Canon India is targeting a 15 per cent increase in revenues to Rs 2,125 crore in 2013 on the back on new product launches.

The electronics major had recorded revenues of Rs 1,850 crore in 2012.

“Although the overall consumer sentiment is down but with the introduction of new technologies and products we should be able to achieve a 15 per cent growth in our revenues to Rs 2,125 crore,” Canon India Executive Vice President Alok Bharadwaj told The Hindu.

Canon gets about 45 per cent of its revenues from cameras, while the remaining comes from printers and copiers as well as commercial printers.

Further, Mr. Bharadwaj added that the company is now focusing more on middle and high-end cameras amid smartphones with high resolution imaging capabilities eating into sales of entry level compact cameras.

“While DSLR segment is growing at 20 per cent and mid to high end compact camera is seeing a 15 per cent, there has been almost 40 per cent in entry level compact cameras,” he said.

Meanwhile, the company on Tuesday launched 12 new camera models and plans to invest about Rs 100 crore in marketing of the products and setting up new stores.

The new range, includes wi-fi enable camera to enable “capturing and sharing” of photographs which is the trend now a days, he said, adding, “With the launch of these models, almost 40 per cent of our compact digital camera range has become wi-fi enabled. We expect one-third of total compact digital camera business to come from these models.”

Canon India plans to expand its 'Canon Image Square' stores to 300 by 2015 as it looks to double the revenues from the vertical to over Rs 340 crore in the next three years.

The company presently has about 100 such stores across the country and expects to generate Rs 172 crore revenues from the vertical in 2013.

“We are planning to create 300 stores in three year's time. We can go to 100 more towns during this period. We expect that in next three years revenues from this vertical would double and clock around Rs 340 crore,” Mr. Bharadwaj said.

RELATED NEWS

Canon India eyes 15 % growth in revenues April 24, 2013