Parle Agro's Profit Tumbles by 89.1% in FY24

Parle Agro recorded a significant decline in its financial performance for FY24, with a 12.3% drop in revenue to Rs 3,126.06 crore and an 89.1% fall in profit to Rs 17.29 crore. Despite increased promotional expenses, the company's overall income saw a downward trend compared to the previous year.

Parle Agro, a prominent player in the beverage market with well-known brands like Frooti and Appy, has experienced a substantial decrease in its financial results for the fiscal year 2024. The company's consolidated revenue fell by 12.3% to Rs 3,126.06 crore, as revealed in a recent RoC filing.

The decline was even more pronounced in profits, dropping 89.1% to Rs 17.29 crore, as per data retrieved from Tofler's business intelligence platform. This is a stark contrast to the previous fiscal year, where revenue from operations was Rs 3,565.96 crore and profit stood at Rs 158.78 crore.

Despite boosting its advertising promotional expenses by 17.7% to Rs 278.38 crore, Parle Agro's total consolidated income for FY24 was 12.15% lower than the previous year. The firm, led by Prakash J Chauhan, attributed the downturn to decreased domestic sales and export revenue.

(With inputs from agencies.)