Otis Elevator Annual Report | Balance Sheet

Otis Elevator Company India Ltd (OTIS Elevator) Return Comparision with Primex 40 Index

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Otis Elevator Company India Ltd

Otis Elevator Company (India) Limited Balance Sheet (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Assets
Non-current assets
Property, plant, and equipment	6,928	5,011
Right of use assets	2,961	3,075
Capital work-in-progress	458	660
Intangible assets under development	537	684
Intangible assets	506	-
Trade receivables	1,441	477
Loans	48	2,239
Other financial assets	818	716
Deferred tax assets (net)	7,022	6,631
Income tax assets (net)	13	13
Other non-current assets	6,284	6,457
Current assets
Inventories	22,765	26,485
Trade receivables	45,833	45,544
Cash and cash equivalents	65,371	53,947
Bank balances other than above	608	1,066
Loans	61	57
Other financial assets	3,288	2,680
Other current assets	2,766	4,837
Income tax assets (net)	22,101	15,060
Asset held for sale	10	-
Total Assets	1,89,820	1,75,639
Equity and Liabilities
Equity share capital	1,181	1,181
Other equity	25,748	20,719
Liabilities
Non-current liabilities
Lease liabilities	1,961	655
Provisions	2,719	3,026
Other non-current liabilities	5,961	7,090
Current liabilities
Lease liabilities	1,398	2,703
Total outstanding dues of micro enterprises and small enterprises	2,806	3,307
Total outstanding dues of creditors other than micro enterprises and small enterprises	50,486	49,291
Other financial liabilities	4,039	3,830
Other current liabilities	81,446	75,040
Provisions	12,075	8,797
Total Equity and Liabilities	1,89,820	1,75,639

Otis Elevator Company (India) Limited Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Income
Revenue from operations	2,77,069	2,43,500
Other income	6,277	4,633
Total income	2,83,346	2,48,133
Expenses
Cost of materials consumed	1,45,477	1,30,230
Employee benefit expenses	49,086	44,544
Finance costs	514	658
Depreciation and amortisation expense	2,666	2,765
Other expenses	57,033	48,660
Total expenses	2,54,776	2,26,857
Profit before tax	28,570	21,276
Tax expense
Current tax	7,650	4,900
Deferred tax charge	-194	798
Current tax relating to earlier years	155	107
Total tax expense	7,611	5,805
Profit for the year	20,959	15,471
Other comprehensive income
Items that will not be reclassified subsequently to Profit or Loss:
Actuarial (losses) arising from remeasurements of post-employment benefits	-781	-240
Income tax relating to items that will not be reclassified to Profit or Loss	196.00	60
Items that will be reclassified subsequently to Profit or Loss:
Exchange differences on translating financial statements of foreign operations	-240	-11
Income tax relating to items that will be subsequently reclassified to Profit or Loss	60	3
Other comprehensive loss for the year, net of tax	-593	43
Total comprehensive income for the year	20,366	15,323
Earnings per Share - (Basic and Diluted)	177.5	131.02

Otis Elevator Company (India) Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Cash flows from operating activities:
Profit before tax	28,570	21,276
Adjustments for:
Depreciation and amortisation expense	2,666	2,765
Provision for other financial assets	574	12
Provision for other current assets	131	79
Unrealised (Gain)/loss on fluctuation in foreign exchange (net)	-313	43
Interest on lease liability	427	40
Interest income on:
Deposits with Bank	-2,831	-1,903
Income tax refund	-183	-79
Loans to related parties	-131	-169
Others	-4	-1
Loss on sale / disposal of Property, Plant and Equipment (net)	10	17
Provision for contingency / write back of provision for contingency	-1,082	-478
Liabilities no longer required written back	-20	-48
Bad debts provision utilised	-1,038	-651
Interest due on Micro and Small Enterprises	73	107
Unwinding of Interest on deposits/ retention money/ employee loans	-59	-144
Share based payments to Employees	604	519
Mark to market on foreign exchange forward contracts	164	153
Cash generated from operations before working capital changes	27,558	21,907
Working capital changes:
Decrease/(Increase) in trade receivables - current	108	-3,565
(Increase) in trade receivables - non-current	-852	-148
Decrease/(Increase) in inventories	3,719	-1,711
Increase in trade payables	942	3,466
(Increase) in other current financial assets	-555	-1,012
(Increase) in current loans	-4	-2
(Increase)/Decrease in other non-current assets	-134	1,035
(Increase) in other current assets	-7,150	-1,464
(Decrease) in provisions - non-current	-45	-470
Increase/(Decrease) in provisions - current	2,497	-2,045
Increase in other current financial liabilities	155	26
(Decrease)/Increase in other non-current liabilities	-307	816
(Increase)/Decrease in other financial assets - non-current	-168	98
(Increase)/Decrease in loans - non-current	-9	13
Increase in other current liabilities	6,384	9,238
Operating profit after working capital changes	32,139	26,182
Taxes paid (net of refund)	-5,733	-5,973
Net cash flows generated from operating activities	26,406	20,209
Cash flows from investing activities
Purchase of Property, Plant and Equipment (including Capital Work-in-Progress and intangible assets under development)	-3,032	-2,221
Rental Income	1	250
Loans repaid by related parties	2,200	2,042
Interest received	3,002	0
Decrease/(Increase) in other bank balances	471	-292
Net Cash Generated from Investing Activities	2,642	-221
Cash flows from Financing activities
Dividend paid	-15,890	-17,727
Repayment of principal lease liabilities	-1,307	-1,443
Increase in lease liabilities	-427	-409
Net cash flows (utilised) for Financing Activities	-17,624	-19,579
Net (Decrease)/Increase in Cash and Cash Equivalents	11,424	409
Cash and Cash Equivalents at the Beginning of the Year	53,947	53,538
Cash and Cash Equivalents at the End of the Year	65,371	53,947
Cash and Cash Equivalents comprise:
Cheques on hand	222	251
Bank Balances:
In Current accounts	5,484	8,032
Deposits with original maturity of less than three months	59,665	45,664
Total Cash and Cash Equivalents	65,371	53,947

