The Hindu Business Line : Canon India expects to double turnover in two years

MUMBAI: Imaging technologies provider Canon India has said it expects to double its turnover to Rs 1,000 crore in the next two years, from its present Rs 500 crore.

“We took 10 years to achieve sales of Rs 500 crore. But in the next two years, we expect our sales to double,” Canon India Senior Vice President Mr Alok Bharadwaj said.

The company closed 2007 with sales worth Rs 500 crore and expects to close 2008 with sales of Rs 700 crore, he said. Canon, which entered the Indian market in 1997, has been growing at 18 per cent per annum. Last year, it witnessed a growth of 35 per cen t. This year, the company would have a growth of 35-40 per cent, Mr Bharadwaj said.

The growth in revenue is largely because the company has added products for more industries and is concentrating on its top 100 corporate clients. “We have formed a separate sales team to cater to our top 100 corporate accounts,” he said adding that Cano n has increased the retail points from 2,500 to 4,000 now and from 250 distributors to 350.

However, Canon has become uncomfortable with the devaluation of the rupee against the dollar, because of which costs of imports have gone up. The rupee has gone up by 14 per cent against the US dollar, he said. “At the beginning of the year, we were buyi ng at Rs 41 for a dollar, but now it is Rs 47 to a dollar,” he said. - PTI

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