 years 3-5 years Total
Amount 1 year 5 years
be similarly affected by changes in economical, political or other conditions. Concentration of credit risk indicate the
relative sensitivity of the Company’s performance to developments affecting a particular industry. Trade payables (Refer Note 18)
891.99 891.99 - - - 891.99
Credit risk of Company arises principally from the trade debts, loans and advances, trade deposits, other receivables Other current financial liabilities
and balance with banks. The carrying amount of financial assets represents the maximum credit exposure. (Refer Note 19) 77.99 77.99 - - - 77.99
The maximum exposure to credit risk was ` 4,204.67 Crores as at March 31, 2024 (March 31, 2023 : ` 3,546.56
Lease Liabilities (Refer Note 5) 113.17 53.26 64.21 6.02 4.89 128.38
Crores). Customer credit risk is managed for each business unit subject to the Company’s established policy,
1,083.15 1,023.24 64.21 6.02 4.89 1,098.36
procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based
on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment.
41 CAPITAL MANAGEMENT
Further, significant sales of the Company are against advance payment/collection on delivery terms. Outstanding
customer receivables are regularly monitored and any shipments to new overseas customers are generally covered For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves
by letters of credit or other forms of credit insurance. The management continuously monitors the credit exposure attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to
towards the customers and makes provision against those balances considered doubtful of recovery. safeguard the Company’s ability to remain as a going concern and maximise the shareholder value.

Refer Note 9 for ageing of trade receivables. The Company manages its capital structure and makes adjustments in light of changes in economic conditions, annual
operating plans and long-term and other strategic investment plans. In order to maintain or adjust the capital structure,
Movement in allowance for credit loss :
the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.
As at As at The current capital structure of the Company is equity based with no financing through borrowings except through
Particulars
March 31, 2024 March 31, 2023 leasing. The Company is not subject to any externally imposed capital requirements.
Balance at the beginning of the year 16.67 17.21
No changes were made in the objectives, policies or processes for managing capital during the year ended March 31, 2024
Allowance for credit impaired debts 1.39 (0.09)
and March 31, 2023.
Allowance for credit impaired deposits (1.01) (0.40)
Bad debts written off (0.05) (0.05)
Balance at the end of the year 17.00 16.67
The management believes that no further provision is necessary in respect of trade receivables based on historical
trends of these customers. Further, the Company’s exposure to customers is diversified and no single customer has
significant contribution to trade receivables balances.
The credit risk on liquid funds such as balances with banks in current and deposit accounts is limited because the
counter parties are banks with reasonably high credit ratings.
Financial assets other than trade receivables and bank balances are not exposed to any material credit risk.

208 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 209

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 2-43 44-141 142-211 212-224

NOTES TO THE FINANCIAL STATEMENTS

for the year ended March 31, 2024

(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
42 ADDITIONAL REGULATORY INFORMATION 44 i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
i) Financial Ratios :
ii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
The following are analytical ratios for the year ended March 31, 2024 and March 31, 2023:
period.
As at As at
Change (in iii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
Ratio Numerator Denominator March 31, March 31,
%)
2024 2023 entities (Intermediaries) with the understanding that the Intermediary shall :
Current ratio (in times) Current Assets Current Liabilities 2.42 2.51 (3.59)%
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
Debt- Equity Ratio (in times) Total Debt1 Shareholder’s Equity 0.02 0.04 (50.00)%*
behalf of the Company (Ultimate Beneficiaries) or
Debt Service Coverage ratio Earnings available Debt service3
(in times) for debt service2 19.87 16.46 20.72% (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Return on Equity ratio (in %) Net Profit after taxes Average Shareholder’s iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
Equity 34.88% 31.60% 10.38% with the understanding (whether recorded in writing or otherwise) that the Company shall :
Inventory Turnover ratio Cost of goods sold Average Inventory
(in times) 5.08 4.45 14.16%
(a) 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
Trade Receivable Turnover Revenue from Average Trade
Ratio (in times) Operations Receivable 18.34 17.6 2 4.09% (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Trade Payable Turnover Ratio Total Purchases and Average Trade
v) The Company has not entered into any transaction which is not recorded in the books of accounts that has been
(in times) Other Expenses Payables 4.00 3.97 0.76%
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as,
Net Capital Turnover Ratio Revenue from Working Capital4
search or survey or any other relevant provisions of the Income Tax Act, 1961).
(in times) Operations 3.07 2.94 4.42%
Net Profit ratio (in %) Net Profit Revenue from vi) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Operations 20.54% 17.75% 15.72% 45 (i) The Company has maintained proper books of account as prescribed under Section 128(1) of the Companies Act,
Return on Capital Employed Earnings before Capital Employed5 2013 (as amended). The books of accounts are maintained in electronic mode as required under Section 128 (1) of the
(in %) interest and taxes 43.10% 39.06% 10.34% Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 (as amended). The back-up of books of account
Return on Investment (in %) Interest Income Average Fixed Deposit and other relevant books and papers maintained in electronic mode were taken on a server physically located in India
Investment 6.83% 4.97% 37.42%** on daily basis except for an application used for processing expenses of field employees where backups on a daily
* Interest Coverage Ratio has increased because of accounting impact of Ind AS 116-Leases. basis were taken on a server physically located outside India.
** Due to increase in Fixed Deposit rates
(ii) The Company has used accounting software for maintaining its books of account which has a feature of recording
(1) Debt represents only lease liabilities
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded
(2) Net Profit after Taxes + Non-Cash Operating Expenses + Interest + Other Adjustment like gain & loss on sale/write off of Property, plant
in the software except that, audit trail feature was not enabled for changes made using privileged/ administrative
and equipment etc.
access rights to the application and the underlying Oracle database. Further, there were no instances of audit trail
(3) Lease Payment for the current year
feature being tampered with in respect of the said software.
(4) Current Assets - Current Liabilities
(5) Tangible Networth + lease liabilities 46 Previous year’s figures have been regrouped/reclassified to confirm to the current year’s classification.

ii) Relationship with Struck off Companies : As per our report of even date For and on behalf of the Board of Directors
The Company does not have any transaction with companies struck off under Section 248 of the Companies Act, 2013
For S R B C & CO LLP SWATI DALAL SUDARSHAN JAIN
or Section 560 of Companies Act, 1956, during the current year and in the previous year. Chartered Accountants Managing Director Director
ICAI Firm Registration No. 324982E/E300003 DIN : 01513751 DIN : 00927487
43 The Company appears in the breach list displayed on the website of the Depositories and BSE limited as the total
foreign investment in the Company exceeded the sectoral cap in the past. In this connection, the Company has per ARUNA KUMARASWAMY SRIDHAR KADANGODE SANGEETA SHETTY
received post-facto approval from the Department of Pharmaceuticals permitting foreign shareholding in excess Partner Chief Financial Officer Company Secretary
Membership No. 219350 Membership No. ACS 18865
of the sectoral cap, up to 80% of the paid-up share capital of the Company, subject to compounding with the Reserve
Bank of India (RBI). The Company had filed a compounding application with the Reserve Bank of India in this regard. Place : Mumbai Place : Srinagar
However, the RBI vide its letter dated March 19, 2024, has informed the Company that the compounding application Date : May 9, 2024 Date : May 9, 2024
requires further examination in consultation with the Government. Further, RBI has informed the Company that since
compounding was a time-bound process, the application was being returned for the time being along with the compounding
fees. RBI has advised the Company to await further communication/advice from RBI in this regard, on further course of
action, if any. The Company does not expect the impact on financial statements to be material.