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flows from Operating Activities:

Profit before tax: The company earned a profit of ₹28,570 million in 2024 compared to ₹21,276 million in 2023.

Adjustments for non-cash and other items:

Depreciation and amortization, provisions for financial assets and current assets, unrealized foreign exchange gains/losses, and other income/expenses (e.g., interest income, liabilities written back) are adjusted to reflect cash earnings.

In 2024, notable adjustments include depreciation of ₹2,666 million, interest on deposits with banks deducted by ₹2,831 million, and provisions like bad debts used for the year.

Working capital changes: Working capital adjustments are made to reflect the net increase or decrease in operating assets and liabilities:

In 2024, there was a reduction in trade receivables and a significant increase in trade payables (₹942 million) and current liabilities, alongside an increase in inventories and other current assets.

Net cash generated from operations: After adjusting for taxes paid, net cash from operations was ₹26,406 million for 2024, compared to ₹20,209 million in 2023. This shows strong operational performance and cash generation.

Cash Flows from Investing Activities:

Capital expenditure: The company invested ₹3,032 million in the purchase of property, plant, and equipment (capital work-in-progress) during 2024, compared to ₹2,221 million in 2023. This shows continued investment in infrastructure.

Interest and loans: The company received ₹3,002 million as interest income in 2024. There was a ₹2,200 million repayment of loans from related parties.

Net cash from investing activities: Despite capital investments, net cash from investing activities was positive at ₹2,642 million in 2024 due to higher income from interest and loan repayments, compared to a negative cash flow of ₹221 million in 2023.

Cash Flows from Financing Activities:

Dividend payment: The company paid dividends amounting to ₹15,890 million in 2024, slightly lower than ₹17,727 million in 2023.

Lease liabilities: There was a repayment of lease liabilities totaling ₹1,307 million in 2024, alongside a slight increase in lease liabilities (₹427 million).

Net cash used in financing activities: Financing activities used cash of ₹17,624 million in 2024, compared to ₹19,579 million in 2023, largely driven by dividends and lease payments.

Net Cash Movement:

After accounting for cash flows from operations, investing, and financing, the company had a net increase in cash and cash equivalents of ₹11,424 million for 2024, compared to ₹409 million in 2023.

Cash and Cash Equivalents:

The company started 2024 with ₹53,947 million in cash and ended the year with ₹65,371 million.

Composition: Cash at the end of the year includes ₹222 million in cheques on hand, ₹5,484 million in current accounts, and ₹59,665 million in deposits with an original maturity of less than three months.

Dividend History

Particulars	2024	2023
Interim Dividend Per Share (in Rs.)	135	150
Retained Earnings ( Rs. in Lakh)	20,074.00	15,641.00

Otis Elevator Company (India) Limited Recent Financial Performance

Dividend per Share: The specific dividend per share figure for 2024 and 2023 is Rs. 135 Per share and Rs. 150 Per share. Dividend per share represents the portion of a company 's earnings that is distributed to shareholders in the form of dividends. A higher dividend per share may indicate that the company is sharing more of its profits with shareholders.

Retained Earnings: Retained earnings for 2024 amounted to Rs 20,074.00 Lakhs, while in 2023, they were Rs. 15,641.00 Lakhs. Retained earnings represent the portion of a company 's profits that is reinvested in the business rather than distributed as dividends. An increase in retained earnings suggests that the company has retained more of its profits for reinvestment or future growth.

To provide a more comprehensive analysis, it would be necessary to consider additional financial metrics such as revenue, net profit, assets, liabilities, and cash flows. Additionally, an analysis of trends over multiple years and a comparison to industry benchmarks and competitors would help in assessing the company 's financial health and performance

Otis Elevator Annual Reports, Balance Sheet and Financials

Otis Elevator Company India Ltd (OTIS Elevator) Return Comparision with Primex 40 Index

Otis Elevator Company (India) Limited Balance Sheet (Rs in Lakhs)

Otis Elevator Company (India) Limited Profit & Loss Statement (Rs in Lakhs)

Otis Elevator Company (India) Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Dividend History

Otis Elevator Annual Report 2023-24

Otis Elevator Annual Report 2022-23

Otis Elevator Annual Report 2021-22

Otis Elevator Annual Report 2020-21

Corporate Actions

31 July 2024 Reduction of equity share capital

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