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Page Industries Ltd

BSE Code : 532827 | NSE Symbol : PAGEIND | ISIN:INE761H01022| SECTOR : Readymade Garments/ Apparells |

NSE BSE
 
SMC down arrow

37,516.35

-1,081.10 (-2.80%) Volume 24040

23-Mar-2023 EOD

Prev. Close

38,597.45

Open Price

38,500.00

Bid Price (QTY)

37,516.35(2)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 38,500.00 - 37,401.15

52 wk High/Low 54,349.10 - 35,575.00

Key Stats

MARKET CAP (RS CR) 41797.56
P/E 61.16
BOOK VALUE (RS) 1179.5925561
DIV (%) 3700
MARKET LOT 1
EPS (TTM) 612.93
PRICE/BOOK 31.7792781974983
DIV YIELD.(%) 0.99
FACE VALUE (RS) 10
DELIVERABLES (%) 33.45
4

News & Announcements

22-Feb-2023

Page Industries Ltd - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011

13-Feb-2023

Page Industries Ltd - Page Industries Limited - Analysts/Institutional Investor Meet/Con. Call Updates

13-Feb-2023

Page Industries Ltd - Page Industries Limited - Analysts/Institutional Investor Meet/Con. Call Updates

10-Feb-2023

Board of Page Industries recommends Third Interim Dividend

10-Feb-2023

Board of Page Industries recommends Third Interim Dividend

21-Jan-2023

Page Industries to declare Quarterly Result

09-Jan-2023

Page Industries director resigns

11-Nov-2022

Board of Page Industries recommends Second Interim Dividend

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
A P T Yarns Ltd 532046
Abhishek Spinfab Corporation Ltd (Merged) 532206
Acknit Industries Ltd 530043
Active Clothing Co Ltd 541144
Addi Industries Ltd 507852
Aditri Industries Ltd 534707
Aditya Birla Fashion & Retail Ltd 535755 ABFRL
Aditya Birla Fashion & Retail Ltd Partly Paidup 890148 ABFRLPP1
Alan Scott Industries Ltd 539115
Alps Industries Ltd 530715 ALPSINDUS
Amit International Ltd 531300
Anant Rotospin Ltd 521012
Angel Fibers Ltd 541006
Anisa Carpets Ltd 40298
Arora Fibres Ltd 521174
Arrow Textiles Ltd(Merged) 533068 ARROWTEX
Arrow Webtex Ltd(merged) 514193
Artedz Fabs Ltd 535156 ARTEDZ
Arun Processors Ltd 526239
Ashapura Intimates Fashion Ltd 535467 AIFL
Ashnoor Textile Mills Ltd 507872
Auroknit Exports (India) Ltd 512569
Axita Cotton Ltd 542285 AXITA
Bang Overseas Ltd 532946 BANG
Barkha Industries Ltd 530587
Bella Casa Fashion & Retail Ltd 539399
Bhandari Hosiery Exports Ltd 512608 BHANDARI
Bharat Textiles & Proofing Industries Ltd 531029
Bhilwara Technical Textiles Ltd 533108
Bhudevi Infra Projects Ltd 526488
Billwin Industries Ltd 543209
Bindal Exports Ltd 540148
Birla Transasia Carpets Ltd 503823
Bombay Rayon Fashions Ltd 532678 BRFL
Brandhouse Retails Ltd 533059 BRANDHOUSE
Cantabil Retail India Ltd 533267 CANTABIL
Ceenik Exports (India) Ltd 531119 CEENIKEXPO
Celebrity Fashions Ltd 532695 CELEBRITY
Cethar Industries Ltd 531473
Cherry Fashions Ltd 531376
Cityman Ltd 521210
Cosmos Apparels Ltd 531329
Delight Handicrafts Palace Ltd 521218
Denim Fashions Ltd 521169
Denish-Knit Industries Ltd 521058
Dhar Textile Mills Ltd 530949
Dharnendra Overseas Ltd 523331
Digjam Ltd 539979 DIGJAMLMTD
Digjam Ltd (Merged) 503796
Divya Enterprises Ltd 514334
Dollar Industries Ltd 541403 DOLLAR
Dupont Sportswear Ltd 523824
Elar Fashions Ltd 523125
Eskay KnIT (India) Ltd 514118 SHREEKRPET
Evinix Industries Ltd 532818 EVINIX
Fiberweb (India) Ltd 507910 FIBERWEB
Filatex Fashions Ltd 532022
First Winner Industries Ltd 532996 FIRSTWIN
Future Enterprises Ltd 523574 FEL
Future Enterprises-DVR 570002 FELDVR
Future Lifestyle Fashions Ltd 536507 FLFL
Garment Mantra Lifestyle Ltd 539216
Garware Synthetics Ltd 514400
Garware Technical Fibres Ltd 509557 GARFIBRES
GB Global Ltd 533204 GBGLOBAL
Global Knitfab Ltd 531895
Globe Textiles (India) Ltd 538431 GLOBE
Go Fashion (India) Ltd 543401 GOCOLORS
Gokaldas Exports Ltd 532630 GOKEX
Gold Multifab Ltd 531709
Golden Carpets Ltd 531928
Goldwon Textiles Ltd 521230
Grabal Alok Impex Ltd(merged) 532909 GRABALALK
Gretex Industries Ltd 538378 GRETEX
Gujarat Apparels Ltd 40358
Gujarat Bulk Packs Ltd 531188
Gujarat Narmada Knitwear Ltd 514278
Hanung Toys and Textiles Ltd 532770 HANUNG
Hari Govind International Ltd 531971
Haria Apparels Ltd 538081
Haria Exports Ltd 512604 HARIAEXPO
Heads UP Ventures Ltd 540210 HEADSUP
Himatsingka Seide Ltd 514043 HIMATSEIDE
Hinafil India Ltd 526779
Hindustan Cotex Exports Ltd 521093
H-Lon Hosiery Ltd 521095
Ideal Carpets Ltd 526259
Indian Terrain Fashions Ltd 533329 INDTERRAIN
Integra Essentia Ltd 535958 ESSENTIA
Intercraft Ltd 521072
International Hometex Ltd 526185
Iris Clothings Ltd 535123 IRISDOREME
Jakharia Fabric Ltd 535093 JAKHARIA
Jayatma Enterprises Ltd 539005
Jersey India Ltd (Wound-up) 521145 JERSY
Jet Knitwears Ltd 538374 JETKNIT
Jinaams Dress Ltd 542653
Jindal Worldwide Ltd 531543 JINDWORLD
Jyoti Overseas Ltd 523876
K P R Mill Ltd 532889 KPRMILL
Kewal Kiran Clothing Ltd 532732 KKCL
KG Petrochem Ltd 531609
Khoobsurat Ltd 535730
Kitex Garments Ltd 521248 KITEX
K-Lifestyle & Industries Ltd 514221 SHREEKRPOL
Knitworth Exports Ltd 531587
Koratla Textiles India Ltd 521074
