Canon eyes Rs 5,500 crore revenue in India by 2016

Electronics gaint 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 25 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 1 billion (or Rs 5,500 crore) milestone by 2016," Canon India senior vice-president Alok Bharadwaj told reporters in New Delhi. About 50 percent of the company's revenues in 2012 came from cameras, 20 percent from printers, 25 percent from copiers and document management services and 5 percent from the professional printing products business, he added.

"The digital-photo print market is worth about Rs 1,350 crore, of which the Rs 50-crore fine art segment is growing and turning premium. 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 its share in the category by the end of 2013.

"From 19 percent in 2012, we are confident of increasing our share in the inkjet category to 25 per cent 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.