Privately owned Parle Biscuits, 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) even as the group along with other top biscuit manufacturers have asked the government for a goods and services tax (GST) cut.
According to information shared by business platform Tofler, Parle Biscuits' FY19 net profit was Rs 410 crore versus Rs 355 crore reported the previous year. Total revenue 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. Other income jumped 26 per cent to Rs 250 crore in FY19, aiding top line growth.
Parle Products had indicated in August it would have to lay off people as slowing growth and falling demand for entry-level biscuits, after an 18 per cent GST was slapped on it, could cause production cuts.