Otis Elevator Company (I) Limited Unlisted Shares

Our mission

Otis, we’re committed to moving people, not just physically but emotionally as well. Our Vision is to inspire in each and every passenger a perception of excitement, opportunity and the joy of new perspectives.

OTIS ELEVATOR COMPANY (I) LTD

Otis Elevator Company (I) Ltd. was established in 1953. Recently, there share price is 318. Recently there market capitalisation stands at Rs 375.5 Cr. Latest news, company has reported Gross Sales of Rs. 14181.9 Cr and Total Income of Rs.15333.7 Cr. The company’s management includes Harish Iyer, NK Mohanty, Suma PN, Anil Vaish, P S Dasgupta, Sebi Joseph. This is listed on the BSE with a BSE Code of 504130 , NSE with an NSE Symbol of OTIS and ISIN of . It’s Registered office is at 9th Floor, Magnus Towers, Mindspace, Link Road, Malad (West)Mumbai-400064, Maharashtra. Their Registrars are ACC Ltd. It’s auditors are BSR & Co LLP, Price Waterhouse, Price Waterhouse & Co, Price Waterhouse & Co Bangalore LLP.

We continue to lead the industry we created more than 160 years ago. We owe our success to our pioneering spirit, a culture of innovation, the trust our customers put in us and the values that define us.

Financials of Otis Elevator (India) Limited Unlisted Shares:

(Fig. in Crores)

Year	Revenue	EBITDA	EBITDA Margins	PAT	PAT Margins	Equity	FV	EPS
2018	1540	296	19.2%	180	11.7%	11.81	10	152.4
2019	1,91	273	15.2%	171	9.5%	11.81	10	144.8
2020	1821	322	17.7%	181	9.9%	11.81	10	155

Year	Net-worth	Debt	ROE
2018	619	1.16	29%
2019	226	1.28	76%
2020	261	0	69%

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Otis Elevator India Share Price & delisted Share – Company Overview

Otis Elevator India Limited is a subsidiary of Otis Elevator Company, which is one of the world’s largest manufacturers and maintainers of people-moving products, including elevators, escalators, and moving walkways. Otis Elevator India Limited was founded in 1953 and is headquartered in Mumbai, India.

The company offers a wide range of elevator and escalator solutions for various applications, including residential, commercial, healthcare, hospitality, and infrastructure projects. Otis Elevator India Limited also provides maintenance and modernization services for its products to ensure optimal performance and safety.

In addition to India, Otis Elevator Company has a global presence and operates in over 200 countries. The company is committed to sustainable practices and has implemented various initiatives to reduce its environmental impact, such as developing energy-efficient products and reducing waste generation.

Otis Elevator Price Delisted Share Details As of March 31, 2023

Otis Outstanding Shares:	11,808,222
Face Value of Otis Delisted Share:	Rs. 10 Per Equity Share
ISIN of Otis Delisted Share:	INE099A01014
Lot Size of Otis Delisted Share:	10 Shares
Otis Share Price:	Best in Industry
PAN Number of Otis:	AAACO0481E
Date of Delisting of Otis:	16-Jun-03
Rate of Delisting of of Otis:	Rs. 318.44
Reason of Delisting of Otis:	Non compliance with clause 21(3)(a) of the SEBI(SAST) Regulations 1997

Incorporation Details of Otis

Otis CIN Number	U29150MH1953PLC009158
Otis Registration Date	30-Oct-1953
Category / Sub-Category of Otis	Company limited by Shares
Otis Registered Office Address	9th Floor, Magnus Towers, Mind Space, Malad West, Mumbai – 400064
Otis Registrar & Transfer Agent Address and Contact Details	Link Intime India Private Limited C 101, 247 Park, 1st Floor L.B.S. Marg, Vikhroli West, Mumbai – 400083

Board of Directors of Otis

Sebi Joseph (Managing Director)
P. S. Dasgupta (Independent Director)
Anil Vaish (Independent Director)
Suma P N (Whole-time Director)
Bharatkumar Nayak (Whole-time Director)

Principal Business Activities of Otis

Name and Description of main products/services	NIC Code of the Product/ service	% to total turnover of the company
Manufacture and Maintenance of Elevator/Lifts	2915	100%

Otis Particulars of Subsidiary Company

S.No.	Name of the Company	% of shares held
1.	Supriya Elevator Company (India) Limited	100%

Shareholding Pattern of Otis (As of 31st March 2023)

S. No.	Shareholders’ Name	No. of Shares	% of total shares
1.	Otis International Asia Pacific Pte. Ltd.	1,15,99,819	98.24%
2.	Others	2,08,403	1.76%
	Total	1,18,08,222	100%

Industry Outlook of Elevators and Escalators

India is the 2nd largest market in the world after China for elevators and escalators. The sector is expected to grow by around 5% – 6% CAGR for the next 5 years. The sector is projected to cross Rs. 1,50,14,14 lakhs by FY 2023. The rise in the elevators industry can be easily sited by increasing urbanization, development of the real estate sector, and an increasing number of multi-story residential and commercial buildings in the country. Government initiatives such as smart cities mission and AMRUT cities will also contribute to growth in the Elevators sector.

