Parle Agro FY24 revenue down 12% to Rs 3,126 crore, profit slides 89% to Rs 17 crore
Published On : 2024-11-20T23:53:27+0530 [ IST ] |
Author : Mayur_Tembhare
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Parle Agro operates in the beverage market with brands such as Frooti, Appy, SMOODH and Bailley. Its total profit fell 89.1 per cent to Rs 17.29 crore for the financial year ended March 31 2024.
Parle Agro Pvt Ltd an unlisted entity that operates in the Indian beverage industry posted revenue from operations of 3,565.96 crore and a profit of 158.78 crore in FY23.
The total consolidated income of Parle Agro led by Prakash J Chauhan was 12.15 per cent lower at Rs 3,209.43 crore in FY24 and Rs 3,653.48 crore in FY23.
Its advertising promotional expenses were 17.7 per cent higher at 278.38 crore in FY24 compared to 236.49 crore a year ago.
Parle Agro said the decline in profit and revenue in FY24 stemmed from significant tax policy changes.
Appy Fizz a rapidly growing challenger brand in our portfolio encountered a drastic GST increase of four folds from 12 to 40 per cent. This tax hike impacted our pricing strategy significantly, leading us to adjust serving sizes for consumers.
In response to these tax changes Parle Agro has made substantial investments exceeding Rs 600 crore in the dairy category.
This category also mitigates the volatility of seasonal beverages, particularly given the significant impact of unseasonal rains during the last financial year.
Furthermore with a comprehensive portfolio restructure the company is confident in driving substantial expansion for Appy Fizz once again.
Appy Fizz is already witnessing impressive growth rates of over 30-40 per cent for FY 2024-25 year-to-date compared to the previous year.
Parle Agro's revenue from domestic sales was Rs 3,061.10 crore and exports were Rs 26.81 crore in FY24.
Its total expenses were Rs 3,194.28 crore down 8.19 per cent in FY24. Ready to Master Stock Valuation?
Source : Reporters From Sunrise Chronicles
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Summary :
Parle Agro operates in the beverage market with brands such as Frooti, Appy, SMOODH and Bailley. Its total profit fell 89.1 per cent to Rs 17.29 crore for the financial year ended March 31 2024.
