November 2011

Dear investor,

As we step into the next quarter of a successful year, I would like to thank you all very much for your support and confidence in Page Industries.

We are happy to state that Page Industries’ performance has been good. In fact for the second quarter ended September 30 2011, our sales touched Rs.180.60 crores; registering a growth of 43% over the sales of the corresponding quarter of the previous year. 

Sale for six months ended September 30 grew by 45% to Rs.357.01 crores and PAT amounted to Rs.53.02 crores for the six months, registering a growth of 76%. The Board declared a second Interim Dividend of 120% and this along with one Interim Dividend already declared amounted to 170% for the year 2011 – 12.

The highlight for the quarter was Page Industries Limited being voted as the 7th Best Managed Company in India and also ranked 2nd in India for being Most Committed to a Strong Dividend Policy, in Asia’s Best Managed Companies Poll for 2010 conducted by Finance Asia (Hong Kong). The scores were arrived from investors and analysts views on companies’ performance, corporate governance, investor relations, dividend policies and corporate social responsibility in Asian Countries.

As you may already know, your company has signed an agreement to become the exclusive license of Speedo International Ltd for the manufacturing, marketing and distribution of the Speedo brand in India. Under this agreement, Page Industries will introduce a range of Speedo products including swimwear, watershorts, apparel, equipment and footwear. While the agreement came in to effect from July1, 2011, all the product categories will be available on the shelves starting January 2012.

Speedo is the number one brand and product choice for swimmