Anual Report 202223

Technology • Tenacity • Transformation
CONTENTS
TECHNOLOGY • TENACITY • TRANSFORMATION
PAGE INDUSTRIES-THE YEAR GONE BY..............................................03
Page Industries at a Glance............................................................................................. 03
As India’s largest premium innerwear and athleisure brand, we at Page Industries Limited are constantly adapting
Corporate Journey and Milestones.............................................................................. 04
to the changing needs of the industry and consumers. Consumer preferences, technological advancements,
Brand Portfolio..................................................................................................................... 05
and market dynamics push us to reinvent and stay ahead of the curve. The Company has placed a strong
Drivers of Growth................................................................................................................ 09 emphasis on leveraging Technology, demonstrating Tenacity, and moving towards Transformation to strive
for our long-term goal of sustainable growth. These three pillars of Technology-Tenacity-Transformation, form
OUR PERFORMACE & VALUE CREATION.............................................10 the bedrock of our business ethos, encapsulating our journey over the past fiscal year and outlining our vision
From the Chairman’s Desk............................................................................................... 10 for the future.
MD’s Communiqué.................................................................................................................11 Through a progressive and innovative approach, we continue to harness technology to drive our success.
Performance Highlights......................................................................................................12 The recent implementation of a pull-based Auto Replenishment System, which ensures that inventory is
continuously updated based on real-time demand, has not only enhanced inventory management efficiency
Strategy for Growth.............................................................................................................13
but also reduced waste, ensuring that our valued customers always have seamless access to the products
Marketing Approach............................................................................................................14
they desire.
SUSTAINABILITY AT PAGE.......................................................................... 16 Our tenacity, rooted in our commitment to growth, is evident in our expansion strategy that enables us to
navigate obstacles and forge ahead in our pursuit of excellence. By strengthening presence in general trade
AWARDS AND ACCOLADES....................................................................... 19
and expanding our network of Exclusive Brand Outlets (EBOs), we have solidified our position as the market
STATUTORY REPORTS.................................................................................20 leader in the premium innerwear and athleisure segments.
Transformation, the third pillar, is at the heart of our brand’s evolution. We understand the significance of
Director’s Report..................................................................................................................22
evolving with our customers’ changing needs and preferences. By integrating technology and introducing a
Management Discussion Analysis Report....................................................................81
range of premium quality products that embody latest trends in style and comfort, we have transformed the
Corporate Governance Report ......................................................................................92
way our customers perceive and experience the brand. This commitment to transformation ensures that we
Auditor’s Report ................................................................................................................108 remain at the forefront of the industry, constantly exceeding expectations.
In the pages that follow, you will find a comprehensive overview of our financial performance, strategic
FINANCIAL STATEMENTS......................................................................... 120
initiatives, our commitment to responsible business practices, and the promising future that lies ahead.
NOTICE TO SHAREHOLDERS.................................................................. 164
Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 2

PAGE INDUSTRIES
AT A GLANCE
Over the last 27 years, Page Industries has continued to be a value-driven, fully integrated product design and
development, manufacturing, sales and marketing, distribution, retail, and E-commerce company dedicated to
building world-class brands.
3062+ Large Revenue
Page Industries Limited, a public limited company headquartered in Bangalore, India, is the exclusive licensee of 1289+ Exclusive
Format Stores ` 47,886 mn
JOCKEY International Inc. (USA) for the manufacture, distribution, and marketing of the JOCKEY brand in India, Sri Brand Outlets
(LFS)
23.2%
Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. Page Industries is also the exclusive licensee
of Speedo International Ltd. for the manufacture, marketing, and distribution of the Speedo brand in India.
Transparency, stakeholder value, integrity, and quality are at the core of our business. We believe in achieving
our organisational objectives by ensuring fair governance, maintaining integrity, and respecting our internal and
external stakeholders. We strongly believe in fostering an empowering work atmosphere guided by sustainability 1,20,060+ Retail PAT ` 5,712 mn
and responsibility, which ultimately translates into the production of high-quality products. Network
6.5%
Our objective is to continue pushing the boundaries and revolutionizing the Innerwear, Athleisure, and Swimwear
sectors in India with our innovative product design, superior quality, captivating retail display and visual
merchandising, groundbreaking distribution and marketing, and a robust on-line presence.
Leading player in Premium Highly Experienced Production Capacity Strong Financial Performance
Innerwear and Athleisure market Professional Management supported by 260 mn pieces Healthy ROCE 50%
23,853 Employees 15 manufacturing units
80% Women Employees
Strong backward integration

MILESTONES IN OUR
CORPORATE JOURNEY
• Launched Jockey • Jockey Socks • Company turnover • Licensing agreement with • Launch of first International • First Jockey EBO in Sri • Jockey Juniors
products for women launched crosses INR 1b in Jockey International Inc. format EBO in Bengaluru Lanka launched
under the style of ‘Jockey terms of factory extended till 2030
• Launched its own B2C • Brand Jockey reached • 25 years of
For Her’ selling price
• Awarded the sole e-commerce channel and 50,000 outlets in India Jockey in India
• Launched the middle • Production crossed marketing and distribution tied up with various leading
range of men’s 2m pieces per month rights for Jockey in UAE online retailers to increase
undergarments reach of products
• Speedo Launch
1997 2004 2006 2011 2015 2017 2019
1995 2003 2007 2008 2014 2016 2018 2022
• Incorporation of the • Company turnover • Successful completion of • Jockey available • Jockey.in • First Jockey EBO in • Jockey Licensing • QE June’22 Best
Company under the crosses INR 500m IPO and listing on NSE across 1000 towns launched Dubai agreement extended till Revenue & PAT in
name and style of Page and BSE 2040 history
• Retail network of 10,000 • Launched Jockey
Apparel Manufacturing
outlets Towels • Jockey Active wear range • 1,220+ Jockey EBOs
Private Ltd.
launched
• Achieved production of • 1,18,000+ Jockey
• Brand Jockey reaches
1m pieces a month • Speedo apparel range MBOs
100 towns
launched
• Jockey Woman launched
• 500 Jockey EBO’s

BRAND PORTFOLIO
JOCKEY
Founded in 1876, Jockey’s ongoing mission is to continue to push boundaries to deliver the
experience and excitement that life enthusiasts expect from one of the world’s best-loved and
most recognized innerwear and athleisure brands. The brand is committed to quality, comfort,
fashion, innovation, and value. As Jockey grows in size and sophistication, the simple commitment
to serve its consumer’s need for comfort continues to be the brand’s hallmark.
Jockey was set up under Page Industries Ltd. in 1994 with the key objective of bringing the world-
renowned brand Jockey to India. Jockey manufactures, distributes, and markets products for the
whole family – Men, Women, and Kids.
JOCKEY was the first innerwear brand in India to set up Exclusive Brand Outlets (EBOs) across
the country. The company through its authorized franchisees has opened 188 Exclusive Brand
Outlets across India taking the total number of EBO’s to 1.289 including 48 ‘Jockey Woman’ EBOs
and 78 Jockey Juniors EBOs.
Page Industries has thirteen Jockey Exclusive Brand Outlets in the UAE and three in Sri Lanka.
With an overwhelming response from these stores, Page Industries is already looking at expanding
its footprint in these emerging markets.

BRAND HISTORY
JOCKEY
1910 1960 2000 2016

The Cooper Underwear Company (now The Company developed underwear for Jockey becomes a founding Jockey launches Cotton+ and
known as Jockey) creates the “Klosed NASA’s Apollo program that included a very member of W.R.A.P., the Jockey® Performance, two
Krothc” union suit. It was the single greatest unusual feature-elastic bands on the cuffs Worldwide Responsible Apparel modern collections which carry
advancement in underwear at the time. that looped around one’s palms for use in Production association dedicated on Jockey’s proud heritage of
Coopers also puts its underwear in fine zero gravity. to ethical apparel manufacturing. developing new and innovative
packaging and displays it on major retailers’ underwear.
sales floors – an industry first. Prior to this,
underwear was kept in boxes behind the
counter for modesty’s sake.
1876 1940 1980 2011

Jockey is founded by Samuel Artist Frank Hoffman creates the The introduction of Jockey Jockey launches the USA
T. Cooper whose goal was to first Jockey® icon, the Jockey® Boy. for Her in 1982 makes the Originals Collection in Europe,
revolutionize socks and hosiery. The icon would last for more than most famous name in men’s Asia, Africa, and Latin America.
60 years, with minor updates to underwear also the most The USA Originals Collection
keep it fresh. In 1947, the Jockey® comfortable name in women’s pays tribute to Jockey’s roots
brand name is stitched into the underwear. and takes inspiration from
waistband of the underwear - traditional American colors,
another industry first. textures, and icons.

BRAND PORTFOLIO
SPEEDO
Speedo the world’s leading swimwear brand is passionate about life in and around the water.
From learn to swim through to swimming for fitness, the brand aims at inspiring people to
swim while making it a healthy practice to imbibe for healthy living. Page Industries is geared
to take brand Speedo to the next level of consumer connect and make it the most sought-
after swimwear brand in the country.
Speedo is committed to providing high-quality products to its customers while making its
products and packaging much kinder to the environment. The products are designed from
sustainable materials using a fabric created from ECONYL yarn and REPET yarn (Innovative
regenerated fibres that turn waste from fishing nets, manufacturing by-products, and plastic
bottles into first-grade nylon fabric).
As of 31 March 2023, Speedo brand is available in 1,230+ stores and 30+ EBOs across 180+
cities in India.

BRAND HISTORY
SPEEDO
2010’s
Speedo launched Fastskin3 Racing
System, swimwear and swim
1930’s 1960’s 1990’s accessories designed to work
Speedo started its first Speedo marked a glorious Speedo together
Olympic medal journey victory at 1968 Games in introduced Endurance,
2000's
Speedo’s cutting-
1920's 1950's 1970's

when Claire Dennis of Mexico where 27 of 29 gold the world’s first chlorine edge TriClops triathlon pack was
Australia won gold medalists wore Speedo resistant fabric awarded the coveted Red Dot Product
Design Award
Speedo’s new Elastomeric Goggle
Collection was Platinum A’ Design
Award
2010's
1920’s 1950’s 1970’s 2000’s
Born on Bondi Beach near
Sydney, Australia in 1928,
Speedo is the world’s top-
1930's Speedo introduced its First
Watershot and first suit
made of Nylon
1960's Speedo became the first
company to produce
swimwear made of Nylon /
1990's Speedo launched the
revolutionary Fastskin swimsuit
inspired from shark’s skin
selling swimwear brand. Elastane.
Speedo launched LZR Racer
Speedo introduced which was named as one of the
Racerback suit, the world’s best inventions of the year by
first non-wool suit TIME Magazine and one of the
most innovative products by
Popular Science Magazine.
LZR Racer also won Edison
Awards.

DRIVERS OF GROWTH
Page Industries Limited has dominated the innerwear market and successfully positioned Jockey as a premium
affordable brand with its strong product basket, premium quality, coupled with comfort and style. It’s early • Financial Resilience: double digit growth,
market advantage in athleisure and a well-established, robust network of manufacturing units, EBOs, MBOs and stable margins and the ability to withstand
macro challenges while maintaining a
other retail platforms resulted in the category’s rapid growth, giving the Company its competitive edge. strong financial position has helped to
consistently deliver healthy profitability
Today, Page Industries is on a transformation journey while staying focused on its goal of becoming a billion-
dollar revenue Company. With a tenacious focus and significant investments in technology, supply-chain
management, product designing, culture, talent, Page is striving to achieve its long-term vision of becoming the
undisputed leader in the premium segment in revenue, profitability and brand strength in Innerwear, Athleisure
and Accessories.
The Company has several drivers that keep it relevant in a rapidly changing environment.
• Brand Equity: The Company’s strong

marketing and brand awareness
outreach has helped in new customer
wins and maintaining an equitable
relationship with a loyal, growing
customer base
• The Page Culture: the people, the real asset of the
Company and the culture fostered here has helped
attract great industry talent across segments and
• Investments in transforming supply chain: digital and levels, thereby catalysing the growth story
business transformation to improve efficiencies and
building and managing a robust supply chain
• A rich product portfolio: with a strong premium innerwear

and athleisurewear products across men’s, women’s and
kids’ categories, the Company has witnessed consistent
growth

FROM THE CHAIRMAN’S DESK
Dear Stakeholder,
As we reflect upon the completion of yet another milestone in our collective journey, we
remain optimistic about our commitment to excellence and the resilient spirit of Page
Industries Limited. This year, despite the challenges of a subdued quarter, our optimism
remains unscathed, with a buoyant long-term view of our business. This is inspired by the
vibrant consumption patterns, robust industry dynamics, and promising economic drivers
that characterise India’s retail landscape.
T enacity forms the core of our operations, an

ethos that has guided us through the volatility
and macro challenges of this year. Undeterred
The expansion of our product portfolio has only
further cemented our standing in the market.
In line with our transformation objective, we

by temporary setbacks, we have leveraged our
have also focused on improving customer
resilience to turn challenges into opportunities.
experience and growing our online business.
Our commitment to intensifying general trade
We believe in keeping our customers at the
distribution, expanding modern trade, and rapidly
heart of all we do, and we will continue to
growing our exclusive brand outlets, continues to
invest in strategies that deepen our connection
shape our strategic initiatives.
with them. The blend of Technology, Tenacity,
Our transformation is deeply rooted in and Transformation will continue to be our
technology, and in this vein, we have integrated compass as we navigate through the dynamic
advanced systems such as the pull-based Auto landscape of the innerwear, athleisure, and
Replenishment System into our operations. This swimwear industries.
system serves as a bridge between demand
Your trust fuels our commitment, and we
and supply, optimising our inventory levels and
promise to continue our efforts to create an
ensuring our customers receive their desired
organisation that delivers sustained growth, one
products in a timely fashion. This technology has
that you can always be proud to be a part of.
also played a critical role in strengthening our
supply chain, making it robust and agile, ready to
respond to changing market needs.
Thank You.
We continue to prioritise quality, a hallmark of
our brand. Every product that carries our label
is a testament to our promise to designing, Sunder (Ashok) Genomal,
manufacturing, and delivering premium products.

MD’s COMMUNIQUÉ
Dear Stakeholder,
I am pleased to share our progress and outlook for Page Industries Limited. Despite the challenges we faced
in the past year, we remain confident in India’s growth potential and the opportunities for market expansion.
As an organization, we are dedicated to fortifying all aspects of our brand, including product development,
marketing and sales, retail infrastructure, supply chain management, and technology.
R eflecting
by, we
on the
achieved
year gone
significant
accomplishments while also identifying
and long term include transitioning to a
pull-based auto replenishment system,
improving product discoverability
the importance of sustainability and
responsible business practices. We
firmly believe that these practices bring
areas for improvement. Challenges such for all stakeholders, accelerating the stakeholders together, foster innovation,
as product availability in the first half expansion of businesses in Outerwear, and benefit the community and the
of the year and high inventory levels Women’s Innerwear, and Socks, while environment at large. To that end, we are
affecting profitability in the second half continuing to drive Men’s Innerwear committed to embedding sustainability
required our attention. We acknowledge growth, consolidating top MBOs for practices at the core of our operations.
the need for better market forecasting growth, enhancing consumer loyalty, and Our sustainability framework aligns
to enable timely actions and effective strengthening our Direct-to-Consumer with the United Nations Sustainable
cost management especially during channels. Development Goals (UNSDGs) and
volatile times. Despite these setbacks, focuses on specific areas critical to
we achieved a remarkable 23.2% revenue I am pleased to report that despite the conducting socially and environmentally
growth and 13.1% volume growth for the challenging market conditions, Speedo responsible business, while also
full year. By implementing robust supply achieved remarkable growth with a promoting growth and delivering long-
chain management and monitoring, we turnover of ` 429 million in FY2022-23, term value.
successfully mitigated the impact on up from ` 168 million in the previous
sales. We have implemented cost control year. Further, with promising growth for Our expansion strategy, exciting
measures and remain optimistic about swimwear market in India, we remain product offerings, growth in EBOs and
the long-term potential of our business. optimistic on Speedo’s dominance in the MBOs, and commitment to responsible
coming years. business practices all contribute to our
On a positive note, we expanded optimistic outlook. We remain dedicated
and enhanced our product portfolio, Although we made significant progress to delivering outstanding products and
strengthening our retail presence across in the second half of the year, we are services to our stakeholders, navigating
various channels. We currently operate committed to further enhancing our the evolving market conditions with
in 120,060+ Multi Brand Outlets (MBOs), performance in these strategic areas, agility and resilience.
3,062+ Large Format Stores (LFS), and which we believe will pave the way for
1,289 Exclusive Brand Outlets (EBOs). future growth. Our short-term goal is to We extend our heartfelt gratitude for
Additionally, our e-commerce business reach a billion dollars in revenue, and in your unwavering trust and continued
experienced significant growth. Our the long run, we aspire to maintain our support in our growth story.
efforts to improve product availability position as the undisputed leader in the
and discoverability among our channel Premium Segment in terms of revenue, Yours sincerely,
partners were fruitful. profitability, and brand strength in
Innerwear, Athleisure, and Accessories
Looking ahead, we maintain an across Men, Women, and Kids.
optimistic outlook for our business. Our V S Ganesh
strategic priorities in the short, medium, At Page Industries Limited, we recognize Managing Director

PBT (` in Millions) RETURN ON NET WORTH
PERFORMANCE HIGHLIGHTS
7,581
7,088
SALES (` in Millions) 6,060
49%
54%
43% 46%
4,620 4,534 40%
47,886
38,865
2018-19 2019-20 2020-21 2021-22 2022-23 2018-19 2019-20 2020-21 2021-22 2022-23
28,522 29,455
28,330
25,520
RETURN ON CAPITAL EPS & DIVIDEND
512
EMPLOYED 481
21,305
17,962 72%
68% 353 344
15,434 58% 308 305
55% 300
50% 250 260
11,877
161
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2018-19 2019-20 2020-21 2021-22 2022-23 2018-19 2019-20 2020-21 2021-22 2022-23
EPS DIVIDEND
EBITDA EBITDA Margin % PAT PAT Margin %

WORKING CAPITAL DAYS
` Million ` Million
13.8% 122
20.7%
22.9% 18.9% 19.3% 11.7% 12.0% 11.9%
18.3% 13.8% 96
92
89
5,712
8,775
8,064 5,365
71
66
6,534 60 59 59
3,939
5,572 5,461 57
3,432 3,406
34
32
22
16 18 16
16
11 12
9
2018-19 2019-20 2020-21 2021-22 2022-23 2018-19 2019-20 2020-21 2021-22 2022-23
*Previous year figures have been regrouped / reclassified, wherever necessary.

Receivables Inventory Payables Net Working Capital
FY19 FY20 FY21 FY22 FY23

STRATEGY FOR GROWTH
At Page, our business strategy embodies the need for constant adaption to the dynamic
environment. We leverage innovation and technology to drive operations, enhance efficiency
and deliver exceptional products for our consumers. We are embracing automation, digitalisation
and integrating systems and processes throughout our value chain. With a strong emphasis on
transformation, the business model has evolved, keeping pace with changing market dynamics,
adapting to emerging trends and exploring newer avenues for growth. We remain focused on
developing, empowering and motivating the best talent in the organisation and nurturing the
culture of excellence and innovation.
01 03
Transition to Auto Replenishment
Focus on Outerwear, Women’s
System – Significant strides in the
Innerwear and Socks:
second half of the year:
Product Penetration – Strategic
02 04
EBO Expansion – The only brand
product development for
with 1300 EBOs and plans to
By ensuring optimum inventory competitive edge and enhanced Product premiumisation and
expand at 200-250 EBOs Y-o-Y:
health at the distributor level and reach: innovation like the 1-mile-wear in
fulfilling stock based on demand, athleisure, and cracking the code
the ARS ensures availability of the for women’s innerwear, especially
right mix and quantity of stock at bras, has given the Company a
the right time and place, leading headroom for growth
to improved inventory mix, better Page invests in extensive research Page’s EBO expansion strategy
product variety, and increased and development to identify aims at market presence,
revenue and profitability for both consumer demands and marketing enhancing brand visibility and
distributors and the Company. opportunities by leveraging expertise capture a larger pie of the retail
in design, fabric technology and market. This strategic approach
manufacturing capabilities to bring aligns with our commitment to
products that resonate with their delivering exceptional customer
consumers and create a strong experiences and inching towards
brand presence the long-term vision of becoming
the leader in the premium
innerwear segment.

MARKETING APPROACH
New Launches
Style No. MV15

Style No. CG26
T-shirt Style No. MW68P Hoodie Sweatshirt
Leggings
Style No. U109

Style No. AM28 Sweatshirt Style No. AB46
Track Pant Shorts

Social Media Marketing Campaign 2022-23
2022-23
Jockey has seen a remarkable year
marked by a series of highly successful
brand campaigns that have catapulted
Jockey’s reach and brand recall. We
have strategically leveraged social
media, email marketing, and targeted
advertising, to build meaningful
connections with our audience. Our
strong online presence remains an
important tool for invaluable customer
feedback, that help us enhance our
offerings. Each campaign has bolstered
our market position, broadened
customer reach, and firmly established
Jockey as a trailblazer in the industry.
TVC
2,96,124 9,50,575 22,594 26,100

SUSTAINABILITY AT PAGE
Ever since the world began to recover from the gruelling impact of the pandemic, there emerged a Sustainability Focus Areas
pressing need globally to address environmental crisis. Today, Sustainability has become more than a
buzzword, moving beyond the realms of CSR towards a more unifying effort by businesses to adopt
strategies and make investments towards protecting the natural environment. Page Industries Limited
(PAGE) is no different. We believe that Sustainability can bring stakeholders together to boost
engagement and innovation that can benefit the community, society and environment at large. Instead of
making sustainability a mere appendage to our brand, we are committed to finding ways to embedding
sustainability at the core of our business operations by establishing strategies that create value, consistent Economic
with the long-term preservation and enhancement of the Environment, Social, and Governance dimensions Performance
Governance,
throughout our value chain. Energy and
Risk and Compliance
GHG Emissions
Sustainability Vision of PAGE

To be a leading apparel company through balanced growth with a focus on quality, innovation,
Diversity and Equal
and sustainable design, thereby, creating lasting value for all our stakeholders. Water and
Opportunity
effluents
Governance
Sustainability Governance
PAGE’s sustainability strategy is grounded on a robust and transparent sustainability governance
Sustainability
E n vir o n m
structure which helps the organisation to define the sustainability objectives, the roadmap for achieving
Framework
ial
the set targets, maintain healthy interactions with external stakeholders, and better disclosures as part Materials Occupational Health
and Safety
Soc
of being a responsible business in synergy with its motto “Balancing Growth with Sustainability”. The
en
sustainability governance structure at PIL works on three primary pillars viz., Sustainability Steering
t
Committee (SCOM), Mission Committees, and Unit Committees.
Our commitment towards sustainability is guided by the Sustainability Steering Committee (SCOM)
comprising of Managing Director, Chief Financial Officer, Chief Human Resource Officer, Chief People
Officer, Chief Operating Officer, Chief Marketing Officer, President & Chief of Manufacturing & Operations, Responsible Supply
Product
and functional heads responsible for driving the sustainability strategy and its implementation across the Chain
Stewardship
organization. Moreover, for each sustainability focus area, dedicated mission and unit committees are in
place to develop and effectively implement management programs.
Sustainability Focus Areas

PAGE’s sustainability agenda and framework complements the United Nations Sustainable Development
Goals and revolves around nine focus areas identified as critical to conduct socially and environmentally
responsible business while harnessing the opportunities and mitigating the potential risks for the business.
The focus areas are centred on three key pillars of environment, social, and governance for balancing Targets for Sustainability Focus Areas
growth and delivering long-term value. The material topics around the focus areas are prioritized with
internal systems and processes for effective management.

OUR SUSTANBILITY TARGETS
Economic Governance, Risk, Energy and
Performance and Compliance GHG Emissions
To be a 1 billion USD (revenue) company by FY Computation of compliance score on the Reduce emissions intensity by 15% by FY 2025 and
2026 through increased market presence, diversified established Compliance Score System and 30% by FY 2030, in alignment with India’s NDCs
product portfolio and innovation, and R&D improvement to attain maximum score by against the FY 2019-20 baseline
FY 2025 Reduce purchase of grid electricity by 17% through
Commitment to introduce safety, climate, water, and
inclusion nudge factors in investment evaluation Renewable Energy by FY 2030 against FY 2019-20
baseline
Water and Materials Responsible

Effluents Supply Chain
Improve water-use efficiency by 20% by FY 2030 All vendors/suppliers (Fabric, Elastic, Yarn) Implementation of RSL policy by March 2023
will be Oeko-Tex Certified by June 2022
Reduction in Fresh Water by 20% by FY 2025 Sustainability Assessment will be conducted
100% Recycling and Management of Single for all critical suppliers from FY 2021-22
Use plastics in packaging by December 2022
Occupational Product Diversity and

Health and Safety Stewardship Equal Opportunity
Zero Waste to Landfill with 100% traceability by Improve design for extended life Assess and Maintain Gender Pay Parity
FY 2024
Continue to Increase the use of 100% sensitization towards prevention of
Phasing out all Restricted Substances in Renewable/Sustainable/Recycled Materials Sexual Harassment and awareness to all
Manufacturing and Supply Chain in Compliance with employees including contract employees
ZDHC (Level 3) by FY 2024 All new development of vendors/suppliers
(Fabric, Elastic, Yarn) will be OEKO-TEX certified
100% Implementation of WASH Pledge and by June 2022
Third-Party Audit
In line Achived
Stakeholder Engagement
Fostering sustainability within the supply chain PAGE consistently takes efforts to liaison with stakeholders and appropriately resolve concerns through consultative
methods and places equal weight on the concerns of different stakeholder groups. PAGE has identified and prioritised
Over time, PAGE has built a robust supply chain that helps us not only manage supply disruptions but also source products at
internal and external stakeholders based on the significance of influence they exert on revenue and brand image. Internal
highly competitive prices. Control over our supply chain and sizeable inventory allows us to scale our manufacturing capabilities
stakeholders of Page receive periodic communication on the company’s sustainability commitments and performance and
while addressing any external supply-chain challenges.
are extensively consulted to understand the technology and workforce requirements, thereby strategizing business plans
The company engages with its suppliers and collaboratively works with them to promote sustainable practices. The following to reap the desired benefits. The company representatives regularly interact with the external stakeholder groups to gain a
policies have been adopted to impart change, mutual understanding of expectations and work on suggestions to futureproof the business. This feedback helps in driving
the major business objectives throughout the year.
Additionally, the Steering committee, mission committees, and internal stakeholders are consulted extensively for reviewing and
reporting the progress of the company’s sustainability objectives in the current financial year.
For more information on our sustainability performance and report, please refer to the Sustainability Report available at:
https://pageind.com/sustainability-report
Golden Peacock Environment Management Award 2022

Page Industries Limited, Bengaluru has been declared the Winner of ‘Golden Peacock Environment Management
Supply Chain Standard and Chemical Management Responsible Sourcing Award’ for the year 2022, by the Awards Jury under the Chairmanship of Hon’ble Justice M. N. Venkatachaliah, former
Responsibility Code Policy Policy
Chief Justice of India and former Chairman, National Human Rights Commission of India and National Commission for
Constitution of India Reforms.
Initiatives to attract partnered vendors to participate in sustainable practices
In our sustainability journey, we endeavour to look beyond our operations and work with our suppliers, to achieve collective
growth. We have taken several steps to strengthen this association, which include:
Implementation of RSL Training critical suppliers

Sustainability assessment for
(Restricted Substances List) on GHG (Green House Gas)
critical suppliers
across the supply chain emissions accounting

AWARDS AND ACCOLADES
1. During the year under review, the Company was 9. In 2019, the Company has received an award 16. The Company has received ‘Excellence in 25. The Company has received the award for the
bestowed with the prestigious ‘Golden Peacock from Debra Waller, Chairman of the Board & CEO Advertising award 2016’ from Delhi Advertising ‘Best % Wholesale Growth in 2013’ by Speedo
Environment Management Award’ for 2022, by of Jockey International, honouring 25 years of club in the category Digital Media and Search International in 2015.
the Awards Jury under the Chairmanship of strong partnership. marketing campaign.
Hon’ble Justice M. N. Venkatachaliah, former Chief 26. Brand Jockey has won the award for the Buzziest
Justice of India and former Chairman, National 10. Mr. Sunder Genomal, Managing Director, received 17. The Company has received ‘Creative ABBY Award Brand in Apparel | Fashion | Accessories for 2015.
Human Rights Commission of India and National “Economic Times Awards 2018 - Emerging 2016’ for Digital Search category for brand Jockey This award has been given by the Advertising
Commission for Constitution of India Reforms. Company of the Year” on behalf of Page Industries from Advertising Agencies Association of India. and Marketing fraternity through a voting panel
Ltd. Mr. Venkaiah Naidu, Honorable Vice-President of eminent personalities as well as advertising
2. During the year under review, the Company of India and Mr. Arun Jaitley, the then Finance 18. The Company has received ‘Best Global Marketing professionals and brand marketers.
received the CII-SR EHS Excellence Award, for Minister, presented the award. Campaign award 2016’ from Speedo International.
excellence in EHS practices. (Unit-4: Golden 27. It is matter of great pride that in recognition of
11. Mr. Sunder Genomal, Managing Director, was 19. The Company has received ‘Outstanding Growth the Company’s efforts, Business Standard has
award, Unit-1: Silver award and Units -14, 16, 19, 21
awarded “EY Entrepreneur of the year 2017” Award & Expansion of Jockey Retail Stores’ award from selected your Company as the best performer in
& 22 : Bronze award)
in the Consumer Products & Retail category. A Jockey International in 2016. the SME Sector for 2012.The award was handed
3. In 2021-22, the Company received “Leadership in distinguished nine-member jury led by Mr. Dilip over to Mr. Sunder Genomal, Managing Director by
20. Mr. Sunder Genomal, Managing Director,
Green Supply Chain award 2021” from ESG Risk Shanghvi, Managing Director, Sun Pharmaceuticals the Honorable President of India.
received the award for INDIA’S BEST CEO
Assessments and Insight. selected the winners from India.
(Textiles) 2015 during the fourth edition of 28. The Company has received the award for the
4. In 2021-22, the Company received awards in the 12. Mr. Vedji Ticku, Executive Director & CEO, received the Business Today Best CEO Awards held in ‘Outstanding Advancement of the Jockey Global
category of “Best Waste Management Company” the ‘Decadal Award’ on behalf of Page Industries December 2015 at New Delhi. Image’ by Jockey International in 2012.
and “Best Water Management Company” from CII Limited at the 10th edition of the CNBC TV18
for unit 21. 21. Mr. Pius Thomas, Executive Director – Finance 29. The “Licensee of the Decade” award was granted
Emerging India Awards event.
has been chosen by an eminent Jury –Chaired by to the Company by Jockey International Inc
5. In 2021-22, the Company received CII -SR EHS 13. Mr. Sunder Genomal, Managing Director, featured former RBI Deputy Governor Mr. Subir Gokarn – (USA) in 2010 in recognition of the Company’s
2021-22 excellence award for our best practices in INDIA’S BEST CEOs’ list released by Business as the winner in the Sustained Wealth Creation record growth year after year, offering world class
and leadership commitment to Environment, Today in January 2017. This renowned study was Medium Category at the fifth Business Today- YES products and maintaining global quality standards
Health, and Safety. jointly conducted by Business Today and PwC. Bank Best CFO Awards in 2015. across all operations.
6. In 2020-21, the Company received the prestigious 14. The Company has been awarded the International 22. Jockey International has felicitated Page Industries 30. As a recognition of our corporate best practices, we
‘ABK-AOTS Dosokai’ Category award for Textile licensee of the year award by Jockey International Limited for ‘twenty years of service and dedication are certified by the USA based WRAP (Worldwide
Industry for implementation of 5S initiatives in Inc (USA) for the years 2005, 2009, 2013 and 2016. to the Jockey brand’ in 2015. Responsible Apparel Production).
the Company.
15. Mr. Pius Thomas, Executive Director – Finance had 23. The Company has been awarded by Jockey
7. In 2021, Hassan Unit Lab was granted in its first been chosen by an eminent Jury– as the winner International for ‘the Outstanding Marketing of the
attempt, the esteemed NABL Accreditation. in the “Sustained Wealth Creation”- Medium Jockey brand’ in 2015.
Category at the YES Bank Business World Best
8. In 2021, the Company won four-star rating and 24. The Company has received the award for the
CFO Award 2016. Honorable Minister of Railways
received the CII EHS (SR) award for Unit 12 & 17. ‘Outstanding Advancement of the Jockey Global
Suresh Prabhu and Chairman of TERI, Shri Ashok
These units also won the Gold Rating by ABKOTS Retail Image’ by Jockey International in 2015.
Chawla presented the award.
for SHE(Safety, Health and Environment).

STATUTORY
REPORT

Corporate & Registered Office:
Cessna Business Park, Tower-1, 7th Floor, Umiya Business Bay, Varthur Hobli,
Outer Ring Road, Bengaluru - 560103. Ph: 91-80-4945 4545, Fax: 91-80-4946 5700
www.jockey.in | e-mail : investors@jockeyindia.com | CIN : L18101KA1994PLC016554
Board of Directors
Mr. Sunder Genomal : Chairman
Mr. V S Ganesh : Managing Director

Mr. Shamir Genomal : Deputy Managing Director
Mr. Ramesh Genomal : Non-Executive Director

Mr. Shahendar Genomal : Alternate Director to Mr. Ramesh Genomal
Mr. Sanjeev Genomal : Non-Executive Director
Mr. Rohan Genomal : Non-Executive Director
Mr. Mark Fedyk : Non-Executive Director
Mr. G P Albal : Independent Director

Ms. Rukmani Menon : Independent Director
Mr. Sandeep Maini : Independent Director
Mr. Vikram Shah : Independent Director
Mr. Varun Berry : Independent Director
Mr. Arif Vazirally : Independent Director
Mr. Jignesh Bhate : Independent Director
Management Team
Mr. Cariappa MC : Chief Strategy Officer
Mr. Gagan Sehgal : Chief Operating Officer
Mr. Ravi Kumar P : Chief People Officer
Mr. Deepanjan Bandyopadhyay : Chief Financial Officer
Mr. Murugesh C : Company Secretary & Compliance Officer
Registrar & Share Transfer Agent Statutory Auditors

Link Intime India Pvt Ltd. S.R. Batliboi & Associates LLP
C 101, 247 Park, L B S Marg, Vikhroli West, Chartered Accountants,
Mumbai – 400083. 12 Floor, Canberra Block, UB City,
th
Tel No: +91 22 49186000 | Fax: +91 22 49186060 No. 24, Vittal Mallya Road,
e-mail: rnt.helpdesk@linkintime.co.in Bengaluru - 560001

DIRECTORS’ REPORT including cotton, packaging, fuel, and logistics. With the
cotton prices now softening, the Company has managed
Your Directors take pleasure in presenting the 28th
to partially offset the trends and hold on the margin
Annual Report of the Company together with its audited
strengths with calibrated pricing actions, strong budgets
accounts for the year ended 31 March 2023.
and control measures and optimum use of inventory. The
FINANCIAL RESULTS Company’s expansion plans continue to be in line with
Financial results for the year under review are summarised the accelerated sales growth trends.
below: The Company’s remains focused on intensifying general
(` in Millions, except earnings per share)
trade distribution, modern trade expansion including
Particulars 2022-23 2021-22
rapid expansion of exclusive brand outlets, growing
Revenue from operations (net) 47,886 38,865 online business, improving customers’ experience,
Profit before Interest, Depreciation & Tax 8,775 8,064 strengthening the product portfolio, and ensuring a
Less: Finance Cost 413 322
robust supply chain.
Profit before Depreciation and Tax 8,362 7,742 The Company put its Auto Replenishment System
Less: Depreciation 781 655
(ARS) on hold due to the volatility created by changes
in product demand mix and supply chain challenges
Profit before Tax 7,581 7,087
through the pandemic. This meant that the distributors
Less: Tax 1,869 1,722
were free to order based on availability and based on the
Profit for the year 5,712 5,365 best judgment, resulting in an imbalance in the channel
Other comprehensive income, net of tax - partners’ inventory. During the year under review, the
12 18
gains/ (losses)
ARS was reinstated and is now being implemented in
Total Comprehensive income, net of tax 5,724 5,383 full, which, we believe will help in correcting imbalances
Retained earnings- Opening Balance 9,622 7,585 and not only streamline supply chains, but also help
Profit for the year 5,712 5,365 in improving the ROI of the channel partners while
improving order fulfillment to retailers.
Less:
Interim Dividends 2,900 3,346 DIVIDEND

Re-measurement (+/-) on defined benefit plans (12) (18) During the year 2022-23, your Directors have declared
Transfer to any reserve - - interim dividends on 11 August 2022 (Interim dividend of
` 60 per share), 10 November 2022 (Interim dividend of
Retained earnings- Closing Balance 12,446 9,622
`70 per share), 9 February 2023 (Interim dividend of ` 60
Earnings per share (Basic / Diluted) (`) 512.15 481.03
per share) and 25 May 2023 (Interim dividend of ` 60 per
share) on an equity share value of `10 each, amounting to
FINANCIAL HIGHLIGHTS & PERFORMANCE
` 2,788 million. In total, four interim dividends have been
Your Directors wish to inform you that during the declared and paid. The Board has not recommended any
financial year ended 31 March 2023 the revenue from final dividend.
operations of the Company increased from ` 38,865
The Dividend Distribution Policy, in terms of
million to ` 47,886 million, a growth of 23.2%. The profit
Regulation 43A of the Securities and Exchange
before tax for the year under review stood at ` 7,581
Board of India (Listing Obligations and Disclosure
million as against ` 7,087 million last year which is an
Requirements) Regulations, 2015 (“SEBI Listing
increase of 7%. The profit for the year stood at ` 5,712
Regulations”) is available on the Company’s website at
million as against ` 5,365 million in the previous year
https://www.pageind.com/policies-documents
representing a growth of 6.5%.
Dividends have been accounted as per IND AS, as
During the year under review, the Company faced
detailed in “Statement of Change in Equity” of the
very high inflationary trends impacting nearly all costs
financial statement.

EXPANSION AND NEW INVESTMENTS
Despite global headwinds and unpredictable market
conditions, the financial year 2022-23 has seen notable
growth. With a sustained growth plan in place for the
financial year 2023-24, the Company is focused on
operations and manufacturing and is well equipped
to meet the demand with in-house capacity and some
additional capacity from outsourced supply partners.
The tape dyeing unit expansion of 35,000 Sq.ft in

Hassan is planned to be commissioned by Q2 of the
current financial year, which is aimed to meet the market
requirement of women’s dyed elastic.
The ‘Cup Molding & Hook n Eye Forming’ projects are

Manufacturing Facility at K R Pete, Mandya, Karnataka a crucial part of women’s bra manufacturing. These
projects are also expected to commence during the
second quarter of the current financial year and will
reduce our import dependency while focusing on
improving quality, lead time and cost.
To meet the demand in the premium vertical, the

Company is planning to add 200,000 Sq.ft of Cut-to-
Pack facility at K R Pete. The commissioning of this
facility is expected during the end of this financial year.
Our flagship Odisha Project would be ready by end of

FY’24 which shall complement Modern Classic growth, and
is slated to be one of largest projects built at 28.5 acres
campus, with a built-up area of 6.5 lakhs Sq.ft. This facility
will encompass Central Stores, Cut-to-Pack, and Elastics &
Socks manufacturing. The campus shall be a state of art
facility with more significant emphasis on employee well-
Tape Dyeing facility at Hassan, Karnataka
being, safety and best manufacturing processes including
energy efficient IGBC certification.
The Company is also expanding its socks capacity with

an addition of 215 advanced knitting machines. With the
proposed expansion, the capacity will have 576 knitting
machines.
NABL (National Accreditation Board for Testing and

Calibration Laboratories) accreditation for our labs has
been in progress for the past 3 years, with two of our labs
already certified, and the remaining two in the pipeline
for the certification.
The Company added two third-party logistics warehouse

facilities at Hoskote and T Narsapura in Bangalore,
which will be multi-level storage facilities with a robust
Enhancement of socks capacity: Advanced knitting
warehouse management system.
machines.

Other significant projects in the pipeline include: brand has shown good recovery and has achieved a
• Enhancement of floor management system turnover of ` 429 million in the financial year 2022-23 as
• Line Scheduling & Planning system against previous year sales of ` 168 million. As on 31 March
2023, Speedo brand is available in 1,230+ stores and 30+
• Maintenance Software & Asset Management
EBOs across 180+ cities in India.
• Color grouping / Roll Management / Cut Plan
• Lab management software The Company commissioned a study by the global
marketing research firm AC Nielsen on the swimming
• Strategic sourcing from refined limited supplier base
market in India. The study reflects a promising and
• Quality @ source model based strategic sourcing
fast evolving market for both swimwear and swimming
• IMS (Integrated Management System comprising
equipment. Your Directors are confident that the Speedo
ISO9001, 14001, 45001 and 50001)
business will show healthy growth in the coming years
• RSL, Oekotex, ZLD compliant sourcing to make Speedo a dominant brand in the premium
JOCKEY swimwear market.
The Jockey brand is distributed across 2,850+ cities and ENVIRONMENT, HEALTH, AND SAFETY
towns. The brand products are sold through Exclusive
Brand Outlets (EBO), Large Format Stores (LFS) and Page Industries Limited (PIL) remains committed to
Multi Brand Outlets (MBO), as well as Online channels, establishing a safe work environment for its employees,
giving it a wide reach of more than 120,060+ stores. contract workers, visitors, and other stakeholders engaged
in its business operations. Occupational Health and Safety
During the year 2022-23, the Company, through its
(OHS) management is integral to our organisational
authorised franchisees opened 188 EBOs, taking the
total number of “Jockey EBOs” to 1289 which includes culture and integrated into our sustainability framework.
48 exclusive “Jockey Woman” EBOs and 78 exclusive PIL’s OHS mission seeks to instil a mature safety culture
“Jockey Junior” EBO’s. These outlets are spread across throughout operational boundaries ultimately introducing
the country, covering metro cities, along with several Tier a conducive work environment for employees.
III and Tier IV towns, a testimony to the brand’s growth
Our EHS strategies are designed and directed towards
as well. This is an indicator of the growth potential of the
conducting our business in a safe and environmentally
Jockey brand in such towns.
responsible manner across all our operations, by
Apart from the domestic EBOs, the Company has 13 optimizing the consumption of natural resources,
operational EBOs outside India, ten in UAE and one each sustainable production, effective recycling, reuse of
in Sri Lanka, Qatar and Oman, with another work-in-
wastes, and providing a safe and healthy workplace. Being
progress store in Sri Lanka. Your Company is confident
a responsible producer, all our units have pro-actively
of leveraging opportunities in these geographies and
complied with all applicable EHS laws and regulations,
newer markets.
both in letter and spirit.
The online retail business has also shown significant
growth, both through the brand website www.jockey.in, ENVIRONMENT
and ably supported by our key e-commerce partners.
Responsible Chemical Management in Manufacturing and
Supply Chain
SPEEDO
To ensure the procurement of non-hazardous chemicals
The last two financial years had a substantial bearing on
and the replacement of hazardous chemicals with safer
India’s swimwear industry, primarily due to the pandemic- alternatives, the Company has established a Chemical
driven lockdowns. With the gradual opening up of schools Management Policy. In alignment with the objective of
and public places and with normalcy restored, the Speedo the policy, the following activities are carried out:

• To ensure the use of non-hazardous chemicals or least • WASH pledge awareness sessions are conducted at
hazardous chemicals during product manufacturing, regular intervals.
the chemicals used are compared against the ZDHC
MRSL (Manufactured Restricted Substance List). Safety
Behaviour-based Safety System
• Chemicals CAS Nos. are screened against ZDHC
MRSL requirements before procurement. • PIL launched its behaviour-based safety system in
June 2022 beginning with the sewing activity for all
• Chemical alternate assessment is being carried out manufacturing facilities.
to replace the chemicals listed in the Restricted
• A checklist based on 49 unsafe conditions in sewing
Substances List.
activity was defined and implemented.
In addition, PIL has prepared a Restricted Substances • The Company formed a Behaviour Based Safety (BBS)
List for its supply chain in alignment with international Team comprising of 300 trained sewing employees.
standards including AAFA (American Apparel and
• BBS review committee comprising senior
Footwear Association) and AFIRM (Apparel and
management personnel will review the observation
Footwear International RSL Management) RSLs.
and root cause analysis carried out by the BBS team
Chemical Management policy and RSL were launched
for necessary intervention.
to the strategic value chain partners in May 2022 and
have come into enforcement from January 2023. The Safety Management System at Retail Stores
implementation and monitoring will take place in three • To strengthen EHS management at retail stores:
phases spanning over FY 22-25.
o Retail staff have been trained on EHS parameters
specific to retail operations
Responsible Waste Management
o Regular EHS assessments have been carried out
To ensure responsible management of waste and its at retail stores by trained staff members
traceability: o Controls and improvement measures have been
• Hazardous and Non-hazardous wastes generated in implemented based on assessment findings
manufacturing are categorized and processed with • Defensive driving for 2-wheelers and 4-wheelers has
the support of Pollution Control Board-authorized been conducted for all employees as well as heavy-
vendors only. vehicle transport drivers.
• Waste stream audits are carried out at both hazardous • PIL is currently in the process of implementing
and non-hazardous waste handler facilities. Integrated Management System which includes
Occupational Health and Safety Management System
• Sub-vendors who handle our recycled product or ISO 45001, Environmental Management System ISO
waste have also been audited. 14001, Energy Management System ISO 50001 and
• Traceability certificate will be taken from waste Quality Management System ISO 9001.
handling vendors. • Digitalization of EHS data management system is in
progress.
Health PIL participated in the 15th Edition of CII-SR EHS
• PIL’s in-house medical team has initiated Excellence Awards 2022, in which seven of our
Occupational Health Counselling and Illness tracking. manufacturing units have won prestigious awards under
Management programs including occupational health different categories in recognition of our commitment
and continuous excellence in Environment, Health &
hazard assessment, ergonomic risk assessment and
Safety practices, and Sustainability Initiatives. Two Units
occupational counselling form are being carried out
were recognized for participation.
by the team.

We have in place an Internal Complaints Committee The results were very encouraging and showed a
(ICC) in compliance with the Sexual Harassment of Brand Spring score of 56 for Men’s products and 55
Women at Workplace (Prevention, Prohibition and for Women’s products, higher than any other brand in
Redressal) Act 2013. The committee members routinely the respective categories.
meet employees, conduct awareness sessions and deal
with complaints, if any, promptly and in a transparent With continued support from Jockey International, USA,
manner. Speedo International, UK, and access to ideas, trends
and innovations from forty other Jockey international
PROSPECTS licensees throughout the world, we stand by our long-
term commitment to novelty and innovation, be it in
We are encouraged by the enduring brand equity,
product, technology upgradation, back-end processes
image, and leadership of the Jockey brand along
or marketing. With our strong in-house product
with the rising strength of the Speedo brand in their
development, back-end capabilities, manufacturing
respective markets. We will continue our persistent
expertise and our continuously evolving state-of-
efforts towards customer satisfaction by creating
the-art technology, combined with a very strong
some of the finest products that reflect style, design,
distribution network, we remain optimistic about the
comfort, fit and quality across all our verticals: - Jockey
prospects of the brand and expect continued healthy
Men’s, Women’s and Kid’s Innerwear, Athleisure, Socks
sales growth and profitability in the coming years,
and Accessories, as well as Speedo Swimwear and
further consolidating our position in the premium
swim-related equipment.
market for Innerwear, Athleisure, Socks, Swimwear &
The Jockey brand continues to rise to the results of Swim equipment.
an independent ‘brand health’ study carried out earlier
HUMAN RESOURCES/INDUSTRIAL RELATIONS
by Nielsen Research Agency which rated the Jockey
Brand Health in India among the most powerful brands A detailed section on Human Resources/Industrial
in their research experience across all categories. The Relations is provided in the Management Discussion and
research involved fourteen cities across all four zones Analysis Report, which forms part of this Annual Report.
in the nation. Jockey brand scored a Brand Equity
Index of 4.6 on a scale of ten in the Men’s Innerwear BOARD OF DIRECTORS AND KEY MANAGEMENT
category and 2.9 in the Women’s innerwear category. PERSONNEL
To put things in perspective, worldwide only 23% of During the year under review, five Board Meetings and
brands across all product categories score a Brand four Audit Committee Meetings were duly convened
Equity Index 3.0 or over on a scale of ten and only and held; the details of which are given in the Corporate
8% of brands score 5.0 and above. Jockey India Brand Governance Report along with the details of composition,
Equity Index scores were way above all other brands category, dates of the meeting, attendance and such
in both the Men’s and Women’s Innerwear categories. other details.
Another brand health study conducted by Kantar IMRB The Board of Directors consists of a balanced profile of
measured the Brand Equity of the Jockey brand using members specializing in different fields that enables it
a propriety tool called ‘Brand Spring’ (a composite of to address the various business needs of the Company,
‘to what extent consumers are familiar with the brand’ while placing very strong emphasis on corporate
and “what the consumers’ reaction is to the brand”). governance.

DIRECTORS Appointment of Mr. Shahendar Ramesh Genomal as
Alternate Director
Demise of Mr. Nari Genomal
The Board of Directors at its meeting held on 9 February
The Board regretfully report the sad demise of Mr. Nari 2023 appointed Mr. Shahendar Ramesh Genomal [DIN:
Genomal [DIN 00568562] (82 years), Non-Executive 00931184] as Alternate Director to Mr. Ramesh Genomal
Promoter director of the Company on 09 August 2022. [DIN: 00931277], Director.
The Board further expresses its heartfelt condolences for Appointment of Mr. Sanjeev Genomal as Non-Executive
his untimely death and wishes to put on record its sincere Director
and deep appreciation for his invaluable guidance and The Board of Directors at its meeting held on 25 May
contribution since the inception of the Company. 2023 appointed Mr. Sanjeev Genomal [DIN: 01399731],
as additional director under Non-Executive category. Mr.
He is one of the founding members of the Company and
Sanjeev Genomal shall hold the office up to the date of
was instrumental in bringing the brand Jockey to India the ensuing Annual General Meeting. The notice under
by creating the required manufacturing set-up in India section 160(1) of the Companies Act, 2013 has been
including the business structure. A leader known for his received from a shareholder signifying his intention
generosity and charismatic personality, he has been the to propose Mr. Sanjeev Genomal as Director of the
Company. The Board recommends his appointment at
guiding force for the Company and played a crucial role
the ensuing AGM.
since inception.
Cessation of Mr. B C Prabhakar, Independent Director
Resignation of Mr. Rohan Genomal as Executive Director
Mr. B C Prabhakar [DIN:00040052] was an Independent
Mr. Rohan Genomal [DIN 06970529], Executive Director Director of the Company since 13 September 2012. The
has submitted his resignation on 09 January 2023 to second term of Mr. B C Prabhakar, as an Independent
relinquish the position of Executive Director from the Director of the Company ended on 12 September 2022,
accordingly, he ceased to be a Director of the Company.
closing of business hours on 31 March 2023 as he is
relocating abroad due to personal reasons. Further, Mr. The Board placed on record its sincere appreciation,
Rohan Genomal has expressed his willingness to continue commending the contribution of Mr. B C Prabhakar.
to contribute to the Company’s success and long-term Retirement by Rotation
growth in the capacity of Non-Executive Director. As per the provisions of the Companies Act 2013 and
The resignation of Mr. Rohan Genomal from the the Articles of Association of the Company, Mr. Sunder
Genomal [DIN 00109720] and Mr. V S Ganesh [DIN
office of Executive Director was accepted by the
07822261], Directors of the Company will be retiring by
Board of Directors. The Board has acknowledged rotation at the ensuing AGM and being eligible, have
the contribution made by him during his tenure as offered themselves for re-appointment.
Executive Director.
The details pursuant to Regulation 36(3) of SEBI (Listing
Appointment of Mr. Jignesh Jaswant Bhate as Independent Obligations and Disclosure Requirements) Regulations 2015
Director relating to appointment and re- appointment of directors at
the AGM are provided in the Notice to the members.
Based on recommendation of the Nomination and
Key Managerial Personnel
Remuneration Committee, the Board of Directors, at
In Compliance with Section 203 of the Companies
its meeting held on 10 November 2022, appointed Mr.
Act 2013, the Board of Directors of Company has the
Jignesh Jaswant Bhate [DIN: 01195939] as Additional
following Key Managerial Personnel:
Director in the category of Independent Director with
1. Mr. V S Ganesh [DIN 07822261] – Managing
immediate effect for a period of 5 years subject to the Director;
approval of shareholders. The shareholders approved 2. Mr. Shamir Genomal [DIN 00871383] – Deputy
the appointment of Mr. Jignesh Jaswant Bhate as Managing Director;
Independent Director through postal ballot. 3. Mr. Chandrasekar K - Chief Financial Officer; (till 31
May 2023)

4. Deepanjan Bandyopadhyay - Chief Financial The following CSR activities have been carried out during
Officer (from 01 June 2023) and the year under review:
5. Mr. C Murugesh – Company Secretary. • Promotion of Education
Committees of the Board of Directors • Contribution to PM Relief Fund

• Supply of oxygen cylinders, medicines and masks
The Company has constituted the following committees
to Government hospitals relating to Covid-19
in compliance with the Companies Act 2013 and SEBI
(Listing Obligations and Disclosure Requirements) • Contribution to Akshaya Patra for midday meal
Regulations 2015: scheme for school children
1. Audit Committee, • Contribution to Ministry of Defence
2. Nomination and Remuneration Committee, • Healthcare programs
3. Stakeholders Relationship Committee, Most of the Company’s CSR spending is directed towards
4. Risk management Committee and educational programs. As 2022-23 was the first full
academic year since the Covid-19 pandemic, the response
5. Corporate Social Responsibility (CSR) Committee.
from the intended beneficiaries were minimal and hence
The brief description, composition and other required the Company was not in the position to spend the
details of the above committees are provided in the required amount. The Company is hopeful that normalcy
Corporate Governance section of this Annual Report. will prevail and the participation of beneficiaries will be
increased from the academic year 2023-24, which would
During the year under review, the Board of Directors enable the Company to enhance its CSR spending.
have accepted all the recommendations of the above
During the year under review, the Company has spent an
Committees.
amount of ` 65.78 million against the prescribed amount of
Nomination and Remuneration Policy ` 109.64 million. The unspent CSR amount of `43.86 million
The Board has, on the recommendation of the was transferred to Unspent Corporate Social Responsibility
Nomination and Remuneration Committee, Account as per section 135(6) of the Companies Act 2013
framed a policy for selection, appointment of and such unspent amount will be utilized for the on-going
Directors and Senior Management and to fix their projects detailed in the CSR Report.
remuneration. The Nomination and Remuneration
Evaluation of Board of Directors, Committees and Directors
Policy is available in the Company’s website,
https://www.pageind.com/investor-relationship. The Pursuant to the provisions of the Companies Act,
salient features of the policy is provided in the Corporate 2013 and the SEBI (Listing Obligations and Disclosure
Governance report. Requirements) Regulations, 2015, the Board has carried
out an annual performance evaluation of its own
During the year under review, the non-executive
directors of the Company had no pecuniary relationship performance, performance of directors individually
or transactions with the Company, other than sitting fees and working of the Board Committees. The manner of
and remuneration under section 195 and reimbursement evaluation is explained in the Corporate Governance
of expenses, if any. Report. Independent Directors met separately to
evaluate the Non-Independent Directors and Chairman
Corporate Social Responsibility
of the Board. Your Directors expressed their satisfaction
Annual Report on Corporate Social Responsibility (CSR) with the evaluation results.
containing composition of CSR Committee and its terms
Vigil Mechanism / Whistle Blower Policy
of policy is provided in Annexure-I. The CSR policy of
the Company is available on the Company’s website at The Company has constituted a Vigil mechanism /
https://www.pageind.com/policies-documents Whistle Blower mechanism to report genuine concerns
about unethical behavior, actual or suspected fraud. The

details are explained in the Corporate Governance Report. Report. During the year under review, two meetings were
The Policy is available on the Website of the Company at conducted to review the Risk Management framework.
https://www.pageind.com/investor-relationship. All the
Ratio of remuneration
complaints received during the year under review have
Details / Disclosures of Ratio of Remuneration to
been dealt with appropriately under the above policy.
each Director to the median employee’s remuneration
The Company has not received any serious complaint pursuant to Section 197 of the Companies Act 2013,
under Vigil mechanism / Whistle Blower policy during the read with rule 5 of the Companies (Appointment and
year under review. Remuneration of Managerial Personnel) Rules, 2014, are
provided in Annexure-III.
Related party transactions
All related party transactions that were entered during The statement containing names of top ten employees
the financial year were at arm’s length basis and were in in terms of remuneration drawn and the particulars of
the ordinary course of business. There was no materially employees as required under Section 197(12) of the
Act read with Rule 5(2) and 5(3) of the Companies
significant related party transaction made by the Company
(Appointment and Remuneration of Managerial
with Promoters, Directors, Key Managerial Personnel or
Personnel) Rules, 2014, is provided in a separate annexure
other designated persons, which may have a potential
forming part of this report. Further, the report and the
conflict with the interest of the Company at large.
accounts are being sent to the Members excluding the
All Related Party Transactions were placed before the aforesaid annexure. In terms of Section 136 of the Act,
Audit Committee and the Board for approval. Prior the said annexure is open for inspection and any Member
omnibus approval of the Audit Committee has been interested in obtaining a copy of the same may write to
the Company Secretary.
obtained for the transactions which are of foreseen and
repetitive nature. The transactions entered, pursuant to Listing
the omnibus approval so granted, are placed before the Shares of the Company are listed in the Bombay Stock
Audit Committee and the Board of Directors for their Exchange Limited, Mumbai (BSE) and National Stock
approval on a quarterly basis. Exchange of India Limited, Mumbai (NSE) and the listing
The Company has framed a Related Party Transactions fees have been duly paid.
policy for identification and monitoring of such

AUDITORS
transactions. The policy on Related Party Transactions
as approved by the Board is available on the website at Statutory Auditors: - At the 26th AGM, the members of the
https://www.pageind.com/investor-relationship. The Company appointed M/s. S.R. Batliboi & Associates LLP,
related party transaction in AOC-2 is marked as Annexure-II. Chartered Accountants, Bengaluru (Firm Registration
No. 101049W / E300004) as Statutory Auditor of the
Related party transactions pursuant to the SEBI(LODR) Company for a second term of 5 years commencing
Regulations 2015 and the Companies Act 2013 are from the conclusion of 26th AGM till the conclusion 31st
provided in notes to the Financial statements. AGM, accordingly, they hold office upto the conclusion
of the 31st Annual General Meeting of the Company.
Risk Management
The Auditors have not reported any fraud under section
Risk Management is an ongoing process within the 143 (12) of the Companies Act, 2013.
Organization. We have a robust risk management
Secretarial Auditor: - Pursuant to the provisions of
framework to identify, monitor and minimize risks.
Section 204 of the Companies Act, 2013 and the
The Board has a policy to oversee the risk mitigation
Companies (Appointment and Remuneration of
performed by the executive management, which includes
Managerial Personnel) Rules, 2014, the Board of Directors
identification, assessment, monitoring and reporting
has appointed Mr. R Vijayakumar, Company Secretary
of risks. The major risk and mitigation plans have been
in Practice [FCS-6418; COP- 8667] to undertake the
explained in the Management Discussion and Analysis Secretarial Audit of the Company.

The Report of the Secretarial Audit Report forms part of Significant and Material Orders Passed by the Regulators
this Annual report marked as Annexure- IV. or Courts: No significant and material orders were passed
by the regulators or courts or tribunals impacting the
The Statutory and Secretarial Auditors reports to the
going concern status and Company’s future operations.
shareholders for the year under review do not contain
any materially significant qualification, reservation, Material changes and commitments: No material changes
adverse remark or disclaimer. and commitments affecting the financial position of the
Cost Records and Cost Audit: - For the year under review, Company have occurred between the end of the financial
maintenance of cost records and the cost auditing is not year and date of report.
applicable pursuant to Notification G.S.R.01(E) dated Implementation of Corporate action: The Company
31st December 2014. has declared four interim dividends, which were duly
CORPORATE GOVERNANCE implemented.
We are committed to maintaining the highest standards Unclaimed dividends and transfer of shares to IEPF:
of corporate governance. The report on corporate Details on Unclaimed dividends and transfer of shares to
governance as stipulated in the SEBI (Listing Obligations IEPF are provided in the Corporate Governance Report.
and Disclosure Requirements) Regulations 2015 forms Secretarial Standards: During the year under review
part of the annual report. A certificate from the Practicing applicable Secretarial Standards have been duly
Company Secretary regarding compliance of conditions complied with.
of Corporate Governance is also annexed to the report
Annual return: Pursuant to Section 92(3) read
on Corporate Governance.
with Section 134(3)(a) of the Act, the Annual
MANAGEMENT DISCUSSION AND ANALYSIS Return is available on the Company’s website at
REPORT https://www.pageind.com/investor-relationship
Management Discussion and Analysis Report is enclosed

Unclaimed Shares Suspense Account: There are no shares
as part of this Annual Report.
remaining unclaimed and lying in the escrow account.
Internal Control System and Adequacy: The details are
provided in the Management Discussion Analysis. ENERGY, TECHNOLOGY AND FOREIGN
EXCHANGE
Business Responsibility and Sustainability Report
Information on conservation of energy, technology
Business Responsibility and Sustainability Report is
absorption, foreign exchange earnings and outgo,
provided in the Annexure -lV
pursuant to Section 134(3)(m) of the Companies Act,
DECLARATION OF INDEPENDENT DIRECTOR 2013 read with the Companies (Accounts) Rules, 2014:
The Company has received declaration from Independent a. Conservation of Energy
Directors of the Company that they meet with the criteria
of their Independence laid down in Section 149 of the Your Company continually takes steps to absorb and
Companies Act, 2013 and SEBI(LODR) Regulations 2015. adopt the latest technologies and innovations in the
Garment Industry. These initiatives would enable the
INDUSTRIAL RELATIONS facilities to become more efficient and productive as the
company expands, thus helping to conserve energy.
Industrial relations are cordial at all levels and your
Directors sincerely acknowledge the exemplary Our commitment to reduce energy consumption is
dedication of all its employees. achieved through installation of energy efficient fixtures,
clutch motors to sewing machines, and power factor
Deposits: The Company has not accepted any deposits
optimization initiatives among others. All machinery and
during the year under review. There is no outstanding
equipment are being continuously serviced, updated
deposit as on 31 March 2023.
and overhauled to maintain them in good and energy
Particulars of Loans, Guarantees or Investments: efficient condition. This resulted in consumption of lesser
Disclosure on particulars of loans and investments are energy consumption.
provided in notes to the financial statements.

Conservation of Energy continues to receive increased • They had taken proper and sufficient care for the
emphasis at all units of the Company. Energy audits maintenance of adequate accounting records in
and Inter-unit studies are carried out on a regular basis accordance with the provisions of this Act for
for analyzing and taking steps for reduction of energy safeguarding the assets of the company and
consumption. for preventing and detecting fraud and other
irregularities;
Various energy saving measures have been initiated like
energy audit, solar power, LED, servo motors, solar tube, • They had prepared the annual accounts on a going
VFD Compressors and Harmonic filters. concern basis;
• They had laid down internal financial controls to

b. Technology Absorption, Adaptation and
be followed by the company and that such internal
Innovation - Research and Development
financial controls are adequate and were operating
In addition to product development and raw material effectively;
development which continue to be strengthened,
• They had devised proper systems to ensure
Research and Development activities on fashion
compliance with the provisions of all applicable laws
designing are carried out on an on-going basis. Adopting
and that such systems were adequate and operating
technologies with state-of-art systems and machineries
effectively.
like PLM software, automated cutting machine,
automated fabric inspection machines, etc., the quality
GENERAL
of the products and efficiency of the systems have
substantially improved. Applying these technologies has Your Directors acknowledge the support given by the
helped keep costs of production under control. Licensors, M/s Jockey International Inc., USA, and M/s
Speedo International Limited, UK as well as all our
Real time data capturing through RFID/Proximity Cards
business associates. The Board also wishes to place
in manufacturing, being an area where we are focused
on record their sincere thanks and appreciation to the
on now, shall help us in building innovative efficiencies.
Central Government, Karnataka State Government,
The nature of activities of the Company does not warrant Odisha State Government and various other State
any exclusive R&D department. Governments, bankers, suppliers, distributors and
all other stakeholders, including the wholehearted
c. Foreign Exchange Earnings and Outgo
dedication and cooperation extended by the employees
Foreign exchange earnings during the year were `147 at all levels.
million from exports to Sri Lanka, Nepal and UAE. Outflow
owing to royalty, import of raw materials, machinery, By Order of the Board For and on behalf of the Board of
spares etc. amounted to ` 6,968 million. Directors
DIRECTORS’ RESPONSIBILITY STATEMENT Sunder Genomal V S Ganesh

In compliance of Section 134(5) of the Companies Act, Chairman Managing Director
2013, the Directors of your Company confirm that: [DIN: 00109720] [DIN: 07822261]
• In the preparation of the annual accounts, the Bangalore

applicable accounting standards had been followed 25 May 2023
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;

ANNEXURE – I: REPORT ON CORPORATE SOCIAL RESPONSIBILITY
1. Brief outline on CSR Policy of the Company: At 3. Provide the web-link where Composition of CSR
Page, we always strive to create a positive impact committee, CSR Policy and CSR projects approved
in the environment we operate in. Corporate Social by the board are disclosed on the website of the
Responsibility (CSR) is a strategic tool for the Company’s company: https://pageind.com/investor-relationship
sustainable growth. In the present context, CSR means
not only investment of funds for social activity but also 4. Provide the details of Impact assessment of CSR
integration of business processes with social processes. projects carried out in pursuance of sub-rule (3) of rule
8 of the Companies (Corporate Social responsibility
2. Composition of CSR Committee:
Policy) Rules, 2014, if applicable: Not Applicable for
Sl. Name of Director Designation / Nature of Directorship the financial year under review.
No.
1 Mr. Sunder Genomal Chairman / Non Executive Director
5. Details of the amount available for set off in pursuance
2 Mr. V S Ganesh Member / Managing Director
of sub-rule (3) of rule 7 of the Companies (Corporate
3 Mr. G P Albal Member / Independent Director
4 Mr. Sandeep Maini Member / Independent Director Social responsibility Policy) Rules, 2014 and amount
5 Mr. Arif Vazirally Member / Independent Director required for set off for the financial year, if any - Nil
6 Mr. Rohan Genomal Member / Non Executive Director
During the year, CSR committee has not met.
6 Average net profit of the company as per section 135(5): ` 5,481.93 Million
(a) Two percent of average net profit of the company as per section 135(5): ` 109.64 Million
(b) Surplus arising out of the CSR projects or programmes or activities of the
Nil
previous financial years
(c) Amount required to be set off for the financial year, if any Nil
(d) Total CSR obligation for the financial year (7a+7b- 7c). ` 109.64 Million
7. (a) CSR amount spent or unspent for the financial year:
Amount Unspent (` in Million)

Total Amount
Spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under
Financial Year. CSR Account as per section 135(6). Schedule VII as per second proviso to section 135(5).
(` in Million)
Amount Date of transfer Name of the Fund Amount Date of transfer
65.78 43.86 27 April 2023 - - -
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6)
Sl. Name of the Project Item from the list of Local Location of the project Project
No. activities in Schedule area duration
VII to the Act (Yes/No) State District / Location
1. Education to under Education Yes Karnataka Bangalore, Mandya, Three

privileged children Mysuru, Tumakuru, years
Hassan & Chikkaballapur
2. Health and Hygiene Promoting health care Yes Karnataka Bangalore, Gulbarga, Three
Program including preventive Mandya, Mysuru, years
health care Tumakuru, Hassan &
Chikkaballapur
3. Nutrition program Eradicating hunger Yes Karnataka Ballari and other Three
for School Children and malnutrition locations years

(7) (8) (9) (10) (11)
Amount Amount Amount Mode of Mode of Implementation -Through

allocated for the spent in transferred to Implementation Implementing Agency
project the current Unspent CSR Direct (Yes /
Name CSR
(` in Million) financial Account for the No)
Registration
Year project as per
number
(` in Million) Section 135(6)
(` in Million)
Approx `37.48 14.62 22.86 Yes PAGE Scholarship -

million over the Program
period of 3 years. No Christel house India CSR00000160
No Vanavasi Kalyana CSR00001628
No Colours of Life CSR00001534
Approx `24.08 9.08 15.00 No The Live Love Laugh CSR00012198

million over the Foundation
period of 3 years. No Manipal Foundation CSR00002929
Approx `10.5 4.50 6.00 No Akshaya Patra CSR00000286

million over the Foundation
period of 3 years.
Total 28.20 43.86
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5)
Sl. Name of the Project Item from the list of Local area Location of the project
No. activities in schedule (Yes/ No)
State District
VII to the Act
1 Cancer Research Foundation Healthcare Yes Karnataka Bangalore
2 Ministry of Defence Ministry of Defence Not Not Not applicable

applicable applicable
3 PM National Relief Fund PM National Relief Not Not Not applicable

Fund applicable applicable
4 Street light arrangement Rural development Yes Karnataka Hassan
5 Supply of mask, medical Disaster Yes Karnataka Bangalore, Hassan,

oxygen cylinder and Management Mysuru, Gouribidanuru,
medicines Tiptur

(6) (7) (8)
Amount spent for the Mode of implementation Mode of implementation – Through implementing agency
project (` in Million) - Direct (Yes/No)
Name CSR reg. no.
0.20 No Sri Sankara Cancer Foundation CSR00004616
0.50 Not Applicable Not Applicable Not Applicable
30.00 Not Applicable Not Applicable Not Applicable
0.57 Yes Not Applicable Not Applicable
6.31 Yes Not Applicable Not Applicable
TOTAL : 37.58
(d) Amount spent in Administrative Overheads – Nil

(e) Amount spent on Impact Assessment, if applicable – Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) : ` 65.78 Million
(g) Excess amount for set off, if any - Nil
8. (a) Details of Unspent CSR amount for the preceding • Contribution to Akshaya Patra for midday meal
three financial years: scheme for school children
FY 2020-21 –` 42.77 Million • Contribution to Ministry of Defense
FY 2021-22 - ` 29.10 Million • Healthcare programs
(b) Details of CSR amount spent in the financial
year for ongoing projects of the preceding financial Most of the Company’s CSR spending is directed
year(s): NIL towards educational programs. As 2022-23 was the
first full academic year since the Covid-19 pandemic,
9. In case of creation or acquisition of capital asset, the response from the intended beneficiaries
furnish the details relating to the asset so created were minimal and hence the Company was not in
or acquired through CSR spent in the financial the position to spend the required amount. The
year(asset-wise details). – Nil during the year Company is hopeful that normalcy will prevail and
(a) Date of creation or acquisition of the capital the participation of beneficiaries will be increased
asset(s).- NA from the academic year 2023-24, which would enable
(b) Amount of CSR spent for creation or acquisition the Company to enhance its CSR spending.
of capital asset - NA
(c) Details of the entity or public authority or During the year under review, the Company has
beneficiary under whose name such capital asset is spent an amount of ` 65.78 million against the
registered, their address etc- NA prescribed amount of ` 109.64 million. The unspent
(d) Provide details of the capital asset(s) created or CSR amount of ` 43.86 million was transferred to
acquired (including complete address and location of Unspent Corporate Social Responsibility Account as
the capital asset) - NA per section 135(6) of the Companies Act 2013 and
such unspent amount will be utilized for the on-going
10. Specify the reason(s), if the company has failed to
spend two per cent of the average net profit as per projects detailed in the CSR Report
section 135(5):
The following CSR activities have been carried out Sunder Genomal V S Ganesh
during the year under review:
Chairman of Managing Director
• Promotion of Education
CSR Committee (DIN: 07822283)
• Contribution to PM Relief Fund
(DIN: 00109720)
• Supply of oxygen cylinders, medicines and masks to
Bangalore
Government hospitals relating to Covid-19
25 May 2023

CORPORATE SOCIAL RESPONSIBILITY
Page Industries Limited (PAGE) has been carrying out
various CSR Programs through different NGOs who
work towards the upliftment of the disadvantaged
communities. Largely we have been focusing on
Education, Health & Hygiene, including Poverty
Alleviation, Mental Health & Wellbeing and Skill Building.
In doing so, our mission has been to remain conscious of
the needs of the communities and support them through
our initiatives.
1. PAGE Scholarship Program

The Objective of PAGE Scholarship Program is to
facilitate education to eligible and underprivileged
Computer lab facility at Christel house
students as part of CSR initiative.
The scope of the program is to support students who
have passed 10th Standard and are aspiring for joining
PUC, Diploma, ITI courses in institutions located
within geographical area of Mysuru, Tumakuru,
Mandya, Hassan and Chikkaballapur districts.
Through this program, 1632 students have benefited
during the year 2022-23 out of which, 63.33% girl
students have benefited.
2. Education (Christel House India)

PAGE has been supporting the NGO Christel House
for the past ten years. Christel House is a reputed NGO
established in 1998 with the purpose of transforming
the lives of children from marginalized and low-
income families. The organization works towards
breaking the cycle of poverty, to build self-sufficient,
Students at Library
contributing members of society. The Christel
House model focuses on providing good education
and a strong character development program to
underprivileged children from slums in Bangalore.
The education is complemented with regular health
care, nutritious meals, guidance counselling, career
planning, family assistance and scholarships to pursue
university education and finally, job placements.
Students are provided with regular transportation

and nutritious meals (breakfast, lunch, evening
snacks and milk) while in school which also ensures
/ improves their attendance, helps them stay
focused on attending online classes, and reduces
school dropouts. 97% of Christel House Graduates
are gainfully engaged and are either studying in
universities or working in the formal sector, or both.
Clay projects for kids During the year 2022 – 23, PAGE has supported 70
students.

3. Education & Skill Building (Vanavasi
Kalyana)
Vanavasi Kalyana, another reputed NGO, aims at
overall improvement in the lives of vanavasis while
retaining their cultural identity and social value
systems. Their objective is working for the overall
development of the Tribal community through
Education, Skill Development and Medical Aid.
Students are accommodated at free hostel facilities

enabling Vanavasi children to get educated in various
fields by providing them proper environment, food,
education guidance, physical fitness, cultural and
sports activities and ensuring that they are physically
Cultural festival of Tribes and mentally strong. There are 198 such hostels
across Karnataka.
PAGE has been partnering with Vanavasi Kalyana

since 2020. Through this NGO, we are supporting 17
students.
4. Health Care (Sri Shankara Cancer

Foundation)
This year, PAGE has partnered with Sri Shankara
Cancer Foundation (SSCF) a not-for-profit
organization founded in 2008 and registered under
MCA to receive CSR funds. We are supporting Sri
Shankara Cancer Foundation towards treatment of
people who have been diagnosed with “Relapsed
Precursor B-ALL”.
Vanavasi Kalyana: Yoga for Tribes
5. Mental Health (Live Love Laugh - LLL)
PAGE has partnered with Live Love Laugh Foundation
to support patients with mental health illness through
their Rural Community Mental Health Program which
was initiated by them in 2016 to provide mental
healthcare support to individuals living in low income
or marginalized communities. This program follows a
sustainable model of intervention and assimilates data
for fundamental rural community-based research.
The program ensures that beneficiaries receive free

psychiatric treatment, support group care for themselves
and their families, access to government aided schemes
and vocational training to support their rehabilitation.
Vanavasi kalyana: Tribal Craft making It also creates awareness in local communities through

wall writing and street plays, and one-on-one counselling
with the community. The program works closely with
government front line workers.
The program has benefitted around 669 people with

mental illness
6. Health & Nutrition (Akshaya Patra)

This year, PAGE as part of its CSR initiative
partnered with The Akshaya Patra Foundation
towards their mission of providing nutritious meals
to underprivileged children in Ballari by helping to
provide mid-day meals to 3,000 children for the
entire year.
Mid-day meals for Government school children under
Akshaya Patra Program The Objective of the program is to Improve the
nutritional status of children in Government and
Government aided schools and in encouraging needy
children, belonging to disadvantaged sections, to
attend school regularly and help them concentrate
on classroom activities.
Our support of Akshaya Patra’s mid-day meals

program is aligned with our company’s commitment
to social responsibility and making a positive impact.
We believe that supporting education and health
initiatives for underprivileged children is a key driver
of social and economic development.
7. Health Care (Manipal Foundation)

PAGE as part of its CSR initiative, has also been
contributing to the ‘Manipal Foundation’ for carrying
Child undergone surgery for airway and swallowing
out surgeries in children with airway and swallowing
disorder
disorders. These children require highly skilled care
to re-establish the airway by performing expensive
and complex reconstructive procedures. The
Manipal Foundation, through its Children’s Airway &
Swallowing Centre, has been rendering this service
to society for over two decades. To ensure that these
services reach the disadvantaged groups, it has built
a Private Public Partnership to help patients from
Government Children’s Hospitals.
8. Health Care
In addition to the above initiatives, we extended
support to Government Hospitals and distributed
medicines and medical equipments. Further, we
Child undergone surgery for airway and swallowing
distributed over 1 lakh face-masks for Government
disorder
school children and staff members.

ANNEXURE – II: FORM NO. AOC.2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto
1 Details of contracts or arrangements or transactions not at arm’s length basis: Nil
2 (i)Details of material contracts or arrangement or transactions at arm’s length basis: Nil

(ii)Details of contracts or arrangement or transactions at arm’s length basis:
a Name(s) of the related party Mrs. Rukmani Menon Mr. Vikram Shah Page Garments Exports Pvt Ltd. Gentex Apparel Private Limited Genco Holdings Private Limited Trigen Apparel Private Limited
and nature of relationship Self
Self Mr. Sunder Genomal, Mr. Sunder Genomal, Mr. Sunder Genomal, Mr. Sunder Genomal,
Mr. Ramesh Genomal Mr. Ramesh Genomal, Mr. Ramesh Genomal, Mr. Sanjeev Genomal and
Mr. Shamir Genomal, Mr. Sanjeev Genomal and Mr. Sanjeev Genomal and Mr. Shamir Genomal
Mr. Sanjeev Genomal and Mr. Shamir Genomal Mr. Shamir Genomal are interested directors
Mr. Rohan Genomal are interested directors are interested directors
are interested directors
b Nature of contracts/ Consulting Charges IT Consultancy and support Providing office space Providing office space Providing office space Providing office space
arrangements/transactions service in selecting Data
Centre co-location service
provider along with SAP
hardware / SAP upgradation
project
c Duration of the contracts/ Five years One year with automatic One year One year One year One year
arrangements / transactions renewal
d Salient terms of the Not exceeding ` 1.00 Retainership fee : `0.10 Million ` 0.005 Million per annum ` 0.005 Million per annum ` 0.005 Million per annum ` 0.005 Million per annum
contracts or arrangements million per annum per month
or transactions including the
value, if any
e Date(s) of approval by the 24 May 2019 25 May 2018 10 February 2022 10 February 2022 10 February 2022 10 February 2022
Board, if any:
f Amount paid as advances, if Nil

any:
V S Ganesh Sunder Genomal

Managing Director Chairman
(DIN: 07822261) DIN: 00109720
ANNUAL REPORT 2021-22 38

ANNEXURE : III: RATIO OF REMUNERATION
Details / Disclosures of Ratio of Remuneration to each Director to the median employee’s remuneration
Information in accordance with the provisions of Section 197(12) of the Companies Act 2013, read with rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
1. Ratio of the remuneration of each Director to the median remuneration of the Employees of the Company (Ratio) for the
financial year 2022-23 and the percentage increase in remuneration of Directors, Chief Financial Officer and Company
Secretary (%) during the financial year 2022-23:
Name Ratio %
Executive Directors Remuneration as per terms of their appointment
V S Ganesh, Managing Director 1:207 26.27%
Shamir Genomal, Deputy Managing Director 1:106 14.02%
Rohan Genomal, Executive Director - Strategy 1:45 NA*
Non-Executive Director remuneration under section 197(1)(ii) of Companies Act, 2013
G P Albal 1:6 16.28%
Rukmani Menon 1:6 16.28%
Sandeep Kumar Maini 1:6 18.18%
Vikram Gamanlal Shah 1:6 16.28%
Varun Berry 1:6 16.28%
Mark Fedyk 1:6 NA*
Arif Vazirally - NA*
Jignesh Bhate NA NA*
Key Management Personnel
Chandrasekar K, Chief Financial Officer - 8.77%
C Murugesh, Company Secretary - 3.76%
2 The percentage increase in the median remuneration of employees in the 12.89%
financial year;
3 The number of permanent employees on the rolls of company; 23,853
4 Average percentage increase already made in the salaries of employees Excluding KMP 12.04%
other than the managerial personnel in the last financial year
Average percentage increase in the managerial remuneration KMP 18.95%
There was no exceptional circumstance for increase in the managerial remuneration during the year under report.
5 The key parameters for any variable component of remuneration availed Variable Pay (VP) ranging from 10% to 30%
by the directors; of the CTC, depending on the grade which
commences from Assistant Manager to CEO and
the Managing Director. VP will be paid based on
the overall performance of the Company.
6 It is hereby affirmed that the remuneration paid during the year is as per the Remuneration Policy of the Company
* Either the current year or the previous year’s figures are not comparable.
Note: From the Financial year 2020-21, on the recommendation of the Nomination and Remuneration Committee,
the Company had introduced Variable Pay (VP) ranging from 10% to 30% of the CTC, depending on the grade which
commences from Assistant Manager to Managing Director. VP was paid based on the overall performance of the
Company. VP was paid after the close of the financial year i.e VP for the FY 2021-22 was paid in FY 2022-23.

ANNEXURE : IV: BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORTING
SECTION A: GENERAL DISCLOSURE
I. Details of the Listed Entity
Sl. No Particulars Information/Details

1. Corporate Identity Number (CIN) of the Listed Entity: L18101KA1994PLC016554
2. Name of the Listed Entity: Page Industries Limited
3. Year of incorporation: 1994
Cessna Business Park, Tower-1, 7th Floor,
4. Registered office address Umiya Business Bay, Varthur Hobli,
Bengaluru, Karnataka - 560103
Cessna Business Park, Tower-1, 3rd Floor,
5. Corporate address: Umiya Business Bay, Varthur Hobli,
Bengaluru - 560103
6. E-mail investors@jockeyindia.com
7. Telephone 91-80-4945 4545
8. Website www.jockey.in
9. Financial year for which reporting is being done 31 March 2023
BSE Limited (BSE) and National Stock
10. Name of the Stock Exchange(s) where shares are listed
Exchange of India Limited (NSE)
11. Paid-up Capital (INR) 111538740
Name and contact details (telephone, email address) of
12. the person who may be contacted in case of any queries code.green@jockeyindia.com
on the BRSR report
Reporting boundary - Are the disclosures under this report
made on a standalone basis (i.e., only for the entity) or on
13. a consolidated basis (i.e., for the entity and all the entities Standalone basis
which form a part of its consolidated financial statements,
taken together):
II. Products/services
14. Details of business activities (accounting for 90% of the turnover):
Sl. No. Description of Main Description of Business Activity % of Turnover

Activity of the entity
1 Manufacture of textile Licensee for the production, operations, and marketing of 100%
garments and clothing JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, Oman,
accessories Qatar, Maldives, Bhutan, and the UAE. Sole licensee of Speedo
International Ltd. in India for the production, marketing, and
distribution of the Speedo brand.
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
Sl. No. Product/Service NIC Code % of total Turnover contributed

1 Manufacture of textile garments and 14101 100%
clothing accessories

III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total

National 17 1 18
International Nil Nil Nil
17. Markets served by the entity:
a. Number of locations
Locations Number
National (No. of States) 28 States and 8 Union Territories
International (No. of Countries including India) 9
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Exports contribute to less than 1% of total turnover
c. A brief on types of customers
Page Industries is a B2C company with exclusive license for the production, operations, and marketing of the
JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and UAE with 1289+ Exclusive
Business Outlets, 1,20,060+ Retail Network, 3062+ Large Format Stores (LFS) & E-Commerce.
Page Industries is also the sole licensee of Speedo International Ltd. in India for the production, marketing, and
distribution of the Speedo brand with 30+ Exclusive Business Outlets and 1235 stores, E-Commerce. The products
are targeted for customers who trust in quality and brand value.
IV. Employees
18. Details as at the end of Financial Year:
1. Employees and workers (including differently abled):
Male Female
Sl. No. Particulars Total (A)
No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1 Permanent (D) 3181 2702 85% 479 15%
2 Other than Permanent (E) 1384 682 49% 702 51%
3 Total employees (D + E) 4565 3384 74% 1181 26%
WORKERS
4 Permanent (F) 20672 2182 11% 18490 89%
5 Other than Permanent (G) 1544 1102 71% 442 29%
6 Total workers (F + G) 22216 3284 15% 18932 85%

2. Differently abled Employees and workers:
Sl. No. Particulars Total (A) Male Female

No. (B) % (B / A) No. (C) % (C / A)
DIFFERENTLY ABLED EMPLOYEES
1 Permanent (D) 4 3 75% 1 25%
2 Other than Permanent (E) 0 0 0% 0 0
3 Total employees (D + E) 4 3 75% 1 25%
DIFFERENTLY ABLED WORKERS
4 Permanent (F) 54 12 22% 42 78%
5 Other than Permanent (G) 10 5 50% 5 50%
6 Total workers (F + G) 64 17 27% 47 73%
19. Participation/Inclusion/Representation of women
Total (A) No. and percentage of Females

No. (B) % (B / A)
Board of Directors 13 1 7.69%
Key Management Personnel 03 0 0%
20. Turnover rate for permanent employees and workers
FY 23 FY 22 FY 21
Male Female Total Male Female Total Male Female Total
Permanent Employees 17% 19% 17% 12.86% 13.06% 12.96% 7.57% 12.13% 9.85%
Permanent Workers 61% 55% 56% 51.73% 47.01% 49.37% 77.13% 50.28% 63.70%
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. Names of holding / subsidiary / associate companies / joint ventures
Sl. No. Name of the holding / Indicate whether % of shares Does the entity indicated at column
subsidiary / associate holding/ Subsidiary/ held by listed A, participate in the Business
companies / joint Associate/ Joint entity Responsibility initiatives of the
ventures (A) Venture listed entity? (Yes/No)
Nil Nil Nil Nil
VI. CSR Details
22.
a. Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
b. Turnover (in `): 47886 Million
c. Net worth (in `): 13710 Million
VII. Transparency and Disclosures Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:

Stakeholder Grievance Redressal Mechanism in Place (Yes/No) FY 23 FY 22
group from whom (If yes, then provide web-link for grievance redress policy) Number of complaints Number of complaints pending Remarks Number of complaints Number of complaints pending Remarks
complaint is received filed during the year resolution at close of the year filed during the year resolution at close of the year
Communities Any grievances arising in the community, regarding Page’s
operations, are communicated through the Security personnel at
the gate, employees, and through direct representation to the Unit
- - - - - -
HR Manager or in other forms. Grievances reported are reviewed,
addressed, and communicated suitably. If required the issue is
escalated to Sr. VP – HR, Admin & CSR, and ED & CEO for review.
Investors (other than The Stakeholder Relationship Committee oversees and reviews all
shareholders) matters connected with the redressal of Investor Grievances and
complaints. Investor grievances can be reported in the following - - - - - -
e-mail ID, investors@jockeyindia.com available on our company
website.
Shareholders Shareholder grievances can be reported in the following e-mail
1 0 - 1 0 -
ID, investors@jockeyindia.com available on our company website
Employees and The Company has established a Works Committee as per
workers statutory requirements, in order to improve relations between In the financial year,
employees and the employer; to provide an inclusive environment In FY 21-22, 153
279 grievances were
for employees to express their grievance without inhibition. grievances were
received by the
received by
In addition to the Works Committee, the company has company’s employee
the company’s
established a robust Grievance Redressal mechanism (grievance Work’s Committee,
employee Work’s
box) at all manufacturing units for non-staff members, wherein out of which 263
Committee,
employees can drop their genuine grievances. A committee has 279 16 has been resolved 153 6
all have been
been constituted under a senior-level manager to review and through appropriate
resolved through
address grievances regularly. The same is being reviewed by mitigation measures.
appropriate
Head HR – Manufacturing monthly. Unresolved issues, if any, are The pending
mitigation
escalated to Executive VP – Manufacturing & Operations and Sr. grievances are under
measures at
VP - Human Resources and are resolved with the appropriate management review
present.
actions or closed with a suitable response. Major issues raised are for necessary action.
shared with the CEO and MD as standard operating procedure.
Customers Customer complaints and feedback can be communicated via call
(1800-572-1299 /1860-425-3333 Monday to Saturday, IST 10:00
AM to 7:00 PM), email (wecare@jockeyindia.com) and website in
the help section on website (write to us: https://www.jockey.in/
faqs). Customer care team addresses customer complaints and
feedback as per SOP. - - - - - -
The company has a designated grievance officer (“Grievance
Officer”), who is responsible for consumer grievance redressal.
One can contact the Grievance Officer whose contact details
have been described in the privacy policy, by visiting -
https:// www.jockey.in/page/privacy-policy
Value Chain Partners Supplier and vendor grievances are addressed during the
dedicated one-on-one supplier meetings. In addition, all supplier
grievances with respect to ethical conduct can be reported in the
- - - - - -
following e-mail ID, vendor.support@jockeyindia.com, available
in Supply Chain Standards and Responsibilities Code for Supplier
and Vendors.
Please refer to the https://www.pageind.com/policies-documents
webpage for relevant
policy details
*The grievances raised by employees and workers include the following categories: Canteen, Covid-19 protocol, EHS, Electrical, Housekeeping, HR, Mechanical, Medical, Shopfloor, Training and Transport

24. Overview of the entity’s material responsible business conduct issues
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the
risk along-with its financial implications, as per the following format
Material issue identified Key Topics Indicate whether risk or Rationale for identifying the risk / opportunity In case of risk, approach to adapt or mitigate Financial implications of the risk or
opportunity (R/O) opportunity (Indicate positive or
negative implications)
Economic Performance Economic Performance Opportunity Creation of wealth for shareholders in a sustainable PIL continues to deliver long-term economic value with Positive
manner while exploring newer markets and at the consistent and sustainable business practices for all
same time providing intangible benefits to other stakeholders including extended value chain by means of a
stakeholders via business activities strong governance framework.
Governance, Risks, and Anti-Corruption Risk Transparent and ethical code of conduct to achieve PIL is committed to upholding the ethical governance Negative
Compliance business goals and zero tolerance against any practice with robust risk management, code of conduct,
Environmental Compliance
unethical practices for responsible business conduct. POSH, whistle blower mechanisms
Socio Economic Compliance
Energy and GHG Energy Opportunity The rise in global temperature is one of the pressing PIL is committed to reduce the carbon footprint through Positive
climate issues and hence it is imperative for the large-scale adoption of renewable energy in its operations
Emissions Greenhouse Gas
company to adopt strategies for managing and improving energy efficiency.
Emissions reducing GHG emissions.
Water and Effluents Water Opportunity Managing the significant water and wastewater PIL is adopting water stewardship practices owing to limit Positive
related impacts improve the eco-efficiency of the dependence on freshwater through 3R approach (reduce,
Effluents and Waste
business operations. recycle and reuse).
Materials Materials Opportunity Resource Efficiency results in enhancing PIL intends to increase its share of renewable and recycled Positive
competitiveness and reducing environmental raw materials and packaging materials.
liabilities.
Product Stewardship Product Stewardship Opportunity Mitigating the environmental impacts of the products PIL is employing sustainable production practices with Positive
through innovative product design, standardised increased renewable materials and recycled materials to
life-cycle management approach, etc., to facilitate a reduce the environmental impacts resulting from operations
positive societal impact. and product usage.
ResponsibleSupply Chain Supply Chain Opportunity Owing to the effect the supply chain has on PIL continuously engages with its suppliers for propagating Positive
Supplier Social Assessment the sustainability commitment of the company, the sustainable agenda viz., Local and Fair Procurement
it is imperative to align the suppliers with the practices, supplier assessments and responsible sourcing
Supplier Environmental Assessment
organization’s goals and targets through a defined set policies
Procurement Practices of controls.
Occupational Health and Occupational Health and Safety Risk and Opportunity A safe working environment for all employees is OHS is at the crux of PIL’s culture and values. Page strives Positive
Safety essential for driving business and retaining the to provide a safe working environment by ensuring strict
workforce there by avoiding operational, financial, adherence to EHS policy and compliance audits.
and reputational losses
Diversity and Equal Diversity and Equal Opportunity Opportunity Diversity in the workforce improves the company’s PIL is an equal opportunity employer and believes that Positive
Opportunity Human Right performance as it increases the likelihood of diverse diversity fosters creativity, innovation and improves
people together at the workplace. It is equally workforce agility. PIL respects Human rights and treats
Employment
important for an organisation to avoid discrimination everyone with dignity and avoids all kinds of social injustice
Training & Education and uphold human rights in a diverse work in the operations.
Non – Discrimination environment.
Human Rights Assessment

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards
adopting the NGRBC Principles and Core Elements.
P1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and
Accountable.
P2 Businesses should provide goods and services in a manner that is sustainable and safe.
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains.
P4 Businesses should respect the interests of and be responsive to all its stakeholders.
P5 Businesses should respect and promote human rights.
P6 Businesses should respect and make efforts to protect and restore the environment.
P7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible
and transparent.
P8 Businesses should promote inclusive growth and equitable development.
P9 Businesses should engage with and provide value to their consumers in a responsible manner.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
(Please (Please (Please (Please (Please (Please (Please (Please (Please
refer refer refer refer refer refer refer refer refer
Point Point Point P3) Point Point P5) Point Point P7) Point Point
P1) P2) P4) P6) P8) P9)
Policy and management processes
a. Whether your Yes Yes Yes Yes Yes Yes Yes Yes Yes
company’s policy/
policies cover each
principle and its
core elements of the
NGRBCs. (Yes/No)
b. Has the policy Yes Yes Yes Yes Yes Yes Yes Yes Yes
been approved by
the Board? (Yes/No)
c. Web Link of the https://www.pageind.com/policies-documents
Policies, if available
2. Whether the Yes Yes Yes Yes Yes Yes Yes Yes Yes
company has
translated the policy
into procedures. (Yes
/ No)
3. Do the enlisted Yes Yes Yes Yes Yes Yes Yes Yes Yes
policies extend to
your value chain
partners? (Yes/No)
4. Name of the Oeko-Tex Certification, WRAP certification, NABL certificate, Integrated Management System
national and based on ISO standards (ISO 45001, ISO 14001, ISO 9001, ISO 50001), ZDHC-MRSL, WASH
international codes/ pledge, UNSDGs, GRI standards and UNGC
certifications/labels/
standards (e.g., Forest
Stewardship Council,
Fairtrade, Rainforest
Alliance, and Trustee)
standards (e.g., SA
8000, OHSAS, ISO,
BIS) adopted by your
company and mapped
to each principle.

5. Specific Economic Performance
commitments, goals 1. To be a 1 billion USD (revenue) company by FY 2026 through increased market presence,
and targets set by the diversified product portfolio and innovation, and R&D
company with defined 2. Commitment to introduce safety, climate, water, and inclusion nudge factors in investment
timelines, if any. evaluation
3. Commitment to increase the economic value delivered to the vulnerable/disadvantaged
sections in the regions that we operate in
Governance, Risk, and Compliance
1. Computation of compliance score for FY 2021-22 based on the established Compliance Score
System and improvement to attain maximum score by FY 2025
2. Integrate ESG Risks in ERM by FY 2025
Energy and GHG Emissions
1. Reduce Energy Intensity (GJ/Million Minutes Produced) by 17% by FY 2023-24 against FY
2019-20 baseline
2. Reduce emissions intensity by 15% by FY 2025 and 30% by FY 2030, in alignment with India’s
NDCs against the FY 2019-20 baseline
3. Reduce purchase of grid electricity by 17% through Renewable Energy by FY 2030 against FY
2019-20 baseline
Water and Effluents
1. Improve water-use efficiency by 20% by FY 2030 against the average of last three FY (FY18 -
FY21) consumptions
2. Reduction in Fresh Water by 20% by FY 2025 against average of last three financial years (FY
18-21) consumptions
3. Conducting Water Neutrality feasibility study across manufacturing units in FY 21 22
4. Zero Liquid Discharge by FY 2024 (only for ETP at Unit 21)
Materials
1. All vendors/suppliers (Fabric, Elastic, Yarn) will be Oeko-Tex Certified by June 2022
2. 100% Recycling and Management of Single Use plastics in packaging by December 2022
Responsible Supply Chain
1. Sustainability Assessment will be conducted for all critical suppliers from FY 2021-22
2. Assess critical supplier-side GHG emissions and accordingly establish a baseline for future
emission reduction by FY 2021-22
3. Implementation of RSL policy by March 2023
Occupational Health and Safety
1. Zero Waste to Landfill with 100% traceability by 2024
2. Phasing Out All Restricted Substances in Manufacturing and Supply Chain in Compliance with
ZDHC (Level 3) by FY 2024
3. Occupational Health Illness Tracking by FY 2023 and Mitigation by FY 2025
4. Safety Management System at all Retail Stores by FY 2023
5. 100% Implementation of WASH Pledge and Third-Party Audit by FY 2023
6. A Digital Incident and Accident Management System to be Implemented
7. Behavioural Safety Systems certification by FY 2024
8. To Achieve 0.8 Safety Training Index by FY 2023
Product Stewardship
1. All new development of vendors/suppliers (Fabric, Elastic, Yarn) will be OEKO-TEX certified
by June 2022
2. Improve design for extended life (service delivery/washes)
3. Responsible management of materials during product design and development
4. Continue to Increase the use of Renewable/Sustainable/Recycled Materials
Diversity and Equal Opportunity
1. Assess and Maintain Gender Pay Parity
2. 100% sensitization towards prevention of Sexual Harassment and awareness to all employees
including contract employees

6. Performance Energy and GHG Emission
of the company 1. Energy Intensity at 54 (GJ/ Million Minutes Produced) achieving 16% reduction against
against the specific FY 19-20
commitments, goals 2. GHG Emission (Scope 1&2) Intensity at 7.34 (tCO2e/ Million Minutes Produced) achieving 34%
and targets along- reduction against FY 19-20
with reasons in case 3. 32% of total energy consumption is from renewable sources
the same are not
met. Water and Effluents
2.82% of treated water recycled and reused
Materials
As per the EPR registration, the company has a target to recycle 572 MT of plastic packaging
which is the average of FY 20-21 & FY 21-22 pre & post-consumer plastic packaging
generated. 100% of the recycling target has been achieved as of February 2023.
Responsible Supply Chain
• RSL was launched for the supply chain in May 2022 and has come into enforcement from
January 2023. Identified RSL substances are monitored and controlled in phases through
capacity building, due diligence testing, audits, and other mechanisms to manage the
implementation over the next three years.
Product Stewardship
• For new development of vendors, OEKO-TEX certification has been established as a
compliance audit requirement before the engagement of vendors
• Responsible management of materials during product design and development through
weekly monitoring of raw material sampling procurement.
Governance, Risk, and Compliance
• Compliance Score has been computed based on the automated compliance scoring
methodology established. The compliance process will be improved to attain and maintain
maximum scores.
Diversity and Equal Opportunity
• Ensuring 100% sensitization towards prevention of Sexual Harassment and awareness among
all employees including contract employees. POSH Awareness programs are conducted yearly
once in all our manufacturing facilities including staff, non-staff, and contract workers. For all
new employees, the awareness session is conducted during the induction. Feedback forms
are collected from the employees on the training understanding and effectiveness.
• Gender pay parity and Diversity & Equal Opportunity assessment are being conducted at the
workplace.
Economic Performance
• Sustainability impact assessments of investments are being carried out using the established
Climate Nudge Factor.
Occupational Health & Safety
• Behaviour - based safety system launched in June 2022
• 0.60 safety training index at manufacturing location
• 100 million safe working hours achieved (16th June 2022 to 10th November 2022)
Governance, leadership and oversight
7. Statement by
director responsible
for the business
responsibility report,
highlighting ESG
elated challenges,
Refer sustainability report FY 22-23
targets and
achievements
(listed company has
flexibility regarding
the placement of this
disclosure)

8. Details of the Page has instituted a Sustainability Steering Committee (SCOM) that oversees the
highest authority implementation, monitoring, and reporting of sustainability, ESG performance and Business
responsible for Responsibility policies of the company.
implementation
and oversight The committee is headed by the company’s Managing Director and overlooked by Board
of the Business
Responsibility policy
(ies).
9. Does the Yes.
company have a
specified Committee The Sustainability Steering Committee is headed by the company’s Managing Director and
of the Board/ overlooked by the Board. The committee includes Managing Director, Chief Financial Officer,
Director responsible Chief Human Resource Officer, Chief People Officer, Chief Operating Officer, Chief Marketing
for decision making Officer, President & Chief of Manufacturing & Operations, and functional heads responsible for
on Sustainability driving the sustainability strategy and its implementation across the organization.
related issues? (Yes
/ No). If yes, provide
details.
10. Details of review of NGRBCs by the Company:
Subject for review Indicate whether review was Frequency

undertaken by the Director/Committee (Annually/ Half-yearly/ Quarterly/
of the Board/Any other Committee Any other – please specify)
Performance against above Yes. The Board annually conducts performance review against each of NGRBC
policies and follow up action principles and give suggestions for improvisations as and when needed
Compliance with statutory PIL ensures to comply with the statutory requirements of each principle and
requirements of relevance to the the company also conducts frequent compliance audits for ruling out any
principles and rectification of any non-conformities.
non – compliance
11. Has the Company carried out independent assessment/evaluation of the working of its policies by an external
agency? (Yes/ No) If yes, provide the name of the agency.
Policies wherever stated have been approved by the Board/Committee of the Board / Senior Management of the
Company. All policies and processes are subject to audits and reviews done internally in the Company from time
to time.
From a best practices perspective as well as from a risk perspective, policies are periodically evaluated and
updated by various business heads and approved by the management or Board.
12. If answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. The Company does not consider the principles
material to its business (Yes/No)
2. The Company is not at a stage where it is in a position
to formulate and implement the policies on specified
principles (Yes/No)
Not Applicable
3. The Company does not have the financial or/human
and technical resources available for the task (Yes/No)
4. It is planned to be done in the next financial year
(Yes/No)
5. Any other reason (please specify)

SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURE
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core
Elements with key processes and decisions. The information sought is categorized as “Essential” and “Leadership”.
While the essential indicators are expected to be disclosed by every entity that is mandated to file this report, the
leadership indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest
to be socially, environmentally and ethically responsible.
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year:
The trainings are conducted on the principles of NGRBC related to CoC, EHS, Human Rights, business
responsibilities etc. The programmes mentioned below covers few aspects related to CoC, Human Rights, and
business responsibilities.
Segment Total number of training and Topics / principles covered %age of persons in
awareness programmes under the training and its respective category
held impact covered by the
awareness programmes
Board of Directors During the year, the Board of Directors were familiarised 100%
through various awareness sessions on an array of issues
pertaining to business, regulations, economy, ESG etc.
In addition, as a part of quarterly Board and Committee
Key Managerial Personnel Meetings, all the Board Members are also apprised on
developments in the Company, key regulatory changes
on the governance front i.e., Guidelines/Regulations/
Circulars by IRDAI, SEBI and MCA. The Key Managerial
Personnel of the Company are also part of the Board
and Committee Meetings wherein the above referred
presentations are made.
Employees other than BoD Employees undergo training on Code of Conduct, Human 100%
and KMPs Rights Policies, EHS policy etc. at the time of induction
Workers and periodically thereafter.
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the
entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in
the following format (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30
of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s website):
Monetary
NGRBC Name of the regulatory/ Amount (In Brief of the Has an appeal been
Principle enforcement agencies/ judicial INR) Case preferred? (Yes/No)
institutions
Penalty/ Fine None NA NA NA NA
Settlement None NA NA NA NA
Compounding fee None NA NA NA NA
Non-Monetary

NGRBC Name of the regulatory/ Amount (In Brief of the Has an appeal been
Principle enforcement agencies/ judicial INR) Case preferred? (Yes/No)
institutions
Imprisonment None NA NA NA NA
Punishment None NA NA NA NA
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary
or non-monetary action has been appealed.
Not Applicable
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Anti-corruption and bribery are a part of PIL’s Code of Conduct for its Board of Directors and employees. The
Code of conduct is communicated to all employees at the time of joining and periodically through the employee
portal. PIL and its employees do not offer or give any company funds or property as donations to any government
agency or its representative, directly or through intermediaries unless mandated under applicable laws, to obtain
any favourable performance of official duties.
The company’s zero tolerance towards unethical behaviour including corruption and bribery is communicated to all
vendors and supply chain partners through Supply Chain Standards and Responsibilities Code for Suppliers and Vendors.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/ corruption:
FY 23 FY 22
Directors None None
KMPs None None
Employees None None
Workers None None
6. Details of complaints with regard to conflict of interest:
FY 23 FY 22
Number Remarks Number Remarks
Number of complaints received in relation to None None None None
issues of Conflict of Interest of the Directors
Number of complaints received in relation to None None None None
issues of Conflict of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by
regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
Not applicable, as there were no charges of corruption and conflicts of interests on any employees and other
stakeholders of PIL.
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the principles during the financial year
Total number of awareness Topics / principles covered % age of value chain partners covered (by value
programmes held under the training of business done with such partners) under the
awareness programmes
2 (ESG & GHG Accounting, P2, P6 81.11%
Restricted Substances List)

2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board?
(Yes/No) If yes, provide details of the same.
Yes, the Code of Conduct outlines the guidelines for board members and employees to avoid instances of conflicts
of interests. For more details, refer to PIL’s Code of Conduct.
PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively.
Details of technologies/ Details of improvements in

FY 22-23 FY 21-22
projects environmental and social impacts
Investment in the initiative has resulted
Replacement of Clutch
0.2% 1.70% in energy savings of 1,90,444 kWh in FY
motors with Servo motors
21-22 and FY 22-23
Reduction of water consumption in
0.2% - Go Green Machine
socks production
To reduce dependency on import, which
Hook & EYE metal forming
0.1% - in turn helps in limiting carbon emission
machine
form multiple transport
0.0% - Solar Inverter Increased use of renewable source
1.0% - Foam Moulding Project Improvement in energy efficiency
Increasing Solar Energy consumption
0.7% - Solar Power generation and thereby reducing grid electricity
dependency
FTL to LED has resulted in energy
0.1% - LED tube light
savings of 53,232 kWh in FY FY 22-23
Replacement of LPG with PNG results in
Capex lower atmospheric emissions of sulphur
dioxide (SO2), carbon monoxide (CO),
reactive hydrocarbons and carbon
Replacement of LPG with dioxide. It is beneficial in terms of safety
0.2% - as well.
PNG
10% reduction in GHG emissions is
expected from the investment in PNG
to replace LPG (based on GHG protocol
Emission Factors from Cross-Sector)
Investment in the initiative has resulted
Retro fitment of 50HP
- 0.20% in energy savings of 46,896 kWh in FY
compressors with VFD
21-22
FHS & sprinkler Continuous improvement of Health and
- 5.50%
upgradation safety
Chemical auto dosing & J Manual mixing of chemical has been
- 1.10%
Box eliminated
Metal contamination elimination is
- 0.20% Metal detector
ensured in manufactured elastic
Investment in this material movement
R&D - 0.40% Automated guided Vehicle equipment has reduced manual
movement

2. Does the entity have procedures in place for in packaging by December 2022”. Accordingly,
sustainable sourcing? (Yes/No) Page Industries initiated the process to reclaim the
plastic packaging wastes by registering with CPCB
Yes, the Company has established a Responsible
for Extended Producer Responsibility (EPR). In FY
Sourcing Policy to communicate its position and
2023, 572 tonnes of plastic wastes are reclaimed and
expectations with respect to the responsible sourcing
recycled. The plastic wastes generated in operations
of goods and services to its value chain partners. The
are safely disposed to authorised vendors for
Policy aligns with the organisation’s procurement
recycling. E-Wastes generated from operations are
commitments and Sustainability goals. The Policy
also sent to authorised vendors for recycling. In FY
promotes accountability for decisions, actions,
2023, 7.33 tonnes of E-Wastes are safely disposed
and continual improvement in the performance
through recyclers. Hazardous Wastes are carefully
of suppliers / vendors, hence making the supply
handled throughout the operations and are sent to
chain more sustainable. The policy includes a set of
recyclers or incinerated. A significant portion of Non-
requirements which requires all suppliers / vendors
Hazardous wastes viz., Rubber and Elastic wastes are
of the Company to adhere to.
diverted to fuel recovery.
3. If yes, what percentage of inputs were sourced 5. Whether Extended Producer Responsibility (EPR)
sustainably? is applicable to the entity’s activities (Yes / No). If
yes, whether the waste collection plan is in line with
% of renewable raw materials in 82% the Extended Producer Responsibility (EPR) plan
Jockey Products (Fabric Ordering) submitted to Pollution Control Boards? If not, provide
steps taken to address the same.
% of renewable packaging material 49%
(Jockey) Yes, A clear implementation roadmap has been
established to collect and recycle equivalent quantity
% of suppliers covered for RSL 44 suppliers
and quality of pre-and post-consumer plastic packaging
Implementation
in line with the Extended Producer Responsibility
% of vendors with OEKO-tex 100% (EPR) regulations. PIL has been successfully registered
certificate as a brand owner in CPCB (Central Pollution Control
Board) as per the updated EPR regulations released
4. Describe the processes in place to safely reclaim your by MoEF & CC (Ministry of Environment, Forest and
products for reusing, recycling and disposing at the Climate Change) in February 2022. As per the EPR
end of life, for (a) Plastics (including packaging) (b) registration, the company has a target to recycle 572
E-waste (c) Hazardous waste and (d) other waste. MT of plastic packaging which is the average of FY 20-
PIL is committed to reducing the environmental 21 & FY 21-22 pre & post-consumer plastic packaging
impact of its operations as outlined in the target “100% generated. 100% of the recycling target has been
Recycling and Management of Single Use plastics achieved as of February 2023.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
NIC Code Name of % of total Boundary for which the Whether conducted Results communicated in
Product / Turnover Life Cycle Perspective by independent public domain (Yes/No) If
Service contributed / Assessment was external agency yes, provide the web-link.
conducted (Yes/No)
14101 Product 1.32 The boundary for the Yes The life cycle analysis is
Style 2714 life cycle assessment currently under progress
of the product style is and the results of the same
Cradle to Grave will be communicated
once complete

2. If there are any significant social or environmental 4. Of the products and packaging reclaimed at end of life
concerns and/or risks arising from production or of products, amount (in metric tonnes) reused, recycled,
disposal of your products / services, as identified in and safely disposed, as per the following format:
the Life Cycle Perspective / Assessments (LCA) or
through any other means, briefly describe the same FY 23 FY 22
along-with action taken to mitigate the same.
Recycled Recycled
The life cycle analysis is currently under progress and
the results of the same will be communicated in next Plastics (including 572 9
reporting cycles. Based on the assessment, a long- packaging)
term strategy would be developed to mitigate the
identified environmental and social impact by choice
5. Reclaimed products and their packaging materials
of input materials and its production routes.
(as percentage of products sold) for each product
3. Percentage of recycled or reused input material category.
to total material (by value) used in production (for
manufacturing industry) or providing services (for Indicate product Reclaimed products and their
service industry).
category packaging materials as % of
total products sold in respective
Indicate input % Recycled packaging material category
material to total packaging material
consumed (by quantity) Jockey and
FY 23 FY 22 Speedo Packaging Nil
Packaging Material
49% 53%
(Jockey)
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value
chains
1. a. Details of measures for the well-being of employees:
% of employees covered by
Group Medical Group Personal
Paternity
Health Insurance Accident Maternity benefits Day Care facilities
Category Total Benefits
(Including ESIC) Insurance
(A)
Number % (B / Number % (C / Number % (D / Number % (E / Number % (F /
(B) A) (C) A) (D) A) (E) A) (F) A)
Permanent employees
Male 2702 2702 100% 2702 100% - - - - - -
Female 479 479 100% 479 100% 479 100% - - - -
Total 3181 3181 100% 3181 100% 479 15% - - - -
Other than Permanent employees
Male 682 682 100% - - - - - -
Covered under
Female 702 702 100% 702 100% - - - -
ESIC
Total 1384 1384 100% 702 51% - - - -

b. Details of measures for the well-being of workers:
% of workers covered by
Group Medical Group Personal
Paternity
Health Insurance Accident Maternity benefits Day Care facilities
Category Total Benefits
(Including ESIC) Insurance
(A)
Number % (B / Number % (C / Number % (D / Number % (E / Number % (F /
(B) A) (C) A) (D) A) (E) A) (F) A)
Permanent workers
Male 2182 2182 100% - - - - - -
Covered under
Female 18490 18490 100% 18490 100% - - - -
ESIC
Total 20672 20672 100% 18490 89% - - - -
Other than Permanent workers – Contract Workers
Male 1102 1102 100% - - - - - -
Covered under
Female 442 442 100% 442 100% - - - -
ESIC
Total 1544 1544 100% 442 29% - - - -
2. Details of retirement benefits, for Current FY and Previous Financial Year
FY 22-23 FY 21-22
No. of No. of
No. of workers Deducted and No. of workers Deducted and
Retirement employees employees
covered as deposited with covered as deposited with
Benefits covered as covered as
a % of total the authority a % of total the authority
a % of total a % of total
workers (Y/N/N.A.) workers (Y/N/N.A.)
employees employees
PF 100% 100% Y 100% 100% Y
Gratuity 100% 100% NA 100% 100% NA
ESI 7% 100% Y 14% 100% Y
Others –
- - - - - -
please specify
3. Accessibility of workplace
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements
of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this
regard.
Yes, the offices of the company are accessible to differently abled employees and workers in line with Rights of
Persons with Disabilities Act, 2016. The installed features include ramps and lift facilities.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
Yes, the company has a Diversity and Inclusion Policy that aims at providing fair employment and collaboration
opportunities without discrimination based on Differential Ability, Race, Ethnicity, Gender, Preference, Religion and
Beliefs, Sexual Orientation and Nationality. The company strives to integrate fairness and equality into all business
processes including, but not limited to, recruitment, promotion, development, remuneration and termination.

5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Permanent employees
Gender Return to work rate Retention rate
Male - -
Female 90.0% 91.67%
Total 90.0% 91.67%
*Parental leave benefits only available for female employees and workers
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
workers? If yes, give details of the mechanism in brief.
Yes/No (If Yes, then give details of the mechanism in brief)

Permanent Workers PIL has a robust whistle-blower policy in line with regulatory requirements
Other than Permanent Workers stated in Section 177 of the Companies Act of 2013 for the employees and
Permanent Employees directors to raise their concerns and incidents of unethical behaviour. The
mechanism also outlines the provision of adequate safeguards for the
Other than Permanent Employees
employees including Directors and has a provision of direct access to the
MD or Chairman of the Audit Committee in exceptional cases. In addition,
employees can raise their concerns to the Works committee at all units.
PIL has also created a grievance box at all manufacturing units for employees
and workers to post their grievances/suggestions. The committee
constituted of senior leadership reviews the grievances regularly and will
be inspected monthly by the Head of HR – Manufacturing. The unresolved
issues may be escalated to the President – Manufacturing & Operations and
CHRO and MD in case of major concerns
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity
The company does not have any employee associations. The company, however, recognises the right to freedom of
association and does not discourage collective bargaining.
8. Details of training given to employees and workers:
FY 23 FY 22
On Health and On Skill
Paternity Benefits Day Care facilities
Category Total safety measures upgradation
Total (D)
(A) Number % (B / Number % (C / Number Number % (F /
% (E / D)
(B) A) (C) A) (E) (F) D)
Employees
Male 2702 2702 100% 2702 100 2,633 2,633 100% 2,633 100%
Female 479 479 100% 479 100 458 458 100% 458 100%
Total 3181 3181 100% 3181 100 3,091 3,091 100% 3,091 100%
Workers
Male 2182 2182 100% 2182 100 2,466 2,466 100% 2,466 100%
Female 18490 18490 100% 18490 100 22,173 22,173 100% 22,173 100%
Total 20672 20672 100% 20672 100 24,639 24,639 100% 24,639 100%

9. Details of performance and career development reviews of employees and worker:
FY 23 FY 22
Category
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male 2702 2611 97% 2633 2406 91%
Female 479 453 95% 458 393 86%
Total 3181 3064 96% 3091 2799 91%
Workers
Male 2182 1903 87% 2466 1478 60%
Female 18490 7088 38% 22173 5462 25%
Total 20672 8991 43% 24639 6940 28%
10. Health and safety management system: controlled through a well-defined safe work
permit system.
1. Whether an occupational health and safety
• Significant risks are identified, and appropriate
management system has been implemented by
control measures are implemented to
the entity? (Yes/ No). If yes, the coverage of such
strengthen the OHS management system
system?
3. Whether you have processes for workers to
Yes, The company strives to ensure a safe working
report the work-related hazards and to remove
environment for all employees and workers based
themselves from such risks. (Y/N)
on EHS policy across the operating locations
and surrounding communities. EHS scope of Yes. The employees are trained to report near-
PIL encompasses safety related trainings and miss and hazards using reporting cards placed
awareness, Safety audits, Operational control near suggestion boxes. Employees and contract
procedures, Emergency response plan etc., workers are trained on work-related hazards and
safety measures to be taken through standard
The company has a robust Integrated Management
operating procedures, work instructions, and
System and is currently in the process of getting
OHS manuals.
ISO certified by a third-party certifying agency.
ISO 45001 standard for occupational health and To manage unpredictable incidents and to
safety management is developed as an integral reduce the impact it causes on life, property and
part of the system. At present, Page is ensuring environment within and outside the organisation,
that its well-defined EHS operational controls are Page has established a comprehensive Onsite
in line with the requirements of ISO 45001 and ISO Emergency Plan (OEP) which encloses detailed
14001. Safe operating procedures and guidelines procedures, assigned responsibilities and
are derived from relevant Indian standard codes. employee guidance. This Onsite Emergency
Plan (OEP) identifies the potential hazards
2. What are the processes used to identify work-
existing in the plant and specifies the actions
related hazards and assess risks on a routine and
to be taken by the unit management, in the
non-routine basis by the entity?
event of any emergency situations. This plan
• For routine activities, hazards are identified gives the guidelines for employees, contractors,
through HIRA based on IS: 15656:2006 transporters etc., and defines responsibilities
standard. To ensure quality of risk assessment, of various individuals about rescue operations,
HIRA is carried out by trained and certified evacuations, rehabilitation, coordination, and
personnel. communication. In case of an emergency, priority
and special care is given for evacuation of children,
• For non-routine activities, hazards are
expecting mothers and differently abled persons.

4. Do the employees/ workers of the entity employees, contract workers, visitors, and stakeholders
have access to non-occupational medical and engaged in its business operations. To sustain its zero-
healthcare services? (Yes/ No) harm work culture, the company has instituted several
continuous improvement measures as follows,
Yes. PIL has a well-established health monitoring
system for all its employees covering 100% of Occupational Health and Safety Management
the workforce and contract workers including The company is currently in the process of
caterers and housekeepers. Every manufacturing implementing an Integrated Management and is
unit has a medical dispensary with a dedicated targeted to be in place by FY 2022-23. ISO 45001
team of doctors, nurses, ambulance facilities, standard for occupational health and safety
and medical supplies. The medical dispensary management is developed as an integral part of the
operates throughout the manufacturing unit’s system. At present, Page is ensuring that its well-
shift timings. The organization’s doctors perform defined EHS operational controls are in line with
health check-ups periodically and any findings the requirements of ISO 45001 and ISO 14001. Safe
are addressed immediately. Ambulance facility operating procedures and guidelines are derived
at all units ensures the seamless transportation from relevant Indian standard codes.
to the nearest hospital for treatment. Employee EHS committee
State Insurance (ESI) corporation’s health camps
are also organized periodically. In addition, PIL The company has instituted an EHS committee at
is paying its contractor company to facilitate all operating facilities, to proactively manage OHS
contract workers’ health insurance services. activities and promote participation of employees in
the EHS management system. The committee is led
The health services provided to employees covers by a factory manager with equal representation of
both occupational and non-occupational health workers. Daily safety meetings as well as weekly and
issues. In addition to general health checks, job monthly EHS committee meetings are carried out.
specific health check-ups such as audiometry,
OHS Risk Assessment
eye check-up, tetanus immunization once in six
months. In addition, the doctors conduct monthly For routine activities, hazards are identified through
prenatal check-ups for all expecting mothers, HIRA based on IS: 15656:2006 standard. To ensure
provide medications as necessary. quality of risk assessment, HIRA is carried out by
trained and certified personnel. For non-routine
11. Details of safety related incidents, in the following activities, hazards are controlled through a well-
format: defined safe work permit system. Significant risks
are identified, and appropriate control measures are
Safety Incident/ Category FY 23 FY 22 implemented to strengthen the OHS management
Number system The employees are trained to report near-
Lost Time Injury Employees 0 0 miss and hazards using reporting cards placed near
suggestion boxes. Employees and contract workers
Frequency Rate (LTIFR) Workers 0.05 0 are trained on work-related hazards and safety
(per one million-person measures to be taken through standard operating
hours worked) procedures, work instructions, and OHS manuals.
Total recordable work- Employees 0 0 Safety Audit
related injuries Workers 3 0 Regular Health and Safety compliance audits are
No. of fatalities Employees 0 0 carried out across operating facilities. External third-
party audits are also conducted to improve the
Workers 0 0
effectiveness of the management system
High consequence Employees 0 0
Safety Training and Awareness Programs
work-related injury or Workers 0 0
ill-health (excluding Safety, role-based training programs are being
fatalities) conducted regularly and refreshed at periodic
intervals. The leadership and management team
12. Describe the measures taken by the entity to ensure a are trained on aspects such as safety management
safe and healthy workplace. systems, incident investigation, audit, and emergency
management. Whenever a new safety risk is identified
Page is committed to maintaining a healthy, safe, and/or when an accident takes place, the Training Plan
ergonomic, and clean working environment for all its and the Safety Operating Procedure are updated.

EHS Communication and Engagement manufacturing unit’s shift timings. The organization’s
doctors perform health check-ups periodically and
Safety communication starts at the top level of the
any findings are addressed immediately. Employee
organisation and permeates across all grades of the
State Insurance (ESI) corporation’s health camps
business. By developing effective communication
are also organized periodically. The health services
channels which engages with employees and enable
provided to employees covers both occupational and
individuals to communicate the safety related incidents
non-occupational health issues. In addition to general
opens up a two-way channel of communication
health checks, job specific health check-ups such
in the organisation between the leadership team
as audiometry, eye check-up, tetanus immunization
and workforce. In addition, employees are engaged
once in six months. In addition, the doctors conduct
through various safety campaigns and programs.
monthly prenatal check-ups for all expecting mothers,
Incident Reporting provide advice and medicines as necessary.
The company has adopted Incident Reporting Occupational Health Risk Assessment
and Investigation methodology based on fishbone
Occupational Health Risk Assessments are conducted
method, i.e., incidents are investigated with respect
to identify health hazards, assess potential health
to man, material, method, environment, and machine,
risks, prioritize, and determine appropriate control
based on which root cause is identified, to examine
measures to protect the health and well-being
all safety incidents to learn from incidents and
of employees systematically and proactively.
prevent reoccurrence. The gaps identified and control
Occupational risks assessments are conducted as per
measures implemented are communicated across
guidelines from “National Institute of Occupational
all manufacturing facilities to strengthen the safety
Health & OHSAS”.
management system. Further, to continuously improve
the prevention and management of incidents, incident Ergonomic Exercises
and accident management systems will be digitized.
To promote ergonomics in the work culture and
Health Check-Ups reduce occupational health risks, all employees in
the manufacturing line take a break and perform
The company has a well-established health monitoring
stretching ergonomic exercises every 2 hours in a day.
system for all its employees covering 100% of the
The stretching exercises focus on the neck, shoulders,
workforce and contract workers including caterers
low back, hand, and wrist. This effectively reduces
and housekeepers. Every manufacturing unit has a
the ergonomic risk factors and musculoskeletal
medical dispensary with a dedicated team of doctors,
pain among the workforce. 1-minute eye movement
nurses, ambulance facilities, and medical supplies.
exercise is also conducted for workers who undertake
The medical dispensary operates throughout the
manual quality testing of products.
13. Number of Complaints on the following made by employees and workers:
FY 23 FY 22
Filed Pending Remarks Filed Pending Remarks
during resolution at during resolution at
the year the end of year the year the end of year
Working 258 16 The pending grievances are 134 6 -
Conditions under management review
for necessary action.
Health & Safety 21 0 13 0 -
*The grievances related to workplace conditions raised by employees and workers include the following categories,
Canteen, Covid-19 protocol, Electrical, Housekeeping, HR, Mechanical, Medical, Shopfloor, Training and Transport.
**The grievances related to Health and Safety raised by employees and workers include the following categories,
PPE, ergonomics, mock-drill etc.
14. Assessments for the year.
% of your plants and offices that were assessed (by entity or statutory
authorities or third parties)
Health and safety practices
100% units and offices are assessed
Working Conditions

Safety Audit the internal and statutory audits. With respect to tax
credit available to PIL, reconciliation is done between
Regular OHS Risk assessments and Health and Safety
various tax details realized by Income tax department
compliance audits are carried out across the company’s
(form 26AS), GST department (GSTR 2B) and books,
operating facilities. External third-party audits are also
wherever short fall cases are found, recovery will be
conducted to improve the management system. In the
done from the value chain partner vendor.
current reporting period, 60% of Page’s manufacturing
locations were audited by third parties including CII, The Company expects its value chain partners to
Prudent etc. uphold business responsibility principles and values
of transparency and accountability.
Working Conditions Assessment
3. Provide the number of employees / workers having
The company’s manufacturing facilities are certified by suffered high consequence work-related injury /
Worldwide Responsible Accredited Production (WRAP). ill-health / fatalities (as reported in Q11 of Essential
The WRAP certification program is promoted by the Indicators above), who have been are rehabilitated
Association of American Apparel and Footwear Industry. and placed in suitable employment or whose family
WRAP audits Page’s facilities on 12 principles namely, members have been placed in suitable employment:
(i) Compliance with Laws and Workplace Regulations,
(ii) Prohibition of Forced Labour Total no. No. of employees/
of affected workers that are
(iii) Prohibition of Child Labour
employees/ rehabilitated and placed
(iv) Prohibition of Harassment and Abuse
workers in suitable employment
(v) Compensation and Benefits
or whose family members
(vi) Hours of Work
have been placed in
(vii) Prohibition of Discrimination
suitable employment
(viii) Health and Safety
FY 23 FY 22 FY 23 FY 22
(ix) Freedom of Association and Collective Bargaining
Employees 0 0 - -
(x) Environment
Workers 0 0 - -
(xi) Customs Compliance
(xii) Security 4. Does the entity provide transition assistance
As a part of the certification, the operations of the programs to facilitate continued employability and
Company are subject to assessment in the form of the management of career endings resulting from
internal and external audits. retirement or termination of employment? (Yes/ No)
No. The skill-development training provided during the
15. Provide details of any corrective action taken or
tenure of employees are at par with industry standards
underway to address safety-related incidents (if any) and
equipping the employees with best-in-class skills.
on significant risks / concerns arising from assessments
of health & safety practices and working conditions 5. Details on assessment of value chain partners:
The company has adopted robust mechanisms to
monitor, record, and mitigate unsafe conditions in the % of value chain partners
operating sites. The safety officers at the units monitor (by value of business done
and record the unsafe conditions regularly and the same with such partners) that
gets reviewed by management monthly to evaluate the were assessed
actions taken.
Health and safety practices 81.11%
Working Conditions 81.11%
1. Does the entity extend any life insurance or any
compensatory package in the event of death of 81.11% of the company’s strategic value chain partners
have submitted self-assessment questionnaires for
(A) Employees - Yes
social impacts including Health and Safety practices
(B) Workers - Yes and Working Conditions using PIL’s supplier
2. Provide the measures undertaken by the entity to sustainability assessment methodology.
ensure that statutory dues have been deducted and 6. Provide details of any corrective actions taken or
deposited by the value chain partners. underway to address significant risks / concerns arising
The Company ensures that statutory dues as applicable from assessments of health and safety practices and
to the transactions within the remit of the Company working conditions of value chain partners
are deducted and deposited in accordance with extant No corrective action plan has been necessitated on
regulations. This activity is also reviewed as part of the above-mentioned parameters.

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
PIL has identified and prioritised the internal and external stakeholders based on the influence they exert on the
organizational decisions and activities. The company strives to maintain strong relationships with all stakeholder
groups for maintaining the continued trust and brand reputation. We adopt a stakeholder-centric approach while
making strategic decisions and driving business propositions leading to long-term value creation. The company has
established effective mutual communication channels with all the all stakeholders groups as outlined in Question 2
of Principle 4.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
group.
Stakeholder Group Whether identified Channels of communication Frequency of Purpose and scope
as Vulnerable & (Email, SMS, Newspaper, engagement of engagement
Marginalized Group Pamphlets, Advertisement, (Annually/ Half including key topics
(Yes/No) Community Meetings, yearly/ Quarterly and concerns
Notice Board, Website), / others – please raised during such
Other specify) engagement
Employees Yes, in some cases • Shop Floor meetings Ongoing, • Employee
if qualified based • Emails engagement
continuous
on specified criteria Productivity
• Notice Board
such as gender, and Efficiency
• Employee portals enhancement
economic wellbeing
etc. • Awareness Programs Training and
• Employee Magazine Development
• Goal Setting Process and Safety, Health
Performance appraisal and Wellbeing
• Reward and recognition • Grievances

programs Redressal Work-
life balance
• Employee involvement in
CSR
• Employee referral
program
• Sports and Cultural
Activities
• Page Academy and
Centre of Excellence -
Training sessions
• Leadership Connect
• Customer Orientation
• Grievance Redressal
Mechanism
• Annual reward and
recognition programs

Customers Yes, in some cases • Customer feedback Ongoing, • Product – related
if they qualify based mechanism continuous information
on specified criteria • Grievance redressal • Grievance
such as gender, mechanism Redressal
economic wellbeing
• Ad campaigns • Customer
etc.
• Social media feedback
Investors No • Investor relationship cell Quarterly/ • Financial

• Investor group meetings Annually performance
Return on Equity
• Quarterly and annual
results • Long-term
business
• Investor conferences
performance Risk
• Annual Reports assessment and
• Sustainability reports Management
Regulators No • Submission of Need-based, Statutory
performance reports Quarterly/ Compliances
• Annual and Sustainability Annually
Reports
• Compliance reports
• Attending meetings
and discussions held by
regulatory bodies
Suppliers No • Supplier Meets Need-based • Product quality
• Emails and posts Pricing and
availability of raw
• Feedback via grievance
materials
cell
• Environment
aspects Safety
Pricing and
payment terms
• Social and HR
compliance
• Supplier Well-
Being
Business Partners No • Scheduled regular Need-based • Engagement
interactions Reports support
• Carrying out annual joint/ • Performance
collaborative business Review
plans with our distributors
Financial Partners No • Submission of Annual/ • Financial

performance reports Quarterly performance
• Annual Report • Quarterly results
• ESG practices

Distributors No • Regular discussions with Ongoing • Retailer
the assigned Sales team redistribution of
member Jockey Products
• Email correspondence • Stock
• Data sharing and availability and
accounts statement replenishment
checks on the PIP portal through an auto
(Company) replenishment
system.
• Feedback from the
Distributor sales team on • Adequate funds
the SFA tab to ensure all ARS
POs are cleared
• Distributor meets
on time. Price
• Maintenance
Warehouse
• Hygiene Staffing
and Field team as
per norm
Communities Yes, in some cases • Baseline Surveys Study and Need- • Enabling better
if they qualify based • Focused Group Interviews based quality of life
on specified criteria Less-privileged
• Surveys on various
such as gender, communities
assessments through
economic wellbeing • In the
reputed NGO Based
etc. geographical
on inputs from the
community through areas that
employees Referrals the company
functions
• Community
representatives • Impact
Assessment and
• School Development
CSR Intervention
Committees
Monitoring and
• Through government Evaluation
officials
Leadership Indicators capabilities, stakeholder needs and collaboratively

develop sustainability strategies.
1. Provide the processes for consultation between
stakeholders and the Board on economic, The feedback from such consultations is frequently
environmental, and social topics or if consultation is communicated to the Sustainability Steering
delegated, how is feedback from such consultations Committee (SCOM), comprising of Chief Executive
provided to the Board. Officer, Chief Financial Officer, Chief Human Resource
officer and functional heads responsible for driving
PIL’s active engagements with stakeholders, the
the sustainability strategy and its culture across
findings and the results serves as one of the key
the organization. The board is kept apprised on the
pillars for setting up business objectives. The
various developments related to PIL’s sustainability
company ensures that the business is conducted
agenda by the CEO and feedback on the same is
aligning with the stakeholder interests. The feedback
sought from the directors.
from functions interacting with stakeholders are
consulted extensively to understand organisational

2. Whether stakeholder consultation is used to support Page Industries is driven by the commitment of
the identification and management of environmental, shared responsibility and shared sustainable value
and social topics (Yes / No). If so, provide details improving the delivery across the value chain.
of instances as to how the inputs received from Women employees and workers form the major share
stakeholders on these topics were incorporated into of the workforce. PIL is continuously engaging with
policies and activities of the entity. the women workforce for facilitating a safe working
environment. The company provides a plethora of
Yes, the stakeholder consultation either directly or
DEI programmes and facilities like creches, health
through internal representatives have been employed
check-ups for continuous engagement and livelihood
to identify, assess the priority focus areas for the
opportunities. In addition, all the community
sustainability agenda of the company.
development programmes are targeted for vulnerable
3. Provide details of instances of engagement with, and and marginalised groups around the focus areas like
actions taken to, address the concerns of vulnerable/ healthcare, education.
marginalized stakeholder groups.
PRINCIPLE 5 Businesses should respect and promote human rights
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format:
All employees and workers are trained on the company’s Human Rights policies during induction and periodically
during their tenure.
FY 23 FY 22
Category No. of employees /
Total (A) % (B / A) Total (C) No. (D) % (D / C)
workers covered (B)
Employees
Permanent 3,181 3,181 100% 3,091 3,091 100%
Other than permanent 1,384 1,384 100% 1073 1073 100%
Total Employees 4,565 4,565 100% 4,164 4,164 100%
Workers
Permanent 20,672 20,672 100% 24,639 24,639 100%
Other than permanent 1,544 1,544 100% 1870 1870 100%
Total Workers 22,216 22,216 100% 26,509 26,509 100%
2. Details of minimum wages paid to employees and workers, in the following format:
FY 23 FY 22
Equal to Minimum More than Equal to Minimum More than
Category Total Wage Minimum Wage Total Wage Minimum Wage
(A) % (B / % (C / (D) % (E / % (F /
No. (B) No. (C) No. (E) No. (F)
A) A) D) D)
Employees
Permanent
Male 2702 0 0% 2702 100% 2,633 0 0% 2633 100%
Female 479 0 0% 479 100% 458 0 0% 458 100%

Other than
Permanent
Male 682 24 3.52% 658 96.48% 549 40 7.29% 509 92.71%
Female 702 16 2.28% 686 97.72% 524 25 4.76% 499 95.24%
Workers
Permanent
Male 2182 0 0 2182 100% 2466 9 0.36% 2457 99.64%
Female 18490 4 0.02% 18486 99.98% 22173 430 1.94% 21743 98.06%
Other than
Permanent
Male 1102 630 57.17% 472 42.83% 1315 732 55.67% 583 44.33%
Female 442 364 82.35% 78 17.65% 562 486 86.48% 76 13.52%
3. Details of remuneration/salary/wages, in the following format:
Male Female
Median remuneration/ Median remuneration/

Number salary/ wages of Number salary/ wages of
respective category in INR respective category in INR
Board of Directors (BoD) 12 - 1 -

Executive Directors 3 2,28,64,233 - -
Non-Executive Directors* 9 - 1 -
Key Managerial Personnel 3 1,90,39,020 0 -
Employees other than BoD and KMP 2,697 6,00,012 479 4,03,008
Workers 2,182 2,22,984 18,490 2,10,780
* Non-Executive Directors are not considered for Median calculation as they are entitled only for fixed sitting fee and fixed remuneration under Section
197(I)(ii) of the Companies Act, 2013.
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused
or contributed to by the business? (Yes/No)
The Company has in place Vigil Mechanism/Whistle Blower Policy to encourage employees to report matters without
the risk of subsequent victimisation, discrimination or disadvantage. The Policy provides for a mechanism to report
such concerns to the Chairperson of the Audit Committee of Company or to the Vigilance and Ethics Officer through
specified channels. The vigil mechanism/Whistle Blower Policy is accessible to all stakeholders and available on the
company’s website for public access.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues
Employees can raise their concerns to the Works committee at all units. PIL has also set up grievance boxes at
all manufacturing units for employees to post their grievances/suggestions. The committee constituted of senior
managers reviews the grievances regularly and will be inspected monthly by the Head of HR – Manufacturing. The
unresolved issues may be escalated to the President – Manufacturing & Operations and CHRO and CEO/MD in case
of major concerns.
POSH Members are the focal point (Individual / Committee) responsible for addressing sexual discrimination/
discrimination impact or issues caused or contributed by the business.

6. Number of Complaints on the following made by employees and workers:
FY 23 FY 22
Filed Pending Filed Pending

during resolution at Remarks during the resolution at Remarks
the year the end of year year the end of year
Sexual Harassment None None - None None -
Discrimination at workplace None None - None None -
Child Labour None None - None None -
Forced Labour/Involuntary
None None - None None -
Labour
Wages None None - None None -
Other human rights related issues None None - None None -
7. Mechanisms to prevent adverse consequences to the 9. Assessments for the year:

complainant in discrimination and harassment cases.
% of your plants and
The company through its policy encourages offices that were assessed
employees to report matters without the risk (by entity or statutory
of subsequent victimisation, discrimination or authorities or third parties)
disadvantage.
Child labour The Company does not
The identity of the Whistle Blower shall be kept This is in compliance engage in any form of
confidential to the extent possible and permitted with the laws, as child labour/forced labour/
under law. The identity of the complainant will not applicable. involuntary labour and does
be revealed unless he himself has made either his Forced/involuntary not adopt any discriminatory
details public or disclosed his identity to any other labour employment practices.
office or authority. In the event of the identity of the
Sexual harassment
complainant being disclosed, the Audit Committee is
Discrimination at
authorized to initiate appropriate action as per extant
workplace
regulations against the person or agency making
such disclosure. The identity of the Whistle-blower, Wages
if known, shall remain confidential to those persons Others – please specify
directly involved in applying this policy, unless the
issue requires investigation by law enforcement Human Rights Assessment
agencies, in which case members of the organization The company’s manufacturing facilities are certified by
are subject to subpoena. Worldwide Responsible Accredited Production (WRAP).
8. Do human rights requirements form part of your The WRAP certification program is promoted by the
business agreements and contracts? (Yes/No) Association of American Apparel and Footwear Industry.
WRAP audits Page’s facilities on 12 principles namely,
Yes, human rights form the part of business
agreements and contracts and supplier sustainability
assessments.

(xiii) Compliance with Laws and Workplace Regulations, 3. Is the premise/office of the entity accessible to
(xiv) Prohibition of Forced Labour differently abled visitors, as per the requirements of
the Rights of Persons with Disabilities Act, 2016?
(xv) Prohibition of Child Labour
(xvi) Prohibition of Harassment and Abuse Yes, the offices of the company are accessible to
differently abled employees and workers in line with
(xvii) Compensation and Benefits
Rights of Persons with Disabilities Act, 2016. The
(xviii) Hours of Work installed features include ramps and lift facilities.
(xix) Prohibition of Discrimination
4. Details on assessment of value chain partners:
(xx) Health and Safety
(xxi) Freedom of Association and Collective Bargaining % of value chain partners
(by value of business
(xxii) Environment
done with such partners)
(xxiii) Customs Compliance that were assessed
(xxiv) Security Sexual Harassment The company expects its
Discrimination at value chain partners to
As a part of the certification, the operations of the
workplace be in compliance with the
Company are subject to assessment in the form of
Child Labour laws and regulation. The
internal and external audits.
Supply Chain Standard
Forced Labour/
10. Provide details of any corrective actions taken or and Responsibility Code
Involuntary Labour
underway to address significant risks / concerns and Responsible Sourcing
Wages Policy covers the
arising from the assessments at Question 9 above.
Others – please specify compliance requirements
None
related to Human
Rights extensively. Self-
assessment checklist for
1. Details of a business process being modified / Human Rights assessment
introduced as a result of addressing human rights has been obtained from
grievances/complaints. all strategic suppliers.
The Company is of the belief that it has upheld the HR compliance and ESG
basic principles of human rights. The Company audits are planned for the
regularly sensitises its employees on the Code of value chain.
Conduct through various training programmes as well.
5. Provide details of any corrective actions taken or
2. Details of the scope and coverage of any Human
underway to address significant risks / concerns
rights due-diligence conducted.
arising from the assessments at Question 4 above.
The scope and coverage of Human rights due-
None
diligence is detailed in Principle 3 and Principle 5
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
FY 22-23 FY 21-22
Parameter UoM
(Current Financial Year) (Previous Financial Year)
Total electricity consumption (A) GJ 67,438.49 55,551.48
Total fuel consumption (B) GJ 54,838.43 39,875.96
Energy consumption through other
GJ 0 0
sources (C)

Total energy consumption (A+B+C) GJ 1,22,276.92 95,427.45
Energy intensity per rupee of
turnover
GJ/ Million Rupees 2.55 2.45
(Total energy consumption/ turnover
in rupees)
Energy intensity (optional) – the
GJ/Million minutes
relevant metric may be selected by 54 54.04
produced
the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency
FY 21-22, FY 22-23 data were externally assured by M/s. BSI Group (India) Private Limited, an independent third-party
assurance provider.
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve
and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT
scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
Not Applicable
3. Provide details of the following disclosures related to water, in the following format:
FY 22-23 FY 21-22
Parameter
(Current Financial Year) (Previous Financial Year)
Water withdrawal by source (in ML)
(i) Surface water (Government water supply) 28.34 24.63
(ii) Groundwater (Borewell water) 94.03 64.90
(iii) Third party water 97.06 74.62
(iv) Seawater / desalinated water - -
(v) Others (Rainwater) 0.46 0.54
Total volume of water withdrawal
219.89 164.69
(in ML) (i + ii + iii + iv + v)
Total volume of water consumption
194.55 146.55
(in ML)
Water intensity per rupee of turnover (Water consumed
4.06 3.78
(ML)/ Turnover (` in billion))
Water intensity (optional) – the relevant metric may be
- -
selected by the entity
(Y/N) If yes, name of the external agency
assurance provider.
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.

Trade effluents are only generated in the company’s Tape Dyeing unit, located at Hassan. In all other facilities, water
is consumed mainly for domestic purposes. Domestic wastewater is treated in PIL’s in-house Sewage Treatment
Plants (STPs), and the treated water is reused for flushing, gardening, and road washing.
The trade effluents generated in Tape Dyeing Unit is treated in inhouse Effluent Treatment Plant. To reduce reject
water, a three-stage reverse osmosis system is instituted. The treated water from ETP is recycled back into the
production process and the ETP sludge is dried and handed over to authorized incinerators. Zero Liquid Discharge
is under implementation for the plant to eliminate risk of effluent transportation and disposal. The implementation
plan includes installation of Low-Temperature Evaporator (LTE) in a pilot scale.
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Specify Unit FY 23 FY 22

NOx tonnes 1.38 1.78
SOx tonnes 0.51 0.74
Particulate matter (PM) tonnes 2.56 3.78
Others- please specify Carbon Monoxide (CO) tonnes 5.53 7.61
(Y/N) If yes, name of the external agency.
assurance provider.
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format:
Parameter Specify Unit FY 23 FY 22

Total Scope 1 emissions
Metric tonnes of CO2
(Break-up of the GHG into CO2, CH4, N2O, 1,507 1,094
equivalent
HFCs, PFCs, SF6, NF3, if available)
Total Scope 1 emissions
Metric tonnes of CO2
(Break-up of the GHG into CO2, CH4, N2O, 15,120 12,148
equivalent
HFCs, PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2 emissions per
tCO2e/Billion turnover in INR 347.22 340.72
rupee of turnover
Total Scope 1 and Scope 2 emission
tCO2e/Million Minutes
intensity (optional)– the relevant metric 7.34 7.50
Produced
may be selected by the entity
*In FY 2023, the emission sources are regrouped and includes gases like CO2, CH4, N2O whereas FY 2022 includes
only CO2 gas.
(Y/N) If yes, name of the external agency.
assurance provider.
8. Does the entity have any project related to reducing GreenHouse Gas emission? If yes, then provide details.
Yes.
Page has taken considerable steps throughout the reporting year to reduce its own GHG emissions. In line with the
long-term target, to reduce GHG emissions intensity by 15% by FY 2025 and 30% by FY 2030, in alignment with
India’s NDCs against the FY 2019-20 baseline, the following initiatives were adopted.

• Setting emission reduction targets and developing a roadmap to monitor execution
• Carrying out feasibility studies to adopt and invest renewable energy technologies in various units
• Investing in energy-efficient technologies
Year wise GHG emissions avoided
Financial Year Scope 2 GHG emissions avoided

FY 22-23 422.14 tCO2e
FY 21-22 309.75 tCO2e
During the reporting year, 422.14 tCO2e of Scope 2 emissions have been avoided as a result of effective
implementation of direct energy saving initiatives and solar energy consumption from rooftop PV.
9. Provide details related to waste management by the entity, in the following format:
Category of Method of Waste Unit of

Description of Waste FY 22-23 FY 21-22
Waste disposal Measurement
Waste oil/Used oil Recycled Liters 4807.40 4182
Oil filters and oil-
Incinerated MT 3.07 1.45
soaked cotton
ETP sludge Incinerated MT 43.46 24.68
Used battery Recycled MT 6.49 3.15
Hazardous
Used chemical cans Re-used MT 4.83 2.51
Waste
E- Waste Recycled MT 7.33 10.24
Chemical
Incinerated MT 3.40 -
contaminated waste
Biomedical waste Incinerated MT 0.10 2.14
Sanitary Waste Incinerated MT 7.09 0.14
Fabric waste Recycled MT 4468.94 3400.94
Paper and
Recycled MT 2528.15 1715.85
cardboard Waste
Elastic waste Recycled MT 67.14 -
Waste to Fuel
(Calorific value
Rubber and Elastic harnessed in
MT 355.5 316.52
waste kilns for cement
Non - manufacturing by
Hazardous Dalmia Cement)
Waste Plastic Waste Recycled MT 327.38 226.74
Zero value waste
such as broken
Incinerated MT 211.08 76.01
sticker waste, lay
paper etc.,
Metal waste Recycled MT 101.76 58.06
Other Waste
(Wooden, Gypsum, Incinerated MT 1.23 -
Rubber)
Food waste Other recovery MT 79.74 -
Total Waste (Except Waste/Used Oil) MT 8216.69 5838.43

Category of Waste Description of Waste Unit of Measurement FY 22-23 FY 21-22
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations
(in metric tonnes)
Recycled
Waste oil/Used oil Litres 4807.40 4182
Hazardous Waste Used battery MT 6.49 3.15
E- Waste MT 7.33 10.24
Fabric waste MT 4468.94 3400.94
Paper and cardboard Waste MT 2528.15 1715.85
Non - Hazardous
Plastic Waste MT 327.38 226.74
Waste
Metal waste MT 101.76 58.06
Elastic waste MT 67.14 -
Total Waste Recycled (Except Waste/Used Oil) MT 7507.19 5414.98
Re-used
Hazardous waste Used chemical cans MT 4.83 2.51
Total waste re-used MT 4.83 2.51
Other recovery operations - Waste to Fuel
Non - Hazardous
Rubber and Elastic waste MT 355.5 316.52
Waste
Non - Hazardous
Food Waste* MT 79.74 -
Waste
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Incineration
Oil filters and oil-soaked
MT 3.07 1.45
cotton
ETP sludge MT 43.46 24.68
Hazardous Waste Biomedical waste MT 0.10 2.14
Sanitary Waste MT 7.09 0.14
Chemical Contaminated
MT 3.40 -
Waste*
Zero value waste such as
broken sticker waste, lay MT 211.08 76.01
Non - Hazardous
paper etc.,
Waste
Other Waste (Wooden,
MT 1.23 -
Gypsum, Rubber)
Total Waste Incinerated MT 269.43 104.42
*Food Wastes and Chemical Contaminated Wastes are reported from FY 2023
Note: Indicate if any independent assessment/ collection, treatment, and disposal and the company
evaluation/assurance has been carried out by an external engages with authorized third-party waste handlers
agency? (Y/N) If yes, name of the external agency for the management of generated wastes in line
with contractual or legislative obligations which is
FY 21-22, FY 22-23 data were externally assured by M/s.
strictly ensured by PIL by tracking and supervising
BSI Group (India) Private Limited, an independent third-
the aftercare outside the operating premises. PIL
party assurance provider.
maintains a central database of waste generation
and disposal substantiated by unit records for all the
10. Briefly describe the waste management practices
waste types.
adopted in your establishments.
To ensure the company’s waste is handled responsibly,
The company’s waste management approach
traceability audits have been conducted for 100%
consists of two parts: reduced waste generation with
of hazardous waste vendor sites and their waste
improved circularity and responsible waste disposal.
handlers. Non-hazardous waste handler audits are
PIL adopts the best systematic approach for waste
currently in progress.

11. Describe the strategy adopted by your company wildlife sanctuaries, biosphere reserves, wetlands,
to reduce usage of hazardous and toxic chemicals biodiversity hotspots, forests, coastal regulation
in your products and processes and the practices zones etc.) where environmental approvals /
adopted to manage such wastes. clearances are required, please specify details in the
following format:
The company has adopted a chemical management
policy to manage chemicals in a manner that does not The organization adheres to standard environmental
cause harmful consequences to stakeholders across management practices. Page’s operating units are
the value chain. The goal is to use chemicals that all located in industrial areas. Accordingly, there are
have the least negative impact on the environment, no significant biodiversity hotspots in the area of
workers, end users of our products & surrounding operations. None of the protected areas that are of
community. high biodiversity value are getting affected due to
the company’s operations.
Responsible Chemical Management in Manufacturing
and Supply Chain S. Location of Type of Whether the
In alignment with the objective of the Chemical No. operations/ operations conditions of
Management policy, the following activities are offices environmental
carried out in our organization, approval / clearance
are being complied
• To ensure the use of non-hazardous chemicals or least with? (Y/N) If
hazardous chemicals during product manufacturing, no, the reasons
the chemicals used are compared against the ZDHC thereof and
MRSL (Manufactured Restricted Substance List). corrective action
• Chemicals CAS Nos. are screened against ZDHC taken, if any.
MRSL requirements before procurement. Not applicable
• Chemical alternate assessment is being carried out

13. Details of environmental impact assessments of
to replace the chemicals listed in the Restricted
projects undertaken by the entity based on applicable
Substances List.
laws, in the current financial year:
In addition, PIL has prepared a Restricted Substances
Not Applicable
List for its supply chain in alignment with international
standards including AAFA (American Apparel and 14. Is the entity compliant with the applicable
Footwear Association) and AFIRM (Apparel and environmental law/ regulations/ guidelines in
Footwear International RSL Management) RSLs. India; such as the Water (Prevention and Control
Chemical Management policy and RSL were launched of Pollution) Act, Air (Prevention and Control of
to the strategic value chain partners in May 2022 and Pollution) Act, Environment protection act and rules
have come into enforcement from January 2023. The thereunder (Y/N). If not, provide details of all such
implementation and monitoring will happen over non-compliances, in the following format:
three phases spanning over FY 22-25.
Yes, the entity is compliant with all applicable
12. If the entity has operations/offices in/around environmental laws and regulations and there were
ecologically sensitive areas (such as national parks, no instances of non-compliance recorded in FY 2023.

Leadership Indicators - With treatment – please - -
specify level of treatment
1. Provide break-up of the total energy consumed
(ii) To Groundwater
(in Joules or multiples) from renewable and non-
renewable sources, in the following format: - No treatment - -
- With treatment – please - -
FY 22-23 FY 21-22 specify level of treatment
(Current (Previous (iii) To Seawater
Parameter
Financial Financial
- No treatment - -
Year) Year)
From renewable sources (GJ)
Total electricity 262.57 221.06
(iv) Sent to third-parties
consumption (A)
- No treatment 0 -
Total fuel consumption (B) 38,729.10 26,750.19
- With treatment – please 25.35 18.14
Energy consumption - -
through other sources (C)
Note: The waste water
Total energy consumed 38,991.65 26,971.25
which is treated in in-house
from renewable sources
Sewage Treatment Plants
(A+B+C)
(STP) in all units as per
From non-renewable sources (GJ) specified levels regulated by
Total electricity 67,175.92 55,330.42 the government and major
consumption (D) portion of the treated water
Total fuel consumption (E) 16,109.35 13,124.9 is reused for toilet flushing,
Energy consumption - - gardening purpose and road
through other sources (F) washing. Remaining STP
Total energy consumed 83,285.27 68455.32 treated water discharged
from non renewable through authorised recyclers.
sources (D+E+F) (v) Others - -
- No treatment - -
Note: Indicate if any independent assessment/ - With treatment – please - -
evaluation/assurance has been carried out by an external specify level of treatment
agency? (Y/N) If yes, name of the external agency.
Total water discharged 25.35 18.14
FY 21-22, FY 22-23 data were externally assured by (in ML)
M/s. BSI Group (India) Private Limited, an independent
third-party assurance provider.
2. Provide the following details related to water

discharged:
Note: Indicate if any independent assessment/
FY 22-23 FY 21-22 evaluation/assurance has been carried out by an external
agency? (Y/N) If yes, name of the external agency.
(Current (Previous
Parameter
Financial Financial
FY 21-22, FY 22-23 data were externally assured by M/s.
Year) Year)
From renewable sources (GJ) party assurance provider.
(i) To Surface water
- No treatment - -

3. Water withdrawal, consumption and discharge in - With treatment 25.35 18.14
areas of water stress (in kilolitres):
The waste water which is treated
For each facility / plant located in areas of water in in-house Sewage Treatment
stress, provide the following information: Plants (STP) in all units as per
1. Name of the area specified levels regulated by the
2. Nature of operations government and major portion
3. Water withdrawal, consumption and discharge in of the treated water is reused for
the following format: toilet flushing, gardening purpose
and road washing. Remaining STP
treated water discharged through
Parameter FY 23 FY 22
authorised recyclers.
From renewable sources (GJ)
(v) Others
(i) Surface water 28.34 24.63
- No treatment - -
(ii) Groundwater 94.03 64.90
(iii) Third party water 97.06 74.62
(iv) Seawater / desalinated - -
Total water discharged (in ML) 25.35 18.14
water
(v) Others 0.46 0.54 Note: Indicate if any independent assessment/
evaluation/assurance has been carried out by an external
Total volume of water 219.90 164.69
agency? (Y/N) If yes, name of the external agency
withdrawal (in ML)
Total volume of water 194.55 146.55 FY 21-22, FY 22-23 data were externally assured by M/s.
consumption (in ML) BSI Group (India) Private Limited, an independent third-
Water intensity per rupee of 4.06 3.78
turnover (Water consumed / 4. Please provide details of total Scope 3 emissions & its
turnover) intensity, in the following format:
Water intensity (optional) – the - -
Parameter Unit FY 23 FY 22
relevant metric may be selected
by the entity Scope 3 Metric tonnes of 7,181.63 5,550
Emissions CO2 equivalent
Water discharge by destination and level of treatment
(in ML) Total Scope Metric tonnes of 0.15 0.14
3 emissions CO2 equivalent
(i) Into Surface water
per rupee of per million rupees
- No treatment - -
turnover of turnover
Total Scope tCO2e/Million 3.17 3.14
3 emission Minutes Produced
(ii) Into Groundwater intensity
- No treatment - - (optional) – the
- With treatment – please - - relevant metric
specify level of treatment may be selected
(iii) Into Seawater by the entity
- No treatment - - *Emission computing for FY2023 has been reconciled.

- With treatment – please - - Note: Indicate if any independent assessment/
specify level of treatment evaluation/assurance has been carried out by an external
(iv) Sent to third-parties agency? (Y/N) If yes, name of the external agency
- No treatment 0 - FY 21-22, FY 22-23 data were externally assured by M/s.

5. With respect to the ecologically sensitive areas 6. If the entity has undertaken any specific initiatives or
reported at Question 10 of Essential Indicators above, used innovative technology or solutions to improve
provide details of significant direct & indirect impact resource efficiency, or reduce impact due to emissions
of the entity on biodiversity in such areas along-with / effluent discharge / waste generated, please provide
prevention and remediation activities. details of the same as well as outcome of such
initiatives, as per the following format:
Not Applicable
Sr. Initiative undertaken Details of the initiative (Web-link, if any, Outcome of the initiative
No may be provided along-with summary)
1 Energy efficiency FTL to LED Replacement in all units The initiative has achieved energy savings
measures of 53,232 kWh/year
Clutch motors to Servo motors The initiative has achieved energy savings
replacement of 26,520 kWh/year
VFD drive installed to Air compressor The initiative has achieved energy savings
of 125188 kWh/year
Other energy saving initiatives The initiative has achieved energy savings
of 232960.37 kWh/year
2 Increasing Renewable Renewable energy consumption from 72,935.90 kWh of solar energy has been
Energy share solar rooftop installation generated and consumed
Increased consumption of biomass-based The share of biomass briquettes increased
briquettes by 45% when compared to previous year
3 Plastic Waste Extended Producer Responsibility 100% of the EPR recycling target has
Management been achieved
4 Effluent Management Zero Liquid Discharge Pilot Low-Temperature Evaporator is
planned
7. Does the entity have a business continuity and disaster The company has an established Supply Chain
management plan? Give details in 100 words/ web link. Standard and Responsibility Code and Responsible
Sourcing Policy which serves as a guideline in
The company has established robust emergency
evaluating prospective business partners. Page’s
preparedness plans at each unit to deal with potential
suppliers and vendors are governed by the Supply
disaster/emergency situations. Onsite Emergency plans
Chain Standard and Responsibility Code. The code
(OEP) details the potential emergency and response
inherently embraces the social and environmental
measures including the implementation of safety
standards of operation. The suppliers are regularly
controls, pre-emergency planning, responsibilities
audited to evaluate their performance and
of executives. The plans also delegate the authority
compliance. No adverse impact to the environment
for rescue operations, evacuations, rehabilitation,
has been observed in the organisation’s value chain
co-ordination, and communication. The company
in the reporting period.
also conducts periodic assessments to analyse the
effectiveness of the plans. Emergency Response Teams 9. Percentage of value chain partners (by value of
at each unit is constituted with identified personnel for business done with such partners) that were assessed
assigning the responsibilities for execution of controls for environmental impacts.
in case of emergency situations. In addition, frequent
81.11% of the company’s strategic value chain partners
fire drills and mock drills are conducted.
have submitted self-assessment questionnaires
8. Disclose any significant adverse impact to the for environmental impacts using PIL’s supplier
environment, arising from the value chain of the entity. sustainability assessment methodology.
What mitigation or adaptation measures have been
taken by the entity in this regard.

PRINCIPLE 7 Businesses, when engaging in influencing PRINCIPLE 8 Businesses should promote inclusive
public and regulatory policy, should do so in a manner growth and equitable development
that is responsible and transparent.
1. Details of Social Impact Assessments (SIA) of projects
1. undertaken by the entity based on applicable laws, in
a. Number of affiliations with trade and industry the current financial year
chambers/ associations. PIL did not take up any Social Impacts Assessments
PIL is a part of 3 trade and industry chambers/ in FY 2023
associations 2. Provide information on project(s) for which ongoing
Rehabilitation and Resettlement (R&R) is being
b. List the top 10 trade and industry chambers/
undertaken by your entity, in the following format:
associations (determined based on the total
members of such a body) the entity is a member of/ None
affiliated to. 3. Describe the mechanisms to receive and redress
grievances of the community.
S. No. Name of the trade Reach of trade and
and industry industry chambers/ Any community grievances regarding Page’s operations
chambers/ associations (State/ are communicated through the Security personnel at
associations National) the gate, employees, and through direct representation
to the Unit HR Manager. Grievances reported are
1 Apparel Export National
reviewed, addressed, and communicated suitably. If
Promotion Council
required the issue is escalated to Chief Human Resource
2 Karnataka Employers National Officer - Admin & CSR, and MD for review.
Association
4. Percentage of input material (inputs to total inputs
3 National Safety National
by value) sourced from suppliers:
Council of India
FY 23 FY 22
2. Provide details of corrective action taken or underway Directly sourced from MSMEs/ 19% 20%
on any issues related to anticompetitive conduct by small producers
the entity, based on adverse orders from regulatory
Sourced directly from within the 50% 54%
authorities.
district and neighbouring districts
Not Applicable as there were no instances of
competitive behaviour exhibited by PIL Leadership Indicators
Leadership Indicators 1. Provide details of actions taken to mitigate any

negative social impacts identified in the Social Impact
1. Details of public policy positions advocated by the Assessments (Reference: Question 1 of Essential
entity: Indicators above):
Not applicable Not Applicable

2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as
identified by government bodies:
Amount spent
Item from the list of
Sl. Aspirational in the current
State CSR Project activities in Schedule VII
No. District financial Year
to the Act
(in million `)
1 Karnataka Nil Education to under privileged children Education 14.62
Promoting health care
2 Karnataka Nil Health and Hygiene Program including preventive 9.08
health care
Eradicating hunger and
3 Karnataka Nil Nutrition program for School Children 4.50
malnutrition
4 Karnataka Nil Cancer Research Foundation Healthcare 0.20
5 NA NA Ministry of Defence Ministry of Defence 0.50
6 NA NA PM National relief fund PM National relief fund 30.00
7 Karnataka Nil Street light arrangement Rural development 0.57
Supply of mask, medical oxygen
8 Karnataka Nil Disaster Management 6.31
cylinder and medicines.
3.
a. Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalized /vulnerable groups? No
b. From which marginalized /vulnerable groups do you procure? Not Applicable
c. What percentage of total procurement (by value) does it constitute? Not Applicable
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in
the current financial year), based on traditional knowledge
Not applicable
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.
Not applicable
6. Details of beneficiaries of CSR Projects:
Sl. CSR Project No. of persons benefited from % of beneficiaries from vulnerable
No. CSR Projects and marginalized groups
1 Street light arrangement NA 100%
2 The Live Love Laugh Foundation 669 100%
3 Ministry of Defence NA 100%
4 Page Scholarships Program 1632 100%
5 Christel house India 70 100%
6 Akshaya Patra 3000 100%
7 Mask donation NA 100%
8 O2 Cylinders Donation NA 100%
9 Vanavasi Kalyana Karnataka 17 100%
10 Colours of Life 120 100%
11 Manipal Foundation 21 100%
12 PM National relief fund NA 100%
13 Sri Sankara Cancer Foundation 1 100%
14 Distribution of Medicines NA 100%

PRINCIPLE 9 Businesses should engage with and Customer Grievance redressal
provide value to their consumers in a responsible
manner Page has established a grievance redressal mechanism
to capture, track and address consumer queries and
complaints. For grievance redressal, “grievance” or
“complaint” includes any communication from the
1. Describe the mechanisms in place to receive and
consumer that expresses dissatisfaction, in respect of
respond to consumer complaints and feedback.
the products or services offered, through the website
Customer complaints and feedback can be and which seeks a remedial action. The company has
communicated via call (1800-572-1299 /1860-425- a designated grievance officer (“Grievance Officer”),
3333 Monday to Saturday, IST 10:00 AM to 7:00 who is responsible for consumer grievance redressal in
PM), Email (wecare@jockeyindia.com) and website accordance with the grievance redressal mechanism
form in the help section on website (write to us: provided. One can contact the Grievance Officer whose
https://www.jockey.in/faqs). Customer care team contact details have been described in the privacy policy,
addresses customer complaints and feedback as per SOP. by visiting - https:// www.jockey.in/page/privacy-policy
In addition, the company engages with its customers 2. Turnover of products and/ services as a percentage
and actively addresses their queries, complaints of turnover from all products/service that carry
through a robust automated system. The automated information about:
system is an Offline Customer Portal through which
customers can register their queries about the As a percentage
company’s products and services. Depending upon to total turnover
the nature of the query, an auto generated reply with Environmental and social -
a unique service number is generated. In case of a parameters relevant to the product
complaint regarding the product, the quality check
Safe and responsible usage -
team will immediately be dispatched to analyse the
Recycling and/or safe disposal -
situation and submit a report regarding the same.
Accordingly, corrective actions will be taken.
3. Number of consumer complaints in respect of the following:
FY 23 FY 23
Received Pending Remarks Received Pending Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy
Advertising
Cyber-security
Delivery of essential services NIL NIL
Restrictive Trade Practices
Unfair Trade Practices
Other
4. Details of instances of product recalls on account of safety issues:
Number Reasons for recall

Voluntary recalls None NA
Forced recalls None NA

5. Does the entity have a framework/ policy on cyber 3. Mechanisms in place to inform consumers of any risk
security and risks related to data privacy? (Yes/No) If of disruption/discontinuation of essential services.
available, provide a web-link of the policy.
Given the nature of the business, it is not applicable.
Yes. The Company has in place board approved Any discontinuation of products/styles will be
Information Security Policy to prevent any breaches intimated in the official website.
of customer data privacy. The policy is available to
internal stakeholders of the company. 4. a. Does the entity display product information on
the product over and above what is mandated as per
6. Provide details of any corrective actions taken or local laws? (Yes/No/Not Applicable) If yes, provide
underway on issues relating to advertising, and details in brief.
delivery of essential services; cyber security and data
privacy of customers; re-occurrence of instances of No.
product recalls; penalty/action taken by regulatory
authorities on the safety of products/services. b. Did your entity carry out any survey with regard to
consumer satisfaction relating to the major products
No penalties/regulatory action has been levied or / services of the entity, significant locations of
taken on the above-mentioned parameters. operation of the entity or the entity as a whole? (Yes/
No)
Yes. Customer satisfaction relating to the Company’s
1. Channels/platforms where information on products products is reviewed quarterly. In addition, customer
and services of the entity can be accessed (provide satisfaction index is also derived for customer
web link, if available). experience talking to a company’s customer service
representative.
Information relating to all the products provided by
the Company are available on the official website. 5. Provide the following information relating to data
In addition, the Company actively uses various breaches:
social media and digital platforms to disseminate
information on its products. a. Number of instances of data breaches along-with
impact
2. Steps taken to inform and educate consumers about
safe and responsible usage of products and/or b. Percentage of data breaches involving personally
services. identifiable information of customers:
The customers are apprised on safe and responsible The Company did not witness any instances of data
usage of products through company’s reports, breaches during the year.
website, and product catalogues.

ANNEXURE V: Form No. MR-3: Secretarial Audit Report
For the Financial year ended 31 March, 2023
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration
Personnel) Rules, 2014]
To prescribed under the Securities and Exchange

The Members Board of India Act, 1992 (‘SEBI Act’):-
Page Industries Limited a) SEBI (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
I have conducted the secretarial audit of the compliance
b) SEBI (Prohibition of Insider Trading) Regulations,
of applicable statutory provisions and the adherence to
2015;
good corporate practices by Page Industries Limited
(“the Company”). Secretarial Audit was conducted c) SEBI (Registrars to an Issue and Share Transfer
in a manner that provided me a reasonable basis Agents) Regulations, 1993 regarding the
for evaluating the corporate conducts / statutory Companies Act and dealing with client; and
compliances and expressing my opinion thereon. d) SEBI (Listing Obligations and Disclosures
Requirements), Regulations, 2015
Based on my verification of the Company’s books,
papers, minute books, forms and returns filed and I have relied on the representation made by the Company
other records maintained by the Company and also the and its Officers for systems and mechanism formed by the
information provided by the Company, its officers, agents Company for compliances under other applicable Acts,
and authorized representatives during the conduct of Laws and Regulations to the Company. The major heads/
secretarial audit, I hereby report that in my opinion, groups of Acts, Laws and Regulations as applicable to
the company has, during the audit period covering the the Company are (i) Industrial Laws; (ii) Labour Laws;
financial year ended 31 March 2023 complied with the (iii) Environmental and prevention of pollution Laws; (iv)
statutory provisions listed hereunder and also that the Tax Laws; (v) Economic and Commercial Laws; (vi) Legal
Company has proper Board-processes and compliance- Metrology Act, 2009 and (vii) Shops and Establishment
mechanism in place to the extent, in the manner and Acts of various jurisdictions.
subject to the reporting made hereinafter:
I have also examined compliance with the applicable
clauses of the following Secretarial Standards issued by
I have examined the books, papers, minute books, forms
the Institute of Company Secretaries of India:
and returns filed and other records maintained by the
Company for the financial year ended 31 March, 2023 (i) Meetings of the Board of Directors (SS-1); and
according to the provisions of:
(ii) General Meetings (SS-2)
1. The Companies Act, 2013 (the Act) and the rules

During the period under review the Company has complied
made thereunder;
with the provisions of the Act, Rules, Regulations,
2. The Securities Contracts (Regulation) Act, 1956 Guidelines, Standards, etc., mentioned above.
and the rules made hereunder;
3. The Depositories Act, 1996 and the Regulations I further report that: -
and Bye-laws framed thereunder;
The Board of Directors of the Company is duly constituted
4. Foreign Exchange Management Act, 1999 and
with proper balance of Executive Directors, Non-
the rules and regulations made thereunder to the
Executive Directors, Woman Director and Independent
extent of Foreign Direct Investment, Overseas
Directors. The changes in the composition of the Board
Direct Investment and External Commercial
of Directors that took place during the period under
Borrowings;
review were carried out in compliance with the provisions
5. The following Regulations and Guidelines of the Act.

Adequate notice is given to all directors to schedule the To
Board Meetings, agenda and detailed notes on agenda The Members
were sent in advance and a system exists for seeking Page Industries Limited
and obtaining further information and clarifications on
My Secretarial Audit Report of even date is to be read
the agenda items before the meeting and for meaningful
along with this letter.
participation at the meeting.
1. Maintenance of secretarial record, devise proper
Majority decision is carried through while the dissenting systems to ensure compliance with the provisions of
members’ views are captured and recorded as part of all applicable laws and regulations and to ensure that
the minutes. During the year under audit, no dissenting the systems are adequate and operate effectively
views were found in the minutes. are the responsibilities of the management of the
Company. My responsibility is to express an opinion
I further report that there are adequate systems and on these secretarial records, systems, standards and
processes in the company commensurate with the size procedures based on audit.
and operations of the company to monitor and ensure
compliance with applicable laws, rules, regulations and 2. I have followed the audit practices and processes as
guidelines. were appropriate to obtain reasonable assurance
about the correctness of the contents of the
I further report that during the audit period, the Company Secretarial records. The verification was done on
has not carried out any specific event / action that have test basis to ensure the correct facts are reflected in
major bearing on the Company’s affairs in pursuance of secretarial records. I believe that the processes and
the above referred laws. practices, I followed provide a reasonable basis for
my opinion.
3. We have not verified the correctness and

R Vijaykumar & Co., appropriateness of financial records and Books of
25 May 2023 [ R Vijayakumar] Accounts of the Company.
Bangalore Company Secretary in Practice
UDIN: F006418E000367427 [FCS No. 6418; CP No.8667] 4. Wherever required, we have obtained the
Peer Review Certificate No.947/2020
management’s representation about the compliance
of laws, rules and regulations and happening of
events etc.
5. The compliance of the provisions of Corporate and

other applicable laws, rules, regulations, standards are
the responsibility of management. My examination
was limited to the verification of procedures on test
basis.
6. The Secretarial Audit Report is neither an assurance

as to the future viability of the Company nor of the
efficacy or effectiveness with which the management
has conducted the affairs of the Company.
R Vijaykumar & Co.,

25 May 2023 [ R Vijayakumar]
Bangalore Company Secretary in Practice
UDIN: F006418E000367427 [FCS No. 6418; CP No.8667]

MANAGEMENT DISCUSSION AND expected in all major country groups, with about 76
ANALYSIS REPORT: percent of economies expected to experience lower
headline inflation in 2023. Initial differences in the level
ECONOMIC OVERVIEW of inflation between advanced economies and emerging
The financial year 2023 continued to face the snowballing market and developing economies are, however,
effects from continued headwinds, most notably the expected to persist. The projected disinflation reflects
COVID-19 pandemic and its newer variants, geopolitical declining fuel and nonfuel commodity prices as well as
turmoil with the Russia-Ukraine war entering its second the expected cooling effects of monetary tightening on
year, energy crises in Europe, among others. All these economic activity. At the same time, inflation excluding
challenges have manifested in unforeseen ways.. Spurred that for food and energy is expected to decline globally
by pent-up demand, lingering supply disruptions, and much more gradually in 2023.
commodity price spikes, inflation reached multidecade Source: World Economic Outlook, IMF
highs last year in several economies across the globe,
leading central banks to tighten aggressively to bring it INDIAN ECONOMIC OVERVIEW
back toward their targets and keep inflation expectations
Global developments have posed downside risks to
anchored.
India’s growth and overall macroeconomic stability.
The baseline forecast for global output growth estimated The impact was seen in the first half of 2022-23 in the
at 3.4 percent in 2022 is likely to fall to 2.8 percent in widening of the current account deficit (CAD), uptick in
2023, before rising to 3.0 percent in 2024. For advanced retail inflation, the outflow of portfolio investments, and
economies, growth is projected to decline by half in the appreciation of the US$ against the INR. In the second
2023 to 1.3 percent, before rising to 1.4 percent in 2024. half of 2022-23, retail inflation fell below the tolerance
About 90 percent of advanced economies are expected ceiling, with portfolio investments starting to return,
to see a decline in growth in 2023. For emerging market the INR stabilising against the US$, but export growth
and developing economies, economic prospects are declining with the slowing of global growth. Despite
on average stronger than advanced economies, but unfavourable developments and external challenges,
these prospects vary more widely across regions. On an the latest IMF World Economic Outlook estimates the
average, growth is expected to be 3.9 percent in 2023 Indian economy to be one of the fastest growing major
and is likely to rise to 4.2 percent in 2024. economies in 2022-23.
Overview of the World Economic Outlook Projections (%):

As per the National Statistical Office, Ministry of
Projections Statistics and Programme Implementation, India’s Real
2022
2023 2024 GDP and Nominal GDP are projected to grow by 7 per
World Output 3.4 2.8 3.0 cent (YoY) and 15.9 per cent (YoY), respectively, in
Advanced Economies 2.7 1.3 1.4 2022-23. On the demand side, private consumption has
Emerging Market witnessed continued momentum. It is estimated to grow
and Developing 4.0 3.9 4.2 at 7.3 per cent in 2022-23 compared to 11.2 per cent in
Economies 2021-22, reflecting the rebound demand witnessed
Emerging and in the current year on account of the release of pent-
4.4 5.3 5.1
Developing Asia up demand for contact-intensive services. Exports are
China 3.0 5.2 4.5 projected to grow at 11.5 per cent in 2022-23 despite
India 6.8 5.9 6.3 sustained supply chain disruptions and an uncertain
geopolitical environment. The share of exports in GDP
The baseline forecast for global headline (consumer
(at 2011-12 prices) also increased to 23.1 per cent in 2022-
price index) inflation is reported to decline from 8.7
23 compared to 22.1 per cent in 2021-22.
percent in 2022 to 7.0 percent in 2023. Disinflation is

On the supply side, agriculture, forestry and fishing THE TEXTILE AND APPAREL MARKET –
continue to lend unwavering support to economic GLOBAL AND INDIAN OUTLOOK
growth and are expected to witness YoY growth of 3.3
The global apparel market shrunk from US$ 1.6 trillion
per cent in 2022-23. The growth in the agriculture sector
in 2019 to US$ 1.3 trillion in 2020, reflecting a decline
is likely to remain buoyant, supported by healthy progress
of about 22%. However, in 2021, the market recovered
in Rabi sowing. This has led to a recovery in the rural
by approximately 16% to reach US$ 1.5 trillion and is
economy. The industry sector is likely to witness modest
expected to reach approximately to US$ 2 trillion in
growth of 3.6 per cent in 2022-23 compared to strong
2025, growing at a CAGR of 4% from 2019.
growth of 11.6 per cent in 2021-22, possibly because of
input cost-push pressures, supply chain disruptions and
The Indian domestic textile and apparel market was
China lockdown affecting the availability of essential
estimated at US$ 99 bn in 2021-22 and has seen a 30%
inputs and slowing global economy. The services sector
recovery since 2020-21. The market is expected to grow
is expected to rebound with YoY growth of 9.4 per cent
at 10% CAGR from 2019-20 to reach US$ 190 bn by
in 2022-23 compared to 8.8 per cent in 2021-22, driven
2025-26.
by a recovery of the contact-intensive service sector
(Trade, hotels, transport, communication and services Source: Wazir Analysis
related to broadcasting).
Source: Ministry of Finance

Value in US$ billion
%
R 10 190
CAG
13
R 9%
CAG
30% 42
-25%
106
99
8
80 8 Share
20 7
19
50 135
18
4
11 78
73
55
35
2010-11 2019-20 2020-21 2021-22(Est) 2025-26(P)
Apparel Technical textiles Home textiles

INDUSTRY STRUCTURE AND Women’s Innerwear
DEVELOPMENT Women’s innerwear category was estimated at
The Indian textile industry is the second largest producer approximately USD 4.4 bn in FY2020 and is expected to
of MMF Fibre after China. India is the 3rd largest exporter grow at a CAGR of 14 percent and nearly double by FY
of Textiles & Apparel in the world with India’s textiles and 2025 (USD 8.5 bn).
clothing industry being one of the mainstays of the national
economy. The share of textile and apparel (T&A) including
handicrafts in India’s total merchandise exports stood at
a significant 10.5% in 2021-22. India has a share of 4.6% of 14%
the global trade in textiles and apparel. USA, EU-27 and 8.5
UK continue to be the major textile and apparel export
destinations for India and account for approximately 50%
of India’s textiles and apparel exports. The sector holds
4.4
importance from an employment standpoint as well and
provides direct and indirect employment and source of
livelihood for millions of people including a large number
of women and rural population.
FY 2020E FY 2025P
Source: Ministry of Textiles
Women’s Inner wear (USD bn)
Indian Apparel Market
The overall apparel segment size in FY 2020 was Source: Wazir Analysis
estimated to be USD 67 bn. The market is projected to
grow at 10 percent and reach USD 107 bn by FY 2025.
This growth is expected to be driven by factors such as Kids Wear
increased purchasing power driving growth in primary
discretionary spend, better access and availability The kids wear market in India stood at USD 14 bn (FY 2020)
of products, acute brand consciousness, increasing and is expected to grow at a CAGR of 10.5 percent and
urbanization and increasing digitization. grow to nearly USD 23 bn by FY 2025. Uniforms, t-shirts/
Men’s Innerwear shirts, and bottom wear are the three biggest categories
Men’s innerwear contributed 7 percent to the overall contributing 37 percent, 24 percent and 18 percent of
men’s wear category in FY 2020 (USD 1.9 bn) and is the overall kids wear market as on FY 2020. Kids’ denims
expected to grow at 10.3 percent to contribute nearly segment is showing the fastest growth rate of 13 percent
USD 3.1 bn in FY 2025. among all the other product categories (FY2020 - FY 2025).
10% 3.1 10.5% 23
1.9 14
FY 2020E FY 2025P FY 2020E FY 2025P
Men’s Inner wear (USD bn) Kids wear (USD bn)
Source: Wazir Analysis Source: Wazir Analysis

The innerwear industry in India is emerging as one of the The Athleisure category was already growing at a rapid
fastest growing categories in over the last few decades. pace even in the pre-Covid times. Today, work from home
Once known for being merely an essential innerwear has and hybrid work culture blurred boundaries between
transformed as a trendsetter in the apparel industry and casual and athleisure clothing allowing consumers
is associated with style, comfort, and a fashion statement. to spend their whole day in a comfortable outfit. This
coupled with the growing fitness needs of consumers
The Indian innerwear market currently estimated to
are contributing to a significant growth of this segment.
account for ~9 percent of the total domestic fashion
While the retail fashion industry was severely hit by the
retail market. The pandemic fuelled work from home
pandemic and is slowly making a comeback, reports
and hybrid work culture along with increasing awareness
suggest that there is likely a consumer shift from seasonal
on health, fit, and personal hygiene coupled with the fashion to ‘all-year-long’ comfort wear with athleisure
growing millennials are factors leading to the growth of fitting the criteria.
the innerwear market.
The Indian men’s casual and activewear category in
Source: Magzter, Wazir Analysis FY2020 was estimated at USD 7.7 bn and is expected
to grow at a CAGR of 13.9 percent to USD 14.9 bn in FY
Athleisure 2025. Women’s casualwear category in FY2020 stood
at USD 0.9 bn and is expected to grow at a CAGR of 16.1
percent to USD 1.9 bn in FY 2025.
13.9% 14.9 Boston Consulting Group estimates that despite a 27%

drop in size of overall apparel market and will be largely
driven by the functional athleisure category.
Swimwear
7.7
The Asia-Pacific region, and India and China in particular,
is expected to experience a higher growth rate for
swimwear than other regions in the next five years.
Swimming has gained much popularity in the country
FY 2020E FY 2025P both as a sporting event as well as a recreational activity.
Increasing expenditure on lifestyle goods, coupled with
Men’s Casual and Activewear (USD bn) an upsurge in preference for swimming as a leisure
and recreational activity, is driving the growth of the
Source: Wazir Analysis
swimwear market. Today, most schools in India recognize
swimming as an important life skill and have included
the sport as a necessary co-curricular activity. Access to
swimming in urban India is witnessing a surge as pools
are becoming an integral feature / amenity at most high-
16.1% 1.9
rise apartment complexes and gated communities.
In the past, the Company had commissioned the
global marketing research firm, AC Nielsen to conduct
0.9 a comprehensive study on the swimwear category &
consumer behaviour of swimmers in India. As per the
study, 3% of the urban population classified based
on income levels across both gender groups take to
swimming twice a week in summer season. The research
FY 2020E FY 2025P also shows that 24% of the non-swimmers surveyed,
demonstrated ‘likelihood to swim in the future’ which
Women’s Casual and Activewear (USD bn) shows that there is a large potential of non-swimmers
‘who are willing to swim’.
Source: Wazir Analysis
Source: Yahoo! Finance, Report Linker

E-commerce Online penetration of retail is expected to reach 10.7% by
2024 compared to 4.7% in 2019, while online shoppers in
The Indian ecommerce market is estimated to grow by India are expected to reach 220 million by 2025.
21.5% reaching USD 74.8 billion in 2022 and is likely to
reach USD 350 billion by 2030 with grocery and fashion/ According to a report published by IAMAI and Kantar
apparel likely to be its key growth drivers. Research, India internet users are expected to reach 900
million by 2025 from ~658 million internet users in 2020,
India’s e-commerce festive season sales clocked in a increasing at a CAGR of 45% until 2025.
gross merchandise value of US$ 9.2 billion, an increase
of 23% compared 2020. The online retail market in India is estimated to be 25%
of the total organized retail market and is expected to
With the number of internet connections in 2021 reach 37% by 2030.
significantly increasing to 830 million, internet
penetration increased from 4% in 2007 to 45% in 2021.
Online retail out of total retail in India (2019) Online retail out of total retail in India (2024F)
4.7% 10.7%
89.3%
95.3%
Offline Retail Online Retail Offline Retail Online Retail
4%
Shares of Various Segments in e-commerce Retail by Value (2020)
7% 2%
7% Consumer electronics Apparels
Food and grocery Jewellery

40%
Furniture Others
40%
Source: Indian Brand Equity Foundation

OPPORTUNITIES AND THREATS STRATEGIC INITIATIVES
Opportunities The Company’s value system and success revolves
around the pillars of Quality, Comfort, Integrity, Simplicity,
Economic Shift:
Transparency, People and Customer delight.
• Growth in organized retail providing a larger
Key strategic initiatives taken to maintain market
opportunity for branded play position and profitability:
• Increase in consumption with factors like education,
• Ramp-up capacity in both manufacturing and sales
occupation, urbanization, nuclear families, influence
of social media, disposable incomes moving in a • Expanding channel presence in distribution, exclusive
positive direction brand outlets, large format stores & ecommerce
• Increase in fashion and brand consciousness making • Expanding investments and spends in sales and
consumers more aspirational and discerning marketing at point of sale along with traditional and
digital advertising
• Increasing urban women population and women
corporate workforce • Enhance investments in R&D, product development
and innovation, automation, and digital transformation
Brand:
• In-house manufacturing and a robust distribution OUTLOOK

chain allow the brand to ensure adequate supply In anticipation of growing demand, the Company is looking
at capacity expansion with increased infrastructure and
• Brand footprint expanding across exclusive retail as
facilities which will allow scalability, ramp-up incremental
well as multi-brand retail creating an excellent base
machinery and manpower to meet the expected growth
for its growth in demand. The Company has also significantly expanded
• The new / first time consumers acquired by the brand its presence by opening several Exclusive Brand Outlets
during the pandemic in categories such as athleisure (EBO’s) along with large format stores (LFS), multi brand
outlets (MBOs), thereby ensuring brand availability and
will aid in growth
accessibility across the country.
• The hybrid work culture provides excellent
opportunities for categories like work-leisure to SEGMENT-WISE OR PRODUCT-WISE
expand and grow PERFORMANCE
The Company is engaged in the business of manufacturing
Consumer Behaviour: garments and there is no separate reportable segment.
• The ‘stepping-out’ of consumers post lock-down
promises a resurgence of offline retail in FY22-23.
RISK AND CONCERN
The Company’s risk management procedure helps
• The hybrid work culture provides excellent
identify and evaluate risks on an ongoing basis. Risks
opportunities for categories like work-leisure to
are inherent in business activities and to mitigate these
expand and grow
effectively and efficiently, the Company has implemented
a SCORE framework: -
Threat
• Strategic Risks,
Long Term:
• Compliance Risks,
• Several international apparel brands have commenced
• Operational Risks,
operations in India realizing that the Indian market is
• Reporting obligations and
likely to emerge as one of the largest apparel markets
in the world in the next few decades • Environment, Health and Safety Risks
The identified risks are integrated into the business plan
• The emergence of D2C startups in the innerwear and
and a detailed action plan to mitigate these risks and
athleisure space in the last few years with aggressive
concerns is put in place.
discounting as the key USP to acquire customers

Risk Management Committee: HUMAN RESOURCES / INDUSTRIAL
The Board of Directors have constituted a Risk RELATIONS
Management Committee in Compliance with Page Industries Limited’s Human Resource Development
SEBI(LODR) Regulations. Following are the Members of team is committed to empowering employees by
the Committee: providing them with adequate skills, the right resources,
1. Mr. Sunder Genomal; and support they need to succeed. The team offers a
2. Mr. V S Ganesh; range of development programs and strives to create
a positive and supportive work environment where
3. Mr. Shamir Genomal;
employees feel valued and respected in addition to
4. Mr. Varun Berry;
making it as a Great Place To Work!
5. Mr. Chandrasekar K; and
6. Mr. Ravikumar P. Great Place To Work
PAGE has scaled up significantly over the last few years
INTERNAL CONTROL SYSTEM AND and inducted some exceptionally talented professionals
ADEQUACY and leaders. The PAGE Culture & Values are essential to
The Company has adequate internal control systems the company’s continued success and growth.. “Voice
commensurate with the size and nature of its business. of Pageians” is an important initiative to seek feedback
The Management is entrusted with the overall from employees on the work culture to make conscious
responsibility of the Company’s internal control systems and sustained efforts in improving them.
to safeguard assets and ensure reliability of financial
records. The Company has a detailed budgetary control To implement this ‘Voice of Pageians’ initiative, the
system and actual performance is reviewed periodically Company has partnered with Great Place to Work®
to align operating cost with business performance. Institute (GPTW), which allows employees to share their
feedback on employee experience and culture through
The Internal audit program covers all areas of activities completely anonymous surveys. The survey was rolled
with periodical reports submitted to the Management. out to 3200 staff members, and more than 80% of them
Internal Auditors submit their quarterly report to the participated. The survey has revealed overwhelmingly
Audit Committee and are invited to the meeting to positive feedback, with employees praising the company’s
clarify any issues that may be raised by the Committee leadership, opportunities, diversity, and inclusion. GPTW
members. The Audit Committee reviews all financial presented the feedback to the leadership team, who
statements to ensure adequacy of internal control were grateful for the insights. The feedback will be used
systems. The Company has a well-defined organization to improve the company’s workplace culture and make it
structure, authority levels and internal rules and a better place to work for all employees.
guidelines for conducting business transactions.
Software solutions including cloud-based applications, Talent Acquisition

SAP, ARIBA, labelling applications such as Nice Label, Talent Acquisition has been one of the top priorities
digital supply-chain solutions like Blue Yonder enable the for the organisation during the first half of the year. We
Company to work with disciplined systems, and adopt recruited 651 staff members / new talents during 2022-
best practices that improve efficiency, allow smooth 23 with a focus on strengthening middle and junior
planning, monitoring, and control. management across verticals to aid business growth.
As of 31st March 2023, the Company has had 3181 staff
members on the roll.

Performance Management for Staff Members and Developing a growth mindset, problem -solving
Variable Pay capabilities and people management skills have been our
primary focus this year. All our senior leaders underwent
To drive a culture of performance, teamwork, and
collaboration among the departments in line with the a development intervention called “Why Should Anyone
organisation’s goals, we introduced Variable Pay of 10%- Be Led by You“.PAGEians invested their time in upskilling
30% of the CTC in the year 2020. The Assistant Manager through CXO Masterclasses, Webinars & Self-learning
to Managing Director has been covered under the Variable through PACE, achieving a mammoth 20000+ learning
Pay program. Employees below Asst Manager have been hrs in a single day, which is a record to cherish.
covered under the Bonus / Ex-Gratia. The Variable Pay
Program is distinctive as it rewards people based on the We have also introduced “LinkedIn Learning access with
overall company performance without any restriction a library of 11,000 courses” to around 800 managerial
of lower / upper limit. Through our Talent Management staff members. The employees now have an option to
Program & Promotions, we have distinguished rewards & pick and choose any course relevant to their job and
recognitions for company performance with Variable Pay sharpen their skills. This program was highly appreciated
and individual performance through Salary Revisions, and leveraged by more than 87% staff members.
Developmental Programs, Career Growth Opportunities
within the company. Rewards & Recognition
Job Rotation & Career Growth Policy

Page introduced a Job Rotation Policy to provide
cross-functional experience to the staff and promote a
conducive learning and growth environment within the
Company. Through this policy, we aim at empowering
managers and building future leaders by leveraging
those who have the potential to perform and shoulder
larger responsibilities across verticals. This policy also
aims at increasing the career span of staff members and
retain talent.
Training and Learning & Development

During the financial year, the Company conducted over
250 training programs through multiple virtual and onsite Page has introduced three structured Rewards &
training sessions across manufacturing, sales and other
Recognition (R&R) programs as it has significant
verticals. We have trained over 25,000 (all employees)
relevance to employee motivation, happiness and
employees resulting into four lakh training hours. Our
organization’s training framework includes induction engagement and productivity.
programs, role-based training interventions and career REAP program is an all-encompassing initiative with Instant
development programs along with need-based technical / Monthly, Quarterly and Annual recognition features.
interventions. Our self-paced learning platform, PACE
online learning platform “Page Academy & Centre of
WOW Champions is an instant / monthly recognition
Excellence (PACE)” has steadily gained momentum and
program that was launched in June 2022. This is a unique
penetrated to even the sales associates on the field and
stores. More than 10,000 employees / associates have peer-recognition program that enables employees to
learned and benefitted through the training platform appreciate their peers for their noteworthy contributions.
which has over 500 Modules. The program has been a tremendous success with
13000 WOW cards shared by Pageians to their peers
L&D interventions include functional, behavioural in 10 months of the launch. With 20% Pageians getting
and leadership development, all of which have a recognised for their efforts and appreciated by their
clear effectiveness measure stipulated and evaluated peers and managers stands testimony to its success and
periodically. Interventions around Go-to-market popularity. Over 500 Pageians have been recognized
campaigns such as Jockey Knows me, Luxury by and rewarded as Monthly WOW Champions for their
Design, Stretch with storm etc. have demonstrated the consistent efforts.
sales impact. Owing to all the efforts and investment, The other two recognition programs SAGA (Quarterly)
the customer experience at our stores has increased MCM Award (Annual) are underway for the launch.
significantly as evidenced in our mystery audit scores.

Jockey LEaD- Assessment & Development Centre Employee Assistance Program (EAP)
The maiden Jockey LEaD – Assessment & Page lays significant emphasis on the mental health
Development Centre was organised in September and wellbeing of its employees. We have partnered
2022 for a cohort of 23 Sales Officers and Sr. Sales with a leading Employee Assistance Program (EAP)
Officers at Bangalore. The selected 23 employees provider in India to offer Psychological Counselling and
were consistent top performers for the past 2 years comprehensive Wellness Solutions to help employees
across India. This initiative was conceptualized and deal with various work-life challenges like stress, anxiety,
executed in-house with an objective of:- parenting, relationship issues, work-life balance etc.
We have Welfare Officers at the Units One for every
a) Scientifically evaluating potential
500 employees to provide counselling support to our
b) Identifying strengths and areas of
employees.
development
c) Planning development journey (Short & Long Performance Management System for Non-staff
Term) members (Operators)
The 23 employees experienced and participated We continue to nurture the existing performance
in a day-long assessment involving individual and appraisal systems to evaluate thousands of machine
group activities in two parallel batches. They were operators across all the Manufacturing Units. The
jointly evaluated on identified Page Competencies efficiency and skill levels are captured regularly through
by both internal and external evaluators. Post SAP, evaluated every month. Employees are graded and
assessment centre, each employee was given a rewarded based on their performance annually.
detailed feedback report consisting of his/her
performance in each activity along with his/her 10 Years’ Service Award
reporting manager. Year-on-year, the Company presents a Long Service
The development journey was planned on 3E basis, Award to all employees and staff members who have
Experience (70%), Exposure (20%) and Education dedicated 10 years of service to Page Industries. During
(10%) with a time frame of 6-12 months. 2022-23, 226 employees were felicitated for their
dedication and long-term service to the company. This
Employee Engagement has been steadily increasing, which reflects employees’
Women’s Day Celebrations: At Page Industries, we loyalty, culture and a great place to build their career.
recognise the contribution of the strong women
workforce in our business as well as everyday life. We HR Technology & Software
strive to provide a safe and nurturing work environment
We have been using an on-premises software solution for
to our women workforce who are significant contributors
Payroll Modules (Time, Attendance & Leave) to our on-roll
to the company’s growth. Currently, 80% of our
employees. With an aim to upgrade it with SaaS model
employees are women.
which is the need of the hour, and improve accuracy,
Quality Day Celebrations: World Quality Day is efficiency and have greater control over the payroll
celebrated globally every year in November and it is
process, PAGE piloted an alternate software solution with
observed across all Units at Page. The main purpose
200 employees at different units during 22-23.
of this initiative is to raise quality awareness and adopt
high-quality standards. HR Technology & Software improvement initiative will be
a key focus area for the year 23-24 which will enhance
Safety Day Celebrations: The National Safety Day/Week is
employee experience for our 25,000 associates at the
celebrated in India every year on the 4th of March to build
shopfloor.
safety awareness. PAGEians across all units observe safety
day with events and competitive games on the theme for
the year, followed by a safety pledge taken by all employees.

PAGE has implemented HR Management System (HR WRAP is an independent, objective, non-profit team of
Mantra Software) for Employee Lifecycle Management global social compliance experts dedicated to promoting
modules like Attendance, Leave Management, Employee safe, lawful, humane, and ethical manufacturing practices
Self Service, Payroll, Recruitment, Performance around the world through certification and education.
Management, Organization Structure, Employee Based on ILO conventions and United Nations Universal
Communication and Employee Feedback. declaration of Human Rights and American Customs
CTPAT program, the WRAP audits on the 12 principles of:
Compliance Mantra
1. Compliance with Laws and Workplace Regulations
We have deployed in place, Compliance Mantra Software, 2. Prohibition of Forced Labor
an automated robust compliance monitoring tool,
3. Prohibition of Child Labor
since 2013. The software facilities in ensuring prompt
performance and on-time completion of compliance 4. Prohibition of Harassment and Abuse
tasks under various statutes, as well as additional 5. Compensation and Benefits
tasks, and over and above the statutory requirements.
6. Hours of Work
The automation has helped us not only in listing out
all applicable statues relevant to our industry, but also 7. Prohibition of Discrimination
in generating / updating instant reports from various 8. Health and Safety
factories in different locations, e-database, uniform 9. Freedom of Association and Collective Bargaining
process, licenses and documents, on a regular basis. The
10. Environment
software also facilitates in ensuring clear accountability,
adherence with timelines and process workflows, 11. Customs Compliance
and in enabling generation / updation of reports and 12. Security
compliance trackers. At present, 101 users are effectively
using the software tool for carrying out various tasks Unit-28, which was recently inaugurated in Mysore for
which has ensured that at least 11,655 compliance tasks elastic manufacturing and Unit-19 (Stores) & Unit-15
/ areas are captured annually. Our internal compliance (Warehouse) will also apply for WRAP during this year!
team monitors adherences, collates data and reports
periodically, to the leadership team. Employee Retention
With over 90% women employees at the shopfloor, the
Wrap Certifications
absenteeism and attrition has been a daunting challenge.
For the first time, the following 12 manufacturing units Employee longevity has direct relevance to skill level and
have been certified with WRAP Platinum Certificate by productivity. It became a high priority focus area and
Worldwide Responsible Accredited Production (WRAP).
during the year, PAGE took several initiatives to address
1) Unit-1, Bommanahalli, Bangalore employee absenteeism and attrition which resulted in
2) Unit-4, KC Halli, Bangalore increased retention and productivity.
3) Unit-3, Bommasandra, Bangalore
4) Unit-11, Hennagara, Bangalore
Industrial relations
5) Unit-12, Hassan, Karnataka Industrial Relations remained cordial throughout the

6) Unit-14, Hosa Road, Bangalore year across all our manufacturing units and facilities and
7) Unit-16, Mysore, Karnataka the Board records its appreciation for the contribution
of all employees towards the growth of the company
8) Unit-17, Gowribidanur
without which the achievements made, would not have
9) Unit-20, Tiptur, Karnataka
been possible.
10) Unit-21, Hassan, Karnataka
11) Unit-22, Hassan, Karnataka As of 31 March 2023, the Company has 23853 employees
12) Unit-25, KR Pete, Mysore on roll.

FINANCIAL PERFORMANCE AND ANALYSIS
(`. in Millions)
Particulars 2022-23 2021-22 Change %
Revenue from operations (net) 47,886 38,865 9,022 23.21%
Profit before Interest, Depreciation & Tax 8,775 8,064 710 8.81%
Less: Finance Cost 413 322 91 28.22%
Profit before Depreciation and Tax 8,362 7,742 619 8.00%
Less: Depreciation 781 655 126 19.27%
Profit before Tax 7,581 7,088 493 6.96%
Less: Tax 1,869 1,722 146 8.48%
Profit for the year 5,712 5,365 347 6.47%
KEY FINANCIAL RATIOS:

S.No Particulars 2022-23 2021-22 Change (%)
1 Debtors Turnover Ratio 30.78 25.72 19.67%
2 Inventory Turnover Ratio 1.69 2.23 -24.49%
3 Net Profit Margin (%) 11.93% 13.81% -13.59%
4 Operating Profit Margin(%) 16.69% 19.07% -12.44%
5 Return on Net Worth 46.45% 54.37% -14.57%
6 Debt-Equity ratio 18.10% - 100%
7 Debt service coverage ratios 177.55 - 100%

8 Current Ratio 1.65 1.67 -1.71%
Explanation on Key Financial Ratios:

Debt-Equity ratio & Debt Service coverage ratio: During the year under review, the Company availed working capital
loans, so the ratios significantly changed.
Debtors Turnover ratio enhanced with improved efficiency of collection.
Inventory Turnover ratio decline due to higher inventory levels during the year.
Return on Net Worth: Impacted due to lower PAT
CAUTION:
Statements in the Management Discussion Analysis describing the Company’s objectives, projections, estimates and
expectations may be considered as “forward looking statements” within the meaning of applicable securities laws and
regulations. Actual results could differ materially from those expressed or implied. The factors that might influence
the operations of the Company are economic conditions, government regulation and natural calamities over which
the Company has no control. The Company assumes no responsibility in respect of the forward-looking statements
herein which may undergo changes in future based on subsequent developments, information or events.

CORPORATE GOVERNANCE 2. Board of Directors
REPORT a) Composition and category of directors:
The detailed report on Corporate Governance as per Schedule The Company has a balanced and diverse Board of
V of the SEBI (LODR) Regulations 2015 for the year ended 31 Directors, which primarily takes care of the business
March 2023 is set out below: needs and stakeholders’ interest. The Non-Executive
Directors including Independent Directors on the Board
1. Company’s philosophy on corporate are experienced, competent and highly renowned persons
governance from the fields of textiles, manufacturing, finance, taxation,
legal, management, information technology, CSR, etc. They
The Company is committed to continue the practice take active part at the Board and Committee meetings
of good corporate governance. The core principles
by providing valuable guidance to the management on
of Corporate Governance as laid down by the Board
various aspects of business, policy direction, governance,
emphasise on integrity and accountability. The Corporate
Governance Code incorporates several practices aimed at compliance etc., and also play vital role on strategic issues,
a high level of business ethics, effective supervision and which enhances the transparency and add value in the
enhancement of value for all stakeholders. The Company’s decision-making process of the Board of Directors.
Corporate Governance conforms to all regulatory and legal
The composition of the Board is in conformity with the Listing
requirements. The basic philosophy behind an endeavour
Regulation and Companies Act, 2013 and the members on
towards better Corporate Governance is to enrich the value
the Board are classified and categorized as under:
of stakeholders by achieving business excellence.
No. of Committees in other
AGM attendance held

No. of Directorship in
No. of Shares in the
Attendance/No. of
other Companies 1
companies in which he is a
Board Meetings
Company as on
on 11-08-2022
31-03-2023
Chairman / Member 2
Sl.
Name of the Directors Category
No.
Member Chairman
1 Mr. Sunder Genomal3 Chairman – Promoter Nil Nil Nil 1714324 5/5 Yes
2 Mr. Ramesh Genomal Non-Executive Director – Promoter Nil Nil Nil 1714314 3/3 Yes
3 Mr. Shamir Genomal Deputy Managing Director – Promoter Nil Nil Nil 200 5/5 Yes
4 Mr. V S Ganesh 4
Managing Director Nil Nil Nil Nil 5/5 Yes
5 Mr. Rohan Genomal Executive Director – Strategy-Promoter Nil Nil Nil Nil 5/5 Yes
6 Mr. Mark Fedyk Non-Executive Director Nil Nil Nil Nil 5/5 Yes
7 Mr. G P Albal Independent Director Nil Nil Nil Nil 4/5 Yes
8 Mrs. Rukmani Menon Independent Director 1 1 Nil Nil 4/5 No
9 Mr. Sandeep Maini Independent Director 1 Nil Nil Nil 4/5 Yes
10 Mr. Vikram Shah Independent Director Nil Nil Nil 132 5/5 Yes
11 Mr. Varun Berry5 Independent Director 3 1 Nil Nil 5/5 Yes
12 Mr. Arif Vazirally6 Independent Director Nil Nil Nil Nil 5/5 Yes
13 Mr. Jignesh Bhate 7

Independent Director Nil Nil Nil Nil 3/3 NA
14 Mr. Shahendar Genomal8 Alternate Director to Mr. Ramesh Genomal Nil Nil Nil 200 2/2 NA
Mr. B C Prabhakar9 Independent Director NA NA NA NA 2/2 Yes
Mr. Nari Genomal10 Non-Executive Director – Promoter NA NA NA NA NA NA
Mr. Sanjeev Genomal 11

Alternate Director to Mr. Nari Genomal NA NA NA NA 1/1 NA
1. The number of directorship excludes directorship of private 5. Directorship in the listed Company: Britannia Industries Ltd;
companies, foreign companies, companies incorporated under 6. Appointed w.e.f 26 May 2022. Special resolution passed pursuant
Section 8 of the Companies Act, 2013 and Alternate Directorship; Reg.17 (1A) of SEBI LODR.
2. Committee comprises of Audit committee and Stakeholders 7. Appointed w.e.f. 10 November 2022
Relationship committee of public limited companies (excluding 8. Appointed w.e.f. 9 February 2023
foreign companies and section 8 companies);
9. Ceased to be Director w.e.f. 12 September 2022
3. Appointed as Chairman w.e.f. 1 June 2022
10. Deceased on 9 August 2022
4. Appointed as Managing Director w.e.f. 1 June 2022
11. Alternate Directorship ceased due to demise of Mr. Nari Genomal

b) Details of the attendance of Directors at the Board in actively supervising a principal financial officer, principal
and last AGM: accounting officer and effective participation in Audit
Committee.
The attendance record of each of the Directors at the Board
Meetings held during the year 2022-23 and the last Annual Sales and marketing - Experience in developing strategies
General Meeting (AGM) held on 11 August 2022 are provided to grow sales and market share, build brand awareness and
in the above table. equity, and product development.
c) Number of Board Meetings: Technology - A significant background in technology resulting

in reduction of manual works, data protection, generation
During the year under review, five meetings were held. The of real-time market status and connecting production with
dates are 26 May 2022, 11 August 2022, 10 November 2022, 9 market behaviours.
February 2023 and 7 March 2023.
Sales and Marketing

d) Disclosure of Inter-se Relationship between the
Governance
Behavioural
Technology
Directors:
Technical
Financial
Industry
Name of Directors
Mr. Sunder Genomal and Mr. Ramesh Genomal are brothers.
Mr. Shamir Genomal, Deputy Managing Director and Mr.
Rohan Genomal, Executive Director – Strategy are son of Mr.
Sunder Genomal, Chairman.
Mr. Sunder Genomal √ √ √ √ √ √ √
e) Familiarization program for Independent Directors: Mr. Ramesh Genomal √ √ √ √ √ √ √
On appointment of an Independent Director, he/ she Mr. Shamir Genomal √ √ √ √ √ √ √

is issued a Letter of Appointment setting out in detail,
Mr. V S Ganesh √ √ √ √ √ √ √
the terms, duties and responsibilities. The Independent
Directors are briefed at regular intervals, about Company’s Mr. Rohan Genomal √ √ √ √ √ √ √
manufacturing, marketing, finance and other important
aspects covering legal and regulatory roles. The Company Mr. Mark Fedyk √ √ √ √ √ √ √
also organizes a familiarization program for Independent

Mr. G P Albal √ √ √ √ √ √ √
Directors, which includes interactive sessions with Plant
Heads, Plant Visit and presentation from Managing Director Mrs. Rukmani Menon √ √ √
/ Executive Director. On the matters of specialized nature,
Mr. Sandeep Kumar Maini √ √ √ √ √
the Company engages outside experts / consultants for
presentation and discussion. Details of Familiarization Mr. Vikram Gamanlal Shah √ √ √ √
programmes imparted to Independent Directors are given at
https://pageind.com/policies-documents Mr. Varun Berry √ √ √ √ √ √
f) Competency Matrix of Board of Directors Mr. Arif Vazirally √ √ √ √ √ √
Behavioural – The attributes and competencies enabling Mr. Jignesh Bhate √ √ √ √ √ √

the individual director to use their knowledge and skills to
function well as a team member and to interact with key Mr. Shahendar Genomal √ √ √ √ √ √ √
stakeholders.
g) Confirmation of Independent Directors on their
Governance – The essential governance knowledge and independence.
understanding all directors should possess or develop if they
are to be effective directors. In the opinion on the Board of Directors, all the Independent
Directors have fulfilled the conditions specified in the
Technical – Skills and specialist knowledge to assist the SEBI(LODR) Regulations 2015 and Companies Act, 2013.
ongoing aspects of the Board’s role.
h) Reasons for the resignation of an Independent
Industry – Experience and knowledge of the industry in which Director
the organization operates in. During the year under review, no independent director
resigned
Financial – Experience in financial management, capital
allocation, and financial reporting processes, or experience

3. Audit Committee: Name of Chairman
No. of
Category Meetings
a) The Board has an Audit Committee which has been Director(s) / Member
attended
constituted in compliance with the provisions of Section
177 of the Companies Act 2013 and Regulation 18 of the Independent
Mr. G P Albal Chairman 4/4
SEBI (LODR) Regulations, 2015. Director
Mr. Sandeep Independent
The brief terms of reference of Audit Committee includes Member 3/4
Kumar Maini Director
the following:
Mr. Vikram Independent
• Overseeing Company’s financial reporting process Member 4/4
Gamanlal Shah Director
and the disclosure of its financial information;
Mrs. Rukmani Independent
Member 1/1
• Recommending appointment, re-appointment or Menon* Director
removal of the statutory auditors, fixing of audit fees Mr. B C Independent
Member 2/2
and approving payments for any other services; Prabhakar** Director
• Reviewing with the management the quarterly and * Appointed as member w.e.f 10 November 2022
annual financial statements with primary focus on: ** Ceased to be Director w.e.f 12 September 2022
a. Matters required to be included in the Director’s
Responsibility Statement; The members of the Audit Committee possess sound knowledge
of finance, accounts, corporate affairs, legal and expertise in the
b. Accounting policies and practices; garment industry.
c. Compliance with Accounting Standards; The Statutory Auditor, Internal Auditor and Executives of the
d. Accounting based on exercise of judgment by Company also attended the meetings. The Minutes of the Audit
Management; Committee meetings were place at the Board meeting.
e. Compliance with the listing regulation and legal The Company Secretary acts as the Secretary to the Committee.
requirements concerning financial statements;
4. Nomination and Remuneration
f. Related party transactions; and
Committee:
g. The going concern assumptions
a) The Board has Nomination and Remuneration Committee,
• Reviewing of Vigil mechanism / Whistle Blower Policy; which has been constituted in compliance with the
provisions of Section 178 of the Companies Act, 2013 and
• Reviewing with the management, performance of
Regulation 19 of the SEBI (LODR) 2015.
external and internal auditors and the adequacy and
compliance of internal control systems; The terms of reference of Nomination and Remuneration
Committee includes the following:
• Reviewing the adequacy of internal audit function and
reports any major findings of the internal auditors; • Formulating the criteria for determining qualifications,
positive attributes and independence of a director
• Seek information from any employee(s);
and recommend to the Board a policy, relating to
• Approval of appointment of CFO (Chief Financial the remuneration for the Directors, KMPs and Senior
Officer); Management, in compliance with Section 178(4) of
the Companies Act, 2013 and Listing Regulations;
• Obtain outside legal or other professional advice; and
• Identifying persons who are qualified to become
• Secure attendance of outsiders with relevant
directors and who may be appointed in senior
expertise, if its considered necessary.
management in accordance with the criteria laid
b) During the year under review, four meetings were held on down, recommend to the Board their appointment
26 May 2022, 11 August 2022, 10 November 2022 and 9 and removal;
February 2023.
• Criteria for performance evaluation of Board,
Committees, Directors and Chairman;
The Chairman of the Audit committee was present at
the last Annual General Meeting of the Company for • On the basis of the report of performance evaluation,
addressing shareholders queries. it shall be determined whether to extend or continue
the term of appointment of the independent director;
The composition of the Audit Committee and particulars and
of meetings attended by the members are as follows:
• Devising a policy on Board diversity.

b) During the year under review, two meetings were held on The performance evaluation of the Chairman was carried
26 May 2022 and 10 November 2022. out with further additional criteria such as Effectiveness of
leadership and ability to steer the meetings, Impartiality,
The composition of the Nomination and Remuneration Commitment and Ability to keep shareholders’ interests
Committee and particulars of meetings attended by the in mind. The Non-Independent Directors evaluation were
members are given below: carried out by the Independent Directors separately. The
Directors were satisfied with the evaluation results, which
reflected the overall engagement of the Board and its
Name of Chairman Category No. of
Committees with the Company.
Director(s) / Member Meetings
attended
d) Independent Directors Meeting:
Mr. G P Albal Chairman Independent 2/2
Director
At a separate meeting of Independent Directors held on
Mr. Sandeep Member Independent 2/2 7 February 2023, the Independent Directors reviewed the
Kumar Maini Director performance of non- Independent Directors, the Board
Mr. Vikram Member Independent 2/2 as a whole and the performance of the Chairperson of
Gamanlal Shah Director the Company. The Independent Directors at the meeting
also assessed the quality, quantity and timelines of flow of
Mr. Varun Berry* Member Independent NA
information between the Management and the Board and
Director
expressed their satisfaction.
Mr. B.C. Member Independent 1/1
Prabhakar** Director e) Remuneration policy:
* Appointed as member w.e.f 10 November 2022
The Board of Directors of the Company has adopted a
** Ceased to be Director w.e.f 12 September 2022
Nomination and Remuneration policy for its (i) Directors
The Company Secretary acts as the secretary to the committee. (Executive and Non Executive), (ii) Key Managerial
Personnel and (iii) Senior Management Personnel. The
Nomination and Remuneration policy is to consider
c) Evaluation:
human resources as its invaluable assets, to pay equitable
The following are the recommended key criteria for remuneration to all Directors, Key Managerial Personnel
evaluation of the Board as a whole and its committees: (KMP) and employees of the Company, to harmonize
the aspirations of human resources consistent with the
• Structure of the Board;
goals of the Company and in terms of the provisions
• Meetings of the Board; of the Companies Act, 2013 and the Listing Regulation
as amended from time to time. The Nomination and
• Functions of the Board;
Remuneration policy of the Company is available at
• Board and Management; https://www.pageind.com/policies-documents
• Professional Development;
The Salient feature of Remuneration policy:
• Mandate and composition;
i. The remuneration / compensation etc (remuneration) to
• Effectiveness of the Committee;
the Whole-time Director, KMP and Senior Management
• Structure of the Committee and meetings; Personnel will be determined by the Committee
and recommended to the Board for approval. The
• Independence of the Committee from the Board; and
remuneration / compensation etc. shall be subject to the
• Contribution to decisions of the Board. prior/post approval of the shareholders of the Company
and Central Government, wherever required.
Separate exercise was carried out to evaluate the
performance of individual Directors who were evaluated
ii. Increments to the existing remuneration structure may
on parameters such as Qualifications, Experience,
be recommended by the Committee to the Board which
Knowledge and Competency, Fulfilment of functions,
shall be within the slabs approved by the Shareholders in
Ability to function as a team, Initiative, Availability &
the case of Whole-time Director.
attendance, Commitment, Contribution and Integrity.
iii. Remuneration to Whole-time / Executive / Managing

The evaluation of the Independent Directors was carried
Director, KMP and Senior Management Personnel:
out with additional criteria such as Independence and
Independent views and judgement.

Fixed pay: No. of
Name of Chairman /
Category Meeting
Director(s) Member
The Whole-time Director / KMP and Senior attended
Management Personnel shall be eligible for a monthly Independent
Mr. GP Albal Chairman 1
remuneration as may be approved by the Board on the Director
recommendation of the Committee. The break up of Mr. Vikram Independent
the pay scale and quantum of perquisites including, Member 1
Gamanlal Shah Director
employer’s contribution to P.F, pension scheme,
medical expenses, club fees, prerequisites etc. Mrs. Rukmani Independent
Member 1
Menon Director
shall be decided and approved by the Board on the
recommendation of the Nomination and Remuneration
Committee and approved by the shareholders and Mr. Murugesh C, Company Secretary is the Compliance Officer
Central Government, wherever required. of the Company.
Details of Shareholders Complaints for the year 2022-23:

Variable Pay:
During the year the Company received one complaint, which was
During the year under review, on the recommendation resolved immediately. No pending complaints as on 31 March, 2023
of the Nomination and Remuneration Committee, the
Company has introduced Variable Pay (VP) ranging 5A. Risk Management Committee:
from 10% to 30% of the CTC, depending on the
The terms of reference of Risk Management Committee
grade which commences from Assistant Manager to
includes the following:
Managing Director. VP will be paid based on the overall
performance of the Company. a) Risk Identification;
b) Risk Assessment or estimation;
iv. Remuneration to Non- Executive / Independent c) Risk Impact Analysis;
Director:
d) Risk Treatment;
Sitting Fees: e) Risk Mitigation;
The Non- Executive / Independent Director may receive f) Risk – Control and Monitoring;
remuneration by way of fees for attending meetings of g) Business Continuity Management; and
Board or Committee thereof. Provided that the amount
h) Cyber Security framework.
of such fees shall not exceed the amount as may be
prescribed by the Central Government from time to time.
Two meetings were held during the year under review, on 11
Remuneration under Section 197(1) of the Companies August 2022 and 10 November 2022.
Act, 2013:
The composition of the Risk Management Committee and
Remuneration under Section 197(1) of the Companies Act, particulars of meeting attended by the members are given below:
2013 may be paid within the monetary limit approved by
shareholders, subject to the limit not exceeding 1% of the Name of Chairman No. of Meeting
profits of the Company computed as per the applicable Category
Director(s) / Member attended
provisions of the Companies Act, 2013. Mr. Sunder
Chairman Director 2
Genomal
5. Stakeholder Relationship Committee: Mr. Shamir
Member
Deputy Managing
2
Genomal Director
The Committee oversees and reviews all matters
Managing
connected with redressal of Investor Grievances Mr. V S Ganesh Member 2
Director
and complaints. The service of transfer of shares is
undertaken by M/s. Link Intime India Pvt Ltd, Mumbai Independent
Mr. Varun Berry Member 2
Director
and they are fully equipped to deal with transfers and all
related complaints of Investors. Chief Financial
Mr. Chandrasekar K Member 2
Officer
One meeting was held during the year under review, on Chief Human
Mr. Minor Ganesan* Member 2
Resource Officer
9 February 2023.
Chief People
Mr. Ravi Kumar** Member NA
Officer
The composition of the Stakeholder Relationship
Committee and particulars of meeting attended by the
members are given below: * Ceased to be member w.e.f 10 November 2022
** Appointed as member w.e.f 11 November 2022

6. Details of Remuneration paid to Directors:
a) Payment to Executive Directors during the year 2022-23 (` Million):
Particulars Sunder Genomal* Shamir Genomal V S Ganesh** Rohan Genomal
Deputy Managing Executive Director –

Designation Managing Director Managing Director
Director Strategy
Tenure / Service 1 August 2021 to 31 July 1 September 2018 to 11 Nov 2021 to 10 Nov
1 June 2022 to 31 May 2027
contract 2026* 31 August 2023 2026
Notice Period As per policy of the Company-3 months notice period
Performance linked
payment and The Company does not pay any performance linked payment
performance criteria
Severance Fees Nil Nil Nil Nil
1. Brother of Mr. Ramesh

Genomal Son of Mr. Sunder Son of Mr. Sunder
Relationship with other
2. Father of Mr. Shamir Genomal; Brother of NA Genomal; Brother of
Director(s)
Genomal and Mr. Rohan Mr. Rohan Genomal Mr. Shamir Genomal
Genomal
Salary 1.96 7.60 14.96 3.38
Allowances 3.35 5.07 10.70 2.47
Provident fund 0.24 0.91 1.80 0.41
Perquisites 0.006 0.04 0.01 0.03
Bonus and incentive - 3.73 6.78 1.03
Variable Pay - 5.51 10.22 0.90
Gratutity 2.00 - - 1.46
Total Salary 7.56 22.86 44.47 9.68
* Resigned from the position of Managing Director effective from the close of the business hours on 31 May 2022
** Appointed as Managing Director w.e.f. 1 June 2022
The Company has adequate profit and the payment of b) Payment to Non-Executive Directors:
remuneration to Executive Directors are within the ceiling limit
prescribed by Sections 198 of the Companies Act, 2013. Non-Executive Directors are paid sitting fees of ` 20,000 per
meeting for attending Board and Audit Committee meetings and
Bonus and incentives paid to executive directors are based on the `10,000 per meeting for attending other Committee meetings.
overall performance of the Company, profitability and concerned In addition to the sitting fees, the Company makes payment
department’s performance during the year. under Section 197(1)(ii) of the Companies Act, 2013 to the Non-
Executive Directors subject to approval of shareholders and to
The Company has Variable Pay (VP) ranging from 10% to 30% such ceiling and in such manner as decided by the Board.
of the CTC, depending on the grade which commences from
Assistant Manager to Managing Director. VP will be paid based The payment made under Section 197(1)(ii) of the Companies
on the overall performance of the Company. Act, 2013 to the Non-Executive Directors are based on their
professional expertise in their individual capacity. The details of
The Company does not have any scheme for grant of stock payment made to the Non-Executive Directors during 2020-21
options either to the Directors or to any of the employees. towards sitting fees and under Section 197(1)(ii) of the Companies
Act, 2013 are as follows:

Sitting Fees (` Million) *Payment
made under
Stakeholder Nomination & Risk
Audit CSR
Meeting
Name of Director section
Board
Relationship Remuneration Management
Committee Committee 197(1)(ii)
Committee Committee Committee
Meeting Meeting (` Million)
Meeting Meeting Meeting
Mr. G P Albal 0.08 0.08 0.01 0.02 - - 1.25
Mr. Ramesh
0.06 - - - - - -
Genomal
Mr. Mark Fedyk 0.10 - - - - - 1.25
Mr. B C Prabhakar 0.04 0.04 - 0.01 - - 1.25
Mrs. Rukmani
0.08 0.02 0.01 - - - 1.25
Menon
Mr. Sandeep Kumar

0.08 0.06 NA 0.02 - - 1.30
Maini
Mr. Vikram Gamanlal

0.10 0.08 0.01 0.02 - - 1.25
Shah
Mr. Varun Berry 0.10 - - - - 0.02 1.25
Mr. Arif Vazirally 0.10 - - - - - -
Mr. Jignesh Bhate 0.06 - - - - - -
TOTAL 0.80 0.28 0.03 0.07 - 0.02 8.80
* Paid as approved by the shareholders at 26th Annual General Meeting of the Company held on 12 August 2021.
The Company has obtained approval from the shareholders of the company for payment under Section 197(1)(ii) of the Companies
Act, 2013 at the 27th Annual General Meeting for the financial year 2022-23 upto ` 12.0 million which will be paid after approval of the
annual accounts by the Board of Directors and adoption by the shareholders.
Criteria of making payments to non-executive directors: Apart from sitting fees and remuneration under Section 197(1)(ii), the
Company is availing certain services from the non-executive directors based on their expertise. The details of payment made
to non-executive directors are provided in the related party transaction forms part of the notes to the financial statement. The
details of service availed are provide in Annexure-2 to the Board report in form AOC-2. All the transactions are in arms length and
in the ordinary course of the business.
The Company has not issued any convertible instruments. The Company has not issued any stock options to any of its employees /
officers / directors.
None of the Non-Executive Directors have any pecuniary material relationship or transactions with the Company during the financial
year 2022-23.

7. General Body Meetings:
a) The following are the details of last three Annual General Meeting (AGM) of the Company:
Financial year Location of the Meeting Type of Meeting Date & Time
2019-20 Through Video Conferencing 25th AGM 13 Aug 2020 at 11:30 am
No Extra Ordinary General Meeting was held during the last 3 years.
b) Details of Special Resolutions passed in the previous three AGMs:
AGM No. of Special Details of Special Resolution

Resolutions passed
25th AGM held on
NIL NA
13 August 2020
26th AGM held on 1. Re-appointment of Mr. Sunder Genomal [DIN:00109720] as
1
12 August 2021 Managing Director
27th AGM held on 1. Appointment of Mr. Arif Vazirally as Independent Director
2
11 August 2022 2. Re-appointment of Mr. Varun Berry as Independent Director
c) Postal Ballot
During the year 2022-23 the Company has obtained approval from its Members through Postal Ballot (e-voting facility provided)
on the following resolution:
The Company sought the approval of shareholders by way of Special resolution through notice of postal ballot dated 10 November
2022 for Appointment of Mr. Jignesh Jaswant Bhate (DIN: 01195939) as an Independent Director and the resolution was approved
by the members with the requisite majority and the results of which were declared on 30 December 2022.
The Results of the Postal Ballot is as below: e) Procedure for Postal Ballot:
• The postal ballot was conducted in accordance with the
Resolution No. of % of No. of % of provisions contained in Section 110 and other applicable
Votes – in Votes in Votes - Votes provisions, if any, of the Companies Act, 2013, read with Rule
favour favour against against 22 of the Companies (Management and Administration)
Rules, 2014.
Appointment 7,803,678 99.85 11,689 0.15
of Mr. Jignesh • The shareholders were provided the facility to vote either by
Jaswant Bhate as physical ballot or through e-voting.
an Independent
Director • In compliance with MCA circulars, the Company has provided
only the remote e-voting facility to its Members, to enable
them to cast their votes electronically instead of submitting
d) Person who conducted the postal ballot exercise:
the physical Postal Ballot form.
The Board of Directors at their meetings held on 10 November
2022 appointed Mr. R Vijayakumar, Company Secretary in • The Company also published a notice in the newspapers in
Practice, Bangalore (FCS: 6418) as scrutinizer to conduct the accordance with the requirements under the Companies Act,
E-voting process and the postal ballot in a fair and transparent 2013.
manner for the abovesaid resolutions.
• The Company fixed a cut-off date to reckon paid-up value of
equity shares registered in the name of shareholders for the
purpose of voting.

• Shareholders cast their votes through e-voting during the f) At present, the Company has no proposal to pass any
voting period fixed for this purpose. special resolution through postal ballot.
• After completion of scrutiny of votes, the scrutinizer
submits his report to the Chairman and the results of 8. Means of Communication:
voting by postal ballot were announced within 48 hours The quarterly results of the Company are published
of conclusion of the voting period.
in Business Line (English) and in Samyukta Karnataka
• The results were also displayed on the website of the (Kannada). The Quarterly financial results and the Annual
Company, besides being communicated to the Stock Reports are also displayed on the Company’s website at
Exchanges, Depositories and Registrar and Share Transfer
https://www.pageind.com/quarterly-release. Official news
Agents.
releases and presentations made to the Institutional Investors,
• The resolutions passed by the requisite majority were
are also posted on the Company’s website.
deemed to have been passed on the last date specified
for receipt of duly completed postal ballot forms or
e-voting.
9. General Shareholder Information:

Annual General Meeting 10 August 2023 at 11:30 AM
Through Video Conferencing
Financial Calendar: The financial year of the Company is 1 April to 31 March.

For the year 2023-24, the interim results
announced as follows:
30 June 2023 On or before end of 14 August 2023
30 September 2023 On or before end of 14 November 2023
31 December 2023 On or before end of 14 February 2024
31 March 2024 On or before end of 30 May 2024
Date of book Closure 3 August 2023
Dividend payment date During the year 2022-23, Four interim dividends were declared on 11 August 2022,
` 60 per share, 10 November 2022, ` 70 per share, 9 February 2023, ` 60 per share,
and 25 May 2023, ` 60 per share.
Listing of equity shares on Stock National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange (BSE).
Exchanges The Annual Listing fees in respect of both the Stock Exchanges for the financial year
2022-23 have been paid.
Stock Code(BSE) 532827
Scrip Code(NSE) PAGEIND
ISIN Number (For Demat trading) INE761H01022
Depository Connectivity NSDL & CDSL
Market Price Data Ref. Table-I
Performance in comparison to Sensex Ref. graphical representation given in Table I below
and Nifty
In case the securities are suspended Not applicable
from trading, the directors report shall
explain the reason thereof
Registrar and Transfer Agents Link Intime India Pvt. Ltd.,
Unit: Page Industries Limited
C 101, 247 Park, L B S Marg, Vikhroli West, Mumbai – 400083. Maharashtra
Tel No: +91 22 49186000 | Fax: +91 22 49186060
Email: rnt.helpdesk@linkintime.co.in
Share Transfer System All the share transfers in respect of physical shares are handled by the Registrar and
Share Transfer Agents. The turnaround time for completion of transfer of shares is
generally less than 15 days from the date of receipt, if the documents are in order.
Distribution of shareholding Ref. Table-II & III

Dematerialization of shares and liquidity Shares held in Demat Form as on 31 March 2023:
With NSDL : 1,07,82,232 shares
With CDSL : 3,71,641 shares
Physical : 1 share
Total : 11,153,874 shares
Unclaimed Dividend and IEPF shares Ref. Table IV
Outstanding GDRs/ADRs/warrants NA
or any other convertible instruments,
conversion date and likely impact on
equity
Commodity price risk or foreign NA
exchange risk and hedging activities
Plant Locations • Abbaiah Reddy Industrial Area, Jockey Campus, 6/2 & 6/4, Hongasandra, Begur
Hobli, Bangalore – 560 068
• Plot No.13A, Bommasandra Industrial Area, S.No.270 of Bommasandra Village,
Attibele Hobli, Anekal, Bangalore- 560099
• Survey No.103/2&3, Khata No.190, Kodichikanahalli Main Road, Hongasandra,
Bangalore-560068.
• No.63/3, Bommanahalli, Begur Hobli, Bangalore-560 068
• Plot No.251-2A, Bommsandra Industrial Area, Bangalore- 560 099
• Plot No.121,122-P, 208D and 562 Growth Centre Industrial Area,
Bommanayakanahalli, Hobli Kasaba, Hassan
• 2/1,2/3, Beratana Agrahara Village, Begur Hobli, Bangalore South Taluk Bangalore
– 560 100
• Indospace Bommasandra Logistics Park Private Limited, Bommasandra-Jigani
Link Road, Anekal Hobli, Bangalore - 562 10
• Site 25B, III State Subrub industrial area, Khill E Mohalla fort, Mysore – 570008
• IP-20 & IP-21,Gowribidanur Industrial Area, Kasaba Hobli, Gowribidanur,
Chikkaballapura Dist-561 208
• D.No-2/377B & 2/377C, Lakshmi Garden, Veerapandi Village, Palladam Road,
Tirupur - 641605
• Survey No. 123, Khata No. 126/215, Koppa Village, Kasaba Hobli, Hindiskere Gate
Tiptur
• Survey No. 54/2 Marada Halli Village, Sheelanere Hobli, K R Pete Taluk, Mandya –
571426
Company Secretary & Compliance Mr. Murugesh C
Officer Cessna Business Park, Tower-1, 7th Floor, Umiya Business Bay, Varthur Hobli,
Outer Ring Road, Bangalore - 560103. Phone: 080- 49454545
Address for Correspondence Page Industries Limited, Registered & Corporate Office: Cessna Business Park,
Tower-1, 7th Floor, Umiya Business Bay, Varthur Hobli, Outer Ring Road, Bangalore -
560103. Phone: 080- 49454545
In compliance of Regulation 6 (d) of the SEBI (LODR), 2015 the Company has
created an exclusive email ID for investors viz., investors@jockeyindia.com
List of all credit ratings obtained by the Long-term fund-based bank facilities: [ICRA]AA(Stable), reaffirmed;
entity along with any revisions thereto
during the relevant financial year, for all Short-term non-fund based bank facilities: [ICRA]A1+, reaffirmed;
debt instruments of such entity or any Long-term/Short-term unallocated bank facilities: [ICRA]AA(Stable)/[ICRA]A1+;
fixed deposit programme or any scheme reaffirmed
or proposal of the listed entity involving
mobilization of funds, whether in India
or abroad.

TABLE – I
Market Price Data: The shares of the Company are listed at BSE and NSE. Monthly low and high at both the Stock Exchanges for the
year 2022-23 are given below:
BSE NSE
Month
High Low High Low
Apr-22 46705 42724 46738 42777
May-22 46250 40432 46264 40404
Jun-22 45990 37807 45999 37825
Jul-22 49143 40180 49136 40125
Aug-22 51500 47502 51500 47500
Sep-22 53545 47448 53616 47452
Oct-22 54262 49045 54349 49012
Nov-22 50700 45354 50800 45351
Dec-22 47850 42584 47890 42600
Jan-23 43286 39166 43190 39170
Feb-23 40966 37139 40950 37170
Mar-23 38726 35600 38751 35575
Graphical representation of movement of share price of the Company in line with indices of BSE and NSE:
Share Price Movement of PAGEIND in comparison

with SENSEX & NIFTY
70,000 20,000
18,000
60,000
16,000
50,000
14,000
12,000
40,000
10,000
30,000
8,000
20,000 6,000
4,000
10,000
2,000
0 0
APR-22 MAY-22 JUN-22 JUL-22 AUG-22 SEP-22 OCT-22 NOV-22 DEC-22 JAN-23 FEB-23 MAR-23
SENSEX PAGEIND NIFTY

TABLE- II TABLE- IV
Distribution of Shareholding as of 31 March 2023: Unclaimed Dividend:
As of 31 March 2023, we have a total unclaimed amount of

No. of equity No. of No. of shares % held
` 25,18,186 as given below:
shares held folios held
Upto 500 99,851 9,60,020 8.61
Dividend
501 to 1000 182 1,28,913 1.15
1001 to 2000 124 1,77,083 1.59 Year Total (`)
Interim Dividend (`) Final
2001 to 3000 51 1,25,488 1.13
(`)
3001 to 4000 46 1,65,109 1.48 1st 2nd 3rd 4th
4001 to 5000 32 1,43,373 1.28

2015-16 -- -- -- -- 46,032 46,032
5001 to 10000 64 4,55,977 4.09
10001 and above 91 89,97,911 80.67
Total 1,00,441 1,11,53,874 100.00 2016-17 39,226 48,125 47,600 -- 56,625 1,91,576
TABLE- III 2017-18 52,624 75,460 50,715 1,06,470 -- 2,85,269
Category of Shareholders as on 31 March 2023:

2018-19 1,43,336 1,98,565 1,34,199 71,873 -- 5,47,973
Category No. of Shares % of holding
Promoters and 2019-20 82,671 86,216 89,668 -- -- 2,58,555
51,43,682 46.12
Promoters’ Group
Mutual Funds 18,45,516 16.55 2020-21 1,63,916 2,82,661 -- -- -- 4,46,577
Foreign Portfolio
24,48,811 21.95
Investors 2021-22 54,852 1,63,911 80,350 79170 -- 3,78,283
Bodies Corporate 94,035 0.84

2022-23 1,57,782 77,351 1,28,788 -- -- 3,63,921
Individuals 8,60,516 7.71
Others 7,61,314 6.83
Total 25,18,186
Total 1,11,53,874 100.00
The shareholders who have not claimed their share of IEPF Shares
above dividend(s), are requested to write to the Registrar
During the year, the Company has transferred 5 shares in
and Share Transfer Agent to claim the amount.
accordance with IEPF rules due to dividends unclaimed
for seven consecutive years. As on 31 March 2023, totally
It may be noted that the company has transferred Final of
53 shares were transferred to IEPF account and the details
2014-15 and 1st, 2nd, 3rd Interim dividends of 2015-16 laid
are provided in the website.
in the dividend accounts to the Investor Education and
Protection Fund during the year under review.
10. Other Disclosures:
The members are requested to note that no claim shall a) Disclosure on materially significant related party
lie against the company in respect of unclaimed Final transactions:
of 2014-15 and 1st, 2nd, 3rd Interim dividends of 2015-16
transferred to the IEPF. During the year 2022-23 no transactions of
materially significant nature had been entered

into by the Company with the related parties Regarding compliance with non-mandatory
that may have a potential conflict with interest requirements, the following is the status:
of the company at large. Detailed related party
information and transactions have been provided i. Chairman of the Board – Separate Office for
in Notes to Accounts forming part of the Annual chairperson is not provided at the registered
Report. The Company has obtained prior office of the company.
omnibus approval for non material related party
ii. Shareholders’ Rights – Half-yearly
transactions from the Audit Committee. The
declaration of financial performance are
Board of Directors has adopted a related party
not currently sent to each of the household
transaction policy and the same was available in
of Shareholders but are published in terms
the website of the Company in the following link:
of Regulation 47(3) of Listing Regulations
https://pageind.com/policies-documents
in newspapers and also sent to the Stock
b) Disclosure of Non-Compliance: There has been Exchanges. Besides, all the Quarterly / Half-
no instance of non-compliance by the Company yearly / annual financial results are published
on any matter related to Capital Markets since the on the Company’s website.
inception of the Company and hence no penalties
iii. Audit Qualification – The financial
have been imposed.
statements of the Company are unqualified
c) Vigil mechanism / Whistle Blower Policy and the Company is committed to continue
the same.
The Company, in compliance with Section 177 of
the Companies Act, 2013 and Regulation 4(2)(d) iv. Separate posts of Chairperson, Managing
(iv) of the SEBI (LODR) Regulations, 2015 has Director and Chief Executive Officer –
constituted a Vigil mechanism for Directors and currently the post of Chairperson and
employees to report concerns about unethical Managing Director are held by different
behaviour, actual or suspected fraud or violation persons.
of the Company’s code of conduct or policies of
v. Reporting of internal Auditor – Internal
the Company. The Policy provides for adequate
Auditors of the Company are not directly
safeguards against victimization of persons who
reporting to the Audit Committee. However,
use such mechanism and also make provision
Internal Auditors are making quarterly
for direct access to the chairperson of the
reports to the committee and they are invited
Audit Committee in appropriate or exceptional
for all the Audit Committee meetings.
cases. The Whistle Blower Policy is available at
e) Web link where policy for determining ‘material’
subsidiaries – Not Applicable
The Board of Directors of the Company has
adopted Whistle Blower Policy. The Company
f) Web link where policy on dealing
has not denied access to any personnel of the
with related party transactions –
Company to approach the Management/Audit
Committee to report genuine concerns, incidents
of unethical behaviour and actual or suspected g) Disclosure of commodity price risks and
fraud or violation of policies of the Company. commodity hedging activities: The Company
has not entered into any commodity hedging
d) The company has complied with all the mandatory
activities.
requirements of Listing Regulations.

h) Details of utilization of funds raised through p) Certificate from Practicing Company Secretary,
preferential allotment or qualified institutions confirming the compliance with all the conditions
placement as specified under Regulation 32 of Corporate Governance as stipulated in SEBI
(7A) – Not Applicable. (LODR) 2015 forms part of this report.
i) A Certificate from a Company Secretary in 11. The Company complied with all the requirement of
practice that none of the directors on the corporate governance report said out in the schedule
Board of the company have been debarred V of SEBI (LODR) Regulations, 2015.
or disqualified from being appointed or
continuing as directors of Companies by the 12. The Corporate Governance report shall also disclose
Board/Ministry of Corporate Affairs or any such the extent to which the discretionary requirements as
statutory authority: The certificate forms part of specified in Part E of Schedule II have been adopted –
Corporate Governance Compliance Certificate. Disclosed in 10(d) of this report.
j) The Board has accepted all the recommendations 13. The disclosures of the compliance with Corporate
of the committees of the Board. Governance requirements specified in regulation 17
to 27 and clauses (b) to (i) of sub-regulation (2) of
k) Fees paid to Statutory Auditors and network regulation 46 shall be made in the section on corporate
firms: Statutory Auditors fees provided in the governance of the annual report – All the requirements
Notes to the financial statement. The Company mentioned are complied with.
has paid ` 7.89 million to network firms of the
statutory auditors, for availing Consultancy
services.
DECLARATION
l) The Company has constituted an internal We, Sunder Genomal, Managing Director and V S Ganesh,
complaints committee in compliance with Executive Director & Chief Executive Officer of Page
the Sexual Harassment of Women at Work Industries Limited, hereby declare that all the members
Place (Prevention, Prohibition and Redressal) of the Board of Directors and the Senior Management
Act 2013. The Company has not received any Personnel have affirmed compliance with the Code of
complaint relating to sexual harassment of Conduct for the year ended March 31, 2022.
women at work place during the year under
review. For Page Industries Limited
m) Loans and advances in the nature of loans

to firms/companies in which directors are
Sunder Genomal V S Ganesh
interested by name and amount: Not Applicable Chairman Managing Director
(DIN:00109720) (DIN: 07822261)
n) Details of material subsidiaries of the listed entity;
including the date and place of incorporation Bangalore
25 May, 2023
and the name and date of appointment of the
statutory auditors of such subsidiaries. - Not
Applicable
o) In the preparation of financial statement there

is no differential treatment from the prescribed
Accounting Standards.

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
The Members
Page Industries Limited
Cessna Business Park
Umiya Business Bay-Tower-I
7th Floor, Kadubeesanahalli, Varthur Hobli
Bangalore – 560 103
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Page
Industries Limited having CIN : L18101KA1994PLC016554, and having Regd. Office at Cessna Business Park, Umiya
Business Bay-Tower-I, 7th Floor, Kadubeesanahalli, Varthur Hobli, Bangalore – 560 103 (hereinafter referred to as
‘the Company’), produced before me by the Company for the purpose of issuing this Certificate, in accordance with
Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications [including Directors Identification
Number (DIN) status at the portal www.mca.gov.in] as considered necessary and explanations furnished to me
by the Company & its officers, I hereby certify that none of the Directors on the Board of the Company for the
Financial Year ending on 31st March, 2023 have been debarred or disqualified from being appointed or continuing
as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such
other Statutory Authority.
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
25 May 2023,
Bangalore
R Vijaykumar & Co.,
[R Vijayakumar]
UDIN: F006418E000367372
Company Secretary in Practice
[FCS No. 6418; CP No.8667]

CORPORATE GOVERNANCE a. We have reviewed financial statements and
the cash flow statement for the year ended
COMPLIANCE CERTIFICATE
31 March, 2023 and that to the best of our
knowledge and belief:
To
1. these statements do not contain any
The Members of Page Industries Limited
materially untrue statement or omit any
I have examined all the relevant records of Page material fact or contain statements that
Industries Limited (“the Company”) for the purpose of might be misleading;
certifying compliance of the conditions of the Corporate 2. these statements together present a true
Governance under the SEBI (LODR) Regulations, 2015 and fair view of the listed entity’s affairs and
for the financial year ended 31st March 2023. I have are in compliance with existing accounting
obtained all the information and explanations which to standards, applicable laws and regulations.
the best of my knowledge and belief were necessary for
b. There are, to the best of our knowledge and
the purpose of certification.
belief, no transactions entered into by the listed
The compliance of conditions of corporate governance entity during the year which are fraudulent,
is the responsibility of the Management. My examination illegal or violative of the listed entity’s code of
was limited to the procedure and implementation process conduct.
adopted by the Company for ensuring the compliance
c. We accept responsibility for establishing and
of the conditions of the corporate governance. This
maintaining internal controls for financial
certificate is neither an assurance as to the future viability
reporting and that we have evaluated the
of the Company nor of the efficacy or effectiveness with
effectiveness of internal control systems of the
which the management has conducted the affairs of the
listed entity pertaining to financial reporting
Company.
and we have disclosed to the auditors and the
In my opinion and to the best of my information and audit committee, deficiencies in the design
according to the explanations given to me, I certify or operation of such internal controls, if any,
that the Company has complied with the conditions of of which we are aware and the steps they
Corporate Governance as stipulated in the aforesaid have taken or propose to take to rectify these
Regulations, 2015. deficiencies.
R Vijaykumar & Co., d. We have indicated to the auditors and the Audit
25 May 2023, R Vijayakumar, Practicing Company committee:-
Bangalore Secretary 1. significant changes in internal control over
UDIN: F006418E000367339 [FCS No. 6418; CP No.8667] financial reporting during the year;
2. significant changes in accounting policies
during the year and that the same have
MD & CFO Certification been disclosed in the notes to the financial
statements; and
To
3. instances of significant fraud of which we
The Board of Directors
have become aware and the involvement
Page Industries Limited
therein, if any, of the management or an
Bengaluru
employee having a significant role in the
Sub : Compliance Certificate under Regulation 17(8)] listed entity’s internal control system over
of the SEBI (Listing Obligations and Disclosure financial reporting.
Requirements) Regulations, 2015
We, V S Ganesh, Managing Director and Chandrasekar K, (V S Ganesh) (Chandrasekar K)
Chief Financial Officer of Page Industries Limited hereby Managing Director Chief Financial Officer
certify that: (DIN:07822261)
Bengaluru
25th May, 2023

INDEPENDENT AUDITOR’S REPORT
To the Members of Page Industries Limited
Report on the Audit of the Financial of Ethics’ issued by the Institute of Chartered Accountants
Statements of India together with the ethical requirements that are
relevant to our audit of the financial statements under
Opinion the provisions of the Act and the Rules thereunder,
We have audited the accompanying financial statements and we have fulfilled our other ethical responsibilities
of Page Industries Limited (“the Company”), which in accordance with these requirements and the Code
comprise the Balance sheet as at March 31, 2023, the of Ethics. We believe that the audit evidence we have
Statement of Profit and Loss, including the statement of obtained is sufficient and appropriate to provide a basis
Other Comprehensive Income, the Cash Flow Statement for our audit opinion on the financial statements.
and the Statement of Changes in Equity for the year then
ended, and notes to the financial statements, including Key Audit Matters
a summary of significant accounting policies and other Key audit matters are those matters that, in our
explanatory information. professional judgment, were of most significance in our
audit of the financial statements for the financial year
In our opinion and to the best of our information and
ended March 31, 2023. These matters were addressed
according to the explanations given to us, the aforesaid
in the context of our audit of the financial statements
financial statements give the information required
as a whole, and in forming our opinion thereon, and we
by the Companies Act, 2013, as amended (“the Act”)
do not provide a separate opinion on these matters. For
in the manner so required and give a true and fair
each matter below, our description of how our audit
view in conformity with the accounting principles
addressed the matter is provided in that context.
generally accepted in India, of the state of affairs of the
Company as at March 31, 2023, its profit including other We have determined the matters described below to be
comprehensive income, its cash flows and the changes the key audit matters to be communicated in our report.
in equity for the year ended on that date. We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the financial
Basis for Opinion statements section of our report, including in relation
We conducted our audit of the financial statements to these matters. Accordingly, our audit included the
in accordance with the Standards on Auditing (SAs), performance of procedures designed to respond to our
as specified under section 143(10) of the Act. Our assessment of the risks of material misstatement of the
responsibilities under those Standards are further financial statements. The results of our audit procedures,
described in the ‘Auditor’s Responsibilities for the Audit including the procedures performed to address the
of the Financial Statements’ section of our report. We are matters below, provide the basis for our audit opinion on
independent of the Company in accordance with the ‘Code the accompanying financial statements.

Key audit matters How our audit addressed the key audit matter
Revenue recognition (Refer note 22 of the financial statements)
As described in the accounting policy in note 2.2 (c) to Our audit procedures included, among others the
the financial statements, revenue from sale of goods is following:
measured at fair value of the consideration received or
- We have read and evaluated the Company’s
receivable, net of returns and allowances, trade discounts
accounting policy for revenue recognition, including
and volume rebates / incentives.
the policy for recording returns, and discounts in
accordance with Ind AS 115 ‘Revenue from Contracts
The Company has various incentive schemes for its
with Customers’.
retailers and distributors which are based on volume of
sales achieved during the stipulated period. The estimate - We assessed and tested on sample basis the design
of sales likely to be achieved by each retailer / distributor and operating effectiveness of internal controls
requires judgment. including application controls of the Company’s
system over Company’s revenue recognition process.
The Company also makes provision for sales returns, - We selected and tested on a sample basis customer
based on historic trends and assessment of market contracts / orders to test whether the revenues
conditions. recognised with respect to such contracts / orders are
in accordance with the Company’s accounting policy.
Further, as per Ind AS 115, revenues are deferred in cases
- We discussed and obtained an understanding from
where the performance conditions have not been met.
the management on the key assumptions applied and
inputs used in estimating provisions for discounts,
Considering the judgment and estimates involved in
sales incentives and sales returns and compared the
revenue recognition, it is considered to be a key audit
same with the past trends and the provision made by
matter.
the management.
- We tested on a sample basis invoices raised prior
to year-end and post year end to assess whether
revenue is recognized appropriately based on the
performance conditions met, in line with Ind AS 115.
- We read and assessed the relevant disclosures made
in the financial statements including disclosures on
significant accounting judgments, estimates and
assumptions.
We have determined that there are no other key audit matters to communicate in our report.
Other Information is materially inconsistent with the financial statements

or our knowledge obtained in the audit or otherwise
The Company’s Board of Directors is responsible for appears to be materially misstated. If, based on the work
the other information. The other information comprises we have performed, we conclude that there is a material
the information included in the Annual report, but does misstatement of this other information, we are required to
not include the financial statements and our auditor’s report that fact. We have nothing to report in this regard.
report thereon.
Our opinion on the financial statements does not cover Responsibilities of Management and
the other information and we do not express any form of Those Charged with Governance for the
assurance conclusion thereon. Financial Statements
In connection with our audit of the financial statements, The Company’s Board of Directors is responsible for the
our responsibility is to read the other information and, matters stated in section 134(5) of the Act with respect
in doing so, consider whether such other information to the preparation of these financial statements that give

a true and fair view of the financial position, financial As part of an audit in accordance with SAs, we exercise
performance including other comprehensive income, cash professional judgment and maintain professional
flows and changes in equity of the Company in accordance skepticism throughout the audit. We also:
with the accounting principles generally accepted in
• Identify and assess the risks of material misstatement
India, including the Indian Accounting Standards (Ind
of the financial statements, whether due to fraud
AS) specified under section 133 of the Act read with the
or error, design and perform audit procedures
Companies (Indian Accounting Standards) Rules, 2015, as
responsive to those risks, and obtain audit evidence
amended. This responsibility also includes maintenance
that is sufficient and appropriate to provide a basis
of adequate accounting records in accordance with the
for our opinion. The risk of not detecting a material
provisions of the Act for safeguarding of the assets of
misstatement resulting from fraud is higher than for
the Company and for preventing and detecting frauds
one resulting from error, as fraud may involve collusion,
and other irregularities; selection and application of
forgery, intentional omissions, misrepresentations, or
appropriate accounting policies; making judgments
the override of internal control.
and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate • Obtain an understanding of internal control relevant
internal financial controls, that were operating effectively to the audit in order to design audit procedures that
for ensuring the accuracy and completeness of the are appropriate in the circumstances. Under section
accounting records, relevant to the preparation and 143(3)(i) of the Act, we are also responsible for
presentation of the financial statements that give a true expressing our opinion on whether the Company has
and fair view and are free from material misstatement, adequate internal financial controls with reference
whether due to fraud or error. to financial statements in place and the operating
effectiveness of such controls.
In preparing the financial statements, management
is responsible for assessing the Company’s ability to • Evaluate the appropriateness of accounting policies
continue as a going concern, disclosing, as applicable, used and the reasonableness of accounting estimates
matters related to going concern and using the going and related disclosures made by management.
concern basis of accounting unless management either • Conclude on the appropriateness of management’s
intends to liquidate the Company or to cease operations, use of the going concern basis of accounting and,
or has no realistic alternative but to do so. based on the audit evidence obtained, whether
Those charged with governance are also responsible for a material uncertainty exists related to events or
overseeing the Company’s financial reporting process. conditions that may cast significant doubt on the
Company’s ability to continue as a going concern.
Auditor’s Responsibilities for the Audit of the If we conclude that a material uncertainty exists,
Financial Statements we are required to draw attention in our auditor’s
report to the related disclosures in the financial
Our objectives are to obtain reasonable assurance about
statements or, if such disclosures are inadequate,
whether the financial statements as a whole are free from
to modify our opinion. Our conclusions are based
material misstatement, whether due to fraud or error,
on the audit evidence obtained up to the date of
and to issue an auditor’s report that includes our opinion.
our auditor’s report. However, future events or
Reasonable assurance is a high level of assurance, but is
conditions may cause the Company to cease to
not a guarantee that an audit conducted in accordance
continue as a going concern.
with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or • Evaluate the overall presentation, structure and
error and are considered material if, individually or in content of the financial statements, including the
the aggregate, they could reasonably be expected to disclosures, and whether the financial statements
influence the economic decisions of users taken on the represent the underlying transactions and events in a
basis of these financial statements. manner that achieves fair presentation.

We communicate with those charged with governance (c) The Balance Sheet, the Statement of Profit
regarding, among other matters, the planned scope and Loss including the Statement of Other
and timing of the audit and significant audit findings, Comprehensive Income, the Cash Flow Statement
including any significant deficiencies in internal control and the Statement of Changes in Equity dealt with
that we identify during our audit. by this report are in agreement with the books of
account;
We also provide those charged with governance with
(d) In our opinion, the aforesaid financial statements
a statement that we have complied with relevant
comply with the Accounting Standards specified
ethical requirements regarding independence, and to
under section 133 of the Act, read with Companies
communicate with them all relationships and other
(Indian Accounting Standards) Rules, 2015, as
matters that may reasonably be thought to bear on our amended;
independence, and where applicable, related safeguards.
(e) On the basis of the written representations
From the matters communicated with those charged received from the directors as on March 31, 2023
with governance, we determine those matters that taken on record by the Board of Directors, none of
were of most significance in the audit of the financial the directors is disqualified as on March 31, 2023
statements for the financial year ended March 31, 2023 from being appointed as a director in terms of
and are therefore the key audit matters. We describe Section 164 (2) of the Act;
these matters in our auditor’s report unless law or
(f) With respect to the adequacy of the internal
regulation precludes public disclosure about the matter
financial controls with reference to these financial
or when, in extremely rare circumstances, we determine
statements and the operating effectiveness of
that a matter should not be communicated in our report
such controls, refer to our separate Report in
because the adverse consequences of doing so would “Annexure 2” to this report;
reasonably be expected to outweigh the public interest
benefits of such communication. (g) In our opinion, the managerial remuneration for
the year ended March 31, 2023 has been paid
Report on Other Legal and Regulatory / provided by the Company to its directors in
Requirements accordance with the provisions of section 197 read
with Schedule V to the Act; and
1. As required by the Companies (Auditor’s Report)
Order, 2020 (“the Order”), issued by the Central (h) With respect to the other matters to be included in
Government of India in terms of sub-section (11) of the Auditor’s Report in accordance with Rule 11 of
section 143 of the Act, we give in the “Annexure 1” a the Companies (Audit and Auditors) Rules, 2014,
statement on the matters specified in paragraphs 3 as amended, in our opinion and to the best of our
and 4 of the Order. information and according to the explanations
given to us:
2. As required by section 143(3) of the Act, we report
that: i. The Company has disclosed the impact of
pending litigations on its financial position in
(a) We have sought and obtained all the information
its financial statements – Refer Note 36(b) to
and explanations which to the best of our
the financial statements;
knowledge and belief were necessary for the
purposes of our audit;
ii. The Company did not have any long-term
(b) In our opinion, proper books of account as contracts including derivative contracts for
required by law have been kept by the Company which there were any material foreseeable
so far as it appears from our examination of those losses;
books;

iii. There has been no delay in transferring (c) Based on such audit procedures that were
amounts, required to be transferred, to the considered reasonable and appropriate in
Investor Education and Protection Fund by the the circumstances, nothing has come to our
Company; notice that has caused us to believe that the
representations under sub-clause (a) and (b)
iv. (a) The management has represented that, contain any material misstatement.
to the best of its knowledge and belief, no funds
have been advanced or loaned or invested v. The interim dividend declared and paid by the
(either from borrowed funds or share premium Company during the year and until the date of
or any other sources or kind of funds) by the this audit report is in accordance with section
Company to or in any other person or entity, 123 of the Act. Further, no final dividend has
including foreign entity (“Intermediary”), been proposed by the Board of Directors of
with the understanding, whether recorded in the Company.
writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or vi. As proviso to Rule 3(1) of the Companies
invest in other persons or entities identified in (Accounts) Rules, 2014 is applicable for the
any manner whatsoever by or on behalf of the Company only w.e.f. April 1, 2023, reporting
Company (“Ultimate Beneficiary”) or provide under this clause is not applicable.
any guarantee, security or the like on behalf of
the Ultimate Beneficiary;
(b) The management has represented that, to

the best of its knowledge and belief, no funds
For S.R. Batliboi & Associates LLP
have been received by the Company from
Chartered Accountants
any person or entity, including foreign entity
ICAI Firm Registration Number: 101049W/E300004
(“Funding Party”), with the understanding,
whether recorded in writing or otherwise,
per Navin Agrawal
that the Company shall, whether, directly or Partner
indirectly, lend or invest in other persons or Membership Number: 056102
entities identified in any manner whatsoever UDIN: 23056102BGUUPJ8429
by or on behalf of the Funding Party (“Ultimate
Beneficiary”) or provide any guarantee, Bengaluru
security or the like on behalf of the Ultimate May 25, 2023
Beneficiary; and

ANNEXURE ‘1’ REFERRED TO IN PARAGRAPH UNDER THE HEADING “REPORT ON
OTHER LEGAL AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN
DATE
Re: Page Industries Limited (“the Company”)
In terms of the information and explanations sought by us and given by the Company and the books of account and
records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative
details and situation of property, plant and equipment.
(B) The Company has maintained proper records showing full particulars of intangibles assets.
(b) All property, plant and equipment have not been physically verified by the management during
the year but there is a regular programme of verification which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets. No material discrepancies
were noticed on such verification.
(c) According to the information and explanations given by the management, the title deeds of
immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee) disclosed in note 3 to the financial statements
included in property, plant and equipment are held in the name of the Company, except as under:
Description of Gross Held in name of Whether Period Reason for not

Property carrying promoter, director held being held in
value (` In or their relative or since the name of
Mn) employee Company
Land at Nil Karnataka No January Lease deed
Gowribindanur Industrial 2021 expired.
Areas Registration
Development pending
Board (KIADB)
Land at 28 Andhra No June Registration
Ananthpur Pradesh 2020 pending
Industrial
Infrastructure
Corporation
Limited
(d) The Company has not revalued its property, plant and equipment (including right-of-use assets)
or intangible assets during the year ended March 31, 2023.
(e) There are no proceedings initiated or are pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 and rules made
thereunder.

(ii) (a) The inventory has been physically verified by the management during the year, except for
inventories lying with third parties. In our opinion, the frequency of verification by the management
is reasonable and the coverage and procedure for such verification is appropriate. Inventories lying
with third parties have been confirmed by them as at March 31, 2023. There were no discrepancies
of 10% or more in aggregate that were noted for each class of inventory in respect of such physical
verification and third party confirmations.
(b) As disclosed in Note 17 to the financial statements, the Company has been sanctioned working
capital limits in excess of Rupees five crores in aggregate from banks during the year on the
basis of security of current assets of the Company. The quarterly returns/statements filed by the
Company with such banks in respect of gross value of collateral security are in agreement with
the books of accounts of the Company.
(iii) 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. Accordingly, the requirement to report on clause 3(iii)(a) to (f)
of the Order is not applicable to the Company
(iv) There are no loans, investments, guarantees, and security in respect of which provisions of sections
185 and 186 of the Companies Act, 2013 are applicable and accordingly, the requirement to report
on clause 3(iv) of the Order is not applicable to the Company.
(v) The Company has neither accepted any deposits from the public nor accepted any amounts
which are deemed to be deposits within the meaning of sections 73 to 76 of the Act and the rules
made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v)
of the Order is not applicable to the Company.
(vi) The Central Government has not specified the maintenance of cost records under section 148(1)
of the Act, for the products of the Company.
(vii) (a) Undisputed statutory dues including provident fund, employees’ state insurance, income-tax,
goods and services tax, duty of customs, cess and other statutory dues have generally been
regularly deposited with the appropriate authorities though there has been delay in remittance
of advance income-tax. According to the information and explanations given to us and based on
audit procedures performed by us, no undisputed amounts payable in respect of these statutory
dues were outstanding, at the year end, for a period of more than six months from the date they
became payable.
(b) The dues of goods and services tax, provident fund, employees’ state insurance, income-tax,
sales-tax, service tax, duty of custom, duty of excise, value added tax, cess, and other statutory
dues that have not been deposited on account of any dispute, are as follows:

Name of the Nature of the Amount Amount paid Period to which Forum where the
statute dues (` in millions) under protest the amount relates dispute is pending
(` in millions)
Income Tax Act, Income Tax 12.39 2.95 AY 2011-12 Income Tax Appellate
1961 demands Tribunal (ITAT)
14.18 1.20 AY 2014-15
126.06 22.70 AY 2017-18
186.05 - AY 2018-19 Commissioner of
Income Taxes (CIT)
Appeals
Employees' State ESIC Dues 5.88 0.03 Dec 2016 – Aug Deputy Director, ESIC
Insurance Act, 2018
1948
0.79 0.03 Dec 2016 – Apr
2019
Central Excise Excise duty 0.50 - FY 2008-11 Commissioner

Act, 1944 Appeals
2.28 - FY 2010-12 Customs, Excise and
Customs Act, Customs duty 1,271.05 32.61 2016-17 to 2021- Service Tax Appellate
1962 (incl. penalty) 22 Tribunal (CESTAT)
Total 1619.18 59.52
(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the
books of account, in the tax assessments under the Income Tax Act, 1961 as income during the
year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the
Company.
(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of
interest thereon to any lender.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.
(c) The Company did not have any term loans outstanding during the year hence, the requirement to
report on clause (ix)(c) of the Order is not applicable to the Company.
(d) On an overall examination of the financial statements of the Company, no funds raised on short-
term basis have been used for long-term purposes by the Company.
(e) The Company does not have any subsidiary, associate or joint venture. Accordingly, the requirement
to report on clause 3(ix)(e) and (f) of the Order is not applicable to the Company.
(x) (a) The Company has not raised any money during the year by way of initial public offer / further
public offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of
the Order is not applicable to the Company.
(b) The Company has not made any preferential allotment or private placement of shares / fully
or partially or optionally convertible debentures during the year under audit and hence, the
requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or reported
during the year.
(b) During the year, no report under sub-section (12) of section 143 of the Act has been filed by
secretarial auditor or by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of audit procedures.
(xii) The Company is not a nidhi company as per the provisions of the Act. Therefore, the requirement
to report on clause 3(xii)(a) to (c) of the Order is not applicable to the Company.
(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Act where
applicable and the details have been disclosed in the notes to the financial statements, as required
by the applicable accounting standards.
(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.
(b) The internal audit reports of the Company issued till the date of the audit report, for the period
under audit have been considered by us.
(xv) The Company has not entered into any non-cash transactions with its directors or persons
connected with its directors and hence requirement to report on clause 3(xv) of the Order is not
applicable to the Company.
(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable
to the Company. Accordingly, the requirement to report on clause (xvi)(a) of the Order is not
(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities
without obtained a valid Certificate of Registration (CoR) from the Reserve Bank of India as per
the Reserve Bank of India Act, 1934.
(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve
Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not
(d) There are no other Companies part of the Group, hence, the requirement to report on clause
3(xvi)(d) of the Order is not applicable to the Company.
(xvii) The Company has not incurred any cash losses in the current and immediately preceding financial
year.
(xviii) There has been no resignation of the statutory auditors during the year and accordingly
requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in Note 41 to the financial statements, ageing
and expected dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements, our knowledge of the Board of Directors and
management plans and based on our examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to believe that any material uncertainty
exists as on the date of the audit report that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one year from
the balance sheet date. We, however, state that this is not an assurance as to the future viability
of the Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities falling due
within a period of one year from the balance sheet date, will get discharged by the Company as
and when they fall due.
(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be
transferred to a fund specified in Schedule VII of the Act, for the year ended March 31, 2023 in
compliance with second proviso to sub section (5) of section 135 of the Act. This matter has been
disclosed in Note 33 to the financial statements.
(b) All amounts that are unspent under sub section (5) of section 135 of Companies Act, pursuant
to any ongoing project, has been transferred to special account in compliance with provisions of
sub section (6) of section 135 of the said Act. This matter has been disclosed in note 33 to the
financial statements.

ICAI Firm Registration Number: 101049W/E300004
per Navin Agrawal

Partner
Membership Number: 056102
UDIN: 23056102BGUUPJ8429
Bengaluru
May 25, 2023

ANNEXURE ‘2’ REFERRED TO IN PARAGRAPH UNDER THE HEADING
“REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS” OF
OUR REPORT OF EVEN DATE
Report on the Internal Financial Controls under clause and perform the audit to obtain reasonable assurance
(i) of sub-section 3 of section 143 of the Companies Act, about whether adequate internal financial controls with
2013 (“the Act”) reference to these financial statements was established
and maintained and if such controls operated effectively
We have audited the internal financial controls with in all material respects.
reference to financial statements of Page Industries
Limited (“the Company”) as of March 31, 2023, in Our audit involves performing procedures to obtain audit
conjunction with our audit of the financial statements of evidence about the adequacy of the internal financial
the Company for the year ended on that date. controls with reference to these financial statements
and their operating effectiveness. Our audit of internal
Management’s Responsibility for Internal financial controls with reference to financial statements
Financial Controls included obtaining an understanding of internal financial
The Company’s management is responsible for controls with reference to these financial statements,
establishing and maintaining internal financial controls assessing the risk that a material weakness exists,
based on the internal financial controls over financial and testing and evaluating the design and operating
reporting criteria established by the Company effectiveness of internal controls based on the assessed
considering the essential components of internal risk. The procedures selected depend on the auditor’s
control stated in the Guidance Note on Audit of Internal judgement, including the assessment of the risks of
Financial Controls Over Financial Reporting (the material misstatement of the financial statements,
“Guidance Note”) issued by the Institute of Chartered whether due to fraud or error.
Accountants of India (the “ICAI”). These responsibilities
We believe that the audit evidence we have obtained is
include the design, implementation and maintenance of
sufficient and appropriate to provide a basis for our audit
adequate internal financial controls that were operating
opinion on the Company’s internal financial controls with
effectively for ensuring the orderly and efficient conduct
reference to these financial statements.
of its business, including adherence to the Company’s
policies, the safeguarding of its assets, the prevention
Meaning of Internal Financial Controls with
and detection of frauds and errors, the accuracy and
Reference to Financial Statements
completeness of the accounting records, and the timely
preparation of reliable financial information, as required A company’s internal financial controls with reference
under the Act. to financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial
Auditor’s Responsibility reporting and the preparation of financial statements for
external purposes in accordance with generally accepted
Our responsibility is to express an opinion on the
accounting principles.
Company’s internal financial controls with reference
to these financial statements based on our audit. We
A company’s internal financial controls with reference
conducted our audit in accordance with the Guidance
to financial statements includes those policies and
Note and the Standards on Auditing as specified under
procedures that (1) pertain to the maintenance of
section 143(10) of the Act, to the extent applicable to
records that, in reasonable detail, accurately and fairly
an audit of internal financial controls, both issued by the
reflect the transactions and dispositions of the assets
ICAI. Those Standards and the Guidance Note require
of the company; (2) provide reasonable assurance
that we comply with ethical requirements and plan

that transactions are recorded as necessary to permit Opinion
preparation of financial statements in accordance
In our opinion, the Company has, in all material respects,
with generally accepted accounting principles, and
adequate internal financial controls with reference to
that receipts and expenditures of the company are
these financial statements and such internal financial
being made only in accordance with authorisations of
controls with reference to these financial statements
management and directors of the company; and (3)
were operating effectively as at March 31, 2023, based
provide reasonable assurance regarding prevention or
on the internal control over financial reporting criteria
timely detection of unauthorised acquisition, use, or
established by the Company considering the essential
disposition of the company’s assets that could have a
components of internal control stated in the Guidance
material effect on the financial statements.
Note issued by the ICAI.
Inherent Limitations of Internal Financial
Controls with Reference to Financial Statements
Because of the inherent limitations of internal financial ICAI Firm Registration Number: 101049W/E300004
controls with reference to financial statements, including
per Navin Agrawal
the possibility of collusion or improper management
Partner
override of controls, material misstatements due to
Membership Number: 056102
error or fraud may occur and not be detected. Also,
UDIN: 23056102BGUUPJ8429
projections of any evaluation of the internal financial
controls with reference to financial statements to future Bengaluru
periods are subject to the risk that the internal financial May 25, 2023
controls with reference to financial statements may
become inadequate because of changes in conditions,
or that the degree of compliance with the policies or
procedures may deteriorate.

Balance sheet as at 31 March 2023
(All amounts in Indian Rupees Million, unless otherwise stated)
Notes 31 March 2023 31 March 2022
ASSETS
Non-current assets
Property, plant and equipment (net) 3 3 ,374.69 3 ,093.99
Capital work in progress 4 1 ,504.51 6 52.56
Intangible assets (net) 5 25.87 1 9.72
Right of use assets (net) 35 1 ,451.17 9 10.41
Financial assets
Other financial assets 6 204.11 2 21.20
Deferred tax assets (net) 7 51.19 3 6.36
Income tax assets (net) 296.92 2 80.81
Other non-current assets 8 373.71 1 73.63
7,282.17 5 ,388.68
Current assets
Inventories 9 15,952.64 9,748.73
Financial assets
Trade receivables 10 1,460.67 1,650.79
Cash and cash equivalents 11 6.60 889.68
Bank balance other than cash and cash equivalents 12 74.44 1 ,944.97
Other financial assets 6 15.14 57.88
Other current assets 13 2,136.44 1,388.73
19,645.93 15,680.78
Total assets 26,928.10 21,069.46
EQUITY AND LIABILITIES
Equity
Equity share capital 14 111.54 111.54
Other equity 15 13,598.94 10,774.72
Total equity 13,710.48 10,886.26
Liabilities
Non-current liabilities
Financial liabilities
Lease Liabilities 35 1,218.00 746.48
Other non current liabilities 16 63.63 73.13
1,281.63 819.61
Current liabilities
Borrowings 17 2,481.98 -
Lease Liabilities 35 363.98 352.61
Trade payables 18
Total outstanding dues of micro and small enterprises 194.87 131.55
Total outstanding dues of creditors other than micro and small enterprises 2,681.43 3,496.54
Other financial liabilities 19 5,325.54 4,564.20
Other current liabilities 20 544.01 538.42
Liabilities for current tax (net) 22.04 22.04
Provisions 21 322.14 258.23
11,935.99 9,363.59
Total liabilities 13,217.62 10,183.20
Total equity and liabilities 26,928.10 21,069.46
Summary of significant accounting policies 2
The accompanying notes are an integral part of the financial statements.
As per our report of even date
For S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants For and on behalf of the Board of Directors of
ICAI Firm Registration No.: 101049W/E300004 Page Industries Limited
per Navin Agrawal Sunder Genomal V S Ganesh
Partner Chairman Managing Director
Membership no.: 056102 DIN No.: 00109720 DIN No.: 07822261
Chandrasekar K C Murugesh
Chief Financial Officer Company Secretary
Membership no.: A21787
Place: Bengaluru Place: Bengaluru
Date: 25 May 2023 Date: 25 May 2023

Statement of Profit and Loss for the year ended 31 March 2023
Notes 31 March 2023 31 March 2022
Income
Revenue from operations 22 47,886.40 38,864.65
Other income 23 147.30 209.77
Total Income 48,033.70 39,074.42
Expenses
Cost of raw materials consumed 24 14,881.28 10,080.60
Purchases of traded goods 25 14,255.79 8,836.09
(Increase)/decrease in inventories 26 (7,457.27) (1,827.01)
Employee benefits expense 27 8,812.21 7,201.01
Depreciation and amortisation expense 28 780.88 654.73
Finance costs 29 412.82 321.96
Other expenses 30 8,766.96 6,719.32
Total Expenses 40,452.67 31,986.70
Profit before tax 7,581.03 7,087.72
Tax expense 31
Current tax 1,877.00 1,736.00
Deferred tax credit (18.78) (20.17)
Tax expense pertaining to earlier years 10.32 6.58
Total tax expenses 1,868.54 1,722.41
Profit for the year 5,712.49 5,365.31
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Re-measurement gains on defined benefit plans 15.68 24.40
Income tax effect on above (3.95) (6.14)
Other comprehensive income for the year, net of tax 11.73 18.26
Total comprehensive income for the year, net of tax 5,724.22 5,383.57
Earnings per share (par value ` 10 each) (31 March 2022: ` 10 each) 32
Basic (`) 512.15 481.03
Diluted (`) 512.15 481.03
Summary of significant accounting policies 2


For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors of
Chartered Accountants Page Industries Limited
ICAI Firm Registration No.: 101049W/E300004



Statement of changes in equity for the year ended 31 March 2023
a) Equity share capital:
Particulars Nos. Amount
Equity shares of ` 10 each issued, subscribed and fully paid
At 01 April 2021 1,11,53,874 111.54
At 31 March 2022 1,11,53,874 111.54
At 31 March 2023 1,11,53,874 111.54
Also refer note 14
b) Other equity
Reserves and surplus
Particulars General Securities Retained
reserve premium earnings Total
(note 15) (note 15) (note 15)
As at 01 April 2021 739.90 412.01 7,585.39 8,737.30
Profit for the year - - 5,365.31 5,365.31

Re-measurement gains on defined benefit plans - - 18.26 18.26
Total comprehensive income - - 5,383.57 5,383.57
Less: Interim dividend (` 300 per share) - - 3,346.15 3,346.15
As at 31 March 2022 739.90 412.01 9,622.81 10,774.72
As at 01 April 2022 739.90 412.01 9,622.81 10,774.72
Profit for the year - - 5,712.49 5,712.49

Re-measurement gains on defined benefit plans - - 11.73 11.73
Total comprehensive income - - 5,724.22 5,724.22
Less: Interim dividend (` 260 per share) - - 2,900.00 2,900.00
As at 31 March 2023 739.90 412.01 12,447.03 13,598.94
Summary of significant accounting policies (note 2)

For S. R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors of

Statement of cash flows for the year ended 31 March 2023
31 March 2023 31 March 2022
A. Operating activities
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and amortisation expense 780.88 654.73
(Gain)/ loss on sale of property, plant and equipment (net) (1.28) 2.59
Finance costs 412.82 321.96
(Reversal) / provision for doubtful debts (net) (15.26) 22.49
Provision for disputed claims - 18.91
Provisions no longer required written back (24.07) -
Interest income (44.52) (145.00)
Government grants (9.50) (9.51)
Gain on modification of leases (net) (1.02) (20.15)
Unrealised loss / (gain) on exchange fluctuation (net) (9.07) (5.18)
Working capital adjustments
(Increase)/decrease in other financial assets (14.09) (16.23)
(Increase)/decrease in other assets (771.17) (504.34)
(Increase)/decrease in inventories (6,203.91) (4,199.39)
(Increase)/decrease in trade receivables 205.38 (302.10)
Increase/(decrease) in other liabilities (23.88) 135.71
Increase/(decrease) in trade payables (751.72) 1,124.85
Increase/(decrease) in other financial liabilities 698.02 769.15
Increase/(decrease) in provisions 79.59 82.72
Cash generated from operations 1,888.23 5,018.93
Income tax paid (net of refunds) (1,904.31) (1,749.82)
Net cash flows (used in)/ from operating activities (A) (16.08) 3,269.11
B. Investing activities
Proceeds from sale of property, plant and equipment 18.55 0.82
Purchase of property, plant and equipment (1,656.54) (979.64)
Investment in fixed deposits (2,200.00) (6,859.09)
Proceeds from maturity of fixed deposits 4,100.00 8,909.09
Interest received 45.74 117.34
Net cash flows from investing activities (B) 307.75 1,188.52
C. Financing activities
Proceeds/ (repayments) of short term borrowings (net) 1,915.89 -
Payment of lease liabilities (net) (348.41) (312.39)
Interest paid on lease liabilities (137.62) (112.81)
Dividends paid (2,899.62) (3,347.04)
Interest paid (271.08) (192.18)
Net cash flows used in financing activities (C) (1,740.84) (3,964.42)
Net increase/ (decrease) in cash and cash equivalents (A + B + C) (1,449.17) 493.21
Cash and cash equivalents at the beginning of the year 889.68 396.47
Cash and cash equivalents at year end (559.49) 889.68
Components of cash and cash equivalents
Cash on hand 0.81 0.79
Balance with banks 5.79 888.89
Cash credit from banks (566.09) -
Total cash and cash equivalents (note 11) (559.49) 889.68
Summary of significant accounting policies (note 2)
For S. R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors of


Notes to the financial statements for the year ended 31 March 2023
1. Corporate information values at the end of each reporting period, as explained

in the accounting policies below. Historical cost is
Page Industries Limited (“the Company”) was
generally based on the fair value of the consideration
incorporated in the year 1995 with the key objective
given in exchange for goods and services as at the
of bringing the innerwear brand “JOCKEY” to India.
date of respective transactions.
The core values of the brand include youthfulness,
fun, quality, value, confidence and innovation. The The financial statements are presented in Indian
Company has introduced a wide range of quality Rupees (`) and all the values are rounded off to
products for men, women and children as well as the nearest million upto two decimal places, unless
innovative marketing concepts such as display otherwise stated.
modules aimed at enhancing the consumer’s ii. Use of estimates, assumptions and judgements
involvement with the purchase.
The preparation of the financial statements in
The Company commenced operations in the year 1995 conformity with Ind AS requires the management
in Bengaluru with the manufacturing, distribution to make estimates, judgements and assumptions
and marketing of Jockey products. The Company that affect the application of accounting policies
has added to its profile by entering into license with and reported amounts of assets, liabilities, income
“SPEEDO”, globally known International brand for and expenses. Actual results may differ from those
swim wear. estimates. Estimates and underlying assumptions
The Company is a public company domiciled in are reviewed on an ongoing basis. Revisions to
India and is incorporated under the provisions of the accounting estimates are recognized in the year
Companies Act applicable in India. The registered in which the estimates are revised, and future
office of the Company is located at Cessna Business periods are affected.
Park, 7th Floor, Umiya Business Bay, Tower-1, Varthur Information about significant areas of estimation
Hobli, Outer Ring Road, Bengaluru – 560 103. Its / uncertainty and judgements in applying
shares are listed on Bombay Stock Exchange (BSE) accounting policies that may have significant
and National Stock Exchange (NSE). impact are as follows:
The financial statements are approved for issue by a) Measurement of defined benefit obligations
the Company’s Board of Directors on 25 May 2023.
The cost of the defined benefit gratuity plan and
the present value of the gratuity obligation are
2. Significant accounting policies determined using actuarial valuations. An actuarial
valuation involves making various assumptions that
2.1.Basis of preparation may differ from actual developments in the future.
i. The financial statements of the Company have been These include the determination of the discount
prepared in accordance with Indian Accounting rate, future salary increases and mortality rates. Due
Standards (Ind AS) notified under the Companies to the complexities involved in the valuation and
(Indian Accounting Standards) Rules, 2015 (as its long-term nature, a defined benefit obligation is
amended from time to time) and presentation highly sensitive to changes in these assumptions. All
requirements of Division II of Schedule III to the assumptions are reviewed at each reporting date.
Companies Act, 2013 (Ind AS compliant Schedule III) The parameter most subject to change is the discount
as applicable to the financial statements rate. In determining the appropriate discount rate,
The financial statements have been prepared on the management considers the interest rates of
the historical cost basis, except for certain financial government bonds in currencies consistent with the
instruments (refer accounting policy regarding currencies of the post-employment benefit obligation.
financial instruments), which are measured at fair

The mortality rate is based on publicly available e) Leases
mortality tables. Those mortality tables tend to
The Company determines the lease term as the non-
change only at interval in response to demographic
cancellable term of the lease, together with any
changes. Future salary increases and gratuity
periods covered by an option to extend the lease if it
increases are based on expected future inflation
is reasonably certain to be exercised, or any periods
rate and past trends. Further details about gratuity
covered by an option to terminate the lease, if it is
obligations are given in note 34.
reasonably certain not to be exercised.
b) Provision for litigation and contingencies
The Company has several lease contracts that
The provision for litigations and contingencies include extension and termination options. The
are determined based on evaluation made by the Company applies judgement in evaluating whether
management of the present obligation arising from it is reasonably certain to exercise the option to
past events the settlement of which is expected to renew or terminate the lease. It considers all relevant
result in outflow of resources embodying economic factors that create an economic incentive for it to
benefits, which involves judgements around exercise either the renewal or termination. After the
estimating the ultimate outcome of such past events commencement date, the Company reassesses the
and measurement of the obligation amount. Due lease term if there is a significant event or change
to the judgements involved in such estimations the in circumstances that is within its control and affects
provisions are sensitive to the actual outcome in its ability to exercise or not to exercise the option to
future periods. renew or to terminate.
c) Useful life of assets considered for depreciation of 2.2. Summary of significant accounting policies
Property, Plant and Equipments
a. Current versus non-current classification
The charge in respect of periodic depreciation is
The Company presents assets and liabilities in
derived after determining an estimate of an asset’s
balance sheet based on current/non-current
expected useful life and the expected residual value at
classification.
the end of its life. The useful lives and residual values
of Company‘s assets are determined by management An asset is treated as current when it is:
at the time the asset is acquired and reviewed at • Expected to be realized or intended to be sold or
each financial year end. The lives are based on prior consumed in normal operating cycle
asset usage experience and the risk of technological • Held primarily for the purpose of trading
obsolescence.
• Expected to be realized within twelve months
d) Provision for dealer incentive and accrual for sales after the reporting period, or
return • Cash or cash equivalent unless restricted from
The Company has various incentive schemes for its being exchanged or used to settle a liability for at
retailers and distributors which are based on volume least twelve months after the reporting period.
of sales achieved during the stipulated period. The All other assets are classified as non-current.
estimate of sales likely to be achieved by each A liability is current when:
retailer / distributor is based on judgment, historic
• It is expected to be settled in normal operating
trends and assessment of market conditions. The
cycle
Company reviews the trend at regular intervals and
accordingly makes a provision for such incentives at • It is held primarily for the purpose of trading
each reporting date. • It is due to be settled within twelve months after
the reporting period, or
The Company has contracts with customers which
entitles them the right to return. The Company • There is no unconditional right to defer the
makes provision for such right to return, based on settlement of the liability for at least twelve
historic trends. months after the reporting period.

The Company classifies all other liabilities as non- • Identify the contract with a customer,
current. • Identify the performance obligations in the
Deferred tax assets and liabilities are classified as contract,
non-current assets and liabilities. • Determine the transaction price,
The operating cycle is the time between the acquisition • Allocate the transaction price to the performance
of assets for processing and their realization in cash obligations in the contract, and
and cash equivalents. The Company has identified • Recognize revenues when a performance
twelve months as its operating cycle. obligation is satisfied.
b. Foreign currencies Sale of goods
Functional and presentation currency Revenue from sale of goods is recognized upon
Items included in the financial statements of the transfer of control of promised goods to customers.
Company are measured using the currency of the Revenue is recognized to the extent that it is probable
primary economic environment in which the Company that the economic benefits will flow to the Company
operates (‘the functional currency’). The financial and the revenue can be reliably measured, regardless
statements are presented in Indian Rupee (`), which is of when the payment is being made.
the Company’s functional and presentation currency.
Revenue from the sale of goods is measured at the
Foreign currency transactions and balances fair value of the consideration received or receivable,
Initial recognition net of returns and allowances, trade discounts and
volume rebates/ incentives.
Transactions, if any, in foreign currencies are initially
recorded by the Company at their respective The Company has concluded that it is the principal in
functional currency spot rates at the date the all of its revenue arrangements since it is the primary
transaction first qualifies for recognition. obligor in all the revenue arrangements as it has
Translation pricing latitude and is also exposed to inventory and
credit risks.
Monetary assets and liabilities denominated in foreign
currencies, if any, are translated at the functional Goods and Services Tax (GST) is not received by
currency spot rates of exchange at the reporting date. the Company in its own account. Rather, it is tax
collected on behalf of the government. Accordingly,
Non-monetary items that are measured in terms
of historical cost in a foreign currency, if any, are it is excluded from revenue.
translated using the exchange rates at the dates of Contract balances
the initial transactions.
Contract assets: A contract asset is the right to
Exchange differences
consideration in exchange for goods or services
Exchange differences, if any, arising on settlement or transferred to the customer. If the Company performs
translation of monetary items are recognized in the by transferring goods or services to a customer
statement of profit and loss in the period in which before the customer pays consideration or before
they arise. payment is due, a contract asset is recognized for the
c. Revenue from contract with customers earned consideration that is conditional.
Revenue from contracts with customers is recognized Contract liabilities: A contract liability is the obligation to
upon transfer of control of promised goods/ transfer goods or services to a customer for which the
products to customers at an amount that reflects the Company has received consideration from the customer.
consideration to which the Company is entitled for If a customer pays consideration before the Company
those goods/ products. transfers goods or services to the customer, a contract
To recognize revenues, the Company applies the liability is recognized when the payment is received.
following five-step approach:

Liabilities arising from rights to return is subsequently measured as per the accounting
policies applicable to financial liabilities.
A refund liability is the obligation to refund some or all
of the consideration received from the customer. The e. Taxes
Company has therefore recognized refund liabilities
Income tax expense comprises current tax expense
in respect of customer’s right to return. The Company
and the net change in the deferred tax asset or
updates its estimate of refund liabilities (i.e., accrual
liability during the year. Current and deferred tax
for sales returns) at the end of each reporting period.
are recognized in the statement of profit and loss,
Sale of scrap and other materials except when they relate to items that are recognized
in other comprehensive income (OCI) or directly in
Revenue from sale of scrap and other materials is
equity, in which case, the current and deferred tax
recognized upon transfer of control of goods to
are also recognized in other comprehensive income
customers.
or directly in equity, respectively.
Duty draw back
Current income tax
Duty drawback is accounted for in the year of exports
Current income tax for the current and prior periods
based on eligibility and when there is no uncertainty
are measured at the amount expected to be paid to
in receiving the same.
the taxation authorities based on the taxable income
Interest income for that period. The tax rates and tax laws used to
For all financial instruments measured at amortized compute the amount are those that are enacted or
cost, interest income is recorded using the effective substantively enacted at the balance sheet date.
interest rate (EIR). EIR is the rate that exactly Deferred income tax
discounts the estimated future cash payments
Deferred tax is recognized on temporary differences
or receipts over the expected life of the financial
at the balance sheet date between the tax bases
instrument or a shorter period, where appropriate, to
of assets and liabilities and their carrying amounts
the net carrying amount of the financial asset. Interest
for financial reporting purposes, except when the
income is included in other income in the statement
deferred income tax arises from the initial recognition
of profit and loss.
of goodwill or an asset or liability in a transaction
d. Government grants that is not a business combination and affects neither
Government grants are recognized where there is accounting nor taxable profit or loss at the time of
reasonable assurance that the grant will be received the transaction.
and all attached conditions will be complied with. Deferred income tax assets are recognized for all
• When the grant relates to an expense item, it is deductible temporary differences, carry forward
recognized as income on a systematic basis over of unused tax credits and unused tax losses, to the
the periods that the related costs, for which it is extent that it is probable that taxable profit will be
intended to compensate, are expensed. available against which the deductible temporary
differences, and the carry forward of unused tax
• Where the grant relates to an asset, it is recognized credits and unused tax losses can be utilized.
as income in equal amounts over the expected
useful life of the related asset. The carrying amount of deferred income tax assets is
reviewed at each balance sheet date and reduced to
When loans or similar assistance are provided by the extent that it is no longer probable that sufficient
governments or related institutions, at a below- taxable profit will be available to allow all or part
market rate of interest, the effect of this favourable of the deferred income tax asset to be utilized.
interest is treated as a government grant. The loan Unrecognized deferred tax assets are re-assessed at
or assistance is initially recognized and measured each reporting date and are recognized to the extent
at fair value, and the government grant is measured that it has become probable that future taxable profits
as the difference between the proceeds received will allow the deferred tax asset to be recovered.
and the initial carrying value of the loan. The loan

Deferred tax relating to items recognized outside of assets not ready for use at the balance sheet date
the statement of profit and loss is recognized in are disclosed under capital work- in- progress.
correlation to the underlying transaction either in OCI
Depreciation is calculated on a straight-line basis over
or directly in equity.
the estimated useful lives of the assets as prescribed
Deferred income tax assets and liabilities are under Part C of Schedule II of the Companies Act,
measured at the tax rates that are expected to apply 2013 as follows:
in the period when the asset is realized or the liability
Asset Useful life in years
is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the balance Plant and machinery 15 years/ 10 years
sheet date. Office building 60 years
The Company offsets deferred tax assets and Factory building 30 years
deferred tax liabilities if and only if it has a legally Computers 3 years/ 6 years
enforceable right to set off current tax assets and Office equipment 5 years
current tax liabilities and the deferred tax assets Furniture and fittings 10 years
and deferred tax liabilities relate to income taxes
Vehicles* 5 years
levied by the same taxation authority which intend
either to settle current tax liabilities and assets on *The Company, based on management estimate,
a net basis, or to realize the assets and settle the depreciates vehicles over estimated useful lives
liabilities simultaneously, in each future period in which are different from the useful life prescribed in
which significant amounts of deferred tax liabilities Schedule II to the Companies Act, 2013 (8 years) as
or assets are expected to be settled or recovered. the management believes that these are realistic and
reflect fair approximation of the period over which
f. Property, plant and equipment and capital work in
the assets are likely to be used.
progress
An item of property, plant and equipment and any
Property, plant and equipment is stated at cost, significant part initially recognized is derecognized
net of accumulated depreciation and accumulated upon disposal or when no future economic benefits
impairment losses, if any. Further, capital work are expected from its use or disposal. Any gain or
in progress is stated at cost, net of accumulated loss arising on derecognition of the asset (calculated
depreciation. Such cost includes the cost of replacing as the difference between the net disposal proceeds
part of the plant and equipment and borrowing costs and the carrying amount of the asset) is included in
for long-term construction projects if the recognition the statement of profit and loss when the asset is
criteria are met. When significant parts of property, derecognized.
plant and equipment are required to be replaced at The residual values, useful lives and methods of
intervals, the Company depreciates them separately depreciation of property, plant and equipment are
based on their specific useful lives. All other repair and reviewed at each financial year end and adjusted
maintenance costs are recognized in the statement of prospectively, if appropriate.
profit and loss as incurred. g. Intangible assets
The Company identifies and determines cost of each Intangible assets acquired separately are measured
component/ part of property, plant and equipment on initial recognition at cost. Following initial
separately, if the component/ part has a cost which recognition, intangible assets are carried at cost less
is significant to the total cost of the property, plant any accumulated amortization and accumulated
and equipment and has useful life that is materially impairment losses. Internally generated intangibles,
different from that of the remaining asset. excluding capitalized development costs, are not
capitalized and the related expenditure is reflected in
Advances paid towards the acquisition of property, statement of profit and loss in the period in which the
plant and equipment outstanding at each balance expenditure is incurred.
sheet date are classified as capital advances and cost

Intangible assets are amortized over the useful independent of those from other assets. In such cases,
economic life and assessed for impairment whenever the recoverable amount is determined for the cash
there is an indication that the intangible asset may generating unit (CGU) to which the asset belongs.
be impaired. The amortization period and the
If the recoverable amount of an asset (or CGU) is
amortization method for an intangible asset are
estimated to be less than its carrying amount, the
reviewed at least at the end of each reporting period.
carrying amount of the asset (or CGU) is reduced
The amortization expense on intangible assets is
recognized in the statement of profit and loss unless to its recoverable amount. An impairment loss is
such expenditure forms part of carrying value of recognized in the statement of profit and loss.
another asset. i. Borrowing costs
A summary of the policies applied to the Company’s Borrowing costs directly attributable to the
intangible assets is, as follows: acquisition, construction or production of an asset
Computer Software that necessarily takes a substantial period of time to
get ready for its intended use or sale are capitalized
Useful lives 3 years as part of the cost of the asset. All other borrowing
Amortization method Amortized on a straight- costs are expensed in the period in which they occur.
used line basis Borrowing costs consist of interest and other costs
that an entity incurs in connection with the borrowing
h. Impairment
of funds.
Financial assets (other than at fair value)
j. Leases
The Company assesses at each date of balance sheet
The Company assesses at contract inception whether
whether a financial asset or a group of financial assets a contract is, or contains, a lease. That is, if the
is impaired. Ind AS 109 (‘Financial Instruments’) contract conveys the right to control the use of an
requires expected credit losses to be measured identified asset for a period of time in exchange for
through a loss allowance. The Company recognizes consideration.
lifetime expected losses for all contract assets and
Company as a lessee
/ or all trade receivables that do not constitute a
financing transaction. For all other financial assets, The Company applies a single recognition and
measurement approach for all leases, except for
expected credit losses are measured at an amount
short-term leases and leases of low-value assets. The
equal to the 12-month expected credit losses or at an
Company recognizes lease liabilities to make lease
amount equal to the life time expected credit losses
payments and right-of-use assets representing the
if the credit risk on the financial asset has increased
right to use the underlying assets.
significantly since initial recognition. The Company
provides for impairment upon the occurrence of the Right-of-use assets
triggering event. The Company recognizes right-of-use assets at the
commencement date of the lease (i.e., the date the
Non-financial assets
underlying asset is available for use). Right-of-use
Property, plant and equipment, right of use assets assets are measured at cost, less any accumulated
and intangible assets depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost
Property, plant and equipment, right of use assets
of right-of-use assets includes the amount of lease
and intangible assets are evaluated for recoverability
liabilities recognized, initial direct costs incurred, and
whenever there is any indication that their carrying
lease payments made at or before the commencement
amounts may not be recoverable. If any such date less any lease incentives received. Right-of-use
indication exists, the recoverable amount (i.e. higher assets are depreciated on a straight-line basis over
of the fair value less cost to sell and the value-in-use) the shorter of the lease term and the estimated useful
is determined on an individual asset basis unless the lives of the assets.
asset does not generate cash flows that are largely

Leasehold land included in right-of-use assets is Company as a lessor
depreciated over the lease period.
The Company continues to classify leases as either
If ownership of the leased asset transfers to the finance leases or operating leases and account for
Company at the end of the lease term or the those two types of leases differently.
cost reflects the exercise of a purchase option,
The Company accounts for the head lease and the
depreciation is calculated using the estimated useful
sub-lease as two separate contracts. The Company
life of the asset.
is required to classify the sub-lease as a finance or
The right-of-use assets are also subject to impairment. operating lease by reference to the right-of-use asset
Refer to the accounting policies in section (h) arising from the head lease.
Impairment of non-financial assets.
k. Inventories
Lease Liabilities
Inventories are valued at the lower of cost and net
At the commencement date of the lease, the Company
realizable value.
recognizes lease liabilities measured at the present
value of lease payments to be made over the lease Raw materials, consumables, stores, spares and
term. The lease payments include fixed payments packing materials: cost includes cost of purchase
(including in substance fixed payments) less any and other costs incurred in bringing the inventories
lease incentives receivable, variable lease payments to their present location and condition. Cost is
that depend on an index or a rate, and amounts determined on a weighted average basis.
expected to be paid under residual value guarantees.
Finished goods and work-in-progress: cost includes
The lease payments also include the exercise price of
cost of direct materials and labour and a proportion
a purchase option reasonably certain to be exercised
of manufacturing overheads based on the normal
by the Company and payments of penalties for
operating capacity. Cost is determined on weighted
terminating the lease, if the lease term reflects the
Company exercising the option to terminate. average basis.
In calculating the present value of lease payments, Traded goods: cost includes cost of purchase and
the Company uses its incremental borrowing rate at other costs incurred in bringing the inventories to
the lease commencement date because the interest their present location and condition.
rate implicit in the lease is not readily determinable. Net realizable value is the estimated selling price in
After the commencement date, the amount of lease the ordinary course of business, less estimated costs
liabilities is increased to reflect the accretion of of completion and the estimated costs necessary to
interest and reduced for the lease payments made.
make the sale.
In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change l. Retirement and other employee benefits
in the lease term, a change in the lease payments Provident Fund
(e.g., changes to future payments resulting from a
change in an index or rate used to determine such Retirement benefit in the form of provident fund is
lease payments) or a change in the assessment of an a defined contribution scheme. The Company has
option to purchase the underlying asset. no obligation, other than the contribution payable
to the provident fund. The Company recognizes
The Company’s lease liabilities are included in
contribution payable to the provident fund scheme
financial liabilities (refer note 35).
as expenditure, when an employee renders the
Lease payments on short-term leases, and leases related service.
of low-value assets are recognized as expense on a
straight-line basis over the lease term.

