Amid Economic slowdown, privately owned Parle Biscuits — a part of the Parle Products group — reported 15.2 per cent year-on-year (YoY) growth in net profit for financial year 2018-19 (FY19), two months after the company indicated that it would have to lay off people due to slowing growth and falling demand for entry-level biscuits. The company has also asked the government for a cut in Goods and Services Tax (GST).
Parle Biscuits' FY19 net profit was Rs 410 crore versus Rs 355 crore reported the previous year, according to business platform Tofler report.
Total revenue of the biscuits manufacturing company grew 6.4 per cent YoY to Rs 9,030 crore, with revenue from operations alone growing nearly 6 per cent to Rs 8,780 crore from the previous year. Also, income jumped 26 per cent to Rs 250 crore in FY19, aiding top-line growth, the Business Standard reported.
Parle had sought a cut on the Goods and Services Tax (GST) in August, adding that it would be forced to lay off 10,000 workers. An 18 per cent GST was slapped on Parle in August.
"We have multiple biscuit brands that are aimed at mid- and low-income consumers which form the core consumer base of a category such as ours, and we are hoping the GST increase will be rolled back if the government wants to revive demand," the company official had said.
Founded in 1929, Parle Products employs around 1 lakh people. Parle has 125 manufacturing units as well as 10 company-owned facilities.
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