Canon India revises annual revenue targets

by Ashutosh Desai    Apr 19, 2010

Riding on "phenomenal business" in the first quarter (Jan-Feb-March) of this year, Canon India has revised its earlier target of Rs 1,100 crore and placed it a few notches higher — to Rs 1,200 crore. The company’s top line, according to Alok Bharadwaj, Senior VP, Canon India, grew by 60 percent in the first quarter which has given confidence for this revision.
"Last year, we did Rs 840 crore as a company. This year has been better and we had set a 30 percent growth target," said Bharadwaj. "But growth of 60 percent in the first quarter itself has given us confidence that an annual 40 percent growth is possible."
Out of the Rs 1200 crore revenue, 35 percent business is expected to come from digital cameras, 30 percent will come from Canon’s CSP division, while the BIS business will constitute of about 25 percent of the overall revenue. According to Bharadwaj, percentage-wise, compared to last year, this (proportion) is the same. But, while last year the BIS division growth was flat, this year it is showing growth at about 25 percent.
To drive this, the company has created a special major accounts team that will focus on the top 300 accounts, instead of just "spreading it (document management) everywhere." The company is also looking to replicate its success in the verticals it is already present in. Apart from that, Bharadwaj also intends to focus on healthcare and education, in particular, which has a greater ‘paper load’ than BFSI. 
Canon India is also going to hold high-level discussions with the Government with regard to document management solutions. Even though the company is yet at the discussion stage with various government departments, Bharadwaj informs, "We are offering a pilot study at our cost for them to see the outcome. The Government is pushing for the public private partnership model (PPP). Many large IT companies are getting the responsibility to do the last mile service delivery."
MindTree and more recently Maruti Suzuki are some organizations who have adopted the company’s centralized printing solutions to save on paper, energy and observe document security.