Canon India eyes Rs 3,500 crore annual sales by FY 2020

New Delhi: Imaging products major Canon India is eyeing Rs 3,500-crore annual sales by FY 2020 as it expects to continue a double-digit growth in both B2B and B2C segments in the coming years, a company official said today.

As part of its strategy to reach customers even in the smaller towns, the company is strengthening its network - Canon Image Square - by adding around 30 more retailing points and taking the total number to 280 points by the end this year.

Besides, Canon, which is largely present in the printers and imaging products business, is also looking into medical imaging systems and security and surveillance camera products.

"We aim to continue our double digit growth... we would be be around Rs 3,500 crore by FY 2020," Canon India President and CEO Kazutada Kobayashi told PTI.

He further added: "2017 was a great year for us after introduction of GST, and first time we grew in double digit and from there we have a momentum now." 

The company, which follows January-December as financial year, had sales of Rs 2,600 crore in FY 2017, in which its B2B and B2C had contributed equally.

"We are steadily growing our business...and launching more new products in the camera and printer segments," Kobayashi added.

Presently, B2B which includes mostly the printer business and B2C that has imaging contribute equally to sales and Canon India expects this to continue in the coming years.

"We want to grow on all sides and maintain the balance between B2B and B2C," he said adding that future product lines would be related to its existing business.

It has recently introduced its new retail format Canon Image Square 3.0. It is operating 251 Canon Image Square and plans to have 280 by the end of this year.

"Going to local and small towns is necessary. May be the size would be smaller than the metro cities but I would like to go to smaller tier III cities," he added.

Canon today launched EOS M50 model camera, strengthening its range of mirrorless camera, targeting the insta generation.

Priced at Rs 61,995, M50 is equipped with 4K movie shooting capabilities.