Koutons Retail India Ltd 532901 KOUTONS
Krishna Filament Industries Ltd 500248 KRISNAFILA
KSL and Industries Ltd 530149
Kumar Wire Cloth Manufacturing Company Ltd 513703
Lagnam Spintex Ltd 535108 LAGNAM
Libas Consumer Products Ltd 538391 LIBAS
Lloyd Rock Fibres Ltd 531527
Lovable Lingerie Ltd 533343 LOVABLE
LWS Knitwear Ltd 531402
M K Exim (India) Ltd 538890
Mahalaxmi Rubtech Ltd 514450 MHLXMIRU
Mallcom (India) Ltd 539400 MALLCOM
Mangal Knits Ltd 531183
Mangalam Ventures Ltd 514492
Manomay Tex India Ltd 540396 MANOMAY
Mansukh Industries Ltd (Wound-up) 532110 MANSUKHIND
Marvel Decor Ltd 535059 MDL
Maxwell Apparel Industries Ltd 40152
Meca Quilts Ltd 531747
Meyer Apparel Ltd 531613
Mittal Life Style Ltd 535062 MITTAL
Modern Terry Towels Ltd(Merged) 500283 MODERNWOOL
Momai Apparels Ltd 532520 MOMAI
Monte Carlo Fashions Ltd 538836 MONTECARLO
Morarjee Textiles Ltd 532621 MORARJEE
MW Unitexx Ltd 532442
Nachmo Knitex Ltd 514328
Nahar Spinning Mills Ltd 500296 NAHARSPING
Nandan Denim Ltd 532641 NDL
Nandani Creation Ltd 538375 JAIPURKURT
Neha Exports Ltd 531949
New India Retailing & Investment Ltd 40399
Niryat Sam Apparels (India) Ltd 531836
Novotex Industries Ltd (Wound-up) 514432
Nutricircle Ltd 530219
Ocean Knits Ltd 514468
Osiajee Texfab Ltd 540198
Oxemberg Apparels Ltd 503899
Pan Clothing & Consolidated Company Ltd 521190
Pappilon Exports Ltd 530837
Parakaram Technofab Ltd 530791
Partap Industries Ltd 531926
Pasupati Haryana Woollens Ltd 514132
Pasupati Technofab Ltd 532044
PDS Ltd 538730 PDSL
Pearl Global Industries Ltd 532808 PGIL
Pearl Global Ltd(Merged) 521123 PEARLGLOBL
Pegasus Apparels Ltd 521155
Perfect-Octave Media Projects Ltd 521062
Pioneer Embroideries Ltd 514300 PIONEEREMB
Prakash Woollen & Synthetic Mills Ltd 531437
Preyanshu Exports Ltd (Wound-up) 512636
Preyanshu Industies Ltd 524318
Priti International Ltd 535089 PRITI
Prompt International Ltd 40381
Provogue (India) Ltd 532647 PROVOGE
Punjab Woolcombers Ltd 509839 PUNJABWOOL
Radhika Polyesters Ltd 514444
Raghu Industries Ltd 521092
Rainbow Denim Ltd 532441
Raymond Ltd 500330 RAYMOND
Riba Textiles Ltd 531952
Ritesh Exports Ltd 512575
Ritesh Properties & Industries Ltd 526407
RLF Ltd 512618
Royal Industries Ltd 531634
Rupa & Company Ltd 533552 RUPA
S K International Export Ltd 542728
S P Apparels Ltd 540048 SPAL
Sagar Apparels Ltd 521086
Sajjan Udyog Exports Ltd 40204
Salzer Textiles Ltd (Merged) 521111
Sambhav Textiles Ltd 40289
Samrat Ashoka Exports Ltd (Wound-up) 526701
Samtex Fashions Ltd 521206
Santogen Exports Ltd 511141
Sarda Information Technology Ltd 514488
Scarnose International Ltd 543537
Scoobee Day Garments India Ltd 531234
Scruples Clothing Ltd 531993
Seasons Furnishings Ltd 521182
Shahlon Silk Industries Ltd 542862
Sharadha Terry Products Ltd 514422 SHARADTERY
Sheena Textiles Ltd 521026
Sheshadri Industries Ltd 539111
Shiva Sutex Ltd 531853
Shivam Apperals Export Ltd 531995
Shoppers Stop Ltd 532638 SHOPERSTOP
Shree Ganesh Knit (India) Ltd 530653
Shri Ambica Mills Ltd 40062
Shri Bholanath Carpets Ltd 530841
Shri Dinesh Mills Ltd 503804 SHRIDINESH
Shubham Polyspin Ltd 542019
SKS Textiles Ltd 535044 SKSTEXTILE
Sky Industries Ltd 526479
Southern Latex Ltd 514454
Spenta International Ltd 526161
Spice Islands Apparels Ltd 526827
SPL Industries Ltd 532651 SPLIL
SRH Synthetics Ltd 530981
Stallion Garments Export Ltd 531123
Subhash Silk Mills Ltd 530231
Subhlaxmi Exports Ltd 512632
Sudar Industries Ltd 533332 SUDAR
Suditi Industries Ltd 521113 SUDITIND
Sueryaa Knitwear Ltd 540318
Sunday Exports Ltd 530425
Super Fine Knitters Ltd 540269
Superior Sox Ltd 514438
Supra Trends Ltd 511539
Supreme (India) Impex Ltd 532558 SIIL
Suvarna Apparel & Fashion Export Ltd 531461
Swan Energy Ltd 503310 SWANENERGY
Swastik Technofab Ltd 40463
T T Ltd 514142 TTL
TCNS Clothing Co. Ltd 541700 TCNSBRANDS
Terryfab (India) Ltd 530727
Terrygold (India) Ltd 514478
Thomas Scott India Ltd 533941 THOMASCOTT
Tirupati Foam Ltd 540904
Towels India Exports Ltd 512612
Trend Designs Ltd 526219
Trident Ltd 521064 TRIDENT
Uma Fabrics Ltd 532052
Unimin India Ltd 530321 UNIMIN
Uniproducts (India) Ltd 507856
United Leasing & Industries Ltd 507808
United Polyfab Gujarat Ltd 533024 UNITEDPOLY
Uniworth Ltd 514144 WOOLWORTH
Uniworth Textiles Ltd 500138 FABWORTH
V2 Retail Ltd 532867 V2RETAIL
Vanasthali Textile Industries Ltd 521046
Vandana Knitwear Ltd 532090
Vee Kay Fibres Ltd (Wound-up) 514156
Viniyoga Clothex Ltd 521088 VINYOGCLOT
VIP Clothing Ltd 532613 VIPCLOTHNG
Viral Filaments Ltd (Wound-up) 500442 VIRALFILA
Viral Syntex Ltd 526171 VIRALSYNTX
Virat Industries Ltd 530521
Vogue Textiles Ltd 530583
Voith Paper Fabrics India Ltd 522122 PORRITSPEN
Volvo Terry Industries Ltd 526289
Welcome Coir Industries Ltd 531564
Welspun Global Brands Ltd (Merged) 533495 WELGLOB
Welspun India Ltd 514162 WELSPUNIND
Wires & Fabriks (S.A) Ltd 507817
Womens Next Loungeries Ltd 538128
Woolways (India) Ltd 532075
York Exports Ltd 530675
Zenith Exports Ltd 512553 ZENITHEXPO
Zodiac Clothing Company Ltd 521163 ZODIACLOTH

