New Delhi: Japanese imaging firm Nikon on Wednesday said it is aiming for the Indian market to contribute up to 5% of its global revenue within next three years on the back of robust growth here.
However, the company’s wholly-owned subsidiary, Nikon India, has lowered its turnover projection for 2012-13 by 8.33% to Rs 1,100 crore due to slowdown in Indian economy and rupee depreciation.
“The Indian market has a huge potential and Nikon India is growing at a robust rate of 30% every year. We expect to continue this and are aiming to contribute five per cent of our global revenue in the next three years,” Nikon India managing director Hiroshi Takashina told PTI.
The company had contributed about 1.5% in 2011-12 to Nikon Corporation’s net sales of ¥918.65 billion.
“In India, we have seen that customer sentiments have gone down due to the overall economic slowdown. This has impacted sales of all consumer goods. However, we are hopeful that the market will revive with starting of the festive season,” Takashina said.
Giving details, Nikon India vice-president (imaging) Sajjan Kumar said the company has revised its sales projection downward to Rs 1,100 crore for FY13 from an earlier estimate of Rs 1,200 crore.
“We have revised it recently looking at the overall economic condition of the country. During last fiscal, we had a turnover of Rs 750 crore,” he added.
Kumar further said the depreciation of rupee has impacted the company’s margins heavily and it had last month hiked the prices of its select digital SLR (DSLR) camera models by up to 1.5%.
“Our other models are also under sever pressure. We are hopeful that rupee will recover. So we are trying to avoid any price hike. However, if the situation does not improve, we may have to take a call on price increase on other camera models too,” he added.
Kumar said the company currently enjoys about 55% share of the Indian DSLR camera market that stands at about 1.7 lakh units annually.
In the compact camera segment, Nikon India has about 25% share in the market that is estimated to be around 32 lakh units annually.
Nikon India on Wednesday launched a range of sport optics range such as binoculars, fieldscopes and laser range finders. While the binoculars are priced between Rs 3,750 and Rs 1,49,950, the fieldscopes are available for Rs 22,450 to Rs 99,950. The laser range finders are priced at Rs 19,950 to Rs 33,450.
Talking about marketing activities, Kumar said Nikon India would invest Rs 150 crore in this fiscal for brand promotion as against Rs 120 crore in last fiscal.
The company is also expanding its multi-brand sales network to 3,500 outlets by the end of FY13 from 3,000 at present, Takashina said.