India’s FMCG giant, Parle Products, which houses brands including Parle G, Monaco and Melody, has become the country’s first packaged food company to cross $2 billion in annual revenues during FY22, as per ET report.
The biscuit maker posted a 9% increase in net sales at Rs 16,202 crore while profit slipped 81% to Rs 256 crore during the year ended March. A year ago, Parle had sales of Rs 14,923 crore and profits of Rs 1,366 crore, according to the company's filing with the Registrar of Companies.
According to the report, Parle Products' value for money plank, particularly for Parle G, has been critical in consistently growing the brand over the years, especially during inflationary times when consumers are cutting spends and opting for smaller packs.
"The growth was also driven by rural areas, which accounted for nearly 55–60% of the overall sales. We also expanded our distribution by 12% last year, which helped," said Mayank Shah, senior category head at Parle Products. "Last year's profit was abnormal when we didn't run any schemes or promotions in the trade, curtailed advertising, and saved significantly on variable costs during Covid."
Parle had also retained its position as India’s most chosen FMCG brand this year, as per the Brand Footprint study.
The Brand Footprint study, which was done by international market research company Kantar Worldpanel, revealed in July 2022 the annual ranking of the most chosen consumer brands in India. As per the rankings, Parle beat Amul to retain the top spot. The study ranks brands on the basis of their consumer reach points, or CRPs, a composite metric that combines how many households are buying a brand (penetration) and how often (frequency of purchase).
Rankwise, the top 10 FMCG brands in the list were: Parle, Amul, Britannia, Clinic Plus, Tata Consumer, Ghadi, Nandini, Colgate, Aavin, and Lifebuoy.
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