210 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 211

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 1-43 44-141 142-211 212-224

NOTICE

Notice is hereby given that the Eightieth Annual General the Securities and Exchange Board of India (Listing any statutory modification or re-enactment thereof Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2023/
Meeting of Abbott India Limited will be held through Obligations and Disclosure Requirements) Regulations, for the time being in force) read with Article 113 of the 167 dated October 7, 2023, physical attendance of
Video-Conferencing (“VC”)/ Other Audio-Visual Means 2015 and upon recommendation of the Audit Articles of Association of the Company, Ms Alison Members has been dispensed with. Accordingly, the
(“OAVM”) on Thursday, August 8, 2024 at 10.00 a.m. to Committee, M/s Walker Chandiok & Co LLP, Chartered Davies (DIN : 10658884), who was appointed as an facility for appointment of proxies by the Members will
transact the following business : Accountants (Firm Registration No. 001076N/ N500013), Additional Director of the Company with effect from not be available for the Meeting and hence the Proxy
be and are hereby appointed as the Statutory Auditors June 13, 2024 and who holds office till the date of Form and Attendance Slip are not annexed to this Notice.
ORDINARY BUSINESS : of the Company for a term of 5 (five) years i.e. from this Annual General Meeting in terms of Section 161 The attendance of the Members attending the AGM
of the Companies Act, 2013, and in respect of whom through VC/ OAVM will be counted for the purpose of
1. To receive, consider and adopt the Audited Financial the conclusion of this Annual General Meeting till the
the Company has received a notice in writing from a reckoning the quorum under Section 103 of the Act.
Statements of the Company for the financial year ended conclusion of Eighty-fifth Annual General Meeting of
March 31, 2024 together with the Reports of Directors the Company, at such remuneration as may be approved Member proposing her candidature for the office of iii. Corporate Members intending to have their
and Auditors thereon. by the Audit Committee/ Board of Directors of the Director pursuant to Section 160 of the Companies Act, representatives attend the Meeting through VC/ OAVM
Company from time to time. 2013, be and is hereby appointed as a Director of the pursuant to Section 113 of the Act, are requested to send
2. To declare a final dividend of ` 410/- per Equity Share for Company, liable to retire by rotation. to the Company, a certified copy of the relevant Board
the financial year ended March 31, 2024. RESOLVED Further That the Audit Committee/ Resolution together with the specimen signature of the
Board of Directors of the Company, be and are hereby RESOLVED Further That the Board of Directors be representative(s) authorized to attend and vote on their
3. To appoint a Director in place of Mr Ambati Venu and is hereby authorized to take such steps and do all
authorized to revise/ alter/ modify/ amend the terms behalf at the Meeting.
(DIN : 07614849), who retires by rotation and being and conditions and/ or remuneration, from time to time, such acts, deeds, matters and things as may be considered
eligible, offers himself for re-appointment. necessary, proper and expedient to give effect to this iv. A statement pursuant to Section 102(1) of the Act,
as may be mutually agreed with the Auditors, during the
Resolution. relating to the Businesses to be transacted at Item
4. To appoint a Director in place of Mr Munir Shaikh tenure of their appointment.
Nos. 4 to 7 is annexed hereto.
(DIN : 00096273), who has attained the age of By Order of the Board
seventy-five years and who retires by rotation and being SPECIAL BUSINESS : v. The additional details of Directors retiring by rotation/
Sangeeta Shetty seeking appointment, pursuant to Regulation 36(3) of
eligible, offers himself for re-appointment. 6. Ratification of remuneration payable to
Mumbai Company Secretary the Securities and Exchange Board of India (“SEBI”)
M/s Joshi Apte & Associates, Cost Auditors,
In this matter, to consider and if thought fit, to pass June 12, 2024 Membership No. : ACS 18865 (Listing Obligations and Disclosure Requirements)
for the financial year 2024-25
with or without modification(s), the following resolution Regulations, 2015, as amended from time to time
Registered Office :
as a Special Resolution : To consider and if thought fit, to pass with or without (“the SEBI Listing Regulations”) and the Secretarial
Abbott India Limited
modification(s), the following resolution as an Ordinary Standards issued by the Institute of Company
RESOLVED That pursuant to the provisions of CIN : L24239MH1944PLC007330
Resolution : Secretaries of India, is annexed as Annexure I and
Section 152 and all other applicable provisions, if 3, Corporate Park, Sion-Trombay Road, Mumbai - 400 071 forms part of this Notice.
any, of the Companies Act, 2013 and Rules framed RESOLVED That pursuant to the provisions of Telephone No. : +91-22-5046 1000/2000
thereunder (including any statutory modification(s) or Section 148 and all other applicable provisions, if E-mail : [email protected] vi. Final dividend of ` 410/- per Equity Share of ` 10/- each,
re-enactment(s) thereof for the time being in force) any, of the Companies Act, 2013 and the Rules framed Website : www.abbott.co.in as recommended by the Board of Directors, if approved
by the Members at the Annual General Meeting, will
and the Securities and Exchange Board of India thereunder (including any statutory modification(s)
NOTES : be paid on and after August 13, 2024 to the Members
(Listing Obligations and Disclosure Requirements) or re-enactment(s) thereof for the time being in force),
whose names appear on the Register of Members and
Regulations, 2015, as amended from time to time, and as approved by the Audit Committee and the i. In accordance with the Ministry of Corporate Affairs, to the Beneficial Owners of the Shares as on July 19,
Mr Munir Shaikh (DIN : 00096273), who has attained Board of Directors of the Company, remuneration of (“MCA”) General Circular Nos. 14/2020 dated April 8, 2024 (“Record date”), as per the details furnished by the
the age of seventy-five years and who retires by rotation ` 0.09 Crores plus taxes as applicable and reimbursement 2020, 17/2020 dated April 13, 2020 and 20/2020 Depositories for this purpose.
at this Annual General Meeting and being eligible for of reasonable out-of-pocket expenses, payable to dated May 5, 2020 read with other relevant circulars,
re-appointment, be and is hereby re-appointed M/s Joshi Apte & Associates, Cost Accountants including General Circular No. 09/2023 dated vii. In accordance with the provisions of the Income Tax
as Director of the Company, liable to retire by rotation. (Firm Registration No. 000240), for conducting the Act, 1961 (“IT Act”) as amended by and read with
September 25, 2023, issued by the Ministry of Corporate
the provisions of the Finance Act, 2020, with effect
Cost Audit of the Company for the financial year Affairs (“MCA Circulars”), the Annual General Meeting
5. Appointment of M/s Walker Chandiok & Co LLP as from April 1, 2020, dividend declared and paid by the
2024-25, be and is hereby ratified. (“AGM”) will be held without the physical presence
the Statutory Auditors of the Company. Company is taxable in the hands of its Shareholders
of the Members at a common venue and Members can
7. Appointment of Ms Alison Davies (DIN : 10658884) and the Company is required to deduct Tax at Source
To consider and if thought fit, to pass with or without attend and participate in the AGM through VC/ OAVM.
as Director, liable to retire by rotation (“TDS”) from dividend paid to the Shareholders at the
modification(s), the following resolution as an Ordinary
ii. Pursuant to the provisions of the Companies Act, 2013 applicable rates. Section 206AB of the Act mandates
Resolution : To consider and if thought fit, to pass with or without special provisions for TDS in respect of taxpayers
(“the Act”), a Member entitled to attend and vote at the
modification(s), the following resolution as an Ordinary who have not filed their income-tax return for the
RESOLVED That pursuant to the provisions of Meeting is entitled to appoint a proxy to attend and vote
Resolution : previous year.
Section 139, 142 and all other applicable provisions, on his/ her behalf and the proxy need not be a Member
if any, of the Companies Act, 2013 and Rules framed RESOLVED That pursuant to the provisions of Section of the Company. Since this Meeting will be held through A separate communication has been sent to the
thereunder (including any statutory modification(s) 152 and other applicable provisions of the Companies VC/ OAVM, in accordance with the MCA Circulars Members describing the detailed provisions regarding
or re-enactment thereof for the time being in force), Act, 2013 and the Rules framed thereunder (including and Securities and Exchange Board of India (“SEBI”) this and process to submit the documents/ declarations

