About Otis Elevator (India) Limited Unlisted Shares

(i) The Company was founded in 1953 and is headquartered in Mumbai, India. Otis Elevator Company (India) Limited is a subsidiary of United Technologies Corporation.

(ii) Otis Elevator Company (India) Limited manufactures, constructs, installs, refurbishes, and maintains elevators, escalators, and moving walkways primarily in India.

(iii) The Company’s revenues are derived primarily from three operating segments:

(a) Sales of new equipment (b) Services

(iv) The Company has a manufacturing facility in Bangalore.

(v) Current Outlook (Source: Annual Report 2018-19)

Otis India is making good progress in its efforts to localize its global products with its state-of-the-art manufacturing facility in Bangalore. We have plans for various product launches in the short as well as long term. The product launches of the Gen2 family over the past five years will continue to gain importance in the future. Gen2 Life was recently launched in the mid-range segment. The new products have been well-received by customers and have already proven to be a great success. In the modernization segment, the new products "Manual to Auto" and "Gen2 Mod" will drive the growth of the modernization business.

Business Update 2019-20

The company has gained market share in this segment and plans to further expand its market share in the future. The product portfolio and sales area have been expanded. The Gen2 series has demonstrated stable performance and captured a significant market share in its segment. This has contributed to the overall market share growth. Furthermore, the company is further strengthening the Gen2 family.

Otis India recently launched a new product called Gen2 Stream. They are also working on releasing more products in the coming months. OTIS continues to be India's largest company in terms of services portfolio and revenue. Currently, the company has a network of 97 service centres across India, serving over 300 cities and towns. A 24/7 call center and extensive service network ensure fast and efficient response to customer queries. The company recorded a healthy growth in service revenue during the reporting year.

Current Outlook 2019-20

1. Otis India is well on its way to localizing global products with its state-of-the-art manufacturing facility in Bangalore.

2. Several product launches are planned in the near and long term. The Gen2 product family, introduced in the market over the past five years, will continue to gain importance in the coming years. Recently, Gen2 Stream was launched for the commercial segment.

3. India remains the second-largest elevator and escalator market in the world after China and is expected to grow at a healthy rate of 5-6% over the next five years.

Fundamentals