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The Income Tax (IT) Department initiated search operations today at the offices and manufacturing unit of Parle Products Pvt Ltd, renowned for its iconic Parle-G biscuits, located in Vile Parle, Mumbai. The raids, conducted by the Foreign Assets Unit and the Investigation Wing of the IT Department, aim to scrutinize the company’s financial transactions and overseas assets. As of now, the specific reasons behind the raids remain undisclosed.
#BREAKING: The Income Tax Department is conducting a search at Parle Products Pvt Ltd in Mumbai. The firm manufactures biscuits like Parle-G. The search is led by the Foreign Assets Unit and the Investigation Wing of the Income Tax Department pic.twitter.com/wzbvENGUBk
— IANS (@ians_india) March 7, 2025
Parle’s Financial Performance
Parle Biscuits, a subsidiary of Parle Products, reported a substantial increase in profits for the financial year 2023-24 (FY24). The company’s profit surged to ₹1,606.95 crore, doubling from ₹743.66 crore in the previous fiscal year (FY23). Revenue from operations experienced a 2% rise, reaching ₹14,349.4 crore, while total revenue saw a 5.31% increase, amounting to ₹15,085.76 crore.
Company Overview
Established in 1929, Parle Products has been a significant player in India’s biscuit and confectionery industry. The company introduced its famous Parle-Gluco biscuits in 1938, which later evolved into the beloved Parle-G brand. Over the decades, Parle has maintained a dominant presence in the market, with its products becoming household staples across the nation.
Ongoing Investigation
While the IT Department’s raids are underway, no official statements have been released regarding the findings or the specific allegations prompting the investigation. Authorities are meticulously examining Parle’s financial records, focusing on potential discrepancies in financial transactions and undisclosed overseas assets. The company has yet to issue a public response to the ongoing investigation.
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