Nikon on track to grow 40%, Mirrorless accounts for half of revenue

The company is targeting revenue of Rs 745 crore this year as compared to Rs 520 crore in the last fiscal, which was hit by the pandemic to some extent. India now contributes 5% to Nikon’s global imaging business.

Sajjan Kumar, MD, Nikon India Pvt Ltd said that mirrorless full frame cameras are now contributing almost half of Nikon’s revenue. The Japanese camera major has launched its 45.7MP flagship mirrorless camera Z9 in India, targeting the wildlife, sports, fashion, media and wedding sectors. 

Kumar said that while the DSLR range was maintaining its numbers, there was high growth in the mirrorless segment, which was considered exclusive for a long time. “It depends on the preference of the customer and we have both ranges available… whatever they are comfortable with.” 

Despite the pandemic, Kumar said Nikon is on track to grow 40% this fiscal. “The first half is looking very good and the recovery is much higher than last year,” he said, adding that the launch of the Z9 is expected to increase the numbers. 

The company is targeting revenue of Rs 745 crore this year as compared to Rs 520 crore in the last fiscal, which was hit by the pandemic to some extent. India now contributes 5% to Nikon’s global imaging business.

Kumar said that the year of the pandemic has learned a lot from keeping in touch with customers to managing the supply chain and keeping the team engaged. “The material shortage is still going on which is probably affecting the timely availability of the products. We are trying our level best,” he elaborated.

Kumar said that there has been a significant growth in the creators segment during the lockdown. “We have seen a huge spike. They may start with a smart device, but will gradually migrate to a suitable device that can showcase their work”, he said. Additionally, Nikon has introduced a new kit for vloggers that gives them a set of tools that make this transition easier. 

Nikon is also banking on the expected spike in weddings this year as the COVID-19 situation eases across the country. “This wedding season, around 2.5 million events have been planned in the first month itself. It is now almost close to the per-pandemic level,” he said, acknowledging that the segment has also changed over the past year with prominence for live streaming and pre-wedding shoots.

Also, as an indicator of how the economy is improving, Kumar said this year’s Diwali was “one of the best in the past few years”.