Bizbits

Otis pays 50% dividend
MUMBAI: Otis Elevator Company (India) Ltd has recorded a 33.4 per cent rise in net profit to Rs 20.35 crore and maintained a dividend of Rs 5 per share (50 per cent). The company’s turnover increased 11.4 per cent to Rs 235.54 crore. Profit before tax stood at Rs 27.70 crore, compared to Rs 26.26 crore last year, signifying an increase of 5.4 per cent despite the voluntary retirement scheme and higher depreciation.

The earnings per share rose by Rs 16.23 per share, compared with Rs 12.16 in the previous year. After a meeting of the board of directors on Monday, Otis announced its decision to change the company’s financial year from March 31 to December 31. This has been done in order to bring it in line with that of the US-based parent and consequently Otis India will have a nine month financial year ending this December.