Quake may hit Canon India revenue by 5%

Imaging and printing major Canon has said damage inflicted by the earthquake and tsunami in Japan will hit revenues from India operations by five per cent this year due to glitches in supply of critical components.

The company, which had clocked revenues of Rs 1,257 crore from India in 2010, “definitely” stands getting impacted by the events in Japan, its president and chief executive Kensaku Konishi, said here.

“In percentage terms, it can go up to five per cent of our top line as the supply lines get hurt,” Konishi said. He added none of Canon’s own facilities in Japan had had any impact due to the twin disasters but some suppliers who manufacture components had reported damage.

“Canon factory has not suffered. We are okay. But we are worried about the parts’ suppliers. We are getting indirect impact,” he said. There will be no impact in the short term as the company and channel partners are currently holding stock but over the long term, it will be more pronounced.

Konishi said it was difficult to say which products in its portfolio would be more impacted, as, every product gets some components from Japan.

MTS India slashes calling rates to Japan
Telecom service provider Sistema Shyam TeleServices Ltd slashed its calling rates to Japan by 78 per cent to Rs 1.99 a minute to help connect people with friends in the earthquake-struck nation. “There are people all over India who are concerned about the well-being of their friends and loved ones. In an endeavour to do its bit, MTS India has taken a decision to drop the calling rates to Japan by 78 per cent to Rs 1.99 per minute,” MTS India Chief Marketing Officer Leonid Musatov said.