Parle Posts Profits despite slow down

Parle Biscuits, owned by the Parle Group has registered a 15.2 % year-on-year growth in net profit for the financial year 2018-19. As per a report in Business Standard, business platform Tofler has reported that Parle Biscuits’ net profit for FY19 is at Rs 410 crores versus Rs 355 crore reported the previous year.

Parle was also one of the biscuit manufacturers in India who had earlier asked the government for a cut in GST rates. As per the report, Parle had recorded a 315 crores profit in the last financial year. The Revenue has also gone up to Cr to Rs.9030 Cr with a 6.4 % increase in revenue . However these reports are for the 2018 -19 Financial Year.

Parle has seen a increase in Profit margin in FY 19. Source : Wikipedia

Parle the Leading Biscuit Manufacturer warned that there could be layoffs , Since biscuits were clubbed in the 18 % G.S.T bracket, which were biscuits priced below Rs 100 per kg were exempted from excise duty.

Remember just a few days ago, ‘enlightened Economists’ were telling us how people were not able to afford even small packs of Parle G? Well, Parle Biscuits net profit has risen by 15% in FY19; revenue is up 6.4% to Rs 9,030 crore. — Amit Malviya (@amitmalviya) October 16, 2019

BJP Leader Amit Malviya was quick to react as he took a cheeky dig on Parle. as he tweeted.

#Economy #Money