Canon India, imaging technologies provider, has said it expects to double its turnover to Rs 1,000 crore in the next two years, from its present Rs 500 crore.
"We took 10 years to achieve sales of Rs 500 crore. But in the next two years, we expect our sales to double," Canon India Senior Vice President Alok Bharadwaj said.
In 2007, the company had sales worth Rs 500 crore and expects to close 2008 with sales of Rs 700 crore, he said.
Canon, which entered the Indian market in 1997, has been growing at 18 per cent per annum. Last year, it witnessed a growth of 35 per cent. This year, the company is expecting a growth of 35-40 per cent, Bharadwaj said.
The growth in revenue is largely because the company has added products for more industries and is concentrating on its top 100 corporate clients.
"We have formed a separate sales team to cater to our top 100 corporate accounts," he said, adding that Canon has increased the retail points from 2,500 to 4,000 now and from 250 distributors to 350.
However, Canon has become uncomfortable with the depreciation of the rupee against the dollar, because of which costs of imports have gone up. The rupee has gone down by 14 per cent against the US dollar, he said.
"At the beginning of the year, we were buying at Rs 41 for a dollar, but now it is Rs 47 to a dollar," he said.