Share Holding

Category No. of shares Percentage
Total Foreign 2823154 25.31
Total Institutions 2188381 19.62
Total Govt Holding 52 0.00
Total Non Promoter Corporate Holding 88925 0.80
Total Promoters 5143682 46.12
Total Public & others 909680 8.15
Total 11153874 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Page Industries Ltd

Page Industries Ltd. is engaged in manufacturing garments. Presently, the Company has 15 manufacturing locations. It has six Jockey Exclusive Brand Outlets in the UAE and three in Sri Lanka. The Company was incorporated in 1995 with the key objective of bringing the innerwear brand 'JOCKEY' to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. It has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer's involvement with the purchase. The Company commenced operations in the year 1995 in Bengaluru with the manufacturing, distribution and marketing of Jockey products. It entered into license with 'SPEEDO', globally known International brand for swim wear. During 2006-2007, the company made an Initial Public Offer of 2,804,000 Equity Shares of Rs.10/- each at a premium of Rs.350 per equity share. Page Industries commenced Phase I of commercial production at its Bommasandra unit in Bangalore on 15 April 2008. During the financial year ended 31 March 2008, the company added additional six looms for Garter Production, which increased production capacity to 3,780,000 meters per annum. During the year under review, Page Industries, through its authorized franchises, opened 12 Exclusive Brand Outlets of Jockey, taking the total EBOs to 32. During the financial year ended 31 March 2009, Page Industries, through its authorized franchises, opened 13 Exclusive Brand Outlets (EBO) of Jockey, taking the total EBOs to 43, which are well spread in all major cities. Page Industries' second building at Bommasandra in Bangalore with an area of 95,000 sq ft was completed in September 2009. During the financial year ended 31 March 2010, the capacity at the complex was raised to 20.52 million pieces of garments per annum on a single shift basis. The second building at the Kodichikkanahalli Complex in Bangalore was occupied in January 2010.The capacity of the complex was raised to 15 million pieces of garments per annum on a single shift basis during the year under review. During the financial year ended 31 March 2010, Page Industries, through its authorized franchisees, opened ten Exclusive Brand Outlets of Jockey. In 2010, Page Industries renewed its license agreement with Jockey International USA for a period of 20 years through 2030. Simultaneously, Page Industries was awarded the sole marketing and distribution rights for the Jockey brand in U.A.E. During the financial year ended 31 March 2011, the production capacity of Page Industries' unit at Bommasandra Complex in Bangalore was raised to 27 million pieces of garments per annum. The company expanded the capacity for the manufacture of woven elastic to 27 million metres per annum. The capacity for manufacture of knitted elastic was enhanced to 9 million metres per annum. The capacity of the socks unit was expanded to 3.5 million pairs per annum. During the year under review, Page Industrie, through its authorised franchisees, opened thirteen Exclusive Brand Outlets of Jockey. During the financial year ended 31 March 2012, the production capacity of the Page Industries' unit at Kodichikkanahalli Complex in Bangalore was raised to 24 million pieces of garments per annum. The company expanded capacity for the manufacture of woven elastic to 29 million metres per annum. The capacity for manufacture of knitted elastic was enhanced to 14 million metres per annum. The capacity of socks unit was expanded to 4.4 million pairs per annum. During the year under review, Page Industries through its authorised franchisees opened eleven Jockey Exclusive Brand Outlets (EBOs). The company appointed a UAE Distributor for Jockey brand and made the first shipment to UAE during the year under review. On 1July 2011, Page Industries entered into a License and Distribution agreement with M/S. Speedo International Limited, London, UK for the exclusive right to manufacture and distribute Speedo products in India consisting of swimwear, apparel, water shorts, equipments and footwear. The company launched Speedo brand of products in January 2012. Speedo is the number one brand and product choice for swimmers around the world. During the financial year ended 31 March 2013, Page Industries achieved a milestone of the launch of 100th Exclusive Jockey Brand Store. During the year under review, Page Industries through its authorised franchisees opened 29 new Exclusive Brand Outlet (EBOs) of Jockey, taking the total number of EBOs for the Jockey brand to 100. During the year under review, Page Industries increased the manufacturing capacity of its Hosa Road, Bangalore unit to 6 million pieces per annum. The manufacturing capacity of Mangammapalya, Bangalore unit was enhanced to 9 million pieces per annum. The company's first unit situated outside Bangalore at Hassan became operational during the year with a capacity of 16 million pieces per annum. During the financial year ended 31 March 2014, Page Industries through its authorised franchisees opened 41 Exclusive Brand Outlet (EBO) of Jockey, taking the total number of EBOs to 139. During the year under review, the company expanded installed capacity to 162 Million pieces per annum across its various units spread over 1.7 Million square feet in 17 locations in the state of Karnataka. In August 2014, Page Industries launched brand Jockey in the United Arab Emirates. The company inaugurated the Exclusive Brand Outlet of Jockey at Dubai's plush, upmarket Mirdiff city. Alongwith Mirdiff City, it launched two other exclusive brand outlets, one in Dubai Festival City and another in Dalma Mall, Abu Dhabi on the same day. The first Jockey Exclusive Brand Outlet (EBO) in the new international retail format was launched at Indiranagar, Bangalore in 2014. During the financial year ended 31 March 2015, the company through its authorised franchisees opened 59 EBOs of Jockey including five Jockey EBOs catering exclusively to our women customers, taking the total number of EBOs to 193. Further during the year under review, the company opened one EBO in Sri Lanka. During the year under review, the Company launched its own B2C ecommerce channel and further tied up with various leading online retailers to increase the reach of products. During the year under review, Page Industries expanded installed capacity to 194 Million pieces per annum across various units spread over 1.778 Million square feet in 13 locations in the state of Karnataka. During the year under review, the company launched a unit in Gowribidanur, Karnataka, while construction at a unit in Tiptur, Karnataka was in full swing. During the financial year ended 31 March 2016, Page Industries through its authorised franchisees opened 82 Exclusive Brand Outlets (EBOs) of Jockey including 7 Jockey EBOs catering exclusively to our women customers, taking the total number of EBOs to 265. During the year under review, the company expanded installed capacity across its various units spread over 1.97 Million square feet in 13 locations in the state of Karnataka. During the year under review, the company started commercial production at the Tiptur Unit. During the year under review, the company opened one more EBO for the Speedo premium swimwear brand, taking the total number to nine. During the financial year ended 31 March 2017, Page Industries through itsauthorised franchisees opened 101 Exclusive Brand Outlets (EBOs) of Jockey including 5 Jockey Woman' EBOs catering exclusively to women customers, taking the total number of EBOs to 360. During the year under review, the company expanded installed capacity across its various units spread over 2.40 million square feet in 17 locations in the state of Karnataka. During the year under review, the company took few backward integration initiatives. In this regard the company set up a state of the art tape dyeing unit at Hassan in Karnataka which will help it in catering to the needs of the women's range of business which is a fast fashion business. Extending its foray in the Kids Category, Jockey launched a line of innerwear for Girls in January 2018. Targeting the age group of 5 years to 12 years, the initial launch included panties, camisoles, tank tops and shorties. During the financial year ended 31 March 2018, Jockey launched a new ATHLEISURE range in the athletic-leisure space for Men and Women. During the year 2017-18, the company through its authorised franchisees opened 119 Exclusive Brand Outlets (EBOs) of Jockey including 9 Jockey Woman' EBOs catering exclusively to women customers, taking the total number of EBOs to 470. As of March 2018, the company's workforce numbered over 20,000 people with manufacturing operations spread over fifteen state-of-the art manufacturing complexes in Bangalore, Hassan, Mysore, Gowribidanur, Tiptur and Tirupur. Page Industries commands wide spread pan India distribution encompassing over 50,000 plus retail outlets in 1,800 cities and towns and has revolutionized the innerwear market by launching Exclusive JOCKEY Brand Outlets across India numbering 470 as of March 2018. On 12 June 2018, Page Industries announced that the company's license agreement with Jockey International Inc. USA has been extended till 31 December 2040. In 2019, the Company launched Jockey Juniors. The Company through its authorised franchisees opened 150 EBOs, taking the total number of EBOs to 756 which includes 37 Jockey Woman' EBOs catering exclusively to women customers in FY'19-20. As of 31 March 2020, Jockey brand is distributed in over 2,800 cities and towns. The products are sold through Exclusive Brand Outlets (EBO), Large Format Stores (LFS), Multi Brand Outlets (MBO), Traditional hosiery stores and Multi-purpose stores. Jockey brand is available in over 66,000 outlets spread across India.The company's installed capacity is spread over 2.40 million sft and the production capacityof 260 million pieces across 15 manufacturing units. During March 2020,consequent to the COVID-19 pandemic,Government of India declared a national lock down on 24 March 2020,which has impacted the business activities of the company.The company has since resumed its business activities by reopening its factories gradually based on government guidelines. During the year 2020-21, the Company through its authorised franchisees opened 200 EBOs, taking the total number to 930 which includes 46 Jockey Woman' EBOs catering exclusively to women customers. The company through its authorized franchisees opened 211 Exclusive Brand Outlets across India taking the total number of EBO's to 1,131 including 48 Jockey Woman' EBOs and 71 Jockey Juniors EBOs in FY'22.

Page Industries Ltd Chairman Speech

Dear Stakeholder,

The apparel and accessories industry in India has witnessed a significant transformation over the years and Page Industries has been at the fore of this metamorphosis through our innovation, quality, design values and reach. Today, despite several external, uncontrolled challenges, we have evolved to emerge stronger with the support of our team and the faith you all have shown in us. In keeping with the changing environment, we remain focused on our strategy of retail expansion, new product introductions, digital initiatives, innovation across our business while creating sustainable and enriching long-term value for our stakeholders.

Unparalleled financial performance

It is a moment of pride for me to share that we registered a robust sales growth and recorded the best performance in a financial year by Page and the best top line and bottom line in history.

Healthy inventory to tackle inflationary pressures

Despite huge challenges, our supply chain is back in the saddle. Given that a high inflation rate trend has impacted our costs including raw material, packaging, logistics, we continued to deliver better margins largely backed by robust budget and expense control measures and optimum use of inventories. With increase in capacities, we focused on aggressively rebuilding our inventories backed by a strong supply chain team which will insulate us from the volatile input price and inflationary pressures.

Retail Expansion

Retail expansion is our primary focus and the first year of the pandemic saw us open over 14,000 outlets, significantly contributing to our growth. The second year, we have witnessed an increase in the productivity of these outlets, a validation of our belief and vision for expansion and growth. In our retail space, we have strategically introduced Jockey Juniors with Womenswear across our brand outlets to garner traction for our kids wear brand and it is reaping good results. Speedo, our swimwear brand is also recovering as life is getting back to normalcy, with government lifting restrictions from pools and health clubs.

As the sales momentum has picked up significantly across all our product categories backed by expansion in our portfolio and existing network, we are well poised on a growth trajectory and remain optimistic on delivering sustainable growth sustainable long-term growth. Our overseas brand outlets have received a rousing response, encouraging us to take rapid strides in opening more stores in emerging markets such as the Middle East. All product categories and channels continue to observe an increasing trend and our investments in leadership, product innovation, warehousing, technology, and logistics support has helped us not only in strong execution, but also in delivering profitable growth.

