Fujifilm India eyes double-digit growth in FY24

Japan-based Fujifilm, which operates here in consumer-focused business with cameras, photo printers, healthcare, and industrial products, is looking for double-digit growth in the current fiscal, its India Managing Director Koji Wada said on Monday.

For the Tokyo-headquartered firm, India is an important market, where it is focusing "very much", he added.

The company which is popular for its digital cameras and Instax series instant camera, among others, expects the growth to come across the verticals, said Wada.

"Overall we are expecting a double-digit growth. For consumer business as camera and Instax series, the growth would be more than double-digit," Wada told PTI.

For Fujifilm, healthcare is the leading business in India, contributing over 60 per cent and the rest comes from other verticals such as the consumer business of imaging and printing products and others which includes graphic art, data management, optical devices and data management.

In the healthcare vertical, Fujifilm is present in segments such as X-ray imaging devices, endoscopy systems, MRI and CT Systems, ultrasound systems, healthcare IT, in vitro diagnostics etc.

The company is also working on PPP (public-private partnerships) model involving collaborations with government agencies in the health sector and is looking to add more partners. Besides, its sales of machines in the healthcare system are also increasing, said Wada.

"We are participating everywhere in the segment," he added.

As per the RoC (registrar of companies) filing, Fujifilm India's gross revenue for the financial year ended March 2022 stood at Rs 1,313 crore, which was up 37.64 per cent from a year-ago period. Its total profit for the period was also up two-fold to Rs 89.58 crore.

Talking about the camera business, Wada said wedding photography and commercial photography is a big market with enough headroom to grow. It will continue to grow despite the emergence of smartphones and other alternatives in the segment.

Its Instax series had reported the highest growth, reporting sales even from small towns, where last mile connectivity was facilitated by Fujifilm's e-commerce channel partners, said its Head of Digital Camera, Instax, and Optical Devices Business Arun Babu.

The company, which actually opened the mirrorless camera segment in India, believes that the time for this technology to dominate in the photography world here is yet to come, but it is hopeful looking at the young aspirational demographics of the country.

When asked about the retail presence in the camera segment, Babu said it is one of the latest entrants and most of the investment for growth is organic.

Fujifilm is expanding its retail presence in the camera segment by increasing its availability at more physical stores besides focusing on online sales channels.

Currently, it has 70 stores, operated by its partners and its Instax series is available at 1,200 stores.

"We are trying to expand it further," said Wada.

He did not share any projected numbers but said Fujifilm is now focusing on tier-2 and tier-3 towns.