212 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 213

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 1-43 44-141 142-211 212-224

Notice (Contd.)

along with the formats, in respect of deduction of Hyderabad - 500 032. Further effective April 1, 2024, Accordingly, details of the unclaimed shares lying in the xvi. In terms of requirements of Section 124 and 125 of the
TDS on the dividend payout. The intimation is also all the holders of physical securities shall be eligible Company’s Unclaimed Suspense Account are as follows : Act, read with the Investor Education and Protection
available on the website of the Company at https://www. for any dividend payment in respect of their folios, only Fund Authority (Accounting, Audit, Transfer and
No. of No. of
abbott.co.in/investor-relations.html. through electronic mode after updation of all the above Particular Refund) Rules, 2016, all shares in respect of which
Shareholders Shares
required details. dividend has not been paid or claimed for 7 (seven)
viii. SEBI vide its Master Circular No. SEBI/HO/MIRSD/ No. of shares as on 33 3,958
consecutive years or more are required to be transferred
POD-1/P/CIR/2024/37 dated May 7, 2024 has mandated In accordance with the SEBI Circular dated March 16, April 1, 2023
to the IEPF Authority.
that dividend to security holders (holding securities in 2023, the Company has sent out intimations to those No. of shares claimed and - -
physical form), shall be paid only through electronic Members, holding shares in physical form, whose folios transferred from the The details of shares so transferred are available on
mode. Such payment shall be made only after furnishing are incomplete with PAN, KYC and/ or Nomination Unclaimed Suspense the Company’s website under the Investor Section at
the PAN, choice of nomination, contact details including details, requesting them to update their details with the Account during the year https://www.abbott.co.in/investor-relations.html.
mobile number, bank account details and specimen RTA/ Company. No. of shares transferred - - The Members whose shares and unclaimed dividend
signature. Further, relevant FAQs published by to Investor Education and have been transferred to IEPF, may claim the shares
xi. Members may please note that SEBI vide its Circular
SEBI on its website can be viewed at the following Protection Fund (IEPF) and unclaimed dividends by making an application to
No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8
link : https://www.sebi.gov.in/sebi_data/faqfiles/jan- No. of shares as on 33 3,958 IEPF Authority in Form IEPF-5 (available on
dated January 25, 2022 has mandated the listed
2024/1704433843359.pdf. March 31, 2024 www.iepf.gov.in) along with requisite fee as decided
Companies to issue securities in dematerialized form
by the Authority from time to time. The process for
ix. The Dividend will be paid electronically in the bank only while processing service requests viz. issue of All benefits accruing on such shares shall be credited to claiming the shares and unclaimed dividend from
accounts of the Members whose bank details are duplicate share certificate; claim from unclaimed Unclaimed Suspense Account for a period of 7 (seven) IEPF is available on the website of the Company at
available with the Company/ Registrar and Share suspense account; renewal/ exchange of share certificate; years. Thereafter, the said shares including all benefits https://www.abbott.co.in/investor-relations.html.
Transfer Agent/ Depositories. Members holding shares endorsement; sub-division/ splitting of share certificate; accrued thereon shall be transferred by the Company
in electronic form are requested to intimate change, consolidation of share certificates/ folios; transmission to IEPF Authority in accordance with the provisions of The details of shares lying in the IEPF Account are given
if any, in their bank details to their Depository and transposition. Accordingly, Members are requested Section 124(5) and (6) of the Act. below :
Participants with whom they have Demat accounts. to make service requests by submitting a duly filled and No. of No. of
xv. Members who have not encashed their dividend Particular
The Company or Registrar and Share Transfer Agent signed Form ISR-4, the format of which is available on Shareholders Shares
warrants from the year 2016-17 or thereafter, are
cannot act on any request received directly from such the Company’s website at https://www.abbott.co.in/ No. of shares in IEPF Account 684 98,049
requested to write to the Registrar and Transfer Agent/
Members. Members holding shares in physical form as on April 1, 2023
investor-relations.html and on the website of the KFin Company. Members are requested to note that the
No. of shares transferred to 57 8,157
are requested to intimate change, if any, in their bank at https://www.kfintech.com. It may be noted that any unclaimed dividends will be transferred to the Investor
IEPF Account during the year
details by sending duly signed Form ISR-1 alongwith service request can be processed only after the Folio is Education and Protection Fund (IEPF) after the below
2023-24
required documents to the Registrar and Share Transfer KYC Compliant. mentioned due dates : No. of shares claimed and (9) (1,805)
Agent/ Company. transferred to the Shareholders
xii. To eliminate all risks associated with physical shares Dividend
Due Date for
x. SEBI, vide its Circular dated November 3, 2021, as Dividend and Year Transfer to from IEPF Account during the
and avail various benefits of dematerialization, per Share
IEPF year 2023-24
amended from time to time, had made it mandatory Members are advised to dematerialize the shares held
59th Dividend 2016-17 40 16/08/2024 No. of shares in IEPF Account 732 1,04,401
for holders of physical securities to furnish PAN, KYC by them in physical form. Members can contact the
60 Dividend 2017-18
th
55 16/08/2025 as on March 31, 2024
and Nomination/ Opt-out of Nomination details to avail Company or KFin for assistance in this regard.
any investor service. The timeline provided by SEBI to 61st Dividend 2018-19 65 20/09/2026 xvii. Members seeking any information or clarifications on
xiii. Members holding shares in physical form, in identical 62nd Dividend 2019-20 250 05/10/2027
furnish/ update the above details was September 30, the Annual Report are requested to send their queries
order of names, in more than one folio are requested 63rd Dividend 2020-21 275 25/08/2028 to the Company on [email protected]
2023, which was extended till December 31, 2023.
to send to KFin, the details of such folios together with at least one week prior to the Meeting to enable the
Members who are yet to update their KYC details are 64th Dividend 2021-22 275 08/09/2029
the share certificates along with the requisite KYC Company to compile the information and provide replies
therefore urged to furnish PAN, KYC and Nomination/ 65th Dividend 2022-23 325 07/09/2030
documents for consolidating their holdings in one folio. at the Meeting.
Opt-out of Nomination by submitting the prescribed
Requests for consolidation of share certificates shall be In terms of the IEPF (Uploading of information
forms duly filled, by e-mail from their registered regarding unpaid and unclaimed amounts lying with xviii. In line with the MCA Circulars and the SEBI Circulars,
processed in dematerialized form.
e-mail ID to [email protected] or by sending Companies) Rules, 2012, the Company has uploaded the Annual Report for the financial year 2023-24 along
a physical copy of the prescribed forms duly filled and xiv. In terms of requirements of Regulation 39(4) and required information in respect of unpaid/ unclaimed with the Notice of Eightieth Annual General Meeting
signed by the registered holders to KFin Technologies Schedule VI of the SEBI Listing Regulations, shares dividend (as on date of the last Annual General Meeting inter alia, indicating the process and manner of e-voting,
Limited, Registrar and Transfer Agent of the Company which remained unclaimed in the custody of the held on August 9, 2023) on the Company’s website under is being sent through electronic mode to the Members
(“KFin”), at Selenium Building, Tower B, Plot No. 31-32, Company are required to be transferred to the the Investor Section at https://www.abbott.co.in/ whose e-mail addresses are available with the Company/
Financial District, Nanakramguda, Serilingampally, Unclaimed Suspense Account opened by the Company. investor-relations.html. Depositories/ Depository Participants.