Focusing on a Sustainable Future

At Page, we strive to build a culture of sustainability in which all its stakeholders embrace shared beliefs on the importance of balancing economic efficiency, social equity, and environmental accountability. We are respectful of the environment we operate in and we take special care in nurturing a business model that stands on the pillars of excellence, innovation, integrity, transparency, while creating shared value for the society.

Looking Ahead

Our market has tremendous opportunities for growth across the innerwear and athleisure segment. Our discerning customers’ choice for premium products allows us to look at growing across categories. While with a vision is to cross $1 billion revenue by 2025-26, we are working on accelerating this with a strong and proven business model, wide product portfolio and efficient financial management. We have a very loyal customer base and we remain committed to continue creating value for all our stakeholders.

Gratitude

I want to take a moment here to thank every shareholder for your immense faith in our ethos that has allowed us to create value for you. Our robust network of suppliers has been our partner of growth as they have ensured quality and timely delivery of raw material despite such trying external circumstances. I sincerely thank our governing board that has constantly guided us to stand by our principles of ethics and highest governance standards. Lastly, I want to thank each of the 27,730 employees and management team of Page for being so dynamic, driven, committed in building a phenomenal business together.

Thank You.

Sunder (Ashok) Genomal, Managing Director

   

Page Industries Ltd Company History

Page Industries Ltd. is engaged in manufacturing garments. Presently, the Company has 15 manufacturing locations. It has six Jockey Exclusive Brand Outlets in the UAE and three in Sri Lanka. The Company was incorporated in 1995 with the key objective of bringing the innerwear brand 'JOCKEY' to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. It has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer's involvement with the purchase. The Company commenced operations in the year 1995 in Bengaluru with the manufacturing, distribution and marketing of Jockey products. It entered into license with 'SPEEDO', globally known International brand for swim wear. During 2006-2007, the company made an Initial Public Offer of 2,804,000 Equity Shares of Rs.10/- each at a premium of Rs.350 per equity share. Page Industries commenced Phase I of commercial production at its Bommasandra unit in Bangalore on 15 April 2008. During the financial year ended 31 March 2008, the company added additional six looms for Garter Production, which increased production capacity to 3,780,000 meters per annum. During the year under review, Page Industries, through its authorized franchises, opened 12 Exclusive Brand Outlets of Jockey, taking the total EBOs to 32. During the financial year ended 31 March 2009, Page Industries, through its authorized franchises, opened 13 Exclusive Brand Outlets (EBO) of Jockey, taking the total EBOs to 43, which are well spread in all major cities. Page Industries' second building at Bommasandra in Bangalore with an area of 95,000 sq ft was completed in September 2009. During the financial year ended 31 March 2010, the capacity at the complex was raised to 20.52 million pieces of garments per annum on a single shift basis. The second building at the Kodichikkanahalli Complex in Bangalore was occupied in January 2010.The capacity of the complex was raised to 15 million pieces of garments per annum on a single shift basis during the year under review. During the financial year ended 31 March 2010, Page Industries, through its authorized franchisees, opened ten Exclusive Brand Outlets of Jockey. In 2010, Page Industries renewed its license agreement with Jockey International USA for a period of 20 years through 2030. Simultaneously, Page Industries was awarded the sole marketing and distribution rights for the Jockey brand in U.A.E. During the financial year ended 31 March 2011, the production capacity of Page Industries' unit at Bommasandra Complex in Bangalore was raised to 27 million pieces of garments per annum. The company expanded the capacity for the manufacture of woven elastic to 27 million metres per annum. The capacity for manufacture of knitted elastic was enhanced to 9 million metres per annum. The capacity of the socks unit was expanded to 3.5 million pairs per annum. During the year under review, Page Industrie, through its authorised franchisees, opened thirteen Exclusive Brand Outlets of Jockey. During the financial year ended 31 March 2012, the production capacity of the Page Industries' unit at Kodichikkanahalli Complex in Bangalore was raised to 24 million pieces of garments per annum. The company expanded capacity for the manufacture of woven elastic to 29 million metres per annum. The capacity for manufacture of knitted elastic was enhanced to 14 million metres per annum. The capacity of socks unit was expanded to 4.4 million pairs per annum. During the year under review, Page Industries through its authorised franchisees opened eleven Jockey Exclusive Brand Outlets (EBOs). The company appointed a UAE Distributor for Jockey brand and made the first shipment to UAE during the year under review. On 1July 2011, Page Industries entered into a License and Distribution agreement with M/S. Speedo International Limited, London, UK for the exclusive right to manufacture and distribute Speedo products in India consisting of swimwear, apparel, water shorts, equipments and footwear. The company launched Speedo brand of products in January 2012. Speedo is the number one brand and product choice for swimmers around the world. During the financial year ended 31 March 2013, Page Industries achieved a milestone of the launch of 100th Exclusive Jockey Brand Store. During the year under review, Page Industries through its authorised franchisees opened 29 new Exclusive Brand Outlet (EBOs) of Jockey, taking the total number of EBOs for the Jockey brand to 100. During the year under review, Page Industries increased the manufacturing capacity of its Hosa Road, Bangalore unit to 6 million pieces per annum. The manufacturing capacity of Mangammapalya, Bangalore unit was enhanced to 9 million pieces per annum. The company's first unit situated outside Bangalore at Hassan became operational during the year with a capacity of 16 million pieces per annum. During the financial year ended 31 March 2014, Page Industries through its authorised franchisees opened 41 Exclusive Brand Outlet (EBO) of Jockey, taking the total number of EBOs to 139. During the year under review, the company expanded installed capacity to 162 Million pieces per annum across its various units spread over 1.7 Million square feet in 17 locations in the state of Karnataka. In August 2014, Page Industries launched brand Jockey in the United Arab Emirates. The company inaugurated the Exclusive Brand Outlet of Jockey at Dubai's plush, upmarket Mirdiff city. Alongwith Mirdiff City, it launched two other exclusive brand outlets, one in Dubai Festival City and another in Dalma Mall, Abu Dhabi on the same day. The first Jockey Exclusive Brand Outlet (EBO) in the new international retail format was launched at Indiranagar, Bangalore in 2014. During the financial year ended 31 March 2015, the company through its authorised franchisees opened 59 EBOs of Jockey including five Jockey EBOs catering exclusively to our women customers, taking the total number of EBOs to 193. Further during the year under review, the company opened one EBO in Sri Lanka. During the year under review, the Company launched its own B2C ecommerce channel and further tied up with various leading online retailers to increase the reach of products. During the year under review, Page Industries expanded installed capacity to 194 Million pieces per annum across various units spread over 1.778 Million square feet in 13 locations in the state of Karnataka. During the year under review, the company launched a unit in Gowribidanur, Karnataka, while construction at a unit in Tiptur, Karnataka was in full swing. During the financial year ended 31 March 2016, Page Industries through its authorised franchisees opened 82 Exclusive Brand Outlets (EBOs) of Jockey including 7 Jockey EBOs catering exclusively to our women customers, taking the total number of EBOs to 265. During the year under review, the company expanded installed capacity across its various units spread over 1.97 Million square feet in 13 locations in the state of Karnataka. During the year under review, the company started commercial production at the Tiptur Unit. During the year under review, the company opened one more EBO for the Speedo premium swimwear brand, taking the total number to nine. During the financial year ended 31 March 2017, Page Industries through itsauthorised franchisees opened 101 Exclusive Brand Outlets (EBOs) of Jockey including 5 Jockey Woman' EBOs catering exclusively to women customers, taking the total number of EBOs to 360. During the year under review, the company expanded installed capacity across its various units spread over 2.40 million square feet in 17 locations in the state of Karnataka. During the year under review, the company took few backward integration initiatives. In this regard the company set up a state of the art tape dyeing unit at Hassan in Karnataka which will help it in catering to the needs of the women's range of business which is a fast fashion business. Extending its foray in the Kids Category, Jockey launched a line of innerwear for Girls in January 2018. Targeting the age group of 5 years to 12 years, the initial launch included panties, camisoles, tank tops and shorties. During the financial year ended 31 March 2018, Jockey launched a new ATHLEISURE range in the athletic-leisure space for Men and Women. During the year 2017-18, the company through its authorised franchisees opened 119 Exclusive Brand Outlets (EBOs) of Jockey including 9 Jockey Woman' EBOs catering exclusively to women customers, taking the total number of EBOs to 470. As of March 2018, the company's workforce numbered over 20,000 people with manufacturing operations spread over fifteen state-of-the art manufacturing complexes in Bangalore, Hassan, Mysore, Gowribidanur, Tiptur and Tirupur. Page Industries commands wide spread pan India distribution encompassing over 50,000 plus retail outlets in 1,800 cities and towns and has revolutionized the innerwear market by launching Exclusive JOCKEY Brand Outlets across India numbering 470 as of March 2018. On 12 June 2018, Page Industries announced that the company's license agreement with Jockey International Inc. USA has been extended till 31 December 2040. In 2019, the Company launched Jockey Juniors. The Company through its authorised franchisees opened 150 EBOs, taking the total number of EBOs to 756 which includes 37 Jockey Woman' EBOs catering exclusively to women customers in FY'19-20. As of 31 March 2020, Jockey brand is distributed in over 2,800 cities and towns. The products are sold through Exclusive Brand Outlets (EBO), Large Format Stores (LFS), Multi Brand Outlets (MBO), Traditional hosiery stores and Multi-purpose stores. Jockey brand is available in over 66,000 outlets spread across India.The company's installed capacity is spread over 2.40 million sft and the production capacityof 260 million pieces across 15 manufacturing units. During March 2020,consequent to the COVID-19 pandemic,Government of India declared a national lock down on 24 March 2020,which has impacted the business activities of the company.The company has since resumed its business activities by reopening its factories gradually based on government guidelines. During the year 2020-21, the Company through its authorised franchisees opened 200 EBOs, taking the total number to 930 which includes 46 Jockey Woman' EBOs catering exclusively to women customers. The company through its authorized franchisees opened 211 Exclusive Brand Outlets across India taking the total number of EBO's to 1,131 including 48 Jockey Woman' EBOs and 71 Jockey Juniors EBOs in FY'22.

