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New Delhi, Nov 20 (PTI) Parle Agro, which operates in the beverage market with brands such as Frooti, Appy, SMOODH and Bailley, has reported a 12.3 per cent decline in its consolidated revenue to Rs 3,126.06 crore for FY24, according to an RoC filing from the company.

Its total profit plummeted 89.1 per cent to Rs 17.29 crore for the financial year ended on March 31, 2024, according to financial data accessed through the business intelligence platform Tofler.

Parle Agro Pvt Ltd, an unlisted entity which operates in the Indian beverage industry, posted revenue from operations of Rs 3,565.96 crore and a profit of Rs 158.78 crore in FY23.

The total consolidated income of Prakash J Chauhan-led Parle Agro was 12.15 per cent lower at Rs 3,209.43 crore in FY24. The same stood at Rs 3,653.48 crore in FY23.

Its 'advertising promotional expenses' were 17.7 per cent higher at Rs 278.38 crore in FY24 compared to Rs 236.49 crore a year ago.

When contacted Parle Agro said the decline in profit and revenue in FY24 stemmed from significant tax policy changes.

"Appy Fizz, a rapidly growing challenger brand within our portfolio, encountered a drastic GST increase of four folds, from 12 per cent to 40 per cent. This tax hike impacted our pricing strategy considerably, leading us to adjust serving sizes for consumers," Parle Agro Joint Managing Director Nadia Chauhan said.

In response to these tax changes, Parle Agro has made substantial investments, exceeding Rs 600 crore in the dairy category, she added.

"This strategic shift is redefining our growth trajectory. This category also mitigates the volatility of seasonal beverages, particularly given the significant impact of unseasonal rains during the last financial year," Chauhan said.

Furthermore, with a comprehensive portfolio restructure, the company is confident in driving substantial expansion for Appy Fizz once again.

"We are already witnessing impressive growth rates of over 30-40 per cent for FY 2024-25 year-to-date compared to the previous year. Appy Fizz will regain its benchmark performance," she added.

Parle Agro's revenue from domestic sales was Rs 3,061.10 crore and exports at Rs 26.81 crore in FY24.

Its total expenses were Rs 3,194.28 crore, down 8.19 per cent in FY24. PTI KRH KRH

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New Delhi, Nov 20 (PTI) iPhone maker Apple India posted a 23 per cent increase in net profit to Rs 2,745.7 crore in the financial year 2023-24, according to a company's regulatory filing shared by Tofler.

Apple India had posted a net profit of Rs 2,229.6 crore in FY23.

The company posted a 36 per cent rise in total income to Rs 67,121.6 crore in FY24 from Rs 49,321.8 crore in FY23.

"Apple India Private Limited (which) provides and markets Apple brand products and software, including mobile devices and laptops, reported its revenues for the financial year 2023-24 as Rs 67,122 crore, a 36 per cent jump since the last financial year," Tofler said.

The company further reported a net profit of Rs 2,746 crore during the same fiscal.

"This is a 23 per cent increase from the last financial year. The company's total expenses for the fiscal were reported as Rs 63,397 crore," it added.

According to Counterpoint Research, Apple was ranked second after Samsung with 21.6 per cent in terms of value market in the September 2024 quarter.

Apple India declared and distributed an interim dividend of Rs 9.43 lakh per share on 35,002 fully paid-up equity shares amounting to Rs 3,302 crore, Tofler said.

Apple's net profit margin declined to 4.09 per cent in FY24 from 4.52 per cent in FY23.

iPhone maker's net worth in India also declined by about 15 per cent to Rs 3,083.45 crore during the reported fiscal from Rs 3,643.62 crore in FY23.

The employee expense of Apple grew by about 18 per cent to Rs 2,599.7 crore from Rs 2,198.91 crore on a year-on-year basis.

During the year under review, the company contributed Rs 42.23 crore as a part of its CSR initiative. PTI PRS SHW

New Delhi, Nov 20 (PTI) Navratna PSU NLC India Ltd on Wednesday said it has contributed Rs 1 crore to the Kerala Disaster Mitigation Fund.

The contribution was made through NLC Tamil Nadu Power Ltd (NTPL) CSR Fund in Thiruvananthapuram.

NTPL is a joint venture of NLC India Ltd and Tamil Nadu Generation and Distribution Corporation (TANGEDCO).

"A cheque for Rupees 1 crore was handed over to Pinarayi Vijayan, Chief Minister of Kerala, by Prasanna Kumar Motupalli, Chairman & Managing Director, NLC India Limited," the PSU said in a statement.

On July 30, heavy rainfall triggered landslides in Wayanad. The contribution aims to support restoration efforts and rehabilitation of those displaced by the floods and landslides in the state, it said.

Motupalli also briefed the Kerala Chief Minister about NLC India's current activities and future plans.

NLC India has been a reliable power supplier to Kerala for over three decades, contributing to the state's economic growth and development.

NLC India has also signed a power purchase pact with Kerala State Electricity Board Ltd for supply of 400 MW electricity from the upcoming NLC Talabira Thermal Power Project at Talabira in Odisha. PTI SID TRB

Bhubaneswar, Nov 20 (PTI) Odisha Chief Minister Mohan Charan Majhi on Wednesday said the support and engagement of the Odia diaspora are crucial to strengthening the state's global outreach.

Majhi was speaking at an interactive session with more than 400 members of the Odia diaspora in Singapore on the concluding day of his visit to the island country.

During the tour, the delegation led by the chief minister participated in a series of high-level meetings, investment roadshows, visits to major industrial and infrastructure hubs, paving the way for future collaborations across key sectors, an official statement said.

"Our visit to Singapore has been highly productive, allowing us to explore new avenues and gain valuable insights for Odisha’s growth journey. The support and engagement of the Odia diaspora here are crucial to strengthening our global outreach,” Majhi said.

The meaningful discussions with industry leaders from diverse sectors like chemicals and petrochemicals, green energy, logistics, financial services, port-based industrial infrastructure have opened doors for potential collaborations, he said.

Industries Minister Sampad Chandra Swain said the visit to Singapore has been a significant step in showcasing Odisha's potential as a thriving investment destination.

“We are committed to improving port-based industrial infrastructure and expanding skill development initiatives to build a highly capable workforce. Our focus remains on sustainable growth, leveraging global expertise to drive innovation and boost economic progress,” Swain said.

Later, Majhi, in a post on X said: “I had a discussion with Mr Rene Pill Pedersen from AP Moller Maersk Group about establishing a ship recycling facility in Odisha. We also discussed enhancing port-based industrial infrastructure and logistics, including container terminals and the Multimodal Logistics Park (MMLP), which will significantly empower the state economy.” PTI BBM RBT

Mumbai, Nov 20 (PTI) The slackness in economic activities in the September quarter is behind and the medium-term outlook remains bullish as the country's innate strength reasserts itself, the Reserve Bank Bulletin said on Wednesday.

An article on 'State of the Economy' published in the November Bulletin also noted that domestic financial markets are seeing corrections with relentless hardening of the US dollar and equities being under pressure from persistent portfolio outflows.

"In India, the slack in speed observed in the second quarter of 2024-25 is behind us as private consumption is back to being the driver of domestic demand with festival spending lighting up real activity in Q3.

"The medium-term outlook remains bullish as the innate strength of the macrofundamentals reasserts itself," it said.

The article also said global economic activity remained resilient during Q4:2024 amidst fragile confidence and rising protectionism.

The article has been prepared by a team led by RBI Deputy Governor Michael Debabrata Patra.

The RBI, however, said the views expressed in the Bulletin article are of the authors and do not represent the views of the central bank. PTI NKD

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