However, it might be possible that the growth would be primarily fuelled by development in the tier-2 and 3 cities as the construction boom has already reached the saturation point in the major metro cities. These changes will definitely increase the demand for maintenance in the industry.

The rising need for maintenance & modernization of elevators is another growth enabling factor globally. Elevators are maintained under full-service contract agreements due to high labor costs and short service cycles.

It is expected that the growth in the residential segment will be the biggest contributor to the construction industry, which will increase the need for elevators.

Maintenance is a critical aspect in this industry as it is important to ensure that the elevator’s performance is maintained, as well as to prolong the life of the Elevator. The elevator industry is putting efforts to enable their field employees to be more efficient by developing tools that can help them to source information faster and make stronger relationships with customers and find out the problem and solve it before it actually becomes a problem.

Internet of things (IOT) will enable more transparency for the customers, more information, and a streamlined process to reach out to their maintenance company.

Nowadays elevator manufacturers are trying to make elevators environmentally friendly which can aid in substantial energy savings. Moreover, they are also working on elevator aesthetics. They are trying to make it a stimulating and engaging space.

Otis Elevator Company (India) Limited Balance Sheet (In Rs. Crores)

Particulars	As at 31 March 2023	As at 31 March 2022
ASSETS
Non current assets
Property, Plant, and Equipment	50.11	52.23
Right of Use assets	30.75	21.86
Capital Work in Progress	6.60	2.60
Intangible assets	6.84	4.46
Intangible assets under development	–	0.87
Financial Assets
i) Trade Receivables	4.77	2.26
ii) Loans	22.39	25.02
iii) Other financial assets	7.16	7.77
Deferred Tax Assets (Net)	66.31	73.80
Income tax assets (Net)	0.13	0.15
Other Non-Current Assets	64.57	64.25
Total non current assets	259.63	255.27
Current Assets
Inventories	264.85	247.74
Financial Assets
i) Trade Receivables	455.44	418.55
ii) Cash and Cash Equivalents	539.47	535.38
iii) Bank balance other than above	10.66	7.74
iv) Loans	0.57	0.55
v) Other financial assets	26.80	16.94
Income tax assets (Net)	48.37	38.68
Other current assets	150.60	136.74
Assets held for sale	–	–
Total current assets	1,496.76	1,402.32
Total Assets	1,756.39	1,657.59
EQUITY AND LIABILITIES
EQUITY
a) Equity Share capital	11.81	11.81
b) Other equity	207.19	225.89
Total Equity	219.00	237.70
LIABILITIES
Non-current Liabilities
Financial liabilities
i) Lease Liabilities	6.55	13.32
Other non-current liabilities	30.26	22.10
Provisions	70.90	80.38
Total non current liabilities	107.71	115.80
Current liabilities
Financial liabilities
i) Lease Liabilities	27.03	11.01
ii) Trade payables
Total outstanding dues of micro and small Enterprises	33.07	25.50
Total outstanding dues of creditors other than micro and small enterprises	492.91	465.23
iii) Other financial liabilies	38.30	38.31
Other current liabilities	750.40	658.02
Provisions	87.97	106.02
Total current liailities	1,429.68	1,304.09
Total liabilities	1,537.39	1,419.89
Total Equity and liabilities	1,756.39	1,657.59

Otis Elevator Company (India) Limited Profit & Loss Statement (In Rs. Crores)

PARTICULARS	2023	2022
Revenue from Operations	2,435.00	1,947.28
Other Income	46.33	45.16
Total Income	2,481.33	1,992.44
Expenses
Cost of Materials Consumed	1,302.30	998.69
Employee Benefits Expense	445.44	391.78
Finance Cost	6.58	4.09
Depreciation and Amortisation Expense	27.65	29.54
Other Expense	486.60	369.74
Total Expenses	2,268.57	1,793.84
Profit before Tax	212.76	198.60
Tax Expense
1) Current Tax	49.00	49.26
2) Deferred Tax	7.98	3.66
3) Current tax relating to earlier years	1.07	-0.74
Profit for the year	154.71	146.42
Other comprehensive income
i) Items that will not be classified to profit or loss
Actuarial (lossess) arising from remeasurement of post employment benefit obligation	-2.40	-0.24
Income Tax Relating to items that will not be reclassified to profit or loss	0.60	0.07
Items that will be reclassifed subsequently to profit or loss:	–	–
Exchange differences in translating foreign operations	0.43	0.04
Income Tax Relating to items that will be subsequently reclassified to profit or loss	-0.11	-0.01
Other Comprehensive loss for the year , net of tax	-1.48	-0.14
Total Comprehensive Income for the year	153.23	146.28
Earnings per Equity share (Face Value Per Share)
a) Basic (Rs.)	131.02	124.00
b) Diluted (Rs.)	131.02	124.00

Otis Elevator Company (India) Limited’s Cash Flow Statement (In Rs. Crores)

Particulars	31st March 2023	31 March 2022
A. Cash Flow from Operating Activities
Profit/(Loss) Before Tax	212.76	198.60
Adjustments for:
Depreciation and amortisation expenses	27.65	29.54
Provision for other financial assets	0.12	-4.49
Provision for other current assets	0.79	–
Unrealised loss on fluctuation in foreign exchange(net)	0.43	0.90
Interest on lease liability	4.09	3.38
Interest income on
i) Deposits with Bank	-19.03	-14.05
ii) Income tax refund	-0.79	-0.01
iii) Loans to related parties	-1.69	-2.51
iv) Others	-0.01	-0.37
Loss on sale /discard of property plant & equipment	0.17	0.09
Provision for product upgradation no longer required written back (net)	–	-0.44
Provision for contingency / write back of provision for contingency (net)	-4.78	-6.41
Liabilities no longer required written back	-0.48	-1.89
Bad debts provision utilised	-6.51	-8.39
Interest due on micro and small enterprises	1.07	0.71
Unwinding of Interest on deposits/retention money/employee loans	-1.44	-0.64
Share based payments to employees	5.19	3.06
Mark to market on foreign exchange forward contracts	1.53	1.32
Cash generated from operations before working capital changes	219.07	198.40
Working capital changes
Inventories	-17.11	-89.07
Trade receivables – non current	-1.48	-0.09
Trade receivables – current	-35.65	-3.56
Trade payables	34.66	126.34
Other current financial asset	-10.12	-4.53
Current Loans	-0.02	-0.08
Other non current assets	10.35	0.59
Other Current Assets	-14.64	-60.80
Non current provision	-4.70	-6.55
Current Provision	-20.45	5.88
Other current financial liabilities	0.26	1.42
Other non current liabilities	8.16	-6.21
Other non current financial assets	0.98	0.27
Non current Loans	0.13	-0.01
Other current liabilities	92.38	103.99
Operating profit after working capital changes	261.82	265.99
Income tax paid, net of refunds	-59.73	-72.80
Net cash generated from operating activities	202.09	193.19
Cash flows from investing activities
Purchase of property, plant and equipment	-22.21	-8.79
Proceeds from sale of property, plant & equipment	–	0.66
Loans repaid by related parties	2.50	–
Interest income	20.42	19.45
Decrease/(increase) in other bank balances	-2.92	-0.32
Net cash used in investing activities	-2.21	11.00
Cash flows from financing activities
Dividend paid	-177.27	-159.13
Repayment of principal lease liability	-14.43	-12.59
Increase in lease liabilities	-4.09	-3.38
Net cash used in financing activities	-195.79	-175.10
Net increase/ (decrease) in cash and cash equivalent (A+B+C)	4.09	29.09
Add: Cash and Cash Equivalent at beginning of year	535.38	506.29
Cash and cash equivalents as at end of year	539.47	535.38
Cash and Cash Equivalent comprise the following
Cheques on hand	2.51	0.25
Balance with bank
In Current Account	80.32	106.46
Deposits with original maturity of less than three months	456.64	428.67
Total	539.47	535.38

Otis Elevator Company (India) Limited Key Financial Ratios

Particulars	31-Mar-23	31-Mar-22
Current Ratio (in times)	1.05	1.08
Debt-Equity Ratio (in times)	0.14	0.1
Debt Service Coverage Ratio (in times)	10.45	11.65
Return on Equity Ratio (in %)	13.20%	12.44%
Inventory Turnover Ratio (in times)	5.09	4.93
Trade Receivables Turnover Ratio (in times)	5.53	4.72
Trade Payable Turnover Ratio (in times)	2.6	2.55
Net Capital Turnover Ratio (in times)	35.32	19.56
Net Profit Ratio (in %)	0.09%	0.10%
Return on investment	5.04%	3.20%
Return on Capital Employed Ratio (in %)	100.56%	84.91%

Otis Elevator Company (India) Limited share Dividend History

Particulars	2023	2022	2021
Dividend per Share	150	100	150
Retained Earnings (In Rs. Crores)	510.63	180.6	193.76

Otis Elevator Company (India) Limited Recent Financial Performance

Liquidity:

The current ratio decreased slightly from approximately 1.07 in 2022 to around 1.05 in 2023, suggesting a slightly weaker ability to cover short-term liabilities with current assets.
The quick ratio also decreased from about 0.98 in 2022 to around 0.89 in 2023, indicating a reduced ability to cover short-term liabilities without including inventory.

Profitability:

The gross profit margin decreased from approximately 48.74% in 2022 to around 46.51% in 2023, possibly due to an increase in the cost of materials consumed.
The net profit margin decreased from about 7.52% in 2022 to around 6.34% in 2023, indicating reduced overall profitability.

Leverage:

The debt-to-equity ratio increased from approximately 5.98 in 2022 to around 7.02 in 2023, suggesting higher leverage and a larger portion of financing coming from debt.

Return on Equity (ROE):

The ROE increased from approximately 124.00% in 2022 to 131.02% in 2023, indicating a higher return on equity capital for shareholders.

Earnings per Share (EPS):

The basic EPS increased from approximately 124.00 in 2022 to 131.02 in 2023, indicating higher earnings available to common shareholders per share.

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