Gratuity rise on specified dates to cash flows that are solely
payments of principal and interest on the principal
Gratuity, which is a defined benefit plan, is accrued
amount outstanding.
based on an independent actuarial valuation, which
is done based on projected unit credit method as at Financial assets at fair value through other
the balance sheet date. The Company recognizes the comprehensive income
net obligation of a defined benefit plan in its balance
Financial assets are measured at fair value through
sheet as an asset or liability. Gains and losses through
other comprehensive income if these financial
re-measurements of the net defined benefit liability/
assets are held within a business whose objective is
(asset) are recognized in other comprehensive
achieved by both collecting contractual cash flows
income. In accordance with Ind AS, re-measurement
and selling financial assets and the contractual terms
gains and losses on defined benefit plans recognized
of the financial asset give rise on specified dates to
in OCI are not subsequently reclassified to statement
cash flows that are solely payments of principal and
of profit and loss. As required under Ind AS compliant
interest on the principal amount outstanding.
Schedule III, the Company transfers it immediately to
retained earnings. Financial assets at fair value through profit or loss
Compensated absences Financial assets are measured at fair value through

profit or loss unless it is measured at amortized cost
The cost of short-term compensated absences
or at fair value through other comprehensive income
are provided for based on estimates. Long term
on initial recognition. The transaction costs directly
compensated absence costs are provided for based
attributable to the acquisition of financial assets
on actuarial valuation using the projected unit credit
at fair value through profit or loss are immediately
method. The Company presents the entire leave as a
recognized in statement of profit and loss.
current liability in the balance sheet, since it does not
have an unconditional right to defer its settlement for Reclassification of financial assets
atleast 12 months after the reporting date.
The Company determines classification of financial
m. Financial instruments assets and liabilities on initial recognition. After
initial recognition, no reclassification is made for
A financial instrument is any contract that gives
financial assets which are equity instruments and
rise to a financial asset of one entity and a financial
financial liabilities. For financial assets which are debt
liability or equity instrument of another entity.
instruments, a reclassification is made only if there is
Financial assets a change in the business model for managing those
assets. Changes to the business model are expected
Initial recognition and measurement
to be infrequent. If the Company reclassifies financial
All financial assets are recognized initially at fair value assets, it applies the reclassification prospectively
plus, in the case of financial assets not recorded at from the reclassification date which is the first day
fair value through profit or loss, transaction costs of the immediately next reporting period following
that are attributable to the acquisition of the financial the change in business model. The Company does
asset. Transaction cost directly attributable to the not restate any previously recognized gains, losses
acquisition of financial assets at fair value through (including impairment gains or losses).
profit or loss are recognized immediately in the
statement of profit and loss.
Financial liabilities are classified, at initial recognition,
Financial assets at amortized cost
as financial liabilities at fair value through profit or
Financial assets are subsequently measured at loss, loans and borrowings, payables, as appropriate.
amortized cost if these financial assets are held
Initial recognition and measurement
within a business whose objective is to hold these
assets in order to collect contractual cash flows All financial liabilities are recognized initially at fair
and the contractual terms of the financial asset give value and, in the case of loans and borrowings and

payables, net of directly attributable transaction Fair value hierarchy
costs. The Company’s financial liabilities include trade
Fair value is the price that would be received to sell
and other payables and loans and borrowings.
an asset or paid to transfer a liability in an orderly
Subsequent measurement transaction between market participants at the
measurement date. The fair value measurement is
Financial liabilities are subsequently carried at
based on the presumption that the transaction to sell
amortized cost using the effective interest rate (EIR)
the asset or transfer the liability takes place either:
method. For trade and other payables maturing
within one year from the balance sheet date, the • In the principal market for the asset or liability; or
carrying amounts approximate fair value due to the • In the absence of a principal market, in the most
short maturity of these instruments. advantageous market for the asset or liability.
Loans and borrowings The principal or the most advantageous market must
be accessible by the Company.
Loans and borrowings are initially recognized at fair
value, net of transaction costs incurred. Borrowings The fair value of an asset or a liability is measured
are subsequently measured at amortized cost. using the assumptions that market participants would
After initial recognition, interest-bearing loans and use when pricing the asset or liability, assuming that
borrowings are subsequently measured at amortized market participants act in their best economic interest.
cost using the EIR method. Gains and losses are
A fair value measurement of a non-financial asset
recognized in statement of profit and loss when the
takes into account a market participant’s ability to
liabilities are derecognized.
generate economic benefits by using the asset in
Amortized cost is calculated by taking into account its highest and best use, or by selling it to another
any discount or premium on acquisition and fees market participant that would use the asset in its
or costs that are an integral part of the EIR. The highest and best use.
EIR amortization is included as finance costs in the
All assets and liabilities for which fair value is
statement of profit and loss.
measured or disclosed in the financial statements are
De-recognition of financial instruments categorized within the fair value hierarchy, described
as follows, based on the lowest level input that is
The Company derecognizes a financial asset when the
significant to the fair value measurement as a whole:
contractual rights to the cash flows from the financial
asset expire or it transfers the financial asset and the Level 1 Quoted (unadjusted) market prices in
transfer qualifies for derecognition under Ind AS 109. active markets for identical assets or
A financial liability (or a part of a financial liability) liabilities
is derecognized when the obligation specified in the
Level 2 Valuation techniques for which the
contract is discharged or cancelled or expires.
lowest level input that is significant to
Offsetting of financial instruments the fair value measurement is directly or
indirectly observable
Financial assets and financial liabilities are offset and
Level 3 Valuation techniques for which the lowest
the net amount is reported in the balance sheet if
level input that is significant to the fair
there is a currently enforceable legal right to offset
value measurement is unobservable.
the recognized amounts and there is an intention to
settle on a net basis, to realize the assets and settle For assets and liabilities that are recognized in the
the liabilities simultaneously. financial statements on a recurring basis, the Company
n. Fair value measurements and hierarchy determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorization
In determining the fair value of its financial (based on the lowest level input that is significant to
instruments, the Company uses following hierarchy the fair value measurement as a whole) at the end of
and assumptions that are based on market conditions each reporting period.
and risks existing at each reporting date.

The carrying amounts of trade receivables, trade For the purpose of the statement of cash flows, cash
payables, payables towards capital goods, other and cash equivalents consist of cash and short-term
Bank Balances and cash and cash equivalents are deposits, as defined above, net of outstanding bank
considered to be the same as their fair values, due to overdrafts (if any) as they are considered an integral
their short-term tenor. part of the Company’s cash management.
o. Earnings per share r. Cash dividend distribution to equity holders
The basic earnings per share is computed by dividing The Company recognizes a liability to make cash
the net profit attributable to equity shareholders distributions to equity holders of the Company when
for the period by the weighted average number of the distribution is authorized, and the distribution
equity shares outstanding during the period. The is no longer at the discretion of the Company. Final
number of shares used in computing diluted earnings dividends on shares are recorded as a liability on the
per share comprises of the weighted average shares date of approval by the shareholders and interim
considered for deriving basic earnings per share, and dividends are recorded as a liability on the date of
also the weighted average number of equity shares declaration by the Company’s Board of Directors.
which could be issued on the conversion of all dilutive
s. Provisions
potential equity shares. Dilutive potential equity
shares are deemed converted as of the beginning of Provisions are recognized when the Company has a
the period, unless they have been issued at a later present obligation (legal or constructive) as a result of
date. The diluted potential equity shares have been a past event, it is probable that an outflow of resources
arrived at, assuming that the proceeds receivable embodying economic benefits will be required to
were based on shares having been issued at the settle the obligation and a reliable estimate can be
average market value of the outstanding shares. In made of the amount of the obligation.
computing dilutive earnings per share, only potential
If the effect of the time value of money is material,
equity shares that are dilutive and that would, if
provisions are discounted using a current pre-tax rate
issued, either reduce future earnings per share or
that reflects, when appropriate, the risks specific to
increase loss per share, are included.
the liability. When discounting is used, the increase in
p. Segment Reporting the provision due to the passage of time is recognized
as a finance cost.
Operating segments are reported in a manner
consistent with the internal reporting provided t. Contingent liability
to the Chief Operating Decision Maker. The Chief
Contingent liability is a possible obligation that arises
Operating Decision Maker is considered to be the
from past events, existence of which will be confirmed
Board of Directors which makes strategic decisions
by the occurrence or non-occurrence of one or more
and is responsible for allocating resources and
uncertain future events beyond the control of the
assessing performance of the operating segments.
Company, or a present obligation that arises from
The Company is primarily engaged in the business
past events where it is not probable that an outflow
of manufacturing, distribution and marketing of
of resources will be required to settle the obligation.
garments. These in the context of Ind AS 108 on
Operating Segments Reporting are considered to A contingent liability also arises in extremely rare
constitute single business segment. cases where there is a liability that cannot be
measured reliably. The Company does not recognize
q. Cash and cash equivalents
a contingent liability but discloses its existence in
Cash and cash equivalent in the balance sheet the financial statements, unless the possibility of an
comprise of cash at banks and on hand and short- outflow of resources embodying economic benefits
term deposits with an original maturity of three is remote.
months or less, which are subject to an insignificant
risk of changes in value.

3 Property, plant and equipment (net)
Freehold Buildings Plant and Furniture Office
Vehicles Computers Total
land (a) (b) machinery and fittings equipments
Cost
At 01 April 2021 43.15 1,093.40 2,427.15 493.10 54.72 71.23 172.26 4,355.01
Additions - 2.33 432.40 73.03 18.62 12.81 38.24 577.43
Disposals - - 2.34 1.22 3.87 0.31 10.89 18.63
At 31 March 2022 43.15 1,095.73 2,857.21 564.91 69.47 83.73 199.61 4,913.81
Additions - 10.71 560.75 22.60 29.37 29.37 43.30 696.10
Disposals - - 45.99 14.83 24.70 1.78 4.36 91.66
At 31 March 2023 43.15 1,106.44 3,371.97 572.68 74.14 111.32 238.55 5,518.25
Depreciation
At 01 April 2021 - 147.07 927.07 228.27 32.57 49.04 107.58 1,491.60
Charge for the year - 35.76 220.29 44.36 6.04 8.42 28.60 343.47
On disposals - - 2.18 1.16 2.92 0.24 8.75 15.25

At 31 March 2022 - 182.83 1,145.18 271.47 35.69 57.22 127.43 1,819.82
Charge for the year - 36.01 250.99 53.86 11.51 12.26 33.50 398.13
On disposals - - 32.82 13.95 22.88 1.01 3.73 74.39

At 31 March 2023 - 218.84 1,363.35 311.38 24.32 68.47 157.20 2,143.56
Net block
At 31 March 2022 43.15 912.90 1,712.03 293.44 33.78 26.51 72.18 3,093.99
At 31 March 2023 43.15 887.60 2,008.62 261.30 49.82 42.85 81.35 3,374.69
(a) Pertains to the Ananthpur land for which registration is pending as at 31 March 2023. Also refer note 4(a).
(b) Includes building constructed on leasehold land situated at Gowribindanur, amounting to ` 165.75 million (Net book value: `123.73
million) for which the lease period has expired. The land is on lease from Karnataka Industrial Area Development Board (KIADB)
for a period of 10 years, post the lease period, ownership would be transferred to the Company subject to compliance of certain
terms and conditions. The Company has applied for transfer of the land in its name.
(c) Refer note 17 for hypothecation of property, plant and equipment against borrowings.

4 Capital work in progress (CWIP)
31 March 2023 31 March 2022
Opening balance 652.56 278.51

Additions during the year 1,128.49 725.01
Capitalised/ charged off during the year 276.54 350.96
Closing balance 1,504.51 652.56
Ageing Schedule
At 31 March 2023 Amount in CWIP for a period of

Less than 1 year 1-2 years 2-3 years More than 3 years Total
Projects in progress 914.25 509.61 24.60 5.43 1,453.89
Projects temporarily suspended (a) - - - 50.62 50.62
Total 914.25 509.61 24.60 56.05 1,504.51
At 31 March 2022 Amount in CWIP for a period of
Less than 1 year 1-2 years 2-3 years More than 3 years Total
Projects in progress 515.85 25.50 60.59 - 601.94
Projects temporarily suspended (a) - - 6.40 44.22 50.62
Total 515.85 25.50 66.99 44.22 652.56
(a) The project at Anantapur has been temporarily suspended. The management would resume the project once the Company
needs additional capacity and does not anticipate any impairment.
5 Intangible assets (net)
Computer software Total

Cost
At 01 April 2021 149.64 149.64
Additions 3.62 3.62
Disposals 0.03 0.03
At 31 March 2022 153.23 153.23
Additions 13.96 13.96
Disposals - -
At 31 March 2023 167.19 167.19
Amortisation
At 01 April 2021 126.48 126.48
Charge for the year 7.03 7.03
On disposals - -
At 31 March 2022 133.51 133.51
Charge for the year 7.81 7.81
On disposals - -
At 31 March 2023 141.32 141.32
Net block
At 31 March 2022 19.72 19.72
At 31 March 2023 25.87 25.87

6 Other financial assets
31 March 2023 31 March 2022

Non-current
Security deposits 204.11 195.43
Net investment in leases (note 35) - 25.77
204.11 221.20
Current
Security deposits 2.09 2.87
Net investment in leases (note 35) - 9.28
Interest on fixed deposits, accrued but not due - 20.32
Other receivables 13.05 25.41
15.14 57.88
7 Deferred tax assets (net)
31 March 2023 31 March 2022

Opening balance as of 01 April 36.36 22.33
Credit recognised in the statement of profit and loss 18.78 20.17
Credit/ (charge) recognised in OCI (3.95) (6.14)
Closing balance as of 31 March 51.19 36.36
Components of deferred tax assets

Depreciation and amortization expense: Difference between tax
depreciation and depreciation / amortization as per statement of profit and
loss (including for leased assets) (170.07) (125.76)
Provision for employee benefits 97.54 78.19
Provision for disputed claims 42.46 42.46
Others 81.26 41.47
Net deferred tax assets 51.19 36.36
8 Other non current assets
31 March 2023 31 March 2022

Unsecured, considered good
Capital advances 326.70 146.60
Balance with government authorities
Duty drawback receivable 0.26 2.71
Other deposits 31.65 12.29
Prepaid expenses 15.10 12.03
373.71 173.63

9 Inventories (at lower of cost or net realisable value)
31 March 2023 31 March 2022

Raw materials (Includes goods in transit ` 87.97 million (31 March 2022: 3,483.94 4,771.02
` 132.63 million))
Stores and consumables 90.30 56.58
Work-in-progress 432.66 511.95
Finished goods (Includes goods in transit : ` 276.72 million 6,879.07 2,903.75
(31 March 2022: ` 325.79 million))
Traded goods (Includes goods in transit ` Nil 5,066.67 1,505.43
(31 March 2022: ` 22.72 million))
15,952.64 9,748.73
The above are net of provision/ (reversals) of ` (41.56) million (31 March 2022: ` (148.77) million).
10 Trade receivables
31 March 2023 31 March 2022

Trade receivables 1,460.67 1,650.79
1,460.67 1,650.79
Break up for security details:
Trade receivables
Secured, considered good (a) 932.68 1,149.62
Unsecured, considered good 520.84 483.23
Trade receivables which have significant increase in credit risk 13.10 35.90
Trade receivables, credit impaired 23.37 26.62
1,489.99 1,695.37
Impairment allowance (allowance for bad and doubtful debts)
Trade receivables which have significant increase in credit risk (5.95) (17.96)
Trade receivables, credit impaired (23.37) (26.62)
1,460.67 1,650.79
Trade receivables ageing schedule

At 31 March 2023
Outstanding for following periods from due date of payment
Current
Less than 6 months 1-2 years 2-3 years More than Total
not due
6 Months – 1 year 3 years
Trade Receivables – 954.83 496.56 2.13 - - - 1,453.52
considered good
Trade Receivables – which - - 13.10 - - - 13.10
have significant increase in
credit risk
Trade receivable – credit - - - 17.59 4.39 1.39 23.37
impaired
Total 954.83 496.56 15.23 17.59 4.39 1.39 1,489.99

At 31 March 2022
Outstanding for following periods from due date of payment
Current
Less than 6 months 1-2 years 2-3 years More than Total
not due
6 Months – 1 year 3 years
Trade Receivables – 1,299.71 289.11 43.69 0.34 - - 1,632.85
considered good
Trade Receivables – which 0.13 2.36 33.41 - - - 35.90
have significant increase in
credit risk
Trade receivable – credit - 8.05 0.36 11.40 6.51 0.30 26.62
impaired
Total 1,299.84 299.52 77.46 11.74 6.51 0.30 1,695.37
Notes:
(a) Secured against deposits from dealers and bank guarantees.
(b) Trade receivables are measured at amortised cost. No trade receivables are due from directors or other officers of the
Company either severally or jointly with any other person.
(c) Trade receivable are generally on terms of 7 to 60 days.
(d) There are no disputed trade receivables as at 31 March 2023 and 31 March 2022.
11 Cash and cash equivalents
31 March 2023 31 March 2022

Balances with banks:
On current accounts 5.79 888.89
6.60 889.68
For the purpose of statement of cash flows, cash and cash equivalents comprise the following:
31 March 2023 31 March 2022

Balances with banks:
On current accounts 5.79 888.89
6.60 889.68
Less - Cash credit from banks (secured) (note 17) (566.09) -
(559.49) 889.68

(a) Cash and cash equivalents are measured at amortised cost.
Changes in liabilities arising from financing activities
Lease liabilities Current borrowings (excluding cash credit)

Balance as on 01 April 2021 1,270.03 -
Add: Additions / loans taken (net) 155.45 -
Less: Payments (326.39) -
Balance as on 31 March 2022 1,099.09 -
Add: Additions / loans taken (net) 833.17 1,915.89
Less: Payments (350.28) -
Balance as on 31 March 2023 1,581.98 1,915.89
12 Bank balance other than cash and cash equivalents
31 March 2023 31 March 2022

Deposits with original maturity of more than three months but less than one 0.06 1,900.06
year
Other bank balances
CSR unspent account (note 33) 71.86 42.77
Unpaid dividends (a) 2.52 2.14
74.44 1,944.97
(a) Unpaid dividends would be transferred to Investors Education and Protection Fund (IEPF) as per the statutory
requirements as and when due.
13 Other current assets
31 March 2023 31 March 2022

Unsecured, considered doubtful
Balance with government authorities 168.71 168.71
Less: Provision for disputed claims (a) (168.71) (168.71)
- -
Unsecured, considered good
Prepaid expenses 46.04 59.61
Advance for purchase of goods and services 222.75 323.09
Balance with government authorities
Goods and services tax (GST) 1,825.15 967.86
Paid under protest - customs authorities (refer note 36) 32.61 30.00
Other receivables 2.62 2.83
Advances to employees 7.27 5.34
2,136.44 1,388.73
(a) The Karnataka Appellate Authority for Advance Ruling disposed Company’s appeal with respect to availment of input tax
credit of GST on certain promotional products / materials etc. The management has created a provision on such input tax
credit amounting to ` 168.71 million (31 March 2022: ` 168.71 million).

14 Equity
31 March 2023 31 March 2022

(a) Authorised share capital
12,000,000 equity shares (31 March 2022: 12,000,000 equity shares) of ` 10 120.00 120.00
each
(b) Issued, subscribed and fully paid-up:

11,153,874 equity shares (31 March 2022: 11,153,874 equity shares) of ` 10 each 111.54 111.54
111.54 111.54
(c) Reconciliation of the shares outstanding at the beginning and at the end of
the reporting period
Nos. Amount
As at 01 April 2021 11,153,874 111.54
As at 31 March 2022 11,153,874 111.54
As at 31 March 2023 11,153,874 111.54
(d) Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 10 per share. Each shareholder is entitled to
one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation, the equity shareholders are eligible to receive the residual assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
(e) Details of shareholders holding more than 5% shares in the Company

Name of the shareholder As at 31 March 2023
Number of % holding
shares held
Nari Genomal 17,14,324 15.37%
Sunder Genomal 17,14,324 15.37%
Ramesh Genomal 17,14,314 15.37%
SBI Focused Equity Fund 10,78,433 9.67%
Nalanda India Fund Limited 8,43,209 7.56%
Name of the shareholder As at 31 March 2022

Number of % holding
shares held
Nari Genomal 17,54,324 15.73%
Sunder Genomal 17,54,324 15.73%
Ramesh Genomal 17,54,314 15.73%
Nalanda India Fund Limited 8,43,209 7.56%
SBI Focused Equity Fund 7,04,387 6.32%

(f) Details of shares held by promoters - Equity shares of ` 10 each

At 31 March 2023
No. of shares at Change No. of shares % change

% of Total
Promoter Name the beginning of during the at the end of during the
Shares
the year year the year year
Nari Genomal* 17,54,324 (40,000) 17,14,324 15.37% -2.28%
Sunder Genomal 17,54,324 (40,000) 17,14,324 15.37% -2.28%
Ramesh Genomal 17,54,314 (40,000) 17,14,314 15.37% -2.28%
Sanjeev Naraindas Genomal 200 - 200 0.00% -
Shahendar Ramesh Genomal 200 - 200 0.00% -
Shamir Genomal 200 - 200 0.00% -
Madhuri Genomal 120 - 120 0.00% -
Total 52,63,682 (1,20,000) 51,43,682 46.11% -2.28%
*Transmission of shares in process as on 31 March 2023 due to demise of Mr. Nari Genomal on 9 August 2022.
At 31 March 2022
No. of shares at Change No. of shares % change
% of Total
Promoter Name the beginning of during the at the end of during the
Shares
the year year the year year
Nari Genomal 17,96,124 (41,800) 17,54,324 15.73% -2.33%
Ramesh Genomal 17,96,124 (41,810) 17,54,314 15.73% -2.33%
Sunder Genomal 17,96,124 (41,800) 17,54,324 15.73% -2.33%
Sanjeev Naraindas Genomal 200 - 200 0.00% -
Shahendar Ramesh Genomal 200 - 200 0.00% -
Shamir Genomal 200 - 200 0.00% -
Madhuri Genomal 120 - 120 0.00% -
Total 53,89,092 (1,25,410) 52,63,682 47.19% -2.33%
(g) There is no issue of bonus shares, shares issued for consideration other than cash or buy backs in the previous five
years immediately preceding the reporting date.
15 Other equity
31 March 2023 31 March 2022

General reserve (a) 739.90 739.90
Securities premium (b) 412.01 412.01
Retained earnings 12,447.03 9,622.81
13,598.94 10,774.72
Refer Statement of Changes in Equity for movement of other equity.
(a) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified
percentage in accordance with applicable regulations.
(b) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for certain specific
purposes in accordance with the provisions of the Companies Act, 2013.

16 Other non-current liabilities
31 March 2023 31 March 2022

Deferred government grants 63.63 73.13
63.63 73.13
Government grants have been received for the purchase of certain items of property, plant and equipment. There are no
unfulfilled conditions or contingencies attached to these grants.
31 March 2023 31 March 2022

At 01 April 82.63 92.14
Released to statement of profit and loss (9.50) (9.51)
At 31 March 73.13 82.63
Current (note 20) 9.50 9.50
Non-Current 63.63 73.13
73.13 82.63
17 Borrowings
31 March 2023 31 March 2022

Current borrowings
Cash credit from banks (secured) (a) 566.09 -
Working capital demand loan from bank (secured) (b) 1,915.89 -
2,481.98 -
(a) The overall sanctioned limit of cash credit from banks is ` 4,308 million (31 March 2022: ` 3,008 million) and carries interest
ranging from 6.85 % p.a. to 8.97 % p.a. and repayable on demand and secured by first charge on hypothecation of inventory
and trade receivables and other current assets and second charge on movable property, plant and equipment.
(b) The working capital demand loan carries fixed interest rates ranging from 6.85% to 8.97 % p.a. from various banks, and
repayable within 60 days and is secured by first charge on hypothecation of inventory and trade receivables and other
current assets and second charge on movable property, plant and equipment.

18 Trade payables
31 March 2023 31 March 2022
Trade payables
Total outstanding dues of micro and small enterprises 194.87 131.55
Total outstanding dues of creditors other than micro and small enterprises 2,681.43 3,496.54
2,876.30 3,628.09
Trade payables ageing schedule

At 31 March 2023
Outstanding for following periods from due Total

Unbilled Current not date of payment
dues due Less than 1-2 2-3 years More than
1 year years 3 years
Dues of micro and small enterprises 39.18 140.32 15.37 - - - 194.87

Dues of other creditors 907.17 1,360.93 411.96 0.72 0.25 0.40 2,681.43
Total 946.35 1,501.25 427.33 0.72 0.25 0.40 2,876.30
At 31 March 2022
Outstanding for following periods from due Total
Unbilled Current not date of payment
dues due Less than 1-2 2-3 years More than
1 year years 3 years
Dues of micro and small enterprises 29.16 87.72 14.67 - - - 131.55
Dues of other creditors 896.34 1,709.82 885.13 4.11 1.14 - 3,496.54
Total 925.50 1,797.54 899.80 4.11 1.14 - 3,628.09
Notes:
a) Trade payables includes ` 307.62 million (31 March 2022: ` 572.05 million) pertaining to vendor bill discounting
arrangement with Bank and is repayable within a period of 60 days. The interest cost for this arrangement is borne by
vendors availing such facility.
b) Trade payables are measured at amortised cost.
c) Trade payables are non-interest bearing and are normally settled on 7 to 90 days terms.
d) There are no disputed trade payables as at 31 March 2023 and 31 March 2022.
e) Details of dues to micro and small enterprises as defined under the MSMED Act, 2006 are as below:
Particulars 31 March 2023 31 March 2022

Principal amount remaining unpaid to any supplier as at the end of the accounting year 194.87 131.55
Interest due thereon remaining unpaid to any supplier as at the end of the accounting year 1.80 0.62
The amount of interest paid along with the amounts of the payment made to the 0.62 *
supplier beyond the appointed day during each accounting year

The amount of interest due and payable for the period of delay in making payment 1.80 0.62
(which have been paid but beyond the appointed day during the year) but without
adding the interest specified under the MSMED Act 2006.
The amount of interest accrued and remaining unpaid at the end of the accounting year 1.80 0.62
The amount of further interest remaining due and payable even in the succeeding 1.80 0.62
years, until such date when the interest dues as above are actually paid
* Full amount ` 4,963.

The above information has been furnished to the extent such parties have been identified by the Company.
19 Other financial liabilities (current)
31 March 2023 31 March 2022

Interest accrued but not due on borrowings 1.44 -
Payable towards capital goods 216.97 131.40
Deposits from dealers (interest bearing) 3,029.44 2,596.99
Dealers incentive payable 724.13 502.64
Employee benefit expenses payable 1,351.04 1,331.03
Unclaimed dividend payable (b) 2.52 2.14
5,325.54 4,564.20
a) Other financial liabilities are measured at amortised cost.

b) Unpaid dividend does not include any amount due and outstanding, to be credited to Investor Education and Protection Fund.

20 Other current liabilities
31 March 2023 31 March 2022

Advance received from customers 94.31 141.03
Statutory liabilities 240.80 225.59
Liability towards Corporate Social Responsibility (note 33) 115.72 71.87
Deferred government grants (note 16) 9.50 9.50
Accrual for sales returns 83.68 90.43
544.01 538.42
21 Provisions
31 March 2023 31 March 2022

Provision for employee benefits
Provision for compensated absences 260.83 215.40
Provision for gratuity (note 34) 61.31 42.83
322.14 258.23

22 Revenue from operations
31 March 2023 31 March 2022

Disaggregated revenue information
Revenue from contract with customers
Sale of products 46,636.99 37,252.26
46,636.99 37,252.26
Other operating revenue
Sale of scrap and others materials 1,087.01 1,499.64
Duty drawback 2.43 10.69
Other operating income (yarn incentives, etc) 159.97 102.06
1,249.41 1,612.39
47,886.40 38,864.65
a) Contract balances
Contract liabilities
Advance received from customers (note 20) 94.32 141.03
Accrual for sales returns (note 20) 83.68 90.43
b) Reconciliation of revenue as recognised in the Statement of profit and loss with the contracted price
31 March 2023 31 March 2022
Revenue as per contract price 49,255.05 38,761.08
Less:
Sales return (498.35) (167.63)
Incentives (2,119.71) (1,341.19)
46,636.99 37,252.26
23 Other income
31 March 2023 31 March 2022

Interest income
On fixed deposits with banks 25.42 122.41
On security deposits 18.72 17.32
On sub-leases (note 35) 0.38 5.27
Government grants (note 16) 9.50 9.51
Subsidies received from government - 5.29
Exchange fluctuation (net) 37.83 18.30
Gain on sale of property, plant and equipment (net) 1.28 -
Provisions no longer required written back 24.07 -
Gain on modification of leases (note 35) (net) 1.02 20.15
Miscellaneous income 29.08 11.52
147.30 209.77

24 Cost of raw materials consumed
31 March 2023 31 March 2022

Inventory at the beginning of the year 4,771.02 2,379.92
Add: Purchases 13,594.20 12,471.70
Less: Inventory at the end of the year 3,483.94 4,771.02
14,881.28 10,080.60
25 Purchases of traded goods
31 March 2023 31 March 2022

Purchases of traded goods 14,255.79 8,836.09
14,255.79 8,836.09
26 (Increase)/decrease in inventories
31 March 2023 31 March 2022

Closing stock
Finished goods 6,879.07 2,903.75
Traded goods 5,066.67 1,505.43
12,378.40 4,921.13
Opening stock
Finished goods 2,903.75 2,117.96
Traded goods 1,505.43 693.30
4,921.13 3,094.12
(Increase)/Decrease in inventories (7,457.27) (1,827.01)
27 Employee benefits expense
31 March 2023 31 March 2022

Wages, salaries and bonus 7,492.94 6,217.53
Contributions to provident funds 490.82 400.22
Gratuity expense (note 34) 137.27 112.41
Compensated absences 134.45 94.22
Staff welfare expenses 556.73 376.63
8,812.21 7,201.01

28 Depreciation and amortisation expense
31 March 2023 31 March 2022

Depreciation of property, plant and equipment (note 3) 398.13 343.47
Amortisation of intangible assets (note 5) 7.81 7.03
Depreciation of right-of-use assets (note 35) 374.94 304.23
780.88 654.73
29 Finance costs
31 March 2023 31 March 2022

Interest expense
On dealer deposits 234.84 189.10
On borrowings from banks 37.68 3.08
On dues to micro and small enterprises 1.80 0.62
On lease liabilities (note 35) 137.62 112.81
On delays in remittance of advance income tax 0.88 16.35
412.82 321.96
30 Other expenses
31 March 2023 31 March 2022

Sub contract expenses 1,525.23 1,575.42
Consumption of stores and spares 197.64 163.48
Power and fuel 218.06 157.80
Freight and forwarding charges 884.63 700.45
Rent 16.32 4.47
Repairs and maintenance
- Plant & machinery 104.08 78.62
- Buildings 1.39 -
- Others 392.69 250.68
Insurance 85.17 59.80
Royalty 2,246.38 1,818.03
Communication costs 14.48 12.38
Commission and brokerage 262.34 202.99
Selling and distribution expenses 667.36 292.74
Legal and professional fees 290.99 199.16
Payment to auditor (a) 8.90 7.73
Travelling and conveyance 381.99 166.29
Directors sitting fees* 13.05 10.12
Corporate social responsibility expenses (note 33) 109.64 102.18

Advertising and sales promotion 1,072.13 668.36

Loss on sale of property, plant and equipment (net) - 2.59
Security charges 156.72 115.44
Rates and taxes 12.94 10.35
(Reversal) / provision for doubtful debts (net) (15.26) 22.49
Provision for disputed claims (net) - 18.91
Bank charges 12.81 14.05
Miscellaneous expenses 107.28 64.79
8,766.96 6,719.32
*includes remuneration to non-executive directors
(a) Payment to auditor (excluding goods and services tax)

31 March 2023 31 March 2022
Statutory audit fee 4.00 3.70
Tax audit fee 0.80 0.80
Limited reviews 3.60 3.00
Reimbursement of expenses 0.50 0.23
8.90 7.73
31 Income taxes
Components of income tax expenses

a) Statement of Profit and loss
31 March 2023 31 March 2022
Current income tax:
Current income tax charge 1,877.00 1,736.00
Deferred tax:
Credit for reversal of temporary differences (18.78) (20.17)
Income tax expense reported in the statement of profit or loss 1,868.54 1,722.41
b) Deferred tax related to items recognised in OCI during the year:

31 March 2023 31 March 2022
Charge on remeasurement of defined benefit plans 3.95 6.14
Income tax expense charged to OCI 3.95 6.14

c) Reconciliation of tax expense and profit before tax:

31 March 2023 31 March 2022
At statutory tax rate of 25.17% (31 March 2022: 25.17%) 1,908.15 1,783.98
Impact of tax deductions (81.14) (86.31)
Non-deductible expenses, etc. 31.21 18.16
1,868.54 1,722.41
32 Earnings per share (EPS)
31 March 2023 31 March 2022

Profit attributable to equity shareholders for basic and diluted earnings 5,712.49 5,365.31
Weighted average number of Equity shares 1,11,53,874 11,153,874
Earnings per share (par value ` 10 per share)
Basic and Diluted (`) 512.15 481.03
33 Corporate Social Responsibility
(a) Gross amount required to be spent by the Company during the year: ` 109.64 million (31 March 2022: ` 102.18 million)
(b) Amount approved by the Board to be spent during the year: ` 65.78 million (31 March 2022: ` 73.08 million)
(c) Amount spent during the year on:
Particulars 31 March 2023 31 March 2022
In cash Yet to be Total In cash Yet to be Total
paid in cash paid in cash
(i) Construction/ - - - - - -
acquisition of any asset
(ii) On purposes other than 65.78 - 65.78 73.08 - 73.08
(i) above
(d) Details related to spent / unspent obligations

31 March 2023 31 March 2022
i) Contribution to Public Trust, Charitable Trust, etc. 65.78 73.08
ii) Unspent amount in relation to:
- Ongoing project 43.86 29.10
- Other than ongoing project - -
109.64 102.18

(e) Details of ongoing project
Opening Balance Amount Amount spent Closing Balance

With Company In Separate required to From From With In Separate
CSR be spent Company’s Separate Company CSR
Unspent during the bank CSR Unspent
Account year Account Unspent Account
Account
29.10 42.77 109.64 65.78 - 43.86 71.86
The Company has transferred the unspent amount of ` 43.86 million to a separate bank account subsequent to
the year end which would be utilized for CSR activities in relation to ongoing projects.
34 Employee benefit plan

The Company has a defined benefit gratuity plan for its employees. The gratuity plan is governed by the Payment of Gratuity Act,
1972. Under the Payment of Gratuity Act, 1972, employee who has completed five years of service is entitled to specific benefit.
The level of benefits provided depends on the member’s length of service and salary at retirement age. The contributions are
managed through a third party which acts as the administrator of the fund.
The following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and the
funded status and amounts recognized in the balance sheet.
(a) Balance sheet

31 March 2023 31 March 2022
Present value of defined benefit obligation at the end of the year 690.97 606.98
Fair value of plan assets at the end of the year 629.66 564.15
Net liability/(asset) recognised in the balance sheet 61.31 42.83
(b) Expenses recognised in statement of profit and loss

Service cost 134.96 111.96
Interest cost (net) 2.31 0.45
Net gratuity cost 137.27 112.41
(c) Re-measurement (gains) / losses in OCI

Actuarial (gain) / loss due to financial assumption changes (71.45) (18.46)
Actuarial (gain) / loss due to experience adjustments 48.00 2.78
Return on plan assets (greater)/less than discount rate 7.77 (8.72)
Total (gains) / losses routed through OCI (15.68) (24.40)
(d) Change in projected benefit obligations

Obligations at beginning of the year 606.98 529.93
Service cost 134.96 111.96
Interest cost 32.75 25.95
Benefits settled (60.27) (45.18)
Actuarial (gain) /loss (through OCI) (23.45) (15.68)
Obligations at end of the year 690.97 606.98

(e) Change in plan assets
Plan assets at beginning of the year, at fair value 564.15 520.76
Interest income 30.44 25.50
Return on plan assets, excluding amount recognised in net interest expense (7.77) 8.72
Contributions 42.84 9.17
Plan assets at end of the year, at fair value 629.66 564.15
(f) The major categories of plan assets of the fair value of the total plan assets are as follows:
31 March 2023 31 March 2022
Investments with insurer 100% 100%

(g) The principal assumptions used in determining gratuity benefit obligations for the Company’s plans are shown
below:
31 March 2023 31 March 2022
% %
Discount rate 7.20% 5.40%
Future salary increases 10.00% 10.00%
Employee turnover
Staff 10.00% 10.00%
Workers 40.00% 40.00%
Estimated rate of return on plan assets 7.20% 5.40%
Mortality Rate 100% of IALM 100% of IALM
2012-14 2012-14
(h) Sensitivity analysis for significant assumptions:

Defined benefit obligation
31 March 2023 31 March 2022
Sensitivity Level
Increase Decrease Increase Decrease
Discount rate 1% increase/decrease 657.12 728.81 573.31 645.17
Further salary increase 1% increase/decrease 724.05 660.29 639.93 576.69
Attrition rate 50% increase/decrease 637.88 793.17 546.06 734.65
Mortality rate 10% increase/decrease 690.89 691.03 606.81 607.16
(i) Expected contributions to the defined benefit plan in future years:

31 March 2023 31 March 2022
Within 12 months 162.56 127.57
Between 2 and 5 years 380.78 302.95
Between 6 and 10 years 217.73 168.68
Beyond 10 years 353.49 296.07
The average duration of the defined benefit plan obligation at the end of the reporting period is 5 years (31 March 2022:
6 years).

35 Leases
The Company has lease contracts for its factories and offices used in its operations. These leases generally have
lease terms between 11 months and 10 years. The Company’s obligations under its leases are secured by the
lessor’s title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased
assets. There are several lease contracts that include extension and termination options at mutual consent.
Further, the Company has also sub-leased few of the Exclusive Brand Outlets across India and accordingly,
recognised a net investments in leases for such sub-leased premises. The Company also has certain leases of office
equipment with low value. The Company applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition
exemptions for such leases.
(a) Set out below are the carrying amounts of right-of-use assets (RoU) recognised:
31 March 2023 31 March 2022
Building Land Total Building Land Total
Opening Balance 867.61 42.80 910.41 962.48 13.87 976.35
Additions 931.40 - 931.40 197.85 29.08 226.93
Depreciation expense (374.45) (0.49) (374.94) (304.08) (0.15) (304.23)
Gain/ (loss) on (15.70) - (15.70) 11.36 - 11.36
modification of terms
Closing Balance 1,408.86 42.31 1,451.17 867.61 42.80 910.41
Leasehold land considered in RoU asset have a lease period ranging from 10 years to 99 years.
(b) Set out below are the carrying amounts of investment in sub-leases (included in other financial assets) recognised:
31 March 2023 31 March 2022
Opening Balance 35.05 73.42
Accretion of interest 0.38 5.27
Receipts (2.25) (19.27)
Gain/ (loss) on modification of terms (33.18) (24.37)
Closing Balance - 35.05
Non- Current - 25.77

Current - 9.28
Total - 35.05

(c) Set out below are the carrying amounts of lease liabilities (included under other financial liabilities):
31 March 2023 31 March 2022
Opening Balance 1,099.09 1,270.03
Additions 883.07 188.61
Accretion of interest 137.62 112.81
Payments (including interest) (i) (487.90) (439.20)
Loss/ (gain) on modification of terms (49.90) (33.16)
Closing Balance 1,581.98 1,099.09
Non- Current 1,218.00 746.48
Current 363.98 352.61
Total 1,581.98 1,099.09
(i) Gross payments without considering ` 1.87 million (31 March 2022: ` 14.00 million) recovered under subleases.
(ii) The effective interest rate for lease liabilities is 9-10%, with maturity between financial year 2024-2033.
(d) The following are the amounts recognised in statement of profit or loss: 31 March 2023 31 March 2022
Depreciation of right-of-use assets (note 28) 374.94 304.23
Interest expense on lease liabilities (note 29) 137.62 112.81
Expense relating to short-term leases and leases of low value assets
16.32 4.47
(note 30)
Finance income on sub-leases (note 23) (0.38) (5.27)
Gain on modification of leases (note 23) (1.02) (20.15)
527.48 396.09

36 Commitments and contingencies

(a) Other Commitments
31 March 2023 31 March 2022
Estimated amount of capital contracts remaining to be executed (net of 1,295.33 1,196.16
advances)
(b) Contingent liabilities

31 March 2023 31 March 2022
(i) Claims against the Company not acknowledged as debts (under appeal)
- Income tax matters 288.42 288.42
- Excise and customs duty matters (refer note (A)) 1,273.83 2.78
- Employee State Insurance demands 6.67 6.67
(A) During October 2020, the Company received summons from Directorate of Revenue Intelligence
(DRI), Indirect Taxes with respect to enquiry under the Customs Act, 1962 regarding valuation of certain
goods imported by the Company. During the current year, the Company has received demand order
amounting to ` 1,271.05 million (including fine and penalty ` 896.97 million) from Commissioner of
Customs. The Company has deposited ` 32.61 million (31 March 2022: ` 30.00 million) under protest.
The Company has filed an appeal before Customs, Excise and Service Tax Appellate Tribunal (CESTAT).
The management believes that the Company has duly complied with all the valuation rules and based
on the legal opinion, is reasonably confident of favorable outcome in the matter.
(ii)The Hon’ble High Court of Karnataka, based on a preliminary hearing of writ petition filed by the
Karnataka Employers’ Association, of which, the Company is a Member, on 2 February 2016, has stayed
the retrospective applicability of The Payment of Bonus (Amendment) Act, 2015 from 1 April 2014. The
Hon’ble High Court has further ordered that the amended provision shall be implemented effective from
FY 2015-16 pending disposal of the writ petition.
(iii)The Company has certain disputes pertaining to customers, vendors and employee related matters
which the management is contesting before various forums. The management does not expect any
adverse financial implications in this regard.

37 Related party transactions

Names of related parties and related party relationship
Related parties under Ind AS 34 with whom transactions have taken place:
Enterprises in which Key Managerial Personnel P & B Associates

(KMP) or their relatives have significant influence BCP Associates (upto 12 September 2022)
Key management personnel (KMP) Sunder Genomal - Managing Director (Upto 31 May 2022) &
Chairman (w.e.f. 01 June 2022)
Shamir Genomal - Deputy Managing Director
Nari Genomal - Director (Upto 08 August 2022)

Ramesh Genomal - Director
V. S Ganesh - Chief Executive Officer and Executive Director
(upto 31 May 2022) & Managing Director (w.e.f. 01 June
2022)
Rohan Genomal - Executive Director - Strategy (w.e.f. 11
November 2021)
Mark F Fedyx - Director
Sanjeev Genomal - Alternate Director (Upto 08 August 2022)
G.P. Albal - Director
B.C.Prabhakar - Director (Upto 12 September 2022)
Rukmani Menon - Director
Vikram Gamanlal Shah - Director
Sandeep Kumar Maini - Director
Varun Berry - Director
Arif Vazirally - Director (w.e.f. 26 May 2022)
Jignesh Jaswant Bhate - Director (w.e.f. 10 November 2022)
Shahender Ramesh Genomal - Alternate Director (w.e.f. 09
February 2023)
Vedji Ticku - Chief Executive Officer and Executive Director
(Upto 31 May 2021)
Chandrasekar K - Chief Financal Officer
C Murugesh - Company Secretary
Relatives of KMP Rohan Genomal

Madhuri Genomal
Shahender Ramesh Genomal

(a) Details of transactions entered into with related parties during the year are as given below:
31 March 2023 31 March 2022

Dividend paid
Nari Genomal 448.36 531.66
Ramesh Genomal 448.38 531.66
Sunder Genomal 448.38 531.66
Shamir Genomal 0.05 0.06
Shahendar Ramesh Genomal 0.05 0.06
Sanjeev Genomal 0.05 0.06
Madhuri Genomal 0.03 0.04
Vikram Shah 0.03 0.04
B C Prabhakar * 0.01
* Full amount ` 2,600
Remuneration to relatives of KMP

Rohan Genomal - 2.02
31 March 2023 31 March 2022

Remuneration of KMP
Ganesh V S 44.47 34.57
Chandrasekar K 19.10 16.20
Rohan Genomal 9.68 2.28
Sunder Genomal 7.56 23.03
C Murugesh 5.43 4.94
Vedji Ticku - 29.86
109.10 129.62
As the liability for gratuity and leave encashment is provided on an actuarial basis for the Company as a whole, the
amount pertaining to the directors is not included above
Remuneration/sitting fees of Non-executive directors
Vikram Gamanlal Shah 1.66 1.47
G.P. Albal 1.64 1.47
Sandeep Kumar Maini 1.61 1.49
Mark Fedyk 1.60 1.40
Varun Berry 1.57 1.37
Rukmani Menon 1.56 1.36
Arif Vazirally 1.55 -
Jignesh Jaswant Bhate 0.96 -
B.C.Prabhakar 0.84 1.46
Ramesh Genomal 0.06 0.10
13.05 10.12

31 March 2023 31 March 2022

Legal and professional fees
P & B Associates - 2.19
BCP Associates 1.01 0.76
Vikram G Shah 1.20 1.20
2.76 4.41
(b) Managerial remuneration and sitting fees payable

31 March 2023 31 March 2022
Ganesh V S 10.33 11.13
Chandrasekar K 4.77 5.60
Vikram Gamanlal Shah 1.55 1.35
G.P. Albal 1.45 1.25
Sandeep Kumar Maini 1.45 1.30
Arif Vazirally 1.45 -
Mark Fedyk 1.45 1.25
Varun Berry 1.45 1.25
Rohan Genomal 1.38 1.17
C Murugesh 0.97 1.27
Jignesh Jaswant Bhate 0.90 -
B.C.Prabhakar 0.75 1.25
Sunder Genomal - 18.43
Vedji Ticku - 1.73
34.84 54.27
Terms and conditions of transactions with related parties

The transactions with related parties are at arm’s length. Outstanding balances as at the year-end are unsecured and settlement
occurs in cash.

