‘A drowning man will clutch at a straw’ is a famed theory that defines Parle G’s effort to grow its business beyond odds. Rather than playing the blame game, the decades-old biscuit manufacturing company has worked the way out to make a profit growth this year.
Going beyond Scaremongers
Earlier, Parle-G made breaking news with a report that it was planning to remove 10,000 workers and reduce production work due to an economic slowdown. This incident helped ‘Economy Scaremongers’ spread hate against the government’s economic policies which they believed was letting down countries’ growth.
According to a report, Parle Biscuits’ F19 net profit was recorded at Rs 410 crore. Total revenue grew 6.4 percent YoY to Rs 9,030 crore, with revenue from operations alone growing nearly 6 percent to Rs 8,780 crore from the previous year (Rs 355). Other income jumped 26 percent to Rs 250 crore in FY19, aiding top-line growth.
GST’s role
BJP leader Amit Malviya has reacted to this incident and took a dig at “enlightened economists”. “Remember just a few days ago, ‘enlightened Economists’ were telling us how people were not able to afford even small packs of Parle G? Well, Parle Biscuits’ net profit has risen by 15% in FY19; revenue is up 6.4% to Rs 9,030 crore,” he tweeted.
Remember just a few days ago, ‘enlightened Economists’ were telling us how people were not able to afford even small packs of Parle G? Well, Parle Biscuits net profit has risen by 15% in FY19; revenue is up 6.4% to Rs 9,030 crore. https://t.co/OpGGaMU0mw
— Amit Malviya (@amitmalviya) October 16, 2019
Mayank Shah, head at Parle, had said in an interview previously, that market for popular Parle biscuit brands such as Parle-G had been worsening since India turned out a nationwide goods and services tax (GST) in 2017, which taxed a higher duty on biscuits costing as low as 5 rupees, or 7 cents a pack.
Due to the higher tax slapped on Parle, it forced the company to offer fewer biscuits in each pack, hitting demand from lower-income consumers in rural India, which provides more than half of Parle’s revenue. “Consumers here are extremely price-sensitive. They’re extremely mindful of how many biscuits they are getting for a particular price,” Shah said.
Twitter reactions
A Big slap on Economy scaremongers.
Parle G has posted a robust 15% Profit growth and 7% revenue growth.https://t.co/MbMBhJgJuR— Rishi Bagree ?? (@rishibagree) October 16, 2019
Parle Biscuits net profit rises 15%, Rev up abt 6.4% to 9030Cr.. pic.twitter.com/UWthBWPyz3
— Curator Core (@CuratorCore) October 16, 2019
https://twitter.com/smritirajput17/status/1184351081083494400
There are some smart asses sharing the increase in in profit of Parle Biscuits, and asking now what have all the naysayers got to say.
This is the story. https://t.co/y3EHuTGSP2— शिक्षित बेरोज़गार (@kaul_vivek) October 16, 2019
Parle biscuits net profit raises 15% in FY 19. Revenue reported at 9030 crores against 8780cr in previous year. Another Propaganda failed. https://t.co/k7kqQxCF8v
— Haritha Varanasi (@vharitha17) October 16, 2019
He deserves credit for the Parle Biscuits rising !!#ParleG pic.twitter.com/uHPdsx2nSD
— Rohit Moond (@Ro27hit) October 16, 2019
After Parle Biscuits got trolled on Social Media
Parle : pic.twitter.com/RYz3FEeY5s— Payal Das (@DaspayalPayal) October 16, 2019
Parle Biscuits net profit rises 15%, Rev up abt 6.4% to 9030Cr…
Looks like slowdown is a thing of past now… ppl are able to buy the 5 Rupee parle G without much difficulties #ParleG #slowdown
— Rohit Mishra (@RoMish1987) October 16, 2019
Aw..What a bad day for UPA Economists. Parle Biscuits net profit rises 15% in FY19; revenue up 6.4% to Rs 9,030 cr https://t.co/dr0UspGicm
— Venkatesh Krishnamoorthi (@Thevenchris) October 16, 2019
Have they started selling movie tickets? No one buys Parle G anymore na
Parle Biscuits net profit rises 15% in FY19; revenue up 6.4% to Rs 9,030 cr https://t.co/oGTjNCElLS
— AP (@ap_pune) October 16, 2019
After all the tamasha and threats of laying off more workers than it actually has, turns out Parle Biscuits is actually doing very well: net profit rises 15% in FY19; revenue up 6.4% to Rs 9,030 cr. https://t.co/SyRGpRwTt8
— Amit Thadhani (@amitsurg) October 16, 2019
https://twitter.com/SamapikaShukla/status/1184351843838676992
Legend Bunty deserves to on Parle Biscuits pack as a brand ambassador for single handedly surging company's profit. pic.twitter.com/KAmuFjAAom
— The Ironic Indian (@Ironic_Indian) October 16, 2019
Parle biscuits — #ParleG #kids to dadaji #durdharshan to internet 5g ,everyone like parle G pic.twitter.com/1XYVzIWZPo
— Chetan agarwal (@Chetanniketa) October 16, 2019
A Big slap on Economy scaremongers, #pseudointellectuals #pseudojournalist #fakenarrative expert, #antigovt!
Parle G has posted a robust 15% Profit growth and 7% revenue growth #ParleG !https://t.co/UEox5wIcwz
— Gaurav Mishra (@Imkgauravmishra) October 16, 2019
A Big slap on Economy scaremongers, #pseudointellectuals #pseudojournalist #fakenarrative expert, #antigovt!
Parle G has posted a robust 15% Profit growth and 7% revenue growth #ParleG !https://t.co/UEox5wIcwz
— Gaurav Mishra (@Imkgauravmishra) October 16, 2019
This gimmick played by #ParleG is pathetic and a buster for those who were criticizing GST…. Parle Biscuits just want to earn more and thus playing this gimmick to reduce GST bcoz consumer was no way benefited with corporate tactics..#incometaxghatao
— PRATEEK GOEL (@prateekstrider1) October 16, 2019
Remember just a few days ago, ‘enlightened Economists’ were telling us how people were not able to afford even small packs of Parle G?
Well, Parle Biscuits net profit has risen by 15% in FY19;
Revenue is up 6.4% to Rs 9,030 crore#parleBisuits pic.twitter.com/UjII0cMQhA
— India Social Game (@IndiaSocialGame) October 16, 2019
