Canon India is eyeing a ‘minimum 10 per cent growth’ in turnover in 2019, driven primarily by an increase in sale of printers.

Camera sales are expected to remain ‘flat’ on a year-on-year basis, said Kazutada Kobayashi, Advisory Director of Canon, and President and CEO of Canon India.

The turnover (excluding GST) had grown by 16 per cent in 2018 to ₹2,800 crore. The company’s Indian operations continue to remain profitable for almost a decade now, he said.

Canon’s business in India is divided equally between business-to-consumer (B2C) and business-to-business (B2B) verticals.

The B2C category includes camera and home printer sales. B2B includes commercial printing solutions and sales to corporates, offices and MSMEs. In the first six months, printing segments grew ‘in double digits’, Kobayashi said.

“We feel that a double-digit growth in India is possible. A minimum of 10 per cent is what we are looking at,” he told BusinessLine .

Canon competes with the likes of HP and Epson in the home printer segment, while in the office and commercial printer categories, it competes with HP, Konica Minolta.

Further growth in commercial printing is expected in the second half specially with the onset of festival and wedding seasons.

With the entry of high-end smartphones, ‘point-and-shoot’ segment has ‘degrown’ by 90 per cent since 2013. In contrast, DSLRs have grown 10 per cent y-o-y, sources said. Sales in the camera segment continue to come from DSLRs.

Canon currently imports its cameras from Japan and Taiwan, while printers come from Japan, Thailand, Vietnam and China. It is currently conducting a feasibility study to set up manufacturing units across 60 countries, including India.

Kobayashi said, the company is also planning to ramp up operations of its medical imaging solutions vertical here.

Vertical turnover

Although the vertical accounts for 10 per cent of Canon’s global turnover, in India, it is still in ‘single digits’. “We are carrying out extensive market researches, and by 2020, we plan to develop this vertical here,” he said.