Ricoh India Looks to Quadruple Revenues

Ricoh India expects to grow its revenues from India four-fold by the end of 2017 Fical year, from the Rs 1,047 crore (US$ 166.4 million) it reported in FY14.

Manoj Kumar, Managing Director of Ricoh India said the company will have to cross Rs 4,000 crore (US$ 635.6 million) by March 31, 2017, with an annual growth rate of 55-60%. He said the company perfectly fits in to the pace at which it is growing today.

As was reported by Business Standard, much of Ricoh India’s growth would be driven by IT services space which currently stands around 45% of the overall business.

Ricoh India used to deal only in office automation products and multi-functional devices such as copier, scanner, printer and digital duplicators. By adding business lines like IT services, production printers and laser printers, the company is positioning itself as an integrated solutions provider for the customers whether it is in government space or even in corporate.

The parent Ricoh has infused Rs 200 crore to support the growth of Ricoh India last year. “When we are growing at a phenomenal pace, obviously our demands for funds are also increasing. The basic purpose is to keep the cost of borrowing down as the borrowing rates in India are much higher,” added Kumar.