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Parle Biscuits FY19 profit rises 15% easing worries over growth, layoffs: Report

This comes merely two months after the company warned it would have to lay off employees owing to a slump in growth and decreased demand for entry-level biscuits.

October 16, 2019 / 09:23 PM IST
No. 1: Parle | CRP: 6,029 million (12 percent increase) (Image source: Wikimedia Commons)

No. 1: Parle | CRP: 6,029 million (12 percent increase) (Image source: Wikimedia Commons)

Parle Biscuits, part of Parle Products, saw a 15.2 percent increase in its net profit in FY19, according to news reports.

Business platform Tofler pegged Parle Biscuits' FY19 net profit at Rs 410 crore, against a Rs 355 crore net profit in the FY18, News18 reported.

This comes merely two months after the company warned it would have to lay off employees owing to a slump in growth and decreased demand for entry-level biscuits.

The group, along with other biscuit manufacturers, has been demanding a GST cut for the sector since 2017. The government has placed entry-level biscuits in the same tax bracket as cookies which are priced much higher.

As per a Business Standard report, Parle Biscuits' overall revenue witnessed a 6.4 percent year-on-year rise to Rs 9,030 crore. Operational revenue alone grew nearly 6 percent to Rs 8,780 crore in FY19 as compared to the previous year, while other income rose 26 percent to Rs 250 crore in this financial year.
Moneycontrol News
first published: Oct 16, 2019 09:07 pm

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