214 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 215

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 1-43 44-141 142-211 212-224

Notice (Contd.)

The aforesaid documents are also available on are allowed to vote through their demat account your vote. If you forgot your password, you can STATEMENT PURSUANT TO SECTION 102(1) OF THE
the Company’ website at https://www.abbott.co.in/ maintained with Depositories and Depository reset your password by using “Forgot User Details/ COMPANIES ACT, 2013
investor-relations.html and on the websites of the Participants. Members are required to update Password” or “Physical User Reset Password” option
BSE Limited at www.bseindia.com and NSDL at their Mobile No. and E-mail ID correctly in their Item No. 4
available on www.evoting.nsdl.com or call on
www.evoting.nsdl.com. demat account in order to access e-voting facility. toll free no. 022-4886 7000. Mr Munir Shaikh (DIN : 00096273), Non-Executive Director
of the Board retires by rotation at this Annual General
The Members whose e-mail addresses are not registered a) The facility for remote e-voting shall be provided In case of Individual Shareholders holding Meeting of the Company in terms of provisions of Section 152
with the Company are requested to register the same at the Meeting. Members attending the Meeting
securities in demat mode who acquires shares of of the Companies Act, 2013 and being eligible, offers himself
by following the instructions given under Part D of who have not cast their vote earlier by remote
the Company and becomes a Member of the for re-appointment.
Annexure II to this Notice. e-voting shall be entitled to vote at the Meeting.
Company after sending of the Notice and holding
A Member can participate in the Meeting even In terms of the provisions of Regulation 17(1A) of the SEBI
xix. The relevant documents referred to in the accompanying shares as on the Cut-off date i.e., August 1, 2024,
after exercising his right to vote through remote Listing Regulations, no person who has attained the age
Notice and Explanatory Statement will be provided may follow steps mentioned in the Notice of the
e-voting but shall not be allowed to vote again at of seventy-five years shall be appointed or continued as a
upon request, in electronic mode upto the date of AGM under “Access to NSDL e-voting system”.
the Meeting. Director unless a special resolution is passed by the Members
the Meeting. The Members are required to write to
g) Once the Member has confirmed his voting on the approving such appointment or continuation. In accordance
[email protected] with a subject b) The remote e-voting facility will be available
resolution, he will not be allowed to modify his vote with these provisions, re-appointment of Mr Munir Shaikh
“Inspection of Documents”. during the following voting period :
(age 81 years) as Director, liable to retire by rotation, is
or cast the vote again.
xx. Speaker Registration/ Questions for the Meeting Commencement From 9 a.m. (IST) on subject to approval of Members through Special Resolution.
of remote e-voting Monday, August 5, 2024 h) The Scrutinizer shall, after the conclusion of
Members, who would like to express their views/ Mr Shaikh has held several management and leadership
End of remote Upto 5 p.m. (IST) on voting at the Meeting, first count the votes cast
have questions are requested to send registrations along positions with Abbott since 1968 in different geographies
with the questions in advance mentioning their name, e-voting Wednesday, August 7, 2024 at the Meeting and thereafter unblock the votes
across various businesses. In his last role, from June 2005
demat account number/ folio number, e-mail id, mobile cast through remote e-voting and shall submit,
c) Mr Taizoon M. Khumri, Practicing Company until his retirement in 2010, he was the Divisional Vice
number at [email protected] from not later than forty-eight hours of the conclusion
Secretary (Membership No. FCS 993 and Certificate President, Southeast Asia/ Middle East/ Africa, Abbott
Thursday, July 25, 2024 to Thursday, August 1, 2024. of the Annual General Meeting, a consolidated
of Practice No. 88) has been appointed as the Nutrition International based in Singapore.
Those Members who have registered themselves as a Scrutinizer’s Report of the total votes cast in favor
Scrutinizer to scrutinize the voting process in a fair
speaker will only be allowed to express their views/ ask or against, if any, to the Chairman or any other Mr Shaikh is the Chairman of the Board since March 2001.
and transparent manner.
questions during the Meeting. The Company reserves person authorized by him in writing, who shall He has an extensive leadership and industry experience of
the right to restrict the number of questions/ speakers d) A person, whose name is recorded in the Register countersign the same and declare the result of the over five decades, including a deep knowledge and
depending on the availability of time for the Meeting. of Members or in the Register of Beneficial Owners voting forthwith. understanding of the Company’s business operations,
maintained by the Depositories as on the Cut-off strategies, the opportunities and risks faced by the
xxi. Voting through Electronic Means i) The Results shall be declared by the Chairman
date i.e., August 1, 2024 (“Cut-off date”) only shall Company. His significant contribution and guidance to the
Pursuant to the provisions of Section 108 and other be entitled to avail the facility of remote e-voting or any other person authorized by him in writing
Board in governance matters and strategic direction to the
applicable provisions, if any, of the Act read with or voting at the Meeting, as the case may be, in within forty-eight hours from the conclusion of the
Management have helped the Company achieve several
Rule 20 of the Companies (Management and proportion to the shares held by them as on the Meeting. The results declared shall alongwith the
milestones year-after-year.
Administration) Rules, 2014, Regulation 44 of the Cut-off date. consolidated Report of the Scrutinizer be placed on
SEBI Listing Regulations and in line with the the website of the Company i.e., www.abbott.co.in The Board, based on recommendation of the Nomination
e) In case all the joint holders are attending the
MCA Circulars, the Company is pleased to provide to and on the website of NSDL at www.evoting.nsdl. and Remuneration Committee, is of the view that his
Meeting, the Member whose name appears as first
its Members the facility to exercise their vote through com immediately after the declaration of results. immense knowledge, independent perspective and continued
holder in the order of names as per Register of
electronic means i.e., “remote e-voting” on resolutions The results shall simultaneously be forwarded to association with the Company, will immensely benefit
Members of the Company will be entitled to vote at
proposed to be passed at the Meeting. The Company has the Company. In view of this, the Board recommends his
the Meeting. the BSE Limited, Mumbai and also be displayed
engaged the services of National Securities Depository
on the Notice Board of the Registered Office of the re-appointment in the interest of the Company. Mr Shaikh is
Limited (“NSDL”) for providing e-voting facility to f) Any person holding shares in physical form
and non-individual Shareholders, who acquires Company. not related to the promoter companies. He does not hold any
enable the Members to cast their votes electronically as
shares of the Company and becomes Member of shares in the Company.
well as for e-voting during the AGM. xxii. Instructions for e-voting and attending the Annual
the Company after the Notice is sent through General Meeting is annexed as Annexure II and forms None of the Directors and/ or Key Managerial Personnel of
In line with the MCA Circulars, Members are required
e-mail and holding shares as of the Cut-off part of this Notice. the Company and their relatives, except Mr Shaikh,
to communicate their assent or dissent through the
date i.e., August 1, 2024, may obtain the login ID
remote e-voting system only. is concerned or interested, financially or otherwise, in the
and password by sending a request at evoting@ xxiii. Considering the Meeting would be held through VC/
resolution set out at Item No. 4.
In terms of SEBI Circular dated December 9, 2020 nsdl.com. However, if you are already registered OAVM, the route Map for the venue is not annexed to
on e-voting facility provided by listed companies, with NSDL for remote e-voting, then you can use the Notice. The deemed venue for the AGM shall be the The Board recommends the resolution set forth in Item No. 4
individual Members holding securities in demat mode your existing User ID and Password for casting Registered Office of the Company. for the approval of Members as a Special Resolution.

