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Nikon India expects double-digit growth in India in the current fiscal year and aims to strengthen its imaging business with more launches and market expansion, top company officials said on Thursday.
Currently, India contributes around 6 per cent of Nikon's imaging business globally, Nikon India Managing Director Sajjan Kumar said.
Besides, Nikon is expanding its healthcare business in the Indian market, in which it operates in segments such as microscope solutions.
The company has plans to expand this vertical, which currently contributes around 5 per cent of its business here, Kumar said.
For the financial year 2024, Nikon India has reported a revenue of Rs 965 crore, said Kumar.
When asked about the current financial year, Kumar told PTI:" we aiming for around Rs 1,060 crore revenue, with a 10 per cent growth".
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Currently, India is the fourth largest market for imaging products after the US, China, and Japan.
"When it comes to imaging, we are contributing almost 6 per cent of the worldwide turnover," he said, adding that "For full-frame camera, we are number three (globally) when it comes to overall positioning, we are at number four".
According to Kumar, the government invests in the healthcare segment, providing opportunities for the growth of Nikon's healthcare business.
"The way our government is focusing on the healthcare sector, we are hopeful that we will have much faster growth in that segment," he said.
It is also looking to enter into eye care solutions which has a play in ophthalmic lenses and eye diagnosis segments.
On when the company plans to enter into the segment, Kumar said: "For ophthalmic and eye care business, wait for the right moment."
Globally, under its healthcare vertical, Nikon operates in life science solutions, eye care solutions and contract cell development.
Keizo Fujii, Managing Director of Nikon Singapore, said the Indian market has the potential to come under its top three markets in coming years, helped by the growing economy and the number of youths in the country.
"The Indian market is growing and the speed here is beyond our expectations," Fujii said, adding, "Nikon has very large expectations from India's performance and its imaging business."
According to Fujii, India's imaging business is slightly different from other markets.
"The wedding industry is leading the imaging business other than cinema and photography," he said.
Nikon, which is a 100 per cent subsidiary of Japan-based Nikon Corporation, now has a pan-India presence and is focusing on enhancing quality services to its customers after sales, Kumar added.
The company on Thursday launched Z6III model here, which inherits the features from high-end predecessors Z9 and Z8 models. Priced at Rs 2.48 lakh, it has superior autofocus capability, rich video specifications and blazing still image-capturing speed of up to 120 fp.
Nikon competes with brands like Canon, Sony, Fujifilm and Panasonic in the Indian market.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
