Otis Elevator has announced its annual report for the financial year ended March 31, 2022. As per the report, the net profit of the company has reported a drop of 10%, compared to previous financial year. The company registered 12% growth in total revenue. In FY22, the total revenue of the company was Rs. 1992 crore as against Rs. 1771 crore in the previous financial year. However, the total expenses of the company have also increased to 16% Rs.1793 crore compared to Rs. 1550 crore in the previous financial year. During the financial year ended March 31, 2022, the PBT of the company has reported a drop of 10%. The PBT of the company was Rs. 198 crore as against Rs. 221 crore. The PAT of the company dropped 10%, to Rs. 340 crore compared to Rs. 374 crore in the previous financial year. In FY22, the company registered the drop of 10% in its net profit, to Rs. 146 crore as against Rs. 163 crore in the previous financial year. The Company declared two interim dividends, one on 18th November 2021 of 1350% being 135 per share and a second one on 24th May 2022 of 1000% being Rs 100 per share. All Segments of business grew over last year New equipment revenues grew by16% driven by growth in shipments and field activity Repair and modernization business grew by 23% driven by overall activity pick up post Covid. Maintenance revenues were up 9% mainly driven by portfolio growth. The company adapted its strategy to enhance sales coverage, manage supply chain disruptions and customer needs. The company developed a Business Continuity plan and constantly enhances it to meet the current challenges on supply chain disruption, commodity cost challenges and geo-political situation. In FY22, the company accelerated the digitalization road map with enhancement to digitalization of sales, service, construction and manufacturing activities. The Online Booking gained traction with strong bookings and is now a stable platform for lead generation and order booking. The platform is supported by a sustained Digital Marketing program across key social media platforms. The company strengthened the service sales digitalization using the repair Upgrade application to enable app-based lead generation for repair business. The service sales teams can showcase to customers the various elevator and escalator upgrade packages on their iPhones and generate the lead from the app itself. The company continues to work on the digital initiatives with upcoming enhancements on both manufacturing and installation. The Company continues to be the leader in service portfolio in India with another year of strong growth in portfolio in the year and crossing 100,000 units in its service portfolio. The service delivery has been further strengthened with digitalization. The company added a number of critical features to the Service Transformation, iPhone-based applications to improve service delivery and to sustain the leadership position. Headquartered in Mumbai, OTIS Elevator Company (India) Limited was established in 1953. The company is primarily involved in manufacturing, maintaining and modernization of Elevators, Escalators and moving walkways. It is the subsidiary of United Technologies Corporation.