216 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 217

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 1-43 44-141 142-211 212-224

Notice (Contd.)

Item No. 5 Besides the audit services, the Company would also obtain M/s Joshi Apte and Associates has more than 100 satisfied Ms Davies was appointed to her current role in September
certifications from the statutory auditors under various clients all across the country and they are trend setting in 2023. She joined Abbott in 1999 and has served in various
S R B C & CO LLP, Chartered Accountants (ICAI Firm
statutory regulations and certifications required by banks, various matters related to profession. They provide valuable finance leadership roles, including Divisional Vice President
Registration No. : 324982E/E300003), were re-appointed as
statutory authorities, audit related services and other insights to clients with their team of professionals and have a and Controller for Medical Devices and DVP and Controller
the Statutory Auditors at the Seventy-fifth Annual General permissible non-audit services as required from time to time, proven track record of integrity and independence. for Diagnostics, as well as a number of other finance positions
Meeting of the Company held on August 22, 2019, for a period for which they will be remunerated separately on mutually in Abbott Diagnostics.
of five years i.e., from financial year 2019-20 to financial year Pursuant to the provisions of Section 148 and all other
agreed terms, as approved by the Board of Directors in
applicable provisions, if any, of the Companies Act, 2013 Prior to joining Abbott, Ms Davies worked for Telspec PLC
2023-24, to hold office till the conclusion of the Eightieth consultation with the Audit Committee.
read with the Companies (Cost Records and Audit) Rules, and Coopers and Lybrand.
Annual General Meeting of the Company. The Audit Committee and the Board of Directors shall 2014, as amended from time to time, remuneration payable to
consider approval of revisions to the remuneration of the She earned her Bachelor’s of Science in Business Economics
Accordingly, S R B C & CO LLP would be completing their M/s Joshi Apte & Associates, Cost Auditors, as stated above,
Statutory Auditors for the remaining part of the tenure. and Accounting from the University of Southampton and is a
second term as the Statutory Auditors of the Company at is subject to ratification by the Members.
The Board of Directors, in consultation with the Audit Member of the Institute of Chartered Accountants in England
this Annual General Meeting. Upon recommendation of the None of the Directors and/ or Key Managerial Personnel and Wales.
Committee, may alter and vary the terms and conditions
Audit Committee, the Board of Directors of the Company at of the Company and their relatives is concerned or
of appointment, including remuneration, in such manner The additional details of Ms Davies as required under
their Meeting held on May 9, 2024, have recommended, the and to such extent as may be mutually agreed with the interested, financially or otherwise, in the resolution set out
Regulation 36(3) of the Securities and Exchange Board of
appointment of M/s Walker Chandiok & Co LLP, Chartered Statutory Auditors. at Item No. 6.
India (Listing Obligations and Disclosure Requirements)
Accountants (Firm Registration No. 001076N/N500013),
None of the Directors and/ or Key Managerial Personnel The Board recommends the resolution set forth in Item No. 6 Regulations, 2015 and the Secretarial Standards issued by
as the Statutory Auditors of the Company. M/s Walker for the approval of Members as an Ordinary Resolution. the Institute of Company Secretaries of India are set out in
of the Company and their relatives is concerned or
Chandiok & Co LLP have confirmed their eligibility for interested, financially or otherwise, in the resolution set out the Annexure I forming part of this Notice. She does not hold
appointment under Section 139 read with Section 141 of the at Item No. 5. Item No. 7 any shares in the Company.
Companies Act, 2013. M/s Walker Chandiok & Co LLP will The Board, based on recommendation of the Nomination
The Board recommends the resolution set forth in Item No. 5 None of the Directors and/ or Key Managerial Personnel of the
hold office for a period of 5 (five) consecutive years from the and Remuneration Committee, appointed Ms Alison Davies
for the approval of Members as an Ordinary Resolution. Company and their relatives, except Ms Davies is concerned
conclusion of the ensuing Eightieth Annual General Meeting (DIN : 10658884) as Additional (Non-Executive) Director of or interested, financially or otherwise, in the resolution set
of the Company till the conclusion of the Eighty-fifth Annual Item No. 6 the Company effective June 13, 2024 as per the provisions out at Item No. 7
General Meeting subject to the approval by the Shareholders of Section 161 of the Companies Act, 2013 and Rules framed
The Board, based on the recommendation of the Audit The Board recommends the resolution set forth in Item No. 7
at the ensuing Annual General Meeting. thereunder (“the Act”) read with Article 113 of the Articles
Committee at its Meeting held on May 9, 2024, approved for the approval of Members as an Ordinary Resolution.
the appointment of M/s Joshi Apte & Associates, of Association of the Company. She holds office upto the
M/s Walker Chandiok & Co LLP was established on date of this Annual General Meeting.
Cost Accountants (Firm Registration No. 000240), as the By Order of the Board
January 1, 1935 and converted to a Limited Liability
Cost Auditors for conducting the Cost Audit of the Company Ms Davies has provided her consent to act as a Director of Sangeeta Shetty
Partnership Firm on March 25, 2014 and has a registered
for the financial year 2024-25 at a remuneration of the Company and also a confirmation that she is not Mumbai Company Secretary
office at L-41, Connaught Circus, New Delhi - 110 001.
` 0.09 Crores plus taxes as applicable and reimbursement of disqualified from being appointed as a Director in terms of June 12, 2024 Membership No. : ACS 18865
The firm is registered with the Institute of Chartered reasonable out-of-pocket expenses. Section 164 of the Act.
