Ricoh eyes double revenue from Indian market

The company has focused on IT services which now makes up 45% of its business

Japanese technology company Ricoh India is planning aggressive expansion targeting to more than double its revenues from the growing Indian market.  The company was focusing on healthcare, education, manufacturing and BFSI which were the key high growth verticals driving the economy.

“Last three years have been a dream run for Ricoh in India where we saw a growth of 50 per cent CAGR and last year alone we have grown by 65 per cent. Today customers are looking at partners that can develop and provide customized solutions. Three  hundred sixty degree framework has enabled Ricoh to emerge as one-stop business solutions provider for increasing the workplace efficiency of enterprises through IT automation and process integration. It is helping Ricoh India to achieve its vision to be the most trusted brand with irresistible appeal in the Indian market,” said Manoj Kumar, chief executive and executive vice president at Ricoh India.

In the last few years, the company has focused IT service business which now contributes its 45 per cent business. Ricoh India has clocked Rs 1,047 crore sales turnover in fiscal March 2014, thrice more from Rs 300 crore clocked in fiscal 2003.

Ricoh’s copiers, printers, scanners and fax machines business contributes 42 per cent, modular printers 8 per cent and laser printers 8 per cent.

Apart form this, the company has set up a toner bottling manufacturing facility in Gandhinagar in Gujarat, which began commercial production last year with the total investment of Rs 200 crore. It has a annual capacity of manufacturing 50,000 units per . The company sells a range of over 30 models of multi-functional products (MFPs) which combine copiers, printers, scanners and faxes in India. These machines are priced in the Rs 50,000 - Rs 1.5 lakh range.

It has set up data centres in Kolkata and Delhi to cater its growing IT solution business.

He added, "India is one of the key countries for growth and we are targeting to more than double our revenues in financial year 2015. Healthcare, education, manufacturing and BFSI are the key high growth verticals driving the economy. These verticals have their unique business requirements and Ricoh already has a large customer base in these segments. Ricoh is a force to reckon with in the entire domain of IT, communication and printing, bringing a paradigm shift in the office automation industry. "