Canon India Targeting 10% Growth in Revenue This Fiscal

Canon India Pvt Ltd, a 100 per cent subsidiary of Canon Singapore Pvt Ltd, Wednesday said it was targeting a 10 per cent growth in revenue from Rs 1,910 crore in 2013 to Rs 2,100 crore in 2014.

Of the total sales, about 42 per cent comes from the Digital Single-Lens Reflex camera segment, 27 per cent from the enterprise segment and the remaining from inkjet and laser printers.

“In the first quarter of 2014, Canon recorded 11 per cent growth as against the same period in 2012,” said  Alok Bharadwaj, Executive Vice President, Canon India.

He added that though the industry growth in inkjet printers has been flat over the past three years in India, the company is targeting to increase its market share of 30 per cent in inkjet business this year from the current 24 per cent.

“In the last six years, our inkjet business grew by 22 per cent from Rs 62 crore to Rs 200 crore in 2014,” he said. The company Wednesday introduced 9 new inkjet printers with 6 wifi models for home, office and professional users. With this, Canon retails 24 models including four ink-efficient and 12 wifi models.

Inkjet business in India is worth Rs 1,000 crore with 12 lakh units. Interestingly, 84 per cent of this market comprises home segment.

“In 2013, Canon had 24 per cent market share (unit terms)...we are looking at 30 per cent market share in 2014. We are looking at multiple areas of intervention to get this market share,” he said adding that the printer market is now being driven by the student community, apart from enterprises.

Meanwhile, to enhance appeal of inkjet printers for students, Canon initiated a new marketing campaign -- Super Student -- that will reach 100 schools in 10 cities. “We are connecting with students to build the market share. Our major target audience are going to be kids and students,” he said.

The company plans to invest Rs 120 crore for advertising in 2014, 25 per cent higher than last year.