Page Industries Ltd Directors Reports

Your Directors take pleasure in presenting the 27th Annual Report of the Company together with its audited accounts for the year ended 31 March 2022.

FINANCIAL RESULTS

Financial results for the year under review are summarised below:

Particulars 2021-22 2020-21
Revenue from operations (net) 38,865 28,330
Profit before Interest, Depreciation & Tax 8,065 5,460
Less: Finance Cost 322 297
Profit before Depreciation and Tax 7,743 5,163
Less: Depreciation 655 629
Profit before Tax 7,088 4,534
Less: Tax 1,723 1,128
Profit for the year 5,365 3,406
Other comprehensive income, net of tax - gains/ (losses) 18 33
Total Comprehensive income, net of tax 5,383 3,439
Retained earnings- Opening Balance 7,585 6,935
Profit for the year 5,365 3,406
Less:
Interim Dividends 3,346 2,789
Re-measurement (+/-) on defined benefit plans (18) (33)
Transfer to any reserve - -
Retained earnings- Closing Balance 9,622 7,585
Earnings per share (Basic / Diluted) (`) 481.03 305.35

FINANCIAL HIGHLIGHTS & PERFORMANCE

Your Directors wish to inform that during the financial year ended 31 March 2022 the revenue from operations of the Company increased from Rs.28,330 million to Rs.38,865 million a growth of 37%. The profit before tax for the year under review stood at Rs.7,088 million as against ` 4,534 million of last year which is an increase of 56 %. The profit for the year stood at Rs.5,365 million as against Rs.3,406 million of the previous year representing a growth of 58%.

Covid -19:

The manufacturing facilities were non-operational for a brief period during Q1-FY22, owing to Government-imposed lockdown during the second wave of the Covid-19 pandemic. Operations resumed from May 2021 with the entire staff retained and salaries distributed on time. The entire team across departments adapted to the pandemic-induced change in work-environment to ramp up production and achieve significant growth.

The Company adopted shift-operations to maintain restricted flow of workers and employees and maintain Covid-19 protocols of social distancing that has helped in maximum capacity optimization. The manufacturing and warehousing facilities have returned to normalcy by mid Q2 FY22, and we continue to closely monitor the work atmosphere to ensure employee-safety. Our robust compliance team works in tandem with vendor partners with expertise in health and safety protocols.

The Management is happy to report that we have crossed 100,000 Multi Brand Outlets in October 21 and 1000 Exclusive Brand Outlets in September 21. All our sales channels are now fully functional. The Company reported historical revenues and profits during the third quarter of this year under review.

The Company established a dedicated sales team for its athleisure business in the year 2019. This has amplified our distribution footprint even during the pandemic which comes not just from new apparel stores, but even from our existing innerwear stores. A strong brand identity for our EBOs reflects the range and popularity of our athleisure products as the demand for this well-received category has seen an upsurge with every quarter. This has also helped us acquire a large consumer base for Jockey athleisure and work backend towards capacity augmentation.

In the last four years, the Company has built an exclusive and extensive product portfolio for its women consumers under the sub-brand Jockey Women. This has helped us create a distinct identity in this segment and added to healthy business growth.

The Company’s kids wear business has received very encouraging feedback and acceptance from our consumers and continues to be a special focus area. The Company is focusing on capacity creation and supplies in this category to meet demand. The Company has over 71 Exclusive Brand Outlets under Jockey Junior along with specific channel partners across 50 cities.

DIVIDEND

During the year 2021-22, your Directors have declared interim dividends on 12 August 2021 (First Interim dividend of Rs.50 per share), 11 November 2021 (Second Interim dividend of Rs.150 per share), 10 February 2022 (Third Interim dividend of Rs.100 per share) and 26 May 2022 (Fourth Interim dividend of Rs.70 per share) on an equity share value of Rs.10 each amounting to ` 4127 million. In total, four interim dividends have been declared and paid. The Board has not recommended any final dividend.

The Dividend Distribution Policy, in terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") is available on the Company’s website on https://www.pageind.com/policies-documents

Dividends have been accounted as per IND AS, as detailed in "Statement of Change in Equity" of the financial statement.

JOCKEY

Jockey brand is distributed across 2,852+ cities and towns. The products are sold through Exclusive Brand Outlets (EBO), Large Format Stores (LFS) and Multi Brand Outlets (MBO), as well as through Online channel. Across the above channels, the brand is present in more than 1,10,548+ stores.

During the year 2021-22, the Company through its authorised franchisees opened 211 EBOs highest ever in any financial year, taking the total number of "Jockey EBOs" to 1131 which includes 48 exclusive "Jockey Woman" EBOs and 71 exclusive "Jockey Junior" EBO’s. These outlets are spread throughout India covering not only the metro cities but even Tier II and Tier III towns as well. This is an indicator of the growth potential of the Jockey brand in such towns.

Apart from the domestic EBOs, the Company has nine operational EBOs outside India, six in UAE and three in Sri Lanka, while another six stores are work-in-progress in UAE(four), and one each in Qatar and Oman. Your company is confident of leveraging opportunities in these new markets.

The online retail business has also shown significant growth, both through the brand website www.jockey.in as well as with our key e-commerce partners.

SPEEDO

The swimwear industry in India came under a significant impact owing to COVID-19 lockdowns during most part of the financial year 2021-22, with partial restrictions for swimming pools in health clubs, hotels, apartment complexes and schools. The Speedo brand has achieved a turnover of Rs.168 million in the financial year 2021-22 as against previous year sales of Rs.26 million. As on 31 March 2022, Speedo brand is available in 1,340+ stores, 26+ EBOs and 12+ Large Format Stores across 230+ cities in India. The Company commissioned a study by the global marketing research firm AC Nielsen on the swimming market in India. The study reflects a promising and fast evolving market for both swimwear and swimming equipment. Your Directors are confident that the Speedo business will experience healthy growth in the coming years to make Speedo a dominant brand in the premium swimwear market.

EXPANSION AND NEW INVESTMENTS

The financial year under review was witness to remarkable growth, barring the two months of pandemic-induced lockdowns. Operations and manufacturing was well-equipped to meet the demand for FY23 with capacity enhancement increase in shift operation and additional capacity in a few areas.

The Company is planning an additional 40,000 sq ft space adjacent to our existing elastic manufacturing premises at Hassan, to meet the growing requirements of women’s dyed elastic.

The Company has planned a ‘Cup Molding & Hook-n-Eye Forming Project’ at Hassan to produce in-house Bra Cups and Hook-n-Eye forms. The project is planned by Q3 of FY23. This facility will reduce our import dependency while focusing on improving quality, lead time and cost control. The Company is adding a 120,000 sq ft elastic manufacturing set-up at Mysore to include imported high-end jacquard and knitted looms to produce complex technical designs in-house for the Premium category. The project is expected to be commissioned before the second half of FY23.

