Nikon aims double-digit FY24 growth, expects India to be in top 3 markets

Japanese imaging products maker Nikon expects around 11 per cent volume-driven growth in India in the current fiscal, touching its top-line to Rs 1,000 crore-mark, and expects the country to be among its top three global markets, according to top company officials.

Growth in the current year will be led by increased mobility, growing penetration and growth of the economy, said Nikon India Managing Director Sajjan Kumar.

The company, which is known for its imaging products business here, is also expanding its healthcare business in India and expects the segment's contribution to increase in the coming year.

"We expect India to be among the top three markets after US and China," Nikon Chief Regional Director for S E Asia, Oceania, Middle East and Africa Region Keizo Fujii told PTI.

Currently, India is the fifth largest market for imagining products after US, China, Japan and Germany.

In his zone India contributes around 40 per cent of sales, said Fuji.

For the financial year ended on March 31, 2023 Nikon India had a revenue of Rs 900 crore, registering a year-on-year growth of 17 per cent, said Kumar. This was Rs 820 crore in the pre-pandemic FY21.

"We have crossed our pre-Covid numbers (FY21), which is a healthy sign. Now there would be growth on above that. It reflects growth and environment in our country," he said, adding that now besides weddings, other avenues of photo shoots such as events, and wildlife photography are increasing.

These provide the right kind of platform for growth/demand for Nikon lenses, and new equipments. Now the professionals required for covering the events like wedding, fashion, sports, travel, and content creation has increased from pre-Covid times, Singh added.

When asked about expected growth for the current fiscal, Singh said: "We expect a double-digit growth, close to 11 per cent, touching Rs 1,000 crore. This would be more volume driven."

As part of its business strategy, the company is focusing on all three segments -- entry-level, mid and high-end segments to pursue its growth.

Though high-end cameras give a push to revenue but "entry level is very important for our products where a customer is getting first-hand experience of our technology," he said.

About the expansion of Nikon beyond the imaging sector, Singh said in April last year, it had forayed into the healthcare segment, which contributed around 5 per cent of its business.

Currently, it is offering microscopy solutions and is also bringing its eye care solutions where it supplies the ultra-widefield retinal imaging device by Optos.

"I am sure the way healthcare is getting importance, it is bound to grow," he said, adding, "Presently, we are establishing our first segment. The idea is to establish a direct interaction with the customers in the segment. Hence we have started a certain range of products."

Besides, Nikon which also operates in other business segments such as industrial metrology, precision equipments, components business etc., may consider entering these verticals in the Indian markets at later stage.

When asked about Nikon India's imaging business, Singh said now mirrorless cameras dominate over DSLR (digital single-lens reflex) cameras. The mirrorless camera which does not require a reflex mirror, unlike DSLR, contributes close to 75 to 80 per cent, Singh said.

On the overall India DSLR and mirrorless market, he said: "Last year value-wise it was close to Rs 3,000 crore and Nikon's share was around 30 per cent."

Nikon competes with bands like Canon, Sony, Fujifilm and Panasonic in the Indian market.

The company which is a 100 per cent subsidiary of Japan-based Nikon Corporation, is currently having 140 experience zone across the country, which are in shop-in-shop format. Its products are available at around 1,500 points of sale.

As part of the expansion, the company on Thursday introduced Nikon Z8 expanding its mirrorless series. Its camera body would be available at Rs 3.43 lakh.