Accountants of India (“ICAI”) and empaneled on the Registered Office :
The overall remuneration proposed to be paid to the Cost The Company has received a notice in writing under
Public Company Accounting Oversight Board (“PCAOB”) Abbott India Limited
Auditors for the financial year 2024-25 is commensurate to Section 160 of the Act from a Member proposing
and Comptroller & Auditor General of India (“CAG”). CIN : L24239MH1944PLC007330
the scope of the audit to be carried out by the Cost Auditors the candidature of Ms Davies for the office of Director of
The firm provides professional services like auditing, 3, Corporate Park, Sion-Trombay Road, Mumbai - 400 071
and is in line with the guidelines issued by the Institute of the Company.
taxation and management consultancy services to clients Telephone No. : +91-22-5046 1000/2000
Cost Accountants of India. M/s Joshi Apte & Associates,
Ms Davies is Vice President, Treasurer for Abbott E-mail : [email protected]
in India. The firm has 70 Partners and over 2,215 personnel Cost Accountants, have confirmed that they hold a valid
Laboratories, USA. Website : www.abbott.co.in
operating from 15 cities [Bengaluru, Chandigarh, Chennai, certificate of practice under Section 6(1) of the Cost and
Delhi (2 offices including head office), Goa, Gurgaon, Works Accountants Act, 1959.
Hyderabad, Kolkata, Mumbai, Noida, Pune, Kochi, M/s Joshi Apte and Associates is a leading Cost Accounting
Dehradun and Ahmedabad]. The firm is one of the Firm in India. It has offices in Mumbai, Pune, Surat, Indore
4th largest audit firms in India with many marquee names as and Delhi. M/s Joshi Apte and Associates has a total of
audit clients and many of them in the NSE Top 250. 9 partners. It employs more than 35 employees including
trainees and associates. They have varied experience in Cost
The proposed remuneration to be paid to M/s Walker Audit, Costing system implementation, ERP implementation
Chandiok & Co LLP for audit services for the financial year and reimplementation including popular ERPs like SAP,
ending March 31, 2025, is ` 1.20 Crores plus applicable taxes Stock Audits, Income Tax certifications and many other
and out-of-pocket expenses. regulatory affairs.

218 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 219

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 1-43 44-141 142-211 212-224

Notice (Contd.)

ANNEXURE II
Details of Directors retiring by rotation/ seeking appointment at the Eightieth Annual General Meeting pursuant to Regulation
36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the

Ms Davies has over 25 years of

rich experience in various finance

and a Member of the Institute of

Bachelor’s of Science in Business
Economics and Accounting from
the University of Southampton

Chartered Accountants in England

Non-Executive
Director, liable to retire by rotation. Director, liable to retire by rotation. Director, liable to retire by rotation.
Part A : Access to NSDL e-voting system
A. I ndividual Shareholders holding securities in demat mode-Steps to Login for e-voting and for joining the virtual
Annual General Meeting (“the Meeting”)

Type of Shareholders Login Method

Individual Shareholders 1. Existing IDeAS User can visit the e-services website of NSDL viz. https://eservices.nsdl.com

as
leadership roles.

holding securities in demat either on a personal computer or on a mobile. On the e-services home page, click on the
June 13, 2024
Alison Davies
April 7, 1968

mode with NSDL “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section, this will

Non-Executive Appointed as Non-Executive Appointed

and Wales
prompt you to enter your existing User ID and Password. After successful authentication,
you will be able to see e-voting services under value added services. Click on “Access to

None
None

None
NIL
NA

Entitled for commission and NA

NA
e-voting” under e-voting services and you will be able to see e-voting page. Click on
56

Company name or e-voting service provider i.e., NSDL and you will be re-directed to
vast
knowledge of the industry and is a
consummate team player with an

Fellow of the Institute of

Chartered Accountants in England

and reimbursement of expenses

sitting fees for attending Meetings
of the Board and its Committees

for participation in the Board/

e-voting website of NSDL for casting your vote during the remote e-voting period or joining
virtual Meeting and voting during the Meeting.
2. If you are not registered for IDeAS e-services, option to register is available at https://
possesses

eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at https://eservices.

Committees Meetings
nsdl.com/SecureWeb/IdeasDirectReg.jsp
entrepreneurial flair.

3. 
Visit the e-voting website of NSDL. Open web browser by typing the following URL :
https://www.evoting.nsdl.com/ either on a personal computer or on a mobile. Once the
March 2, 2001
March 1, 1943

Shaikh
Munir Shaikh

home page of e-voting system is launched, click on the icon “Login” which is available
0.32 Crores#
Secretarial Standards issued by the Institute of Company Secretaries of India

and Wales.

under “Shareholder/ Member” section. A new screen will open. You will have to enter
your User ID (i.e., your sixteen-digit demat account number hold with NSDL), Password/ OTP and

None
None

None
NIL
a verification code as shown on the screen. After successful authentication, you will be redirected
Mr
81

5 to NSDL depository site wherein you can see e-voting page. Click on Company name or e-voting
service provider i.e., NSDL and you will be redirected to e-voting website of NSDL for casting your
Mr Venu has over 30 years of
diversified experience in handling
International business operations
with an excellent track record of
success in building and leading

Alumnus of the Indian Institute

of Management, Ahmedabad and
Bachelor’s degree in Engineering
(Mechanical) from the University

vote during the remote e-voting period or joining virtual Meeting and voting during the Meeting.
4. Shareholders/ Members can also download NSDL Mobile App “NSDL Speede” facility by
scanning the QR code mentioned below for seamless voting experience.
high performing teams.

as
March 1, 2020*
May 26, 1969
Ambati Venu

Appointed
of Bhopal.

