March 2009

Dear investor,

As we stand at the start of a new financial year, I would like to thank you all very much for your support and confidence in Page Industries.

Despite the downturn in the economy experienced by some sectors, I am pleased to inform you that Page Industries’ performance has been good. In fact for the third quarter ended December 31 2008, our sales touched Rs.67.34 crores; registering a growth of 30% over the sales of the corresponding quarter of the previous year.

Sale for nine months ended December 31 grew by 35% to Rs.198.25 crores and PAT amounted to Rs.26.08 crores for the nine months, registering a growth of 34%.  The Board declared a third Interim Dividend of 40% and this along with two Interim Dividends already declared amounted to 140% for the year 2008 – 09.

In August 2008, Page Industries’ and Jockey International USA celebrated their golden anniversary of association and both groups renewed their commitment to an even more exciting 50 years going forward.

We are poised for further growth and expansion in the new financial year as well. As part of this expansion, exclusive Jockey outlets will open in Pune, Ambala, Chandigarh over the next few weeks; and in Hyderabad, Chennai, Coimbatore and Kota in Rajasthan over the coming months.

We will introduce some exciting new products from Jockey’s international range as well. These include technological innovations in the form of 3D innovation – a new range of 8-way stretch inner wear for men. We will also actively promote our new sports, leisure and lounge wear for both men and women. Some of the products are already available in stores, more will be introduced over the next few months.

As part of our new communication strategies for the year, we have empanelled communications agencies with the required expertise to advise us on advertising, media and public relations. We see this as the new step in growing further awareness for the entire Jockey range, in turn boosting the overall growth of Page Industries.

With these words, I would like to take this opportunity to thank the Central and State Governments, shareholders, investors, bankers, financial institutions, lenders, suppliers, franchisees and customers for their consistent and resolute support.

I thank all my colleagues on the Board for their unanimous support and immense encouragement.

Finally, I would like to specially acknowledge the commitment and dedication of the entire team at Page Industries in creating and sustaining a world-class enterprise.

Thank you.

Sunder “Ashok” Genomal
Managing Director