To meet the increased demand in the premium vertical, the Company is planning an 80,000 sq ft Cut-to-Pack facility in Mysore. The commissioning is expected before the end of current financial year.

As mentioned in the previous year Directors’ report, work at the Odisha plant for the Company’s modern classic vertical is in progress after obtaining required approvals from various statutory authorities. The facility is planned to commission in the last quarter of this year. Spread across 29 acres, the facility will have a state-of- the-art campus with Central Stores, Elastics, Socks and Cut to pack manufacturing activities. The facility is being built by renowned contractors and meets highest standards of IGBC certification. The Company is working towards significant capacity expansion in its Socks division with an additional 60 advanced knitting machines at the Bangalore facility to meet demand. This is planned in Q3 of FY’23.

The Company has set up 30,000 sq ft state-of-the-art Product Design Technology center at Bangalore and has been operational from Feb’22. The following are other projects in pipeline project and in progress:

• Expansion of the warehouse at Bangalore and North India.

• NABL Accreditation Lab at Mysore facility.

• Digitization projects in pipeline to improve various business activities: o Enhancement of floor management system o Advanced planning and scheduling system o Automated inspection and classification system o Vendor management system

The Company has also planned a 20,000 sq ft yarn/ greige fabric store at Tirupur to cover strategic stock positioning, contributing significantly in a volatile commodity market for yarn. This facility is expected to be commissioned during first quarter of the current financial year

The Company has undertaken several energy-saving and compliance initiatives that are in line with our Sustainability philosophy and engaged with our supply partners in RSL, Oekotex and ZLDC. Our units participated and won the 5S Sustenance level award, EHS award, NAMC Gold Award.

ENVIRONMENT, HEALTH, AND SAFETY

The health and safety of our employees and operating environment is of prime importance. We are committed to maintaining a healthy, safe, ergonomic, and clean working environment for all our employees, contract workers, visitors and stakeholders engaged in our business operations.

Environment

Our EHS strategies are directed towards conducting our business in a safe and environmentally responsible manner across all our operations, by optimizing the consumption of natural resources, through sustainable production, effective recycling, reuse of waste, and providing a safe and healthy workplace. We are a responsible producer and all our units have pro-actively complied with all applicable EHS laws and regulations, both in letter and spirit.

Chemical Management

To ensure the procurement of non-hazardous chemicals and the replacement of hazardous chemicals with safer alternatives, the Company has framed and adopted a Chemical Management Policy with the following objectives:

• To ensure the use of non-hazardous chemicals or least hazardous chemicals during product manufacturing, the chemicals used are compared against the ZDHC MRSL (Zero Discharge of Hazardous Chemicals - Manufactured Restricted Substance List).

• Established RSL policy (Restricted Substances List).

• CAS Numbers (Chemical Abstracts Service) are screened against ZDHC MRSL requirement before procurement.

Responsible Waste Management

The Company has carried out the following activities to ensure responsible management of waste and its traceability:

• A waste stream audit is carried out at hazardous waste handler’s facilities.

• Sub vendors who handle our recycled product or waste have also been audited.

• 5466107 Kgs of Non-Hazardous Waste has been recycled in the financial year

• 252000 Kgs of Elastic Waste sent to Dalmia Cement (Calorific value harnessed in kilns for cement manufacturing)

Health

The health and wellness of our employees remains a priority for us. Numerous health and wellness programs were conducted across all Units and Offices to promote good health and hygiene habits. In addition to the routine awareness programs and check-ups, the following activities have been undertaken this year:

• Inhouseparamedicteamshaveinitiated"Occupational Health Counselling".

• WASH pledge awareness sessions are conducted at regular intervals.

• Precautionary steps taken to prevent the spread of Covid-19: o Government COVID-19 guidelines are strictly adhered to prevent the spread, o Regular awareness created via direct communication on the shop floor and via PA system and posters, o Touch free mechanisms were assessed and upgraded such as sensor-based sanitizer dispensers etc., o Ensured that social distancing is marked and not deviated, o Regular disinfection across all areas, o COVID-19 Emergency response team has been formed and o A team called "COVID Police" was formed to ensure adherence to COVID – 19 safety protocols.

Safety

We are inculcating a safety culture by adopting EHS standards that incorporate best standards, codes, and practices, and are verifying the same through regular audits. Some of the important activities/achievements of safety team include:

• Great year in terms of accident prevention as we have achieved "No Lost Time Injuries" in FY 21-22, while recording 84,439,616 million safe working hours.

• 14 near-miss cases were identified and reported in the year by employees using reporting cards placed near suggestion boxes.

• Posters designed in-house displayed at conspicuous locations at manufacturing sites to increase awareness and enhance safety culture among all employees and stakeholders.

• Several preventive measures were carried out to curtail electrical fires including upgrading of electrical panel protection systems, arc flash study, lightning risk assessment study and frequent external audits.

• Upgradation of firefighting systems.

• A customized EHS data Management System is in pipeline to strengthen accident analysis, closing of audit observations and safe work permit system. We participated in the 4th Safety, Health and Environment competition organized by ABK - AOTS Dosokai, Tamil Nadu Centre where six of our manufacturing units were awarded under different categories

We participated in the 14th edition of the CII -SR EHS excellence awards to showcase our best practices and leadership commitment to Environment, Health and Safety. Our units 20 and 25 won the silver and bronze award respectively.

We have in place an Internal Complaints Committee (ICC) in compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. The committee members routinely meet employees, conduct awareness sessions and deal with complaints, if any, promptly and in a transparent manner.

PROSPECTS

We are encouraged by the enduring brand equity, image, and leadership of the Jockey brand along with the rising strength of the Speedo brand in their respective markets. We will continue our persistent efforts towards customer satisfaction by creating some of the finest products that reflect style, design, comfort, fit and quality across verticals: - Jockey Men’s, Women’s and Kid’s Innerwear, Athleisure, Socks and Accessories, as well as Speedo Swimwear and Swim related equipment.

The Jockey brand continues to rise to the results of an independent ‘brand health’ study carried out earlier by Nielsen Research Agency which rated the Jockey Brand Health in India among the most powerful brands in their research experience across all categories. The research involved fourteen cities across all four zones in the nation. Jockey brand scored a Brand Equity Index of 4.6 on a scale of ten in the Men’s Innerwear category and 2.9 in the Women’s innerwear category. To put things in perspective, worldwide only 23% of brands across all product categories score a Brand Equity Index 3.0 or over on a scale of ten and only 8% of brands score 5.0 and above. Jockey India Brand Equity Index scores were way above all other brands in both the Men’s and Women’s Innerwear categories.

Another brand health study conducted by Kantar IMRB measured the Brand Equity of the Jockey brand using a propriety tool called ‘Brand Spring’ (a composite of ‘to what extent consumers are familiar with the brand’ and "what the consumers’ reaction is to the brand"). The results were very encouraging and showed a Brand Spring score for Jockey Men’s and Women’s products far higher than any other brand in the respective categories.

WithcontinuedsupportfromJockeyInternational,USA, Speedo International, UK, and access to ideas, trends and innovations from forty other Jockey international licensees throughout the world, we stand by our long-term commitment to novelty and innovation, be it in product, technology upgradation, back-end processes or marketing. With our strong in-house product development, back-end capabilities, manufacturing expertise and our continuously evolving state-of-the-art technology, combined with a very strong distribution network, we remainoptimistic about the prospects of the brand and expect continued healthy sales growth and profitability in the coming years, further consolidating our position in the premium market for Innerwear, Athleisure, Socks, Swimwear & Swim equipment.

HUMAN RESOURCES/INDUSTRIAL RELATIONS

A detailed section on Human Resources/Industrial Relations is provided in the Management Discussion and Analysis Report, which forms part of this Annual Report.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review, five Board Meetings and four Audit Committee Meetings were duly convened and held; the details of which are given in the Corporate Governance Report along with the details of composition, category, dates of the meeting, attendance and such other details.

The Board of Directors consists of a balanced profile of members specializing in different fields that enables it to address the various business needs of the company, while placing very strong emphasis on corporate governance.

DIRECTORS

Appointment of Mr. Rohan Genomal as Executive Director

Based on recommendation of the Nomination and Remuneration Committee, the Board of Directors, at its meeting held on 11 November 2021, unanimously appointed Mr. Rohan Genomal [06970529] as additional director, designated as Executive Director – Strategy for a term of 5 years commencing from 11 November 2021 to 10 November 2026 (both days inclusive), subject to Shareholders approval. The shareholders approved the appointment through postal ballot.

