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Canon India sees 25% growth

Canon India sees 25% growth
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First Published: Mon, Jan 12 2009. 11 34 PM IST
Updated: Mon, Jan 12 2009. 11 34 PM IST
New Delhi: Canon India, a subsidiary of Japanese digital imaging company Canon, says it does not expect to make a profit in 2009. Although the company did not make a profit in 2008, it did have a net profit margin of 4% in 2007.
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The company says it remains bullish on India despite the global downturn and will invest $5-10 million in the country in 2009. It also plans to launch 100 new products in 2009 and hire 100 people taking the total headcount in India to 800.
Canon India President and CEO Kensaku Konishi says this money will be used to help dealers extend finance to customers. The money will come through the parent firm Canon Singapore.
The company also expects to grow its sales at 25-30% growth rate in the current year. This will be less than the 31% growth rate it saw in 2008 and the 38% growth rate in 2007.
The company had revenues of Rs650 crore in 2008 and expects to touch Rs850- 900 crore in 2009. It had revenues of Rs510 crore in 2007.
Canon expects a 0-5% dip in sales globally.
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First Published: Mon, Jan 12 2009. 11 34 PM IST