Nikon India hopes Rs 1,000 cr revenue by FY24 amid robust sales recovery

Imaging products major Nikon India is expecting to clock a revenue of Rs 900 crore this fiscal, riding on a robust sales recovery with the waning COVID-19 pandemic, a company official said.

It is hoping to cross the Rs 1,000-crore sales mark by the 2023-24 financial year (FY24), he said.

In a bid to retain festive months' sales buoyant, the company has not hiked prices of its products despite pressure on margin and supply chain with rising costs, Nikon India managing director Sajjan Kumar said.

The festive season spreading from Onam to Diwali contributes 32-35 per cent of its total annual revenue, he said.

 

"With the robust recovery, we are going to surpass the pre-COVID level sales this year. We expect Rs 900 crore turnover in FY'23 and will exceed the Rs 1,000-crore mark in FY'24," Kumar said in an interview.

The camera market is estimated at Rs 3,000 crore per annum, he said, adding that products for social media content creators and professionals are the growth drivers.

The product that caters to content creators for social media and bloggers is growing at 45 per cent in the entry-to-mid-range segment, the company official said.

This segment accounts for around 25 per cent of the imaging sector in value terms. We have a strong product for this category with Nikon Z 30, which is a game-changing camera," Kumar said.

Speaking on the professional camera segment, he said it is also growing at a rate of 20 per cent.

There are some challenges in the supply chain but that is easing out gradually, he said.

The company imports its products mostly from Bangkok and Japan.

The camera maker said it will continue to expand its footprint deeper into India. Currently, it has 145 experience zones and shop-in-shops, across the country.

The eastern region of the country contributes around 18 per cent of its sales.

Nikon is coming up with a Durga Puja-centric campaign to boost sales, he added.