New Delhi: Parle Biscuits, a leading manufacturer of biscuits and confectionery known for its iconic Parle G brand, witnessed a significant surge in profitability during the fiscal year 2024. The company reported a remarkable twofold jump in profit, reaching Rs 1,606.95 crore, while its revenue from operations experienced a modest 2% growth to Rs 14,349.4 crore.
According to financial data accessed through the business intelligence platform Tofler, Parle Biscuits’ total revenue saw a 5.31% increase to Rs 15,085.76 crore in FY24, driven by a rise in other income streams. This growth comes on the heels of a strong performance in the previous year (FY23) when the company recorded a standalone profit of Rs 743.66 crore and a revenue of Rs 14,068.80 crore.
Parle Biscuits’ commitment to brand building was evident in its advertising expenditure. The company allocated Rs 442.81 crore towards advertising and promotional activities in FY24, a 3.23% increase from the Rs 428.93 crore spent in the preceding year.
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Despite the higher advertising spend, Parle Biscuits managed to maintain a healthy bottom line. Total expenses for the company amounted to Rs 12,979.41 crore in FY24, a slight decrease of 2.54% year-on-year. The company also incurred a tax expense of Rs 499.4 crore during the fiscal year.
Looking ahead, Parle Biscuits expressed optimism about its future prospects. “FY24 was a fulfilling and promising year for the company,” the company stated in a release. “We continue to aggressively pursue new opportunities in the field of biscuits and confectionery.”
Parle Biscuits is a wholly-owned subsidiary of Parle Products, one of India’s largest food and beverage companies.
