Business Performance and Updates

2018-19 Overview

• Localization Efforts: Otis India has made significant progress in localizing global products at its Bengaluru manufacturing facility.
• Product Launches: Recent launches in the Gen2 family have been well-received, particularly the Gen2 Life for the mid-rise segment, which has achieved strong customer acceptance with notable early wins.
• Modernization Growth: Products such as Manual to Auto conversions and Gen2 Mod have bolstered the modernization segment.

2019-20 Business Update

1. Market Share Growth: Otis India has enhanced its product portfolio and expanded its sales footprint, leading to consistent performance in the Gen2 product range and growth in its market share.
2. New Launches: The company introduced Gen2 Stream, aimed at the commercial segment, with additional product releases planned in the near future.
3. Service Excellence:
   • Otis India is the largest player in the elevator service segment in India, with a strong service network of 97 service centers across more than 300 cities and towns.
   • A 24/7 call center ensures swift and efficient responses to customer needs, contributing to significant growth in service revenue.

Current Outlook (2019-20)

1. Localization Initiatives: Continued focus on localizing global products at the Bengaluru facility is driving operational efficiency and market responsiveness.
2. Product Pipeline: The company plans to launch several products over the short and long term, with the Gen2 family products maintaining momentum in the market.
3. Market Dynamics:
   • India is the second-largest elevator and escalator market globally, following China.
   • The sector is projected to grow at a healthy rate of 5-6% annually over the next five years.

Key Takeaways

Otis Elevator (India) Limited continues to strengthen its leadership position in the Indian market through a combination of localized manufacturing, innovative product launches, and exceptional service delivery. The company’s focus on modernization and service excellence, coupled with its strategic expansion efforts, positions it well to capitalize on the growth potential of the elevator and escalator market in India.

Disclaimer*This research has been conducted on available data. Investors are advised to perform their own research and due diligence before making any investment decisions. We are not responsible for any financial losses or inaccuracies in the data provided