Resignation of Mr. Sunder Genomal as Managing Director

Mr. Sunder Genomal, [DIN 00109720] Managing Director, has submitted his resignation letter on 28 February 2022 to relinquish the position of Managing Director from the closing of business hours on 31 May 2022, further, Mr. Genomal has expressed his willingness to continue to contribute to the Company’s success and long-term growth in the capacity of Non-Executive Director. In the letter he mentioned that

 

"The Company is blessed with a passionate team that has inherited and embraced the ethos, culture, values and vision of the founders, a young team full of fresh thoughts and innovative ideas. I feel this is an opportune time for me to step down from the position of MD and transition to a new MD, who will lead the Company in its next phase of growth."

Resignation of Mr. Sunder Genomal from the office of Managing Director was accepted by the Board of Directors. The Board expressed its gratitude for the invaluable contribution made by Mr. Sunder Genomal since inception of the Company.

Appointment of Mr. Sunder Genomal as Non-Executive Chairman

The Nomination and Remuneration Committee at its meeting held on 1 March 2022, as part of succession plan of the Company, recommended to appoint Mr. Sunder Genomal [DIN 00109720] as Non-Executive Chairman of the Company with effect from 1 June 2022. The Board unanimously accepted the recommendation of the Nomination and Remuneration Committee and appointed Mr. Sunder Genomal as Non-Executive Chairman of the Company with effect from 1 June 2022. The Board of Directors thanked Mr. Sandeep Maini [DIN 01568787] for his contribution as Chairman of the Company.

Appointment of Mr. V S Ganesh as Managing Director

Based on recommendation of the Nomination and Remuneration Committee, the Board of Directors, at its meeting held on 1 March 2022, unanimously appointed Mr. V S Ganesh [DIN: 07822261] as Managing Director of the Company for a period of 5 years effective 1 June 2022 subject to the approval of Shareholders. The shareholders approved the appointment as Managing Director through postal ballot.

Appointment of Mr. Arif Vazirally as Independent Director

The Nomination and Remuneration Committee at its meeting held on 26 May 2022 evaluated skills, knowledge and experience Mr. Arif Vazirally [DIN 00256108] and recommended to the Board for appointment Mr. Arif Vazirally as Independent director.

The Board of Directors at its Meeting held on 26 May 2022 accepted the recommendation of the Nomination and Remuneration Committee and appointed Mr. Arif Vazirally [DIN 00256108] as Additional Director in the category of Independent Director. He shall hold the office up to the date of the ensuing Annual General Meeting. The notice under section 160(1) of the Companies Act, 2013 has been received from a shareholder signifying his intention to propose Mr. Arif Vazirally as Independent Director of the Company. The Board recommends his appointment at the ensuing AGM.

Re-appointment of Mr. Varun Berry as Independent Director

Mr. Varun Berry’s [DIN : 05208062] initial term of Independent Director is expiring on 24 May 2023. Considering his valuable contribution, the Nomination and Remuneration Committee and the Board of Directors at their meetings held on 26 May 2022 recommended to re-appoint Mr. Varun Berry as Independent Director for another term of 5 years starts from 25 May 2023, subject to the approval of members at the AGM by way of special resolution. The Board recommends his appointment at the ensuing AGM.

Retirement by Rotation

As per the provisions of the Companies Act 2013 and the Articles of Association of the Company, Mr. Shamir Genomal [DIN 00871383] and Mr. Ramesh Genomal [DIN 00931277], Directors of the Company will be retiring by rotation at the ensuing AGM and being eligible, have offered themselves for re-appointment.

The details pursuant to Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 relating to appointment and re- appointment of directors at the AGM are provided in the Notice to the members.

Key Managerial Personnel

In Compliance with Section 203 of the Companies Act 2013, the Board of Directors of Company has the following Key Managerial Personnel:

1. Mr. Sunder Genomal [DIN 00109720]– Managing Director;

2. Mr. Ganesh V S [DIN 07822261] – Chief Executive Officer;

3. Mr. Shamir Genomal [DIN 00871383] – Deputy Managing Director;

4. Mr. Chandrasekar K - Chief Financial Officer; and

5. Mr. C Murugesh – Company Secretary & Compliance Officer.

Committees of the Board of Directors

The Company has constituted the following committees in compliance with the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015:

1. Audit Committee,

2. Nomination and Remuneration Committee,

3. Stakeholders Relationship Committee,

4.Risk management Committee and

5. Corporate Social Responsibility (CSR) Committee. The brief description, composition and other required details of the above committees are provided in the Corporate Governance section of this Annual Report. During the year under review, the Board of Directors have accepted all the recommendations of the above Committees.

Nomination and Remuneration Policy

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection, appointment of Directors and Senior Management and to fix their remuneration. The Nomination and Remuneration Policy is available in the Company’s website, https://www.pageind.com/investor-relationship. The salient features of the policy is provided in the Corporate Governance report.

During the year under review, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and remuneration under section 195 and reimbursement of expenses, if any.

Corporate Social Responsibility

Annual Report on Corporate Social Responsibility (CSR) containing composition of CSR Committee and its terms of policy is provided in Annexure-I. The CSR policy of the Company is available on the Company’s website on https://www.pageind.com/policies-documents

We have partnered with Grassroots Research and Advocacy Movement (GRAAM) to identify and spend the CSR monetary allocation wisely and effectively towards a good and noble cause in a sustainable manner.

The following CSR activities have been carried out during the year under review:

• Contribution to PM Relief Fund,

• Covid-19 awareness program,

• Education,

• Contribution to Karnataka State Disaster Management Authority and

• Healthcare program.

Due to pandemic, during the year under review, the Company was unable to spend the required CSR amount, as primary and secondary schools were closed most part of the year. The Company is hopeful that from the next academic year, physical schools will reopen and CSR spend would increase significantly. The Company has earmarked the spent as per the budget on the identified CSR Projects and would enhance the spending in the subsequent years by exploring further avenues which will be in line with our CSR Policy, if required.

During the year under review, the company has spent an amount of Rs.73.08 million against a prescribed amount of Rs.102.18 million. The unspent CSR amount of Rs.29.10 million was transferred to Unspent Corporate Social Responsibility Account as per section 135(6) of the Companies Act 2013.

Evaluation of Board of Directors, Committees and Directors

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, performance of directors individually and working of the Board Committees. The manner of evaluation is explained in the Corporate Governance Report. Independent Directors met separately to evaluate the Non-Independent Directors and Chairman of the Board. Your Directors expressed their satisfaction with the evaluation results.

Vigil Mechanism / Whistle Blower Policy

The Company has constituted a Vigil mechanism / Whistle Blower mechanism to report genuine concerns about unethical behavior, actual or suspected fraud. The details are explained in the Corporate Governance Report. The Policy is available on the Website of the Company at https://www.pageind.com/investor-relationship.

All the complaints received during the year under review have been dealt with appropriately under the above policy.

The Company has not received any serious complaint under Vigil mechanism / Whistle Blower policy during the year under review.

Related party transactions

All related party transactions that were entered during the financial year were at arm’s length basis and were in the ordinary course of business. There was no materially significant related party transaction made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons, which may have a potential conflict with the interest of the Company at large.

All Related Party Transactions were placed before the Audit Committee and the Board for approval. Prior omnibus approval of the Audit Committee has been obtained for the transactions which are of foreseen and repetitive nature. The transactions entered, pursuant to the omnibus approval so granted, are placed before the Audit Committee and the Board of Directors for their approval on a quarterly basis.

The Company has framed a Related Party Transactions policy for identification and monitoring of such transactions. The policy on Related Party Transactions as approved by the Board is available on the website at https://www.pageind.com/investor-relationship. The related party transaction in AOC-2 is marked as Annexure-II.

Related party transactions pursuant to the SEBI(LODR) Regulations 2015 and the Companies Act 2013 are provided in notes to the Financial statements.

Risk Management

Risk Management is an ongoing process within the Organization. We have a robust risk management framework to identify, monitor and minimize risks. The Board has a policy to oversee the risk mitigation performed by the executive management, which includes identification, assessment, monitoring and reporting of risks. During the year under review, two meetings were conducted to review the Risk Management framework.

Ratio of remuneration

Details / Disclosures of Ratio of Remuneration to each Director to the median employee’s remuneration pursuant to Section 197 of the Companies Act 2013, read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are provided in Annexure-III.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection and any Member interested in obtaining a copy of the same may write to the Company Secretary.

