Income Tax (IT) Department conducts the search operations today and raid at factory of Parle-G and offices. The reason behind this raids are not disclosed, but officials scrutinizing the company financial records currently. As per reports, the Foreign Assets Unit and the Investigation Wing of IT department lead operations, and focus on financial transactions and overseas assets of company
Parle-G Legacy and financial growth
Parle founded in 1929, and derived its name from Vile Parle locality in Mumbai. The company launch the famous Parle-Gluco biscuits in 1938, and then become India’s most iconic biscuit brand. The profits of Biscuits surged significantly, and double from ₹743.66 crore in FY23 to ₹1,606.95 crore in FY24. The operating income of Co. has increase by 2%, and reach to ₹14,349.4 crore. Its total revenues are grow by 5.31% to ₹15,085.76 crore.
Company is under financial scrutiny
The authorities has not reveal the further details on raid currently, and Parle-G company is under financial scrutiny. The central agency’s economic wing is scrutinizing the company’s financial documents, according to reports. The oreign Assets Unit and the Investigation Wing of the Income Tax Department led the search, and starts investigation on this raid. It is interesting to see what action are taken by Income Tax Department’s investigation and how it affects the upcoming strategy of Parle Products