38 Segment information
The Company has one business unit based on its products and has one reportable segment. The Company’s Board
of Directors is the Chief Operating Decision Maker (CODM). The Board monitors the operating results of its single
business unit for the purpose of making decisions about resource allocation and performance assessment. The
following tables present revenue and non-current operating assets details of the Company for the year ended 31
March 2023 and 31 March 2022.
31 March 2023 31 March 2022

Net revenues by type
Innerwear and leisurewear 46,207.50 37,084.43
Others 429.49 167.83
Total 46,636.99 37,252.26
Geographic information
Segment revenue
Revenue from external customers
India 46,449.92 37,080.44
Rest of the world 187.07 171.82
Total 46,636.99 37,252.26
Segment assets
India 1,460.67 1,548.81
Rest of the world 0.13 101.98
Unallocable 25,467.30 19,418.67
Total 26,928.10 21,069.46
Assets other than trade receivables are not identifiable with any geographical segments and are all situated in India.
The information above is based on the locations of the customers.
39 Financial assets measured at fair value through profit/loss:

The fair values of the Company’s security deposits and loans are determined by using Discounted Cash Flow
(DCF) method (Level 3) using discount rate that reflects the issuer’s borrowing rate for the respective financial
asset/liability as at the end of the reporting period.
The carrying value of trade receivables, trade payables, cash and cash equivalents, other bank balances, short-
term borrowings and other current financial assets and liabilities approximate their fair values largely due to the
short-term maturities of these instruments.
There are no transfers between levels during the year ended 31 March 2023 and 31 March 2022.

40 Financial risk management objectives and policies

The Company’s activities expose it to the following risks:
a) Credit risk
b) Liquidity risk
c) Market risk
a) Credit risk
Credit risk is the risk that counter party will not meet its obligations under a financial instrument or customer
contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities including deposits with banks and other financial assets.
i) Trade receivables
Customer credit risk is managed by the Company through established policy, procedures and control relating
to customer credit risk management. Outstanding customer receivables are regularly monitored and major
customers are generally secured by obtaining security deposits/bank guarantee or other forms of credit
insurance. Refer below for movement of impairment allowance.
31 March 2023 31 March 2022

Opening balance 44.58 22.09
Provision / (reversal) for doubtful debts (15.26) 22.49
Closing balance 29.32 44.58
ii) Financial instruments, cash deposits etc.
Credit risk is limited as the Company generally invests in deposits with banks and financial institutions with
high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include
investments in fixed deposits. Counterparty credit limits are reviewed by the Company periodically and the
limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty’s
potential failure to make payments.
b) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Company’s reputation. Typically the Company ensures that it has sufficient cash on demand to meet expected
short term operational expenses. The Company’s objective is to maintain a balance between continuity of funding
and flexibility through the use of internal accruals and borrowings as required.

The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual
undiscounted payments.
More than 3
31 March 2023 Less than 1 year 1 to 3 years Total
years
Borrowings (note 17) 2,481.98 - - 2,481.98
Lease liabilities (undiscounted) 494.07 593.26 1,019.72 2,107.05
Trade payables (note 18) 2,876.30 - - 2,876.30
Other financial liabilities (excluding
5,323.02 - - 5,323.02
unclaimed dividend) (note 19)
11,175.37 593.26 1,019.72 12,788.35
More than 3
31 March 2022 Less than 1 year 1 to 3 years Total
years
Lease liabilities (undiscounted) 415.16 523.74 413.15 1,352.05
Trade payables (note 18) 3,628.09 - - 3,628.09
Other financial liabilities (excluding 4,562.06 - - 4,562.06
unclaimed dividend) (note 19)
8,605.31 523.74 413.15 9,542.20

c) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises two types of risk: interest rate risk and foreign currency risk.
Financial instruments affected by market risk include borrowings, trade receivable and trade payables.
Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will
fluctuate because of changes in market interest rates. The Company does not have any significant exposure to
borrowings with variable interest rates.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company does not have significant foreign currency exposure and hence,
is not exposed to any significant foreign currency risk.

41 Financial Ratios (as applicable)
% Reason for
Ratio Numerator Denominator 31-Mar-23 31-Mar-22
Change variance
Current ratio Current assets Current liabilities 1.65 1.67 -1.20%
Return on Equity Profit for the Average
46% 54% -14.81%
ratio year Shareholder’s Equity
Inventory Cost of goods
Average Inventory 1.69 2.23 -24.22%
Turnover ratio sold
Trade Receivable Revenue from Average Trade
30.78 25.72 19.67%
Turnover Ratio operations Receivable
Trade Payable Purchase of raw Average Trade
8.56 6.95 23.17%
Turnover Ratio materials etc. Payables
Working capital =
Net Capital Revenue from
Current assets – 6.21 6.15 0.98%
Turnover Ratio operations
Current liabilities
Profit for the Revenue from
Net Profit ratio 12% 14% -14.29%
year operations
Capital Employed
Return on Earnings before = Tangible Net Increase in
Capital interest and Worth + Total Debt 50% 68% -26.47% borrowings in
Employed taxes + Deferred Tax current year
Liability
Cash credit
Debt-Equity
Total Debt Shareholder’s Equity 18% - 100.00% facility utilised
ratio
during the year
PAT+ Non Cash Cash credit
Debt service Interest on working
Operating 177.55 - 100.00% facility utilised
coverage ratios capital loans
Items during the year
42 Capital management
The Company’s objective is to maintain a strong capital base to ensure sustained growth in business. The Company’s
management focuses to maintain an optimal structure that balances growth and maximizes shareholder value.
The Company is predominantly equity financed. The Company monitors its capital management using gearing
ratio, which is net debts divided by total equity capital plus net debts. The Company has sufficient cash and cash
equivalents and financial assets which are liquid to meet its financial obligations.
31 March 2023 31 March 2022

Borrowings 2,481.98 -
Less: Cash and cash equivalents (6.60) (889.68)
Net debt 2,475.38 (889.68)
Equity 13,710.48 10,886.26
Capital and net debt 16,185.86 9,996.58
Gearing ratio 15% -

43 Other Information
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and
rules made thereunder.
(ii) The Company has balance with the below-mentioned struck off company under section 248 of Companies
Act, 2013.
Balance outstanding Relationship with the

Name of struck off Nature of transactions
Struck off company, if
Company with struck-off Company 31 March 2023 31 March 2022
any, to be disclose
Shree Balaji windoor
Trade Payables 0.16 - None
india private limited
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
(iv) The Company does not have any Cryptocurrency transactions / balances during the financial year.
(v) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(vi) The Company has not received any fund from any person or entity, including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
(viii) The Company is maintaining its books of account in electronic mode and these books of account are
accessible in India at all times and the back-up of books of account has been kept in servers physically
located in India on a daily basis from the applicability date of the Companies (Accounts) Rules, 2014, i.e. 5
August 2022 onwards.

44 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-
employment benefits received Presidential assent in September 2020. The Code has been published in the
Gazette of India. However, the date on which the Code will come into effect has not been notified and the final
rules/ interpretation have not yet been issued. The Company will assess the impact of the Code when it comes
into effect and will record any related impact in the period the Code becomes effective.
45 Previous year’s figures have been regrouped and reclassified wherever necessary to conform to the current year
presentation.

For S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants For and on behalf of the Board of Directors of
ICAI Firm Registration No.: 101049W/E300004 Page Industries Limited


Corporate & Registered Office:
Cessna Business Park, Tower-1, 7th Floor,Umiya Business Bay, Varthur Hobli,
Outer Ring Road, Bengaluru - 560103. Ph: 080 - 4945 4545, Fax: 080 - 4946 5700
www.jockey.in | e-mail : investors@jockeyindia.com | CIN#: L18101KA1994PLC016554
NOTICE TO SHAREHOLDERS
NOTICE is hereby given that the 28th Annual General RESOLVED that pursuant to the recommendation
Meeting (“AGM”) of Members of Page Industries Limited of the Nomination and Remuneration Committee,
will be held on Thursday, 10 August 2023 at 11:30 AM IST the Board of Directors and pursuant to provisions
through Video Conferencing (“VC”) / Other Audio Visual of Sections 196, 197, 203 and other applicable
Means (“OAVM”) to transact the following business. provisions if any, of the Companies Act, 2013 (“the
The venue of the meeting shall be deemed to be the Act”) or statutory modification or amendment or
registered office of the Company. reenactment thereof, read with Schedule V of the
Act, further pursuant to SEBI (LODR) Regulation
Ordinary Business:
2015, Mr. Shamir Genomal (DIN: 00871383) be and is
1. Adoption of financial statement hereby re-appointed as Deputy Managing Director of
To receive, consider and adopt the audited financial the Company for a period of five years commencing
statement for the financial year ended 31 March from 1 September 2023 to 31 August 2028 (both days
2023, the Reports of the Board of Directors and the inclusive), on the following terms and conditions:
Auditors thereon.
Duration and Term 1 September 2023 to 31 August
2. Appointment of Director 2028
To appoint a Director in the place of Mr. Sunder Salary, Allowances, In no case, shall it exceed ` 75
Genomal [DIN: 00109720] who retires by rotation Incentives and Bonus million Per Annum
and being eligible, offers himself for re-appointment. Sitting Fees Not Eligible
3. Appointment of Director Provident Fund As applicable

Gratuity As per Payment of Gratuity
To appoint a Director in the place of Mr. V S Ganesh
Act, 1972
[DIN: 07822261] who retires by rotation and being
Encashment of Leave
eligible, offers himself for re-appointment.
accrual(s)
Special Business: Medical Reimbursement
4. Appointment of Mr. Sanjeev Genomal [DIN: Leave Eligibility As per the rules / policies of
01399731] as a Director Car with Driver the Company
To consider and if thought fit to pass the following Payment of Mobile Bill
resolution as an Ordinary Resolution: Office Expenses
RESOLVED that Mr. Sanjeev Genomal (DIN: 01399731), Reimbursement
who was appointed by the Board of Directors, as an Duties and Mr. Shamir Genomal is a Key
Additional Director of the Company with effect from Responsibilities Managerial Personnel (KMP) as
25 May 2023, be and is hereby appointed as Director defined in Section 2(51) of the
of the Company and his office shall be liable to retire Companies Act, 2013 and Listing
Regulations. He will perform
by rotation.
the duties and exercise the
5. Re-appointment of Mr. Shamir Genomal [DIN: powers which may be assigned
to him by the Board / Managing
00871383] as Deputy Managing Director
Director or vested in him. He
To consider and if thought fit to pass the following shall report to the Managing
resolution as an Ordinary Resolution: Director of the Company.

RESOLVED further that in the event of any loss or Explanatory statement pursuant to Section 102 (1) of
inadequacy of profits in any financial year during the Companies Act, 2013 annexed to the notice:
the aforesaid period, the above proposed terms of
remuneration and perquisites will be admissible as Item No. 4
the minimum remuneration payable to Mr. Shamir The Board of Directors, appointed Mr. Sanjeev Genomal,
Genomal as Deputy Managing Director, subject as an Additional Director of the Company with effect
to compliance with the applicable provisions of from 25 May 2023, subject to approval of the Members.
Schedule V of the Companies Act, 2013. Pursuant to the provisions of Section 161(1) of the
RESOLVED further that the Board be and is hereby Companies Act 2013 (“the Act”) and Article 164 of the
authorized to do and perform all such acts, matters, Articles of Association of the Company, Mr. Sanjeev
deeds and things, as may be necessary, without Genomal shall hold office up to the date of this AGM and
further referring to the members of the Company as is eligible to be appointed as a Director.
may be necessary and expedient to give effect to the
The Company has received notice in writing under the
aforesaid resolutions.
provisions of Section 160 of the Act, from a member along
6. Remuneration under Section 197(1) of the Companies with the requisite deposit proposing the candidature of
Act, 2013 Mr. Sanjeev Genomal for the office of Director.
To consider and if thought fit to pass the following
resolution as an Ordinary Resolution: The Company has received the following from Mr. Sanjeev
Genomal: (a) Consent in writing to act as director (b)
RESOLVED that pursuant to provisions of Section
disclosure of interest under Section 184 of the Act and (c)
197(1)(ii) and other applicable provisions, if any, of the
declaration to the effect that he is not disqualified under
Companies Act, 2013, approval of the Company be
sub-section (2) of Section 164 of the Act,
and is hereby accorded for the payment of a sum not
exceeding `14 million (Rupees Fourteen million only), Mr. Sanjeev Genomal, aged 57 years, is son of Late. Mr.
(excluding sitting fees) subject to the limit prescribed Nari Genomal. He is a Graduate in Commerce. He has 25+
in the Companies Act, 2013, to be paid to and years of experience in various facets of the textile industry.
distributed amongst the Directors of the Company or He holds directorship in 3 more Indian Companies.
some or any of them (other than Managing Directors
/ Whole-time Directors) in such amounts, subject to The resolution seeks the approval of members for the
such ceiling and in such manner and in such respects appointment of Mr. Sanjeev Genomal as Director of the
as may be decided by the Board of Directors and Company with effect from 25 May 2023 pursuant to
such payments shall be made for the financial year Section 161 and other applicable provisions of the Act
2023-24. and the Rules made thereunder. He is liable to retire by
rotation.
By Order of the Board
Bangalore Murugesh C
The Board considers that his contribution would be of
25 May, 2023 Company Secretary
immense benefit to the Company and it is desirable to
avail services of Mr. Sanjeev Genomal as Director and
accordingly the Board recommends the resolution for
Registered Office:
member’s approval.
Cessna Business Park, Tower-1, 7th Floor,
Umiya Business Bay, Varthur Hobli,
No Director, Key Managerial Personnel or their relatives,
Outer Ring Road, Bangalore – 560103.
except Mr. Sanjeev Genomal, to whom the resolution
Ph: 080 - 49454545
relates, is interested or concerned in the resolution.
www.jockey.in
investors@jockeyindia.com
CIN#: L18101KA1994PLC016554

Item No. 5 in transforming our manufacturing operations by
introducing the latest technologies in materials and
Through Postal Ballot dated 9 August 2018, Mr Shamir
machineries, strengthening the industrial engineering
Genomal has been appointed as Deputy Managing practices and transforming the quality assurance process,
Director for a period of five years commencing from which helped in reducing operational cost and helped
01 September 2018. Accordingly, Mr Genomal’s tenure to improve the product quality. He was responsible
comes to an end on 31 August 2023. Considering his in shaping and executing marketing strategies to drive
experience, contributions and profile, the Nomination business growth and enhance brand awareness.
Remuneration Committee (NRC) at its meeting held on Mr. Shamir Genomal also plays an important role in
25 May 2023 recommended to re-appoint Mr. Shamir defining the overall product strategy for the brand
Genomal as Deputy Managing Director further period aligning and guiding the product development teams,
of five years commencing from 1 September 2023. The develop product roadmap based on the product strategy
Board of Directors, pursuant to such recommendations and market analysis.
of NRC, at its meeting held on 25 May 2023 re-appointed Mr. Shamir Genomal under his leadership gave shape to
Mr. Shamir Genomal, subject to shareholders approval, the strategy department in the organisation to develop
for a further period of 5 years commencing from 1 and execute long term and short term strategic plan, do
September 2023 as per the terms and conditions set out competitive analysis, drive innovation and disruption.
in the resolution. As a key member of the Top Management Committee, he
has been deeply involved in strategic planning and business
The terms of appointment: transformation initiatives across all facets of the business.
• Period of Appointment: Five years from 1
The resolution seeks the approval of the members in terms
September 2023. of Sections 196, 197, 198 and 203 read with Schedule V and
• Salary including allowances and Incentives other applicable provisions of the Companies Act, 2013,
and the Rules made thereunder for the appointment of
(excluding Perquisites): Not exceeding ` 75 Million
Mr. Shamir Genomal as “Deputy Managing Director” for a
per annum (Upper limit for him for entire tenure of
period of five years commencing 1 September 2023. The
five years). Board of Directors recommends the resolution.
• Fixed and variable pay: As per current salary The details provided in the resolution and explanatory
structure and grade of Mr. Shamir Genomal is statement may be treated as written memorandum
entitled to 70% of fixed pay and 30% of variable setting out the terms of the appointment of Mr. Shamir
pay (VP). VP will be paid based on the overall Genomal under section 190 of the Companies Act 2013.
performance of the Company. VP of the Company Mr. Shamir Genomal is concerned or interested, financially
ranging from 10% to 30% of the CTC, depending or otherwise, to the extent of his shareholding and
on the grade of the employee. remuneration as a Director. Mr. Shamir Genomal is son of
Mr. Sunder Genomal, Chairman and brother of Mr. Rohan
• Notice period to terminate the Contract of service: Genomal, Director of the Company are also concerned
Three months on either side. or interested in the appointment of Mr. Shamir Genomal.
• Perquisites and other statutory contributions: As Save and except the above, none of the Directors/Key
per the rules of the Company and relevant statute. Managerial Personnel of the Company/their relatives
are, in any way, concerned or interested, financially or
The other terms and conditions of his appointment are
otherwise, in the resolutions.
provided in the resolution.
The brief profile of Mr. Shamir Genomal: Item No. 6

Mr. Shamir Genomal has been in the organization Section 197(I)(ii) of the Companies Act, 2013 authorizes
since 2008 and has rich experience in various facets the payment of remuneration to a Director, who is
of business activities. He is one of the core leadership neither a Whole-time Director nor a Managing Director
team members. Mr. Shamir Genomal is a graduate of of a Company, if the Company authorizes such payment
Bachelors in Business Administration from Babson by an ordinary resolution. In view of the increased
College, Massachusetts. activities of the Company and the responsibilities of
Mr. Shamir Genomal spearheaded the acquisition of Non-Whole time Directors/Independent Directors under
Speedo brand license and was responsible for setting SEBI (LODR) Regulation 2015 as well as under the
up the Speedo business. He was also instrumental Companies Act, 2013, it is proposed to pay remuneration

as mentioned in the resolution and such remuneration been dispensed with. Accordingly, the facility for
shall be distributed amongst the Directors (including appointment of proxies by the Members will not be
Alternate Directors, but excluding Managing/ Whole- available for the AGM and hence the Proxy Form
time Directors) as may be determined by the Board in the and Attendance Slip are not annexed to this Notice.
quantum, the proportion and the manner as the Board
may decide from time to time, such that the amount of 3. Institutional / Corporate Shareholders (i.e. other
remuneration to each Director may vary depending on than individuals / HUF, NRI, etc.) are required
the responsibilities as Member / Chairman of the Board, to send a scanned copy (PDF/JPG Format)
Member / Chairman of any Committee(s) of the Board of its Board or governing body Resolution/
and /or all other relevant factors. Authorization etc., authorizing its representative
to attend the AGM through VC / OAVM on its
The said remuneration shall be payable for the year
behalf and to vote through remote e-voting. The
2023-24 after the annual accounts are approved by the
Board of Directors and adopted by the shareholders. said Resolution/Authorization shall be sent to the
The above payment to Non-executive Directors will be in Scrutinizer by email through its registered email
addition to the sitting fees payable to them for attending address to vijaykumaracs@gmail.com with a copy
Board / Committee meetings. marked to evoting@nsdl.co.in
The Board recommends an ordinary resolution for 4. The Explanatory Statement pursuant to Section
approval. The Non-Executive Directors of the Company 102 of the Companies Act, 2013 (“Act”) setting
may be deemed to be concerned or interested in the out material facts concerning the business under
resolution to the extent of the remuneration that may be Item No.4 to 6 of the Notice, is annexed hereto.
received by them. The relevant details, pursuant to Regulations
Save and except the above, none of the other Directors 26(4) and 36(3) of the SEBI (Listing Obligations
/ Key Managerial Personnel of the Company / their and Disclosure Requirements) Regulations, 2015
relatives are in any way, concerned or interested, (“SEBI Listing Regulations”) and Secretarial
financially or otherwise, in the resolution. Standard on General Meetings issued by the
Institute of Company Secretaries of India, in
Notes: respect of Directors seeking appointment/re-
1. In view of the continuing Covid-19 pandemic, the appointment at this AGM are also annexed.
Ministry of Corporate Affairs (“MCA”) has vide 5. The Register of Members and Share Transfer
its circular dated May 5, 2020 read with circulars Books of the Company will remain closed on
dated April 8, 2020, April 13, 2020, January 13, 2021, 3 August 2023 for the purpose of 28th Annual
May 5, 2022, and December 28, 2022 (collectively General Meeting.
referred to as “MCA Circulars”) and SEBI vide its
Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 6. Members are requested to note that, dividends if not
dated May 12, 2020, January 15, 2021, 13 May 2022 encashed for a consecutive period of 7 years from
and January 5, 2023 have permitted the holding the date of transfer to Unpaid Dividend Account
of the Annual General Meeting (“AGM”) through of the Company, are liable to be transferred to the
VC / OAVM, without the physical presence of Investor Education and Protection Fund (IEPF).
the Members at a common venue. In compliance The shares in respect of such unclaimed dividends
with the provisions of the Companies Act, 2013 are also liable to be transferred to the demat
(“Act”), SEBI (Listing Obligations and Disclosure account of the IEPF Authority. In view of this,
Requirements) Regulations, 2015 (“SEBI Listing Members are requested to claim their dividends
Regulations”) and MCA Circulars, the AGM of the from the Company, within the stipulated timeline.
Company is being held through VC / OAVM. The Members, whose unclaimed dividends/shares
have been transferred to IEPF, may claim the same
2. Pursuant to the provisions of the Act, a Member by making an application to the IEPF Authority
entitled to attend and vote at the AGM is entitled in Form No. IEPF-5 available at www.iepf.gov.in.
to appoint a proxy to attend and vote on his/ The details of unclaimed dividend and unclaimed
her behalf and the proxy need not be a Member shares transferred to IEPF have been provided in
of the Company. Since this AGM is being held the Corporate Governance Report under section
pursuant to the MCA / SEBI Circulars through “Shareholders Information”.
VC / OAVM, physical attendance of Members has

7. Members are requested to intimate changes, if 13. As per Regulation 40 of SEBI Listing Regulations,
any, pertaining to their name, postal address, email as amended, securities of listed companies
address, telephone/ mobile numbers, Permanent can be transferred only in dematerialized form
Account Number (PAN), mandates, nominations, with effect from, April 1, 2019, except in case of
power of attorney, bank details such as, name request received for transmission or transposition
of the bank and branch details, bank account of securities. In view of this and to eliminate all
number, MICR code, IFSC code, etc., to their DPs risks associated with physical shares and for
in case the shares are held by them in electronic ease of portfolio management, members holding
form and to Registrars and Share Transfer Agent shares in physical form are requested to consider
(RTA) Link Intime India Pvt Ltd, C-101, 247 Park, converting their holdings to dematerialized form.
L B S Marg, Vikhroli West, Mumbai – 400083. Tel Members can contact the Company’s Registrars
No: 022 49186000 Fax: 022 49186060. E-mail: and Transfer Agent M/s. Link Intime India Pvt. Ltd
rnt.helpdesk@linkintime.co.in in case the shares for assistance in this regard.
are held by them in physical form.
14. Pursuant to Finance Act 2020, dividend income will
8. As per the provisions of Section 72 of the Act, be taxable in the hands of shareholders w.e.f. April
the facility for making nomination is available 1, 2020 and the Company is required to deduct tax
for the Members in respect of the shares held by at source from dividend paid to shareholders at
them. Members who have not yet registered their the prescribed rates. For the prescribed rates for
nomination are requested to register the same by various categories, the shareholders are requested
submitting Form No. SH-13. Members are requested to refer to the Finance Act, 2020 and amendments
to submit the said details to their DP in case the thereof. The shareholders are requested to update
shares are held by them in electronic form and to their PAN with the RTA (in case of shares held in
RTA in case the shares are held in physical form. physical mode) and depositories (in case of shares
held in demat mode).
9. Members holding shares in physical form, in
identical order of names, in more than one folio A Resident individual shareholder with PAN and
are requested to send to RTA, the details of who is not liable to pay income tax can submit a
such folios together with the share certificates yearly declaration in Form No. 15G/15H, to avail the
for consolidating their holdings in one folio. A benefit of non-deduction of tax at source by email
consolidated share certificate will be issued to to rnt.helpdesk@linkintime.co.in. Shareholders are
such Members after making requisite changes. requested to note that in case their PAN is not
registered, the tax will be deducted at a higher
10. In case of joint holders, the Member whose name
rate of 20%.
appears as the first holder in the order of names
as per the Register of Members of the Company Non-resident shareholders can avail beneficial rates
will be entitled to vote at the AGM. under tax treaty between India and their country
of residence, subject to providing necessary
11. In compliance with the aforesaid MCA Circulars
documents i.e. No Permanent Establishment and
and SEBI Circular dated May 12, 2020, January
Beneficial Ownership Declaration, Tax Residency
13, 2021 December 8, 2021, December 14, 2021
Certificate, Form 10F, any other document which
and January 5, 2023, Notice of the AGM along
may be required to avail the tax treaty benefits by
with the Annual Report 2022-23 is being sent
sending an email to rnt.helpdesk@linkintime.co.in.
only through electronic mode to those Members
whose email addresses are registered with the 15. Since the AGM will be held through VC / OAVM,
Company/ Depositories. Members may note the Route Map is not annexed in this Notice.
that the Notice and Annual Report 2022-23
16. The Securities and Exchange Board of India (SEBI)
will also be available on the Company’s website
has mandated the submission of Permanent
www.pageind.com, websites of the Stock
Account Number (PAN) by every participant in
Exchanges i.e. BSE Limited and National
the securities market. Members holding shares
Stock Exchange of India Limited at
in electronic form, are, therefore, requested to
www.bseindia.com and www.nseindia.com
submit (PAN) to their Depository Participants with
respectively, and on the website of NSDL
whom they are maintaining their demat accounts.
https://www.evoting.nsdl.com.
Members holding shares in physical form can
12. Members attending the AGM through VC / OAVM submit their PAN details to the Company/ Registrar
shall be counted for the purpose of reckoning the and Transfer Agents, M/s. Link Intime India Pvt. Ltd.
quorum under Section 103 of the Act.

17. Details of Directors seeking appointment/reappointment at the Annual General Meeting (Pursuant to Regulation 36(3)of the SEBI (LODR) Regulation 2015) and Secretarial
Standard -2.
Director Name Mr. Sunder Genomal Mr. V S Ganesh Mr. Shamir Genomal Mr. Sanjeev Genomal
Age 69 55 39 57
Director Identification No. 00109720 07822261 00871383 01399731
Date of Appointment 15 November 1994 25 May 2017 1 June 2014 25 May 2023
Expertise in Specific Function Area He has over three decades of He has over two decades He has over a decade of experience He has over two decades of experience in
experience in various facets of of experience in Business in various facets of textile industry various facets of textile industry
textile industry Operations
Qualification M. Tech B.Sc. Maths; Course BBA Graduate in Commerce
completed ACS (ICSI)
List of outside Directorship Indian Companies: Indian Companies: Indian Companies: Indian Companies:
NIL NIL 1. Gentex Apparel Pvt. Ltd. 1. Gentex Apparel Pvt. Ltd.
Foreign Companies: 2. Genco Holdings Pvt. Ltd. 2. Genco Holdings Pvt. Ltd.
Foreign Companies:
1. GTVL Mfg. Industries Inc., Foreign Companies: 3. Page Garment Exports Pvt. Ltd.
NIL
Philippines Nil Foreign Companies:
2. Sprint International Inc., Nil
Philippines
3. Trigen Resources
Inc., Philippines
Chairman / Member of Committees Chairman of Corporate Member of Corporate Social Member of Risk Management NIL
of the Board of Directors of the Social Responsibility Responsibility Committee, Committee
Company Committee and Risk Management Risk Management
Committee and Member of Finance
Committee and Finance
Committee
Committee
Chairman / Member of the NIL NIL 200 Shares NIL
Committees of other Companies in (0.002% to the paid-up capital)
which he is a Director.
Number of Shares held in the 1,714,314 Shares NIL 200 shares (0.002% to the paid up 583,071 (5.23% to the paid up capital)
Company (15.37% to the paid-up capital) capital)
No of Board Meetings attended 5/5 5/5 5/5 NA
during the year
Relationship with other Directors Brother of Mr. Ramesh Genomal, Nil Son of Mr. Sunder Genomal, NIL
Father of Mr. Shamir Genomal and Chairman and brother of Mr. Rohan
Genomal, Director
Mr. Rohan Genomal
Terms of Appointment Provided in the concerned resolution and explanatory statement
Remuneration paid during the year ` 7.56 Million ` 44.47 Million ` 22.86 Million NIL
2022-23
Remuneration sought to be paid Being ordinary Business, not applicable Provided in the resolution Proposed to be appointed as Non-Executive
Director
ANNUAL REPORT 2021-22 169

Instructions for e-voting and joining AGM Resolutions through remote e-voting and are otherwise
not barred from doing so, shall be eligible to vote
A. VOTING THROUGH ELECTRONIC MEANS: through e-voting system during the AGM.
1. In compliance with the provisions of Section 108 of the 3. The Members who have cast their vote by remote
Act, read with Rule 20 of the Companies (Management e-voting prior to the AGM may also attend/ participate
and Administration) Rules, 2014, as amended from in the AGM through VC / OAVM but shall not be entitled
time to time, and Regulation 44 of the SEBI Listing to cast their vote again.
Regulations, the Members are provided with the facility
4. Those who are not a member as on the cut-off date shall
to cast their vote electronically, through the e-voting
treat this notice for information purpose only.
services provided by NSDL, on all the resolutions set
forth in this Notice. The instructions for e-voting are 5. The process and manner for remote e-voting are as
given herein below: under:
2. The remote e-voting period commences on 7 August A. Login method for e-Voting to Individual shareholders
2023 (9.00 a.m. IST) and ends on, 9 August 2023 (5.00 holding securities in demat mode
p.m. IST). During this period members’ of the Company, In terms of SEBI circular dated December 9, 2020 on
holding shares either in physical form or in dematerialized e-Voting facility provided by Listed Companies, Individual
form, as on the cut-off date of on 3 August 2023, may shareholders holding securities in demat mode are
cast their vote by remote e-voting. The remote e-voting allowed to vote through their demat account maintained
module shall be disabled by NSDL for voting thereafter. with Depositories and Depository Participants.
Once the vote on a resolution is cast by the member, the Shareholders are advised to update their mobile
member shall not be allowed to change it subsequently. number and email Id in their demat accounts in order
Those Members, who will be present in the AGM through to access e-Voting facility. The procedure to login and
VC / OAVM facility and have not cast their vote on the access remote e-voting, as devised by the Depositories /
Depository Participant(s), is given below:
Type of shareholders Login Method

Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.nsdl.com either
holding securities in on a Personal Computer or on a mobile. On the e-Services home page click on the “Beneficial
demat mode with NSDL. Owner” icon under “Login” which is available under ‘IDeAS’ section, this will prompt you to enter
your existing User ID and Password. After successful authentication, you will be able to see
e-Voting services under Value added services. Click on “Access to e-Voting” under e-Voting
services and you will be able to see e-Voting page. Click on company name or e-Voting
service provider i.e. NSDL and you will be re-directed to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining virtual meeting & voting
during the meeting.
2. If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the
home page of e-Voting system is launched, click on the icon “Login” which is available
under ‘Shareholder/Member’ section. A new screen will open. You will have to enter your
User ID (i.e. your sixteen digit demat account number hold with NSDL), Password/OTP and
a Verification Code as shown on the screen. After successful authentication, you will be
redirected to NSDL Depository site wherein you can see e-Voting page. Click on company
name or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website
of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting
& voting during the meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” for seamless
voting experience.

Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing
holding securities in user id and password. Option will be made available to reach e-Voting page without
demat mode with CDSL any further authentication. The users to login Easi /Easiest are requested to visit CDSL
website www.cdslindia.com and click on login icon & New System Myeasi Tab and then
user your existing my easi username & password.
2. Users who have opted for CDSL Easi / Easiest facility, can login through their existing
user id and password. Option will be made available to reach e-Voting page without
any further authentication. The users to login Easi /Easiest are requested to visit CDSL
website www.cdslindia.com and click on login icon & New System Myeasi Tab and then
user your existing my easi username & password.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL
website HYPERLINK http://www.cdslindia.com”www.cdslindia.com and click on login
& New System Myeasi Tab and then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat
Account Number and PAN No. from a e-Voting link available on HYPERLINK
“http://www.cdslindia.com”www.cdslindia.com home page. The system will
authenticate the user by sending OTP on registered Mobile & Email as recorded in the
Demat Account. After successful authentication, user will be able to see the e-Voting
option where the evoting is in progress and also able to directly access the system of
all e-Voting Service Providers.
Individual Shareholders You can also login using the login credentials of your demat account through your
(holding securities Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging in,
in demat mode) you will be able to see e-Voting option. Click on e-Voting option, you will be redirected to
login through their NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting
depository participants feature. Click on company name or e-Voting service provider i.e. NSDL and you will be
redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option
available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk
securities in demat mode with NSDL by sending a request at evoting@nsdl.co.in or call at 022 - 4886 7000
and 022 - 2499 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk
securities in demat mode with CDSL by sending a request at helpdesk.evoting@cdslindia.com or contact at
022- 23058738 or 022-23058542-43
B. Login method for e-Voting to Individual I. Visit the e-voting website of NSDL. Open
shareholders holding securities in demat mode and web browser by typing the following URL:
in physical mode https://www.evoting.nsdl.com/ either on a personal
computer or on a mobile phone.
Step 1: Log-in to NSDL e-voting system at
https://www.evoting.nsdl.com/ II. Once the home page of e-voting system is launched,
click on the icon “Login” which is available under
Step 2: Cast your vote electronically on NSDL e-voting
‘Shareholders’ section.
system.
Details on Step 1 are mentioned below:
How to Log-in to NSDL e-voting website?

III. A new screen will open. You will have to enter your last 8 digits client ID for your CDSL account or
User ID, your Password and a Verification Code folio number for shares held in physical form.
The .pdf file contains your ‘User ID’ and your
as shown on the screen. Alternatively, if you are
‘initial password’.
registered for NSDL eservices i.e. IDEAS, you can log-
2. If your email ID is not registered, please follow
in at https://eservices.nsdl.com/ with your existing
steps mentioned below in process for those
IDEAS login. Once you log-in to NSDL eservices shareholders whose email ids are not registered.
after using your log-in credentials, click on e-voting VI. If you have not received the ‘initial password’, or
and you can proceed to Step 2 i.e. Cast your vote are unable to retrieve it, or have forgotten your
electronically. password:
a. Click on the ‘Forgot User Details / Password?’
IV. Your User ID details are given below:
(If you are holding shares in your demat
Manner of holding Your User ID is: account with NSDL or CDSL) option available
shares, i.e., Demat (NSDL on www.evoting.nsdl.com
or CDSL) or Physical b. A ‘Physical User Reset Password?’ (If you are
a) For members who 8-character DP ID followed by holding shares in physical mode) option is also
hold shares in demat 8-digit Client ID available on www.evoting.nsdl.com.
accounts with NSDL. For example, if your DP ID c. If you are still unable to get your password
is IN300*** and Client ID is following the aforesaid options, you can send
12****** then your User ID is a request to evoting@nsdl.co.in mentioning
IN300***12******. your demat account number / folio number,
b) For members who 16-digit Beneficiary ID your PAN, your name, and your registered
hold shares in demat For example, if your
address.
account with CDSL. Beneficiary ID is d. Members can also use the OTP (One Time
12************** then your user Password) based login for casting the votes on
ID is 12************** the e-Voting system of NSDL
c) For members holding EVEN, followed by Folio VII. After entering your password, agree to the terms
shares in physical form. Number registered with the and conditions by checking the box.
company.
For example, if your EVEN is
VIII. Next, click on the ‘Login’ button.
101456, and Folio Number is IX. After you click on the ‘Login’ button, the homepage
001***, then your User ID is of e-voting will open.
101456001***
Details on Step 2 are mentioned below:
V. Your password details are given below:
How to cast your vote electronically on NSDL e-Voting
a. If you are already registered for e-voting, then you system?
can use your existing password to log in and cast
I. After successfully logging in following Step 1, you
your vote.
will be able to see the e-voting homepage. Click on
b. If you are using the NSDL e-voting system for ‘e-Voting’. Then, click on ‘Active Voting Cycles’.
the first time, you will need to retrieve the ‘initial
II. Upon clicking on ‘Active Voting Cycles’, you will be
password’ which was communicated to you. Once
able to see the ‘EVEN’ of all the companies in which
you retrieve your ‘initial password’, you need to
you hold shares and whose voting cycles are in
enter the ‘initial password’, and the system will
‘active’ status.
force you to change your password.
III. Select “EVEN” of “Page Industries Limited”.
c. How to retrieve your ‘initial password’?
IV. Now you are ready for e-Voting as the Voting page
1. If your email ID is registered in your demat
opens. Cast your vote by selecting appropriate
account or with the company, your ‘initial
options i.e. assent or dissent, verify/modify the
password’ is communicated to you on your
number of shares for which you wish to cast your
email ID. Trace the email sent to you by NSDL
vote and click on “Submit” and also “Confirm” when
from your mailbox. Open the email and open
prompted.
the attachment (it will be a .pdf file). Open
the file. The password to open the file is your V. Upon confirmation, the message, ‘Vote cast
8-digit client ID for your NSDL account, or the successfully’, will be displayed.

VI. You can also take the printout of the votes cast by you mentioned in the Notice of the AGM under “Access to
by clicking on the print option on the confirmation NSDL e-Voting system”.
page.
11. A person, whose name is recorded in the register
VII. Once you confirm your vote on the resolution, you of members or in the register of beneficial owners
will not allowed to modify your vote. maintained by the depositories as on the cut-off date
General guidelines for shareholders (i.e 3 August 2023) only shall be entitled to avail the
facility of remote e-voting as well as participate at the
6. Institutional shareholders (i.e. other than individuals, AGM through VC/OAVM.
HUF, NRI, etc.) are required to send a scanned copy
(PDF/JPG Format) of the relevant Board Resolution/ 12. Mr. R Vijayakumar, Practicing Company Secretary,
Authority letter etc. with attested specimen signature (Membership No. FCS 6418) has been appointed
of the duly authorized signatory(ies) who are for as the Scrutinizer for providing facility to the
authorized to vote, to the Scrutinizer by email to members of the Company to scrutinize the voting
vijaykumaracs@gmail.com with a copy marked to and remote e-voting process in a fair and transparent
evoting@nsdl.co.in. manner.
7. It is strongly recommended not to share your 13. Process for registration of email id for obtaining Annual
password with any other person and take utmost Report and user id/password for e-voting and updation
care to keep your password confidential. Login of bank account mandate for receipt of dividend:
to the e-voting website will be disabled upon For Physical Holding: Send a request to the Registrar
five unsuccessful attempts to key in the correct and Transfer Agents of the Company(RTA), at
password. In such an event, you will need to go rnt.helpdesk@linkintime.co.in providing Folio No.,
through the “Forgot User Details/Password?” or Name of shareholder, scanned copy of the share
“Physical User Reset Password?” option available on certificate (front and back), PAN (self attested
www.evoting.nsdl.com to reset the password. scanned copy of PAN card), AADHAR (self attested
8. In case of any queries, you may refer the Frequently scanned copy of Aadhar Card) for registering email
Asked Questions (FAQs) for Shareholders and address. Following additional details need to be
e-voting user manual for Shareholders available at provided in case of updating Bank Account Details:
the download section of www.evoting.nsdl.com or a) Name and Branch of the Bank in which you wish
call on 022 - 4886 7000 and 022 - 2499 7000 or to receive the dividend, b) the Bank Account type, c)
send a request at evoting@nsdl.co.in. Bank Account Number allotted by their banks after
implementation of Core Banking Solutions d) 9 digit
9. The voting rights of members shall be in proportion to MICR Code Number, and e) 11 digit IFSC Code f) a
their shares of the paid up equity share capital of the scanned copy of the cancelled cheque bearing the
Company as on the cut-off date of 3 August 2023. name of the first shareholder.
10. Any person holding shares in physical form and non- For Demat Holding: Please contact your Depository
individual shareholders, who acquires shares of the Participant (DP) and register your email address and
Company and becomes member of the Company bank account details in your demat account, as per
after the notice is send through e-mail and holding the process advised by your DP.
shares as of the cut-off date i.e. 3 August 2023, may
obtain the login ID and password by sending a request B. INSTRUCTIONS FOR MEMBERS FOR ATTENDING
at evoting@nsdl.co.in or Issuer/RTA. However, if you THE AGM THROUGH VC / OAVM ARE AS UNDER:
are already registered with NSDL for remote e-voting,
then you can use your existing user ID and password 14. Members will be able to attend the AGM through VC
for casting your vote. If you forgot your password, / OAVM or view the live webcast of AGM provided
you can reset your password by using “Forgot User by NSDL at https://www.evoting.nsdl.com by using
Details/Password” or “Physical User Reset Password” their remote e-voting login credentials and selecting
option available on www.evoting.nsdl.com or call the EVEN for Company’s AGM. After successful
on toll free no. 022 - 4886 7000 and 022 - 2499 login, you can see link of “VC/OAVM link” placed
7000. In case of Individual Shareholders holding under “Join meeting” menu against company name.
securities in demat mode who acquires shares of the You are requested to click on VC/OAVM link placed
Company and becomes a Member of the Company under Join Meeting menu. The link for VC/OAVM will
after sending of the Notice and holding shares as of be available in Shareholder/Member login where the
the cut-off date i.e. 3 August 2023 may follow steps EVEN of Company will be displayed.

15. Members who do not have the User ID and Password 20. Members who would like to express their views or ask
for e-voting or have forgotten the User ID and questions during the AGM may register themselves
Password may retrieve the same by following the as a speaker by sending their request from their
remote e-voting instructions mentioned in the Notice. registered email address mentioning their name, DP
Further Members can also use the OTP based login ID and Client ID/folio number, PAN, mobile number
for logging into the e-voting system of NSDL. at investors@jockeyindia.com before 7 August 2023
(5:00 p.m. IST). Those Members who have registered
16. Members are requested to join the Meeting through
themselves as a speaker will only be allowed to
Laptops for better experience and will be required
express their views/ask questions during the AGM.
to allow camera and use internet with a good speed
The Company reserves the right to restrict the
to avoid any disturbance during the meeting. Please
number of speakers depending on the availability of
note that participants connecting from Mobile
time for the AGM.
Devices or Tablets or through Laptop connected via
mobile hotspot may experience audio/video loss 21. Procedure for E- Voting on the day of the AGM:
due to fluctuation in their respective network. It is • Only those members who will be present in the
therefore recommended to use stable Wi-Fi or LAN AGM through VC / OAVM facility and have not cast
connection to mitigate any kind of glitches. their vote on the Resolutions by remote e-voting
17. Members can join the EGM/AGM in the VC/OAVM prior to the AGM shall be entitled to cast their vote
mode 15 minutes before and after the scheduled time through the e-voting system at the AGM.
of the commencement of the Meeting by following • The procedure for e-voting on the day of the AGM
the procedure mentioned in the Notice. The facility of is the same as the instructions mentioned above
participation at the AGM through VC/OAVM will be for remote e-voting.
made available for 1000 members on first come first
Other Information:
served basis. This will not include large Shareholders
(Shareholders holding 2% or more shareholding), 22. The Chairman shall, at the AGM, at the end of
Promoters, Institutional Investors, Directors, Key discussion on the resolutions on which voting is to be
Managerial Personnel, the Chairpersons of the held, allow voting, by e-voting for all those members
Audit Committee, Nomination and Remuneration who are present at the AGM through AC/OAVM but
Committee and Stakeholders Relationship have not cast their votes by availing the remote
Committee, Auditors etc. who are allowed to attend e-voting facility.
the EGM/AGM without restriction on account of first
23. The Scrutinizer shall after the conclusion of voting at
come first served basis.
the AGM, will first count the votes cast at the meeting
18. Members, who need assistance before or during the and thereafter unblock the votes cast through remote
AGM, can contact NSDL on evoting@nsdl.co.in or e-voting in the presence of at least two witnesses not
contact on telephone no. 022 - 4886 7000 and 022 - in the employment of the Company and shall make,
2499 7000. not later than 48 hours of the conclusion of the AGM,
a consolidated scrutinizer’s report of the total votes
Procedure to raise questions / seek clarifications
cast in favour or against, if any, to the Chairman or
with respect to annual report:
a person authorized by him in writing, who shall
19. As the AGM is being conducted through VC / OAVM, countersign the same and declare the result of the
members are encouraged to express their views / voting forthwith.
send their queries in advance mentioning their name,
24. The Results declared along with the report of the
DP Id and Client Id/Folio No., e-mail id, mobile number
Scrutinizer shall be placed on the website of the
at investors@jockeyindia.com to enable smooth
Company www.pageind.com and on the website of
conduct of proceedings at the AGM. Questions /
NSDL immediately after the declaration of result by the
Queries received by the Company on or before 7
Chairman or a person authorized by him in writing. The
August 2023 (5:00 p.m. IST) on the aforementioned
results shall also be immediately forwarded to Stock
e-mail id shall only be considered and responded
during the AGM. Exchanges where the shares of the Company are listed.

investors
Technology • Tenacity • Transformation

Anual Report 202223

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Technology • Tenacity • Transformation

From the Chairman’s Desk............................................................................................... 10 for the future.

STATUTORY REPORTS.................................................................................20 leader in the premium innerwear and athleisure segments.

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 2

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 3

1997 2004 2006 2011 2015 2017 2019

1995 2003 2007 2008 2014 2016 2018 2022

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 4

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 5

1910 1960 2000 2016

1876 1940 1980 2011

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 6

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 7

1920's 1950's 1970's

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 8

• Brand Equity: The Company’s strong

• A rich product portfolio: with a strong premium innerwear

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 9

T enacity forms the core of our operations, an

In line with our transformation objective, we

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 10

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 11

EBITDA EBITDA Margin % PAT PAT Margin %

*Previous year figures have been regrouped / reclassified, wherever necessary.

FY19 FY20 FY21 FY22 FY23

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 12

Product Penetration – Strategic

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 13

Style No. MV15

Style No. U109

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 14

2,96,124 9,50,575 22,594 26,100

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 15

Sustainability Vision of PAGE

Sustainability Focus Areas

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 16

Water and Materials Responsible

Occupational Product Diversity and

Golden Peacock Environment Management Award 2022

Initiatives to attract partnered vendors to participate in sustainable practices

Implementation of RSL Training critical suppliers

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 18

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 19

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 20

Mr. V S Ganesh : Managing Director

Mr. Ramesh Genomal : Non-Executive Director

Mr. G P Albal : Independent Director

Mr. Murugesh C : Company Secretary & Compliance Officer

Registrar & Share Transfer Agent Statutory Auditors

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 21

Interim Dividends 2,900 3,346 DIVIDEND

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 22

The tape dyeing unit expansion of 35,000 Sq.ft in

The ‘Cup Molding & Hook n Eye Forming’ projects are

To meet the demand in the premium vertical, the

Our flagship Odisha Project would be ready by end of

The Company is also expanding its socks capacity with

NABL (National Accreditation Board for Testing and

The Company added two third-party logistics warehouse

Technology • Tenacity • Transformation ANNUAL REPORT 2022-23 23