New Delhi: Japanese electronics firm Casio on Wednesday said it is eyeing a 20% increase in sales to around Rs250 crore this fiscal driven by robust growth in its watch business.
The company, which on Wednesday launched 3D enabled projectors in India, said it plans to capture around 10% share of the estimated Rs700-800 crore Indian market in the segment in the next two-three years.
“Last year we had a turnover of around Rs200 crore. This year, we expect 20% increase...We have been growing at this rate and will maintain it,” Casio India Kulbhushan Seth told the news agency.
While a major chunk of the company’s overall sales currently comes from calculators, he said watches would be one of the main growth drivers in future.
“The acceptance of Casio watches is growing immensely in India. We see that as our potential growth area. Even the product line that we have is matching with the Indian taste,” Seth said.
At present, the watch category contributes around 30% to its total business in India. Casio expects around 50% of its overall sales in India to come from the segment in the next three-four years.
Apart from calculators and watches, Casio also sells other electronic items, including digital cameras, musical instrument and digital clocks among others.
Expanding its product portfolio in India, the company also launched projectors, with a price range of Rs67,000 to Rs1.34 lakh.
“The Indian projector market will be around Rs700-800 crore... In the next three-four years, our aim is to capture 10% of it,” he said.
The company said India is one of its focus markets and will continue to look for opportunities to introduce more global products in the country.
“India, China and Brazil are the some of the emerging markets that Casio is very much focused on. We will keep looking for opportunities to bring in more products,” Casio India managing director Masao Naka said.
He, however, declined to provide any details on the kind of products the firm plans to bring in but said its immediate focus would be to boost sale of the projectors that it launched on Wednesday.