Parle Products surpasses $2 billion revenue mark in FY22
India Infoline News Service |
23 Nov, 2022 |
Parle Products, which sells brands such as Parle G, Monaco, and Melody, crossed $2 billion in annual revenue in FY22, becoming India's first packaged food company to do so.
During the fiscal year ended March 31, 2022, the biscuit maker increased net sales by 9% to Rs16,202 crore, while profit fell by 81% to Rs256 crore. According to the company's filing with the Registrar of Companies, it had sales of Rs14,923 crore and a profit of Rs1,366 crore a year ago.
Parle Products stated that its value-for-money strategy, particularly for Parle G, has been critical in consistently growing the brand over the years, especially during inflationary times when consumers are cutting back on spending and opting for smaller packs.
"Rural areas, which account for about 55-60% of total sales, also fueled growth. We also increased our distribution by 12% last year, which aided us,â€ Mayank Shah, senior category head at Parle Products, stated.
Last year's profit was unusual because we didn't run any trade schemes or promotions, cut back on advertising, and saved significantly on variable costs during Covid."
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