Commission and sitting fees paid for the financial year 2023-24.
None
None

None
NIL
NA

NA
54

Individual Shareholders 1. Users who have opted for CDSL Easi/ Easiest facility, can login through their existing
attended during the financial year 2023-24

Directorships in other Indian Companies

Date of appointment as Non-Executive Director.

holding securities in demat User ID and Password. Option will be made available to reach e-voting page without any
Relationship between Directors inter-se
Committees in other Indian Companies
Terms and conditions of Appointment

mode with CDSL further authentication. The users to login Easi/ Easiest are requested to visit CDSL website
Expertise in Specific Functional Area

Remuneration proposed to be paid

www.cdslindia.com and click on login icon and New System Myeasi tab and then use your
No. of shares held in the Company
Number of Meetings of the Board

existing my easi Username and Password.

Membership/ Chairmanship of
(including sitting fees, if any)

2. After successful login the Easi/ Easiest User will be able to see the e-voting option for
Remuneration last drawn

eligible companies where the e-voting is in progress as per the information provided by
the Company. On clicking the e-voting option, the User will be able to see e-voting page
Date of Appointment

of the e-voting service provider for casting your vote during the remote e-voting period or
joining virtual Meeting and voting during the Meeting. Additionally, there is also links
Name of Director
ANNEXURE I

Qualifications

provided to access the system of all e-voting service providers, so that the User can visit the
Date of Birth

e-voting service providers’ website directly.

3. If the User is not registered for Easi/ Easiest, option to register is available at CDSL website
www.cdslindia.com and click on login and New System Myeasi tab and then click on
Age

registration option.
#
*

220 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 221

 Company Overview Statutory Reports Financial Statements Notice
Abbott India Limited 1-43 44-141 142-211 212-224

Notice (Contd.)

Type of Shareholders Login Method 5. Password details for Shareholders other than Individual Shareholders are given below :
4. Alternatively, the User can directly access e-voting page by providing Demat Account a) If you are already registered for e-voting, then you can use your existing password to login and cast your vote.
Number and PAN No. from a e-voting link available on www.cdslindia.com home page.
The system will authenticate the User by sending OTP on registered mobile no. and email b) If you are using NSDL e-voting system for the first time, you will need to retrieve the “initial password” which
ID as recorded in the Demat Account. After successful authentication, User will be able to was communicated to you. Once you retrieve your “initial password”, you need to enter the “initial password”
see the e-voting option where the e-voting is in progress and also able to directly access the and the system will force you to change your password.
system of all e-voting service providers. c) How to retrieve your “initial password”?
Individual Shareholders You can also login using the login credentials of your demat account through your Depository
(i) If your email ID is registered in your demat account or with the Company, your “initial password” is
(holding securities in demat Participant registered with NSDL/ CDSL for e-voting facility. Upon logging in, you will be able
communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open
mode) login through their to see e-voting option. Click on e-voting option, you will be redirected to NSDL/ CDSL Depository
the email and open the attachment i.e., a .pdf file. Open the .pdf file. The password to open the .pdf file is
depository participants site after successful authentication, wherein you can see e-voting feature. Click on Company
your 8-digit Client ID for NSDL account, last 8 digit of Client ID for CDSL account or Folio Number for
name or e-voting service provider i.e., NSDL and you will be redirected to e-voting website of
shares held in physical form. The .pdf file contains your “User ID” and your “initial password”.
NSDL for casting your vote during the remote e-voting period or joining virtual Meeting and
voting during the Meeting. (ii) If your email ID is not registered, please follow the steps mentioned in Part D.
Important Note : Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget 6. If you are unable to retrieve or have not received the “initial password” or have forgotten your password :
Password option available at abovementioned website.
a) Click on “Forgot User Details/ Password?” (If you are holding shares in your demat account with NSDL or
CDSL) option available on www.evoting.nsdl.com.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related
to login through Depository i.e., NSDL and CDSL b) Click on “Physical User Reset Password?” (If you are holding shares in physical mode) option available on
www.evoting.nsdl.com.
Login type Helpdesk details
c) If you are still unable to get the password by aforesaid two options, you can send a request at [email protected]
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending a
mentioning your demat account number/ folio number, PAN, name and registered address etc.
securities in demat mode with NSDL request at [email protected] or call at 022-4886 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-voting system of
securities in demat mode with CDSL a request at [email protected] or contact at toll free no. 1800 22 55 33 NSDL.
7. After entering your password, tick on “Agree to Terms and Conditions” by selecting on the check box.
B.  hareholders other than Individual Shareholders holding securities in demat mode and Shareholders holding
S
securities in physical mode 8. Now, you will have to click on “Login” button.
Steps to Login for e-voting and for joining the virtual Meeting 9. After you click on the “Login” button, home page of e-voting will open.
1. Visit the e-voting website of NSDL. Open web browser by typing the following URL : https://www.evoting.nsdl.com/
either on a personal computer or on a mobile.
Part B : Cast your vote electronically and join the Meeting on NSDL e-voting system
1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares
2. Once the home page of e-voting system is launched, click on the icon “Login” which is available under “Shareholder/ and whose voting cycle and General Meeting is in active status.
Member” section.
2. Select “EVEN” of the Company for which you wish to cast your vote during the remote e-voting period and casting
3. A new screen will open. You will have to enter your User ID, your Password/ OTP and a Verification Code as shown
your vote during the General Meeting. For joining virtual Meeting, you need to click on “VC/ OAVM” link placed under
on the screen.
“Join Meeting”.
Alternatively, if you are registered for NSDL e-services i.e., IDeAS, you can login at https://eservices.nsdl.com/ with
3. Now you are ready for e-voting as the voting page opens.
your existing IDeAS login. Once you login to NSDL e-services after using your login credentials, click on e-voting
and you can proceed to Step 2 i.e., Cast your vote electronically. 4. Cast your vote by selecting appropriate options i.e., assent or dissent, verify/ modify the number of shares for which you
wish to cast your vote and click on “Submit” and also “Confirm” when prompted.
4. Your User ID details are given below :
5. Upon confirmation, the message “Vote cast successfully” will be displayed.
Manner of holding shares i.e.,
Your User ID is
Demat (NSDL or CDSL) or Physical 6. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
For Members who hold shares in 8 Character DP ID followed by 8 Digit Client ID 7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
demat account with NSDL For example, if your DP ID is IN300*** and Client ID is 12****** then your
User ID is IN300***12****** Part C : Instructions for voting by the Members at the Meeting attended through VC/ OAVM
For Members who hold shares in 16 Digit Beneficiary ID 1. The procedure for e-voting on the day of the Meeting is same as the instructions mentioned above for remote e-voting.
demat account with CDSL For example, if your Beneficiary ID is 12************** then your User ID is
12************** 2. Only those Members, who will be present in the Meeting through VC/ OAVM facility and have not casted their vote on
the Resolutions through remote e-voting and are otherwise not barred from doing so, shall be eligible to vote through
For Members holding shares in EVEN Number followed by Folio Number registered with the Company.
e-voting system in the Meeting.
Physical Form. For example, if Folio Number is 001*** and EVEN is 101456 then User ID is
101456001***

