Canon eyes Rs 5,500 crore revenue in India by 2016
New Delhi: Electronics giant Canon India on Wednesday said it is targeting revenues of Rs 5,500 crore by 2016 as it expands its product portfolio and retail presence across the country.
Canon, whose revenues stood at Rs 1,850 crore last year, expects to clock 27 percent growth, taking its revenues to Rs 2,350 crore by the end of 2013 and Rs 5,500 crore by 2016.
"We are seeing strong growth in the camera segment and have also grown in the printer category. We are targeting to reach the USD one billion (or Rs 5,500 crore) milestone by 2016," Canon India Executive Vice President Alok Bharadwaj told reporters here.
About 50 percent of the company's revenues in 2012 came from cameras, 20 percent from printers, 25 percent from copier and document management services and five percent from professional printing products business, he added.
"The digital photo print market is worth about Rs 1,350 crore, of which Fine Art is a Rs 50 crore segment but it is a growing and a premium one. This range is targeted at professionals and photography enthusiasts who want quality prints but do not want to depend on third party printers," he said.
Canon, which has a 19 percent share in the inkjet printer category, expects to increase it by the end of 2013.
"From 19 percent last year, we are confident of increasing our share in the inkjet category to 25 percent and get revenues worth Rs 150 crore in the segment," Bharadwaj said.
The company, which operates 93 franchise-operated Canon Image Square stores (CIS), plans to add another 100 such stores this year.
"The CIS stores form an integral part of our strategy as it offers customers an opportunity to see and experience our entire portfolio of products. This year, we will add another 100 such stores, which will help us expand to even tier III towns," he said.