Listing

Shares of the Company are listed in the Bombay Stock Exchange Limited, Mumbai (BSE) and National Stock Exchange of India Limited, Mumbai (NSE) and the listing fees have been duly paid.

AUDITORS

Statutory Auditors: - At the 26th AGM, the members of the Company, appointed M/s. S.R. Batliboi & Associates LLP, Chartered Accountants, Bengaluru (Firm Registration No. 101049W / E300004) as Statutory Auditor of the Company for a second term of 5 years commencing from the conclusion of 26th AGM till the conclusion 31st AGM, accordingly, they hold office upto the conclusion of the 31st Annual General Meeting of the Company.

The Auditors have not reported any fraud under section 143 (12) of the Companies Act, 2013.

Secretarial Auditor: - Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of

Managerial Personnel) Rules, 2014, the Board of Directors has appointed Mr. R Vijayakumar, Company Secretary in Practice [FCS-6418; COP- 8667] to undertake the Secretarial Audit of the Company.

The Report of the Secretarial Audit Report forms part of this Annual report marked as Annexure- V. The Statutory and Secretarial Auditors reports to the shareholders for the year under review do not contain any materially significant qualification, reservation, adverse remark or disclaimer.

Cost Records and Cost Audit: - For the year under review, maintenance of cost records and the cost auditing is not applicable pursuant to Notification G.S.R.01(E) dated 31st December 2014.

CORPORATE GOVERNANCE

We are committed to maintaining the highest standards of corporate governance. The report on corporate governance as stipulated in the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 forms part of the annual report. A certificate from the Practicing Company Secretary regarding compliance of conditions of Corporate Governance is also annexed to the report on Corporate Governance.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report is enclosed as part of this Annual Report.

Internal Control System and Adequacy: The details are provided in the Management Discussion Analysis.

Business Responsibility Reporting

Business Responsibility Reporting is provided in the Annexure -IV

DECLARATION OF INDEPENDENT DIRECTOR

The Company has received declaration from Independent Directors of the Company that they meet with the criteria of their Independence laid down in Section 149 of the Companies Act, 2013 and SEBI(LODR) Regulations 2015.

INDUSTRIAL RELATIONS

Industrial relations are cordial at all levels and your Directors sincerely acknowledge the exemplary dedication of all its employees.

Deposits: The Company has not accepted any deposits during the year under review. There is no outstanding deposit as on 31 March 2022.

Particulars of Loans, Guarantees or Investments: During the year the Company has neither made any investments, nor provided any loans, advances in the nature of loans, stood guarantee or provided security to companies, firms, Limited Liability Partnerships or any other parties.

Significant and Material Orders Passed by the Regulators or Courts: No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Company’s future operations. Material changes and commitments: No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year and date of report.

Implementation of Corporate action: The Company has declared four interim dividends, which were duly implemented.

Unclaimed dividends and transfer of shares to IEPF: Details on Unclaimed dividends and transfer of shares to IEPF are provided in the Corporate Governance Report. Secretarial Standards: During the year under review applicable Secretarial Standards have been duly complied with.

Annual return: Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return is available on the Company’s website on https://www.pageind.com/investor-relationship

Unclaimed Shares Suspense Account: There are no shares remaining unclaimed and lying in the escrow account.

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE

Information on conservation of energy, technology absorption, foreign exchange earnings and outgo, pursuant to Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014:

a. Conservation of Energy

Your Company continually takes steps to absorb and adopt the latest technologies and innovations in the Garment Industry. These initiatives should enable the facilities to become more efficient and productive as the company expands, thus helping to conserve energy.

Our commitment to reduce energy consumption is achieved through installation of energy efficient fixtures, clutch motors to sewing machines, and power factor optimization initiatives among others. All machinery and equipment are being continuously serviced, updated and overhauled to maintain them in good and energy efficient condition. This resulted in consumption of lesser energy consumption.

Conservation of Energy continues to receive increased emphasis at all units of the Company. Energy audits and Inter-unit studies are carried out on a regular basis for analyzing and taking steps for reduction of energy consumption.

Various energy saving measures have been initiated like energy audit, solar power, LED, servo motors, solar tube, VFD Compressors and Harmonic filters.

b. Technology Absorption, Adaptation and Innovation - Research and Development

In addition to product development and raw material development which continue to be strengthened, Research and Development activities on fashion designing are carried out on an on-going basis. Adopting technologies with state-of-art systems and machineries like PLM software, automated cutting machine, automated fabric inspection machines, etc., the quality of the products and efficiency of the systems have substantially improved. Applying these technologies has helped keep costs of production under control.

Real time data capturing through RFID/Proximity Cards in manufacturing, being an area where we are focused on now, shall help us in building innovative efficiencies.

The nature of activities of the Company does not warrant any exclusive R&D department.

c. Foreign Exchange Earnings and Outgo

Foreign exchange earnings during the year were Rs.526 million from exports to Sri Lanka, Nepal and UAE. Outflow owing to royalty, import of raw materials, machinery, spares etc. amounted to Rs.3,651 million.

DIRECTORS’ RESPONSIBILITY STATEMENT

In compliance of Section 134(5) of the Companies Act, 2013, the Directors of your Company confirm that:

• In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

• They had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent to give a true and fair view of the of the company at the end of the financial year and of the profit of the company for that period;

• They had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

• They had prepared the annual accounts on a going concern basis;

• They had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;

• They had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

GENERAL

Your Directors acknowledge the support given by the Licensors, M/s Jockey International Inc., USA, and M/s Speedo International Limited, UK as well as all our business associates. The Board also wishes to place on record their sincere thanks and appreciation to the Central Government, Karnataka State Government, Odisha State Government and various other State Governments, bankers, suppliers, distributors and all other stakeholders, including the wholehearted dedication and cooperation extended by the employees at all levels.

By Order of the Board For and on behalf of the Board of Directors

Sunder Genomal V S Ganesh
Managing Director Executive Director & CEO
[DIN: 00109720] [DIN: 07822261]
Bangalore
26 May 2022

   

Page Industries Ltd Company Background

Sunder GenomalShamir Genomal
Incorporation Year1994
Registered OfficeCessna Business Park Tower-1,7th Floor Umiya Business Bay
Bengaluru,Karnataka-560103
Telephone91-80-49454545,Managing Director
Fax91-80-49465700
Company SecretaryC Murugesh
AuditorS R Batliboi & Associates LLP
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park,L B S Marg,Vikhroli West,Mumbai-400083

Page Industries Ltd Company Management

Director NameDirector DesignationYear
Sunder GenomalChairman (Non-Executive)2022
Nari GenomalNon Executive Director2022
Ramesh GenomalNon Executive Director2022
G P AlbalNon-Exec. & Independent Dir.2022
B C PrabhakarNon-Exec. & Independent Dir.2022
C MurugeshCompany Secretary2022
Shamir GenomalDeputy Managing Director2022
Rukmani MenonNon-Exec. & Independent Dir.2022
Sandeep Kumar MainiNon-Exec. & Independent Dir.2022
Vikram Gamanlal ShahNon-Exec. & Independent Dir.2022
V S GaneshManaging Director & CEO2022
Varun BerryNon-Exec. & Independent Dir.2022
Mark FedykNon Executive Director2022
Sanjeev GenomalAlternate Director2022
ARIF VAZIRALLYNon-Exec. & Independent Dir.2022
Rohan GenomalNon Executive Director2022

Page Industries Ltd Listing Information

Listing Information
BSE_500
BSE_100
BSE_200
BSEDOLLEX
CNX500
BSEMID
CNXMIDCAP
CNXMID50
CNXCONSUMP
CNX200
BSECARBONE
BSEALLCAP
GOODSSERVI
BSEMIDSELE
SENSNEXT50
ESG100
MID150
LMI250
MSL400
BSEQUI
NFTYLM250
NFTYMC150
NFTYMSC400
NFTY200Q30
NFTYALV30
NF500M5025

Page Industries Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sales NA 0002893.82
Other Operating Revenue NA 00051.602
Others NA 0000
Others-Traded NA 0000
Traded Goods-Swimwear ProductsNo 0000
Duties and Taxes NA 0000
Excise Duty NA 0000
Garter Mtr0000
Men Items No 0000
Sports Items No 0000
Women Items No 0000
Garments No 0000
Leisurewear & Innerwear No 0000
Knitted Shorts No 0000
Round neck/collar T-shirts No 0000
Socks. No 0000
Bra No 0000
Factory Seconds No 0000
Innerwear No 0000
Woven Shots No 0000
Socks Prs0000
Caps No 0000

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