222 ANNUAL REPORT 2023-24 DELIVERING VALUE WITH CARE 223

Abbott India Limited

CORPORATE INFORMATION
Notice (Contd.)
Board of Directors Chief Financial Officer
Sridhar Kadangode
Munir Shaikh Chairman
3. Members who have voted through remote e-voting will be eligible to attend the Meeting. However, they will not be
Swati Dalal Managing Director
eligible to vote at the Meeting.
Ambati Venu Non-Executive Director
Company Secretary
4. The Members may connect with Ms Pallavi Mhatre - Senior Manager, NSDL at [email protected] for any grievances/ Sangeeta Shetty
concerns relating to e-voting during the Meeting. Sudarshan Jain Independent Director
Anisha Motwani Independent Director
Part D : Instructions for Shareholders whose email addresses are not registered with the Depositories/
Company for procuring User ID and Password for e-voting for the resolutions set out in this Notice
Shalini Kamath Independent Director For the FY 2023-24
Sabina Ewing Non-Executive Director
Shareholders/ Members may send a request to [email protected] for procuring User ID and Password for e-voting by
providing below mentioned documents : Kaiyomarz Marfatia Non-Executive Director
Statutory Auditors
1. Members whose shares are held in physical mode, are requested to provide folio no., name, scanned copy of the Mahadeo Karnik Non-Executive Director S R B C & CO LLP
share certificate (front and back), PAN (self-attested scanned copy of PAN card) and Aadhaar (self-attested scanned copy Chartered Accountants
of Aadhaar Card).
2. Members whose shares are held in demat mode, are requested to provide DP ID Client ID (16 digit DP ID + Client ID for Senior Leadership Team Internal Auditors
NSDL demat accounts or 16 digit Beneficiary ID for CDSL demat accounts), name, client master or copy of consolidated KPMG Assurance and Consulting
account statement, PAN (self-attested scanned copy of PAN card), and Aadhaar (self-attested scanned copy of Swati Dalal Managing Director
Services LLP
Aadhaar Card). If you are an individual Shareholder holding securities in demat mode, you are requested to refer to the Kunal Chowdhury Commercial Director – Limited Liability Partnership
login method explained in Step 1 (A) i.e., Login method for e-voting for Individual Shareholders holding securities in GI Businesses
demat mode.
Ashok Saini  Commercial Director –
GenNext, Vaccines and
Cost Auditors
Part E : Instructions for Members for attending the Meeting through VC/ OAVM
Neurolife Kishore Bhatia & Associates
1. Members will be provided with a facility to attend the Meeting through VC/ OAVM through the NSDL e-voting system. Cost Accountants
Members may access by following the steps mentioned above for “Access to NSDL e-voting system”. After successful Murari Ranganathan Commercial Director –
login, you can see link of “VC/ OAVM” placed under “Join Meeting” menu against Company name. You are requested Women’s Health, Metabolics
to click on VC/ OAVM link placed under Join Meeting menu. The link for VC/ OAVM will be available in Shareholder/ and International Business Secretarial Auditor
Member login where the EVEN of Company will be displayed. Please note that the Members who do not have the Dr. Jejoe Karankumar Director — Medical Affairs Neena Bhatia
User ID and Password for e-voting or have forgotten the User ID and Password, may retrieve the same by following the
Jyoti Saraph Director — Finance Practicing Company Secretary
remote e-voting instructions mentioned in the Notice to avoid last minute rush.
2. Facility of joining the Meeting through VC/ OAVM shall open 30 minutes before the time scheduled for the Meeting and Rajan Kalantre Director — Business Human
will be available for Members on first-come-first-served basis. Resources
3. Members are encouraged to join the Meeting through Laptops for better experience. Further, Members will be required
Namita Shah Associate Director — New
to allow Camera and use Internet with a good speed to avoid any disturbance during the Meeting. Product Introductions and
Therapy Area Strategy
4. Please note, that the Participants connecting from Mobile Devices or Tablets or through Laptop connecting via
Mobile Hotspot may experience Audio/ Video loss due to fluctuation in their respective network. It is therefore Richa Tripathi Associate Director — Sales
recommended to use Stable Wi-Fi or LAN connection to mitigate any kind of aforesaid glitches. Force Effectiveness and
Project Management Office
Part F : General Instructions
1. Institutional Shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/ JPG
format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized
signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to [email protected] with a copy
marked to [email protected]. Institutional Shareholders (i.e., other than individuals, HUF, NRI etc.) can also upload
their Board Resolution/ Power of Attorney/ Authority Letter etc. by clicking on “Upload Board Resolution/ Authority Registered Office Contact Us Registrar and Share
Abbott India Limited Tel No.: +91-22-5046 1000/2000 Transfer Agent
Letter” displayed under “e-voting” tab in their login. CIN: L24239MH1944PLC007330 Email: [email protected] KFin Technologies Limited
2. It is strongly recommended not to share your password with any other person and take utmost care to keep your password 3, Corporate Park, Sion-Trombay Road, Website: www.abbott.co.in Selenium Building, Tower B,
Mumbai – 400 071, India Plot No. 31-32, Financial District,
confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password.
Nanakramguda, Serilingampally,
In such an event, you will need to go through the “Forgot User Details/ Password?” or “Physical User Reset Password?”
Corporate Office Factory Hyderabad – 500 032, India
option available on www.evoting.nsdl.com to reset the password. 15th-16th Floor, Godrej BKC, Plot C-68, L-18/19, Verna Industrial Estate, Tel No.: +91-40-6716 2222
“G” Block, Bandra-Kurla Complex, Verna Salcette, Goa – 403 722, India Email: [email protected]
3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting User Bandra (East), Mumbai – 400 051, India
manual for Shareholders available at the download section of www.evoting.nsdl.com or call on 022-4886 7000 or send a
request to Ms Pallavi Mhatre - Senior Manager at [email protected].

224 ANNUAL REPORT 2023-24