Despite strong impact of the COVID-19 disruption on short duration businesses, ABBs 2QCY20 revenue growth decline was limited to 43% (v/s est. Importantly, the company has suggested that Jun-Jul20 marked double-digit YoY growth in order inflows/revenue. Industrial Automation revenue declined 37% YoY to INR2.4b and has Velocity of orders and revenues has been encouraging currently, with ABB witnessing double-digit YoY growth on a like-to-like basis. We maintain our multiple of 45x (at par with our target multiple for pure automation businesses and as justified by DCF; as well as ~min 1-year forward PE multiple for ABB over past 10 years). ABB is witnessing increasing spends in the Food and Beverages electronics Service revenue stood at INR2.53b in 2QCY20 v/s INR3.32b YoY. Believe the portfolio is well placed to see structural string growth from energy demerger of the Power Grid business, ABB Indias business is largely products and services-oriented with projects forming ~8% of revenue in 1HCY20.