OTIS ELEVATOR COMPANY (INDIA) LIMITED UNLISTED SHARE
About Otis Elevator Company (India) Limited
Otis Elevator Company (India) Limited is involved in the manufacturing, installation, and maintenance of elevators and escalators. Its parent company Otis Worldwide Corporation Limited offers services in more than 200 countries and territories and has installed elevators in some of the world’s most famous structures, including Eiffel Tower, Empire State Building, the original World Trade Centre, Burj Khalifa, Skylon Tower, etc.
Otis Elevator Company (India) Limited has a network of 97 service centers in India, serving more than 300 cities. The company manufactures its products in Bengaluru. Otis Elevator Company (India) Limited accrues its revenue majorly from three business segments – New Equipment Sale, Service, and Modernisation.
Otis Elevator Company (India) Limited has been progressively making efforts to localize its global products by manufacturing them in India. They have plans to launch new products both in the short and long term. The company has recently launched a Gen2 Stream for the commercial segment.
They are launching new products which will transform manual to auto and Gen2 Mod to facilitate growth in the Modernization business. They have also launched some aesthetic packages which seem to have a good response from the customers.
INCORPORATION DETAILS
CIN | U29150MH1953PLC009158 |
Registration Date | October 30, 1953 |
Category / Sub-Category of the Company | Public Company |
Address of the Registered office and contact details | 9th FLOOR, MAGNUS TOWERS, MINDSPACE, LINK ROAD, |
MALAD WEST, MUMBAI - 400 064 | |
MAHARASHTRA, INDIA | |
Tel: 022-28449700 / 022-28449791 | |
Email: harish.iyer@otis.com | |
Website: www.otis.com | |
Name, Address & contact details of the Registrar & Transfer Agent, if any | Link Intime India Private Limited, |
C 101, 247 Park, L.B.S.Marg, Vikhroli (West), | |
Mumbai – 400083 | |
Tel: +91 22 49186270 | |
E-mail: rnt.helpdesk@linkintime.co.in |
Particulars of Subsidiary Company
Name of the Company | % of shares held |
Supriya Elevator Company (India) Limited | 100 |
BOARD OF DIRECTORS
Sebi Joseph (Managing Director)
P. S. Dasgupta (Independent Director)
Anil Vaish(Independent Director)
Suma P N (Whole-time Director)
Bharatkumar Nayak (Additional Director and Chief Financial Officer)
Harish Iyer (Company Secretary)
Principal Business Activities of the Company
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 ELEVATOR COMPANY (INDIA) LIMITED UNLISTED SHARE
Total Available Shares: | 1,18,08,222 |
Face Value: | Rs. 10 Per Equity Share |
ISIN: | INE099A01014 |
PAN no. | AAACO0481E |
Lot Size: | 25 |
Last Traded Price | Rs. 4300 |
Current Unlisted Share Price: | Rs. 5077.54 Crore |
SHAREHOLDING PATTERN
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
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.
KEY FINANCIALS OF OTIS ELEVATOR COMPANY (INDIA) LIMITED
(Standalone – In Rs. Lakhs)
Particulars (In Rs. lakhs) | 2020 | 2019 | 2018 |
Revenue from Operations | 1,76,088 | 1,69,778 | 1,41,819 |
Total Income | 1,81,518 | 1,78,471 | 1,52,726 |
EBITDA | 26,469 | 18,721 | 18,773 |
EBITDA Margins | 15.03% | 11.03% | 13.24% |
Finance Cost | 768 | 280 | 114 |
Depreciation | 2,824 | 1,199 | 973 |
Other Income | 5,430 | 8,693 | 10,907 |
Profit before Tax | 28,307 | 25,935 | 28,593 |
Total Tax | 10,226 | 8,602 | 10,726 |
Profit after Tax | 18,081 | 17,333 | 17,867 |
(Consolidated – In Rs. Lakhs)
Particulars (In Rs. lakhs) | 2020 | 2019 | 2018 |
Revenue from Operations | 1,76,726 | 1,70,683 | 1,43,116 |
Total Income | 1,82,150 | 1,79,166 | 1,54,042 |
EBITDA | 26,872 | 18,914 | 18,702 |
EBITDA Margins | 15.21% | 11.08% | 13.07% |
Finance Cost | 785 | 305 | 137 |
Depreciation | 2,855 | 1,200 | 974 |
Other Income | 5,424 | 8,514 | 10,814 |
Profit before Tax | 28,656 | 25,923 | 28,405 |
Total Tax | 10,419 | 8,686 | 10,704 |
Profit after Tax | 18,237 | 17,237 | 17,701 |
BALANCE SHEET OF OTIS ELEVATOR COMPANY (INDIA) LIMITED
(Consolidated – In Rs. Lakhs)
Particulars (In Rs. Lakhs) | 2020 | 2019 |
ASSETS | ||
NON-CURRENT ASSETS | ||
Tangible Assets | 9,862 | 6,788 |
Intangible assets | 1,005 | 1,225 |
Loans | 55 | 30 |
Trade receivables | 523 | 47 |
Other financial assets | 683 | 680 |
Tax assets | 11,860 | 18,338 |
Other non-current assets | 6,679 | 7,242 |
TOTAL NON-CURRENT ASSETS | 30,667 | 34,350 |
CURRENT ASSETS | ||
Inventories | 19,220 | 12,535 |
Loans | 2,492 | 25,235 |
Trade receivables | 36,727 | 33,104 |
Cash and Cash equivalents | 47,747 | 24,406 |
Other financial assets | 7,582 | 11,081 |
Other current assets | 1,603 | 1,807 |
Assets held for sale | 10 | 10 |
TOTAL CURRENT ASSETS | 1,15,381 | 1,08,178 |
TOTAL ASSETS | 1,46,048 | 1,42,528 |
EQUITY AND LIABILITIES | ||
EQUITY | ||
Equity share capital | 1,181 | 1,181 |
Other equity | 25,006 | 21,499 |
TOTAL EQUITY | 26,187 | 22,680 |
LIABILITIES | ||
NON-CURRENT LIABILITIES | ||
Provisions | 12,016 | 15,245 |
Lease liabilities | 1,835 | 0 |
Other non-current liabilities | 2,965 | 1,427 |
TOTAL NON-CURRENT LIABILITIES | 16,816 | 16,672 |
CURRENT LIABILITIES | ||
Short term borrowings | 0 | 128 |
Trade Payables | 36,119 | 35,687 |
Other financial liabilities | 2,408 | 846 |
Provisions | 4,978 | 6,189 |
Tax liabilities | 357 | 1406 |
Other current liabilities | 59,183 | 58,920 |
TOTAL CURRENT LIABILITIES | 1,03,045 | 1,03,176 |
TOTAL LIABILITIES | 1,19,861 | 1,19,848 |
TOTAL EQUITY AND LIABILITIES | 1,46,048 | 1,42,528 |
DIVIDEND AND RETAINED EARNINGS
Particulars | 2020 | 2019 |
Dividend ( In Rs.) | 105 | 175 |
Retained Earnings (Consolidated) (In Rs. Lakhs) | 21,076 | 17,963 |
PERFORMANCE OF THE COMPANY
On Standalone basis, Revenue from operations grown by 3.72% from Rs. 1,69,778 lakhs to Rs. 1,76,088 lakhs. And on consolidated basis it increased by 3.54% from Rs. 1,70,683 lakhs to Rs. 1,76,726 lakhs.
EBITDA Margins increased from 11% in FY 2019 to around 15% in FY 2020 both standalone and consolidated wise.
Profit after Tax increased by 5% to Rs. 18,237 lakhs from Rs. 17,237 lakhs when talking about consolidated statements. While in standalone statements, Profit after Tax increased by 4% in FY 2020.
The company has no long-term borrowings and has paid off all the short-term borrowings, which were Rs. 128 lakhs in FY 2019-2020.
The Current Ratio of the company is 1.11, so there are no concerns about liquidity.
Book Value of Company has increased by 15.4% from Rs. 22,680 lakhs in FY2019 to Rs. 26,187 lakhs in FY2020.
The company has consistently given dividends every year. However, dividend per share declined by 40% to Rs. 105in FY 2020 from Rs. 175 in FY 2019.
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