Otis Elevator Company: About the Company
Otis Elevator Company (India) Limited, established in 1953, is headquartered in Mumbai, India, and operates as a subsidiary of United Technologies Corporation. It specializes in manufacturing elevators, escalators, and moving walkways, along with installation and maintenance services across India. The company boasts a state-of-the-art manufacturing facility in Bengaluru and is the largest in India in terms of portfolio, services, and revenue. Serving 300 cities, Otis Elevator (India) Limited maintains a network of 97 service centers operational 24/7 to ensure swift customer response.
| Company Name | OTIS ELEVATOR CO (INDIA) LTD |
| Company Type | Unlisted Public Company (Buy Otis Elevator Unlisted Share) |
| Industry | Manufacturing (Elevators & Escalators) |
| Founded | 1953 |
| Registered Address | Mumbai, Maharashtra, India |
OTIS Subsidiary Company
| Name | State | Incorporation Year |
| SUPRIYA ELEVATOR COMPANY (INDIA) LIMITED | Tamil Nadu | 2008 |
Its revenue stems from three major business segments: New Equipment Sales, Service, and Modernization.
Product Portfolio: Lift Solutions
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Low-Rise Lifts: The low-rise lifts offered by Lift Products are designed for efficient vertical transportation in spaces with limited height requirements. They are ideal for buildings with up to two floors and offer smooth and reliable operation. Compact design, Quick installation, Quiet operation, Safety features included.
Mid-Rise Lifts: Lift Products’ mid-rise lifts provide versatile vertical transportation solutions for buildings with moderate height requirements. They are suitable for structures with up to five floors and offer enhanced convenience and accessibility. Customizable configurations, Energy-efficient options available, Enhanced safety features, Sleek and modern design.
High-Rise Lifts: The high-rise lifts offered by Lift Products are engineered to meet the demanding vertical transportation needs of tall buildings and skyscrapers. They ensure swift and comfortable travel between multiple floors while prioritizing safety and efficiency. High-speed operation, advanced control systems, Robust construction for heavy usage, customizable interior designs.
Escalators and Moving Walks: Lift Products’ escalators and moving walks provide convenient and efficient horizontal transportation solutions for various environments, including shopping malls, airports, and transit stations. Smooth gentle ride, High Capacity, Low maintenance requirements, Optional aesthetic customization.
Each of Lift Products’ lift solutions is engineered with precision, reliability, and safety in mind, ensuring optimal performance and customer satisfaction across diverse architectural and operational requirements.
Revenue Breakup
₹ in crores
| Particulars | March 31, 2023 |
|---|---|
| Contracts for supply and installation | 1526 |
| Income from modernization and repairs | 219 |
| Income from maintenance services | 684 |
| Other Operating Revenues: | |
| – Sale of raw materials and components | 0.39 |
| – Sale of scrap | 5.34 |
| Total Revenue | 2435 |
Management of the Company
Sebi Joseph: Managing Director
Sebi Joseph is the managing director of Otis Elevator India, bringing with him nearly three decades of experience with the company. Starting as a graduate engineer trainee, he has held various management positions across different regions like India, Singapore, the Philippines, and the Gulf area. Notably, he has been involved in significant projects like the Burj Khalifa. He believes in nurturing talent and fostering growth, recognizing the importance of people in driving the company’s success. As the managing director, he plays a pivotal role in shaping Otis Elevator India’s future endeavors.
Priya Shankar Dasgupta: Non Executive, Independent Director
Priya Dasgupta, with a wealth of experience across 21 companies, serves as a director with Otis Elevator Co (India) Ltd. His diverse expertise, demonstrated through associations with companies like Maral Overseas Limited and Vindhya Telelinks Limited, aligns well with Otis Elevator’s commitment to excellence and innovation in vertical transportation solutions. His directorship underscores their valuable contribution to Otis Elevator’s ongoing success in the industry.
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Suma Puthan Naduvakkat: Wholetime Director
Suma Naduvakkat, an Indian residing in Bangalore, Karnataka, currently serves as a Whole-time director with Otis Elevator Co (India) Ltd. His expertise and dedication are evident in his previous association with Chubb Systems Private Limited. As a director at Otis Elevator, Suma brings valuable insights and leadership to the company, contributing to its ongoing success in the vertical transportation industry. His commitment to excellence and proven track record make him a valuable asset to Otis Elevator Co (India) Ltd.
Industry Overview
The India Elevators Market experienced significant growth in FY2022, reaching a valuation of USD 1466.28 million. Forecasts predict continued robust growth at a CAGR of 5.82%, driven by industrialization and increased construction of skyscrapers. Elevators play a crucial role in vertical transportation across various sectors, including residential, commercial, and industrial settings.
Key trends include the rising demand for Machine Room Less (MRL) elevators due to their energy efficiency and design flexibility. Technological innovations like UltraRope technology enable elevators to travel greater heights, catering to the needs of modern high-rise buildings. Additionally, energy-saving regenerative drives and eco-efficient solutions are gaining traction, emphasizing sustainability.
Market segmentation by carriage type, machinery, elevator door, weight, end user, and region provides valuable insights into market dynamics. Major players include KONE, Johnson Lifts & Escalators, Schindler India, Otis Elevator Co., among others.
The market is poised for further growth, with revenue forecasted to reach USD 2,083.91 million by 2028. This industry report offers comprehensive insights into market trends, competitive landscape, and growth opportunities, empowering stakeholders to make informed decisions in this evolving market landscape.
Recent News
Otis India Enhances Passenger Experience at Bengaluru Airport’s Terminal 2
(December, 2023) Otis India has played a pivotal role in the smooth and efficient movement of passengers at the newly inaugurated Terminal 2 of Kempegowda International Airport, Bengaluru . Supplying a total of 107 units including 29 escalators, 50 elevators, two dumb waiters, and 26 moving walks, Otis India’s contribution has enhanced passenger experience and comfort. The terminal, known for its sustainable practices, has been pre-certified with a platinum rating by the US Green Building Council. Otis India’s commitment to delivering smart and energy-efficient technologies aligns with the terminal’s sustainability goals and reflects its dedication to supporting India’s transportation infrastructure growth. Sebi Joseph, President of Otis India, expressed pride in the company’s involvement in significant transportation projects and its contribution to India’s journey towards a brighter future.
Otis Elevator Co. Wins Major Contract to Upgrade Vertical Transportation in Burj Khalifa
(March,2024) Otis Elevator Co., the holding company of Otis India secured a significant contract with Emaar Properties to upgrade elevators and escalators in the Burj Khalifa, the world’s tallest building. The project entails servicing 34 elevators and eight escalators, replacing key components with the latest technology to enhance efficiency. Otis plans to minimize disruptions during the project and has also secured a 10-year service agreement for routine maintenance. Winning this contract highlights Otis’ global expertise and commitment to ensuring smooth vertical transportation in iconic structures like the Burj Khalifa.
Share Price of Otis Elevator India (as of 15.05.2024)
- The buy price of Otis varies based on quantity, ranging from ₹ 4025 for quantities between 3-11 shares to ₹ 3950 for quantities between 115-229 shares, with corresponding rates per share.
- The 52-week high is ₹4425, and the 52-week low is ₹ 3499, indicating the range of fluctuations in the share price.
Currently, the Otis is trading at around Rs.3900/share CLICK HERE o Invest.
Financial Metrics for Otis Elevator India (as of 15.05.2024)
| Particulars | Amount |
| Price to Earning Ratio (P/E) | 31.85 |
| Price to Sales Ratio (P/S) | 2.4 |
| Price to Book Value (P/B) | 19.62 |
| Industry PE | 30 |
| Face Value | ₹ 10 |
| Book Value per share | ₹ 201.3 |
| Market Cap | ₹ 4664.25 Cr |
Financial Highlights
₹ in crore
| Particulars | FY 2023 | FY 2022 | FY 2021 |
| Revenue from Operations | 2435 | 1947 | 1710 |
| EBITDA | 200 | 187 | 192 |
| Profit After Tax | 155 | 146 | 164 |
| EPS | 131 | 124 | 138 |
Dividend
In the financial year 2023-24, Otis Elevator declared an interim dividend of Rs 100 per share with a tentative record date of 01-Jun-2023. Similarly, in the financial year 2022-23, Otis Elevator announced an interim dividend of Rs 50 per share with a tentative record date of 18-Nov-2022.
Otis: Shareholding Pattern
| Name | Holding % |
| OTIS INTERNATIONAL ASIA PACIFIC PTE LTD | 98.24 |
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