Otis Elevator (India) Limited Unlisted Shares

Financial Year: 2024

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Financial Year: 2024

Financial Report Summary

Otis Elevator Company (India) Limited's consolidated balance sheet as of March 31, 2024, shows total assets of ₹189,820 Lakhs, compared to ₹175,639 Lakhs in the previous year.

Assets:

Non-current assets increased from ₹149,676 Lakhs to ₹162,803 Lakhs. This includes property, plant, and equipment (₹6,928 Lakhs), right-of-use assets (₹2,961 Lakhs), capital work-in-progress (₹660 Lakhs), intangible assets (₹537 Lakhs), intangible assets under development (₹506 Lakhs), financial assets (₹1,441 Lakhs in trade receivables, ₹48 Lakhs in loans, ₹7,022 Lakhs in other financial assets), deferred tax assets (₹13 Lakhs), income tax assets (₹6,284 Lakhs), and other non-current assets (₹27,017 Lakhs).
Current assets decreased from ₹25,963 Lakhs to ₹22,765 Lakhs. This includes inventories, financial assets (₹45,833 Lakhs in trade receivables, ₹65,371 Lakhs in cash and cash equivalents, ₹608 Lakhs in bank balances, ₹3,288 Lakhs in loans, ₹2,766 Lakhs in other financial assets), income tax assets (₹22,101 Lakhs), other current assets (₹10 Lakhs), and assets held for sale.

Equity and Liabilities:

Equity consists of equity share capital (₹1,181 Lakhs) and other equity (₹25,748 Lakhs), totaling ₹26,929 Lakhs.
Non-current liabilities include financial liabilities (₹1,961 Lakhs in lease liabilities), other non-current liabilities (₹2,719 Lakhs), and provisions (₹5,961 Lakhs), totaling ₹10,641 Lakhs.
Current liabilities include financial liabilities (₹1,398 Lakhs in lease liabilities, ₹2,806 Lakhs in trade payables to micro and small enterprises, ₹50,486 Lakhs in trade payables to other creditors, ₹4,039 Lakhs in other financial liabilities), other current liabilities (₹81,446 Lakhs), and provisions (₹12,075 Lakhs), totaling ₹152,250 Lakhs.

Material accounting policies are integral to these consolidated financial statements.

The consolidated statement of cash flows for the year ended March 31, 2024, shows the following:

Cash flows from operating activities resulted in a net cash inflow of ₹26,406 Lakhs, compared to ₹20,209 Lakhs in the previous year. This is after adjustments for depreciation, amortization, provision for financial assets, and working capital changes. The profit before tax was ₹28,570 Lakhs, with adjustments including depreciation and amortization expense (₹2,666 Lakhs), provision for other financial assets (₹574 Lakhs), and unrealized gains/losses on foreign exchange (₹427 Lakhs).
Cash flows from investing activities generated a net cash inflow of ₹2,642 Lakhs, compared to an outflow of ₹(221) Lakhs in the previous year. This includes purchases of property, plant, and equipment (₹(3,032) Lakhs), rental income (₹1 Lakhs), loans repaid by related parties (₹2,200 Lakhs), and interest received (₹3,002 Lakhs).
Cash flows from financing activities resulted in a net cash outflow of ₹(17,624) Lakhs, compared to ₹(19,579) Lakhs in the previous year. This is mainly due to dividend paid (₹(15,890) Lakhs) and repayment of principal lease liabilities (₹(1,307) Lakhs).

The net increase in cash and cash equivalents for the year was ₹11,424 Lakhs, bringing the total cash and cash equivalents to ₹65,371 Lakhs as of March 31, 2024.

The consolidated statement of profit and loss for the year ended March 31, 2024, reports:

Revenue from operations of ₹277,069 Lakhs (previous year: ₹243,500 Lakhs) and other income of ₹6,277 Lakhs (previous year: ₹4,633 Lakhs), resulting in a total income of ₹283,346 Lakhs.
Expenses including cost of materials consumed, employee benefit expenses (₹145,477 Lakhs), finance costs (₹49,086 Lakhs), depreciation and amortization expense (₹514 Lakhs), and other expenses (₹57,033 Lakhs) totaled ₹254,776 Lakhs.
Profit before tax was ₹28,570 Lakhs. Tax expense was ₹7,611 Lakhs.
Profit for the year was ₹20,959 Lakhs.
Other comprehensive income showed a loss of ₹(593) Lakhs, net of tax.

Total comprehensive income for the year was ₹20,366 Lakhs. Earnings per share (basic and diluted) were ₹177.50.

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