OTIS Elevator Company India Limited
The company pioneered the development of a safety elevator, invented by “Elisha Graves Otis” in 1852. Otis was founded in 1853 in New York.It is the world’s leading manufacturer and service provider of elevators, escalators and moving walkways. It manufactures, develops, and markets escalators, elevators, moving walkways, and related equipment.
Some of the world’s most famous structures like the original World Trade Center, The Twilight Zone Tower of Terror, the Eiffel Tower, Burj Khalifa, Empire State Building, Petronas Twin Towers, CN Tower, the Winchester Mystery House, the Hotel del Coronado, the Demarest Building (first electric elevator), the Singing Tower at Bok Tower Gardens, and the Skylon Tower have Otis elevators installed in them.
Their safety elevator used a safety device that prevents elevators from falling if the hoisting cable fails. OTIS offers products and services in 200 countries and territories of ultimate quality, safety, and style. That’s the commitment of 26 engineering centers and 11 test towers around the world. Currently, it controls about 22 per cent of the world’s elevator market. “Poma-Otis Transportation Systems” is a joint venture between Otis and the French company Pomagalski to promote these products.
About the Company
- Otis Elevator Co (India) Limited manufactures, erects, installs, modernizes and maintains Elevators, Escalators, and moving walkways primarily in India.
- The Company offers products and services in more than 200 countries and territories.
- Based in Farmington, Connecticut, U.S, Otis is the world's largest manufacturer of vertical transportation systems. The Company pioneered the development of the "safety elevator", invented by Elisha Otis in 1852, which used a special mechanism to lock the elevator car in place should the hoisting ropes fail.
- The Otis Elevator Company was acquired by United Technologies in 1976, but it was spun off as an independent company 44 years later in April 2020 as Otis Worldwide Corporation.
- Headquartered in Mumbai, the Company has its manufacturing facility in Bengaluru along with regional offices in Kolkata and Delhi.
- Otis Elevator Co (India) Limited is the world’s leading company for lift and escalator manufacturing, installation and service.
- The Company was founded in 1953 with a rooted in a unique 160-year history.
- India is the second-largest market for elevators and escalators in the world.
- The elevator and escalator market in India is poised to grow by US$ 659.2 million during 2020-2024, progressing at a CAGR of over 9% during the forecast period.
- The market is driven by the growing number of high-speed metro projects. In addition, the rising number of office spaces and commercial establishments are anticipated to boost the growth of the elevator and escalator market in India.
- The global elevators & escalators market size will grow from US$ 70.95 Billion in 2018 to US$ 114.65 Billion by 2026, at a CAGR of 6.4% during the forecast period.
- The global elevator & escalator market is projected to surpass the revenue of US$ 66.3 billion by 2031.
- Globally, revenue generated by the elevator & escalator market was valued at over US$ 31.6 billion in 2020, which is expected to expand at a CAGR of 7%, in terms of value, during the forecast period (2020-2021).
- Low-Rise Lifts
- Mid-Rise Lifts
- High-Rise Lifts
- Moving Walks
- Standalone basis, sales from operations for FY 2019-20 at INR. 17,609 million, was higher by 631 million over last year (INR. 16,978 million in FY 2018-19) reflecting an increase of 3.72%.
- Standalone profit after tax (“PAT”) for the year was INR 1,808 million registering an increase of 4.32 % over the PAT of INR 1,733 million in FY 2018- 19, driven by a reduction in the cost of material consumed.
- On a Consolidated basis, Sales from operations for FY 2019-20 at INR 17,673 million was higher by 3.54% over last year (INR 17,068 million in FY 2018-19).
- Consolidated Profit after tax (“PAT”) for the year was INR 1,824 million recordings an increase of 5.86% over the PAT of INR 1,723 million of FY 2018-19.
- Otis India has been progressing well in their effort to localize its global products at its state of an art manufacturing facility in Bengaluru.
- There are a number of products that are being planned to be launched both in the short term and long term. The launches during the last 5 years for products in the Gen2 family will continue to bear traction in years to come. They had a recent launch of Gen2 Stream for the commercial segment.
- India remains to be the second-largest elevator-escalator market in the world after China, expected to grow at a healthy rate of 5-6% for the next 5 years.
- OTIS continues to be the largest Company in terms of service portfolio and revenue, in India. Today, the Company has a network of 97 service centers spread across India, serving more than 300 cities and towns.
- The Company paid an interim dividend of 1050%, being INR 105 per equity share of INR 10 each fully paid up in October 2019 for the financial year 2019-20.
- The Company is certified for ISO 9001:2015 (Quality Management System) and ISO 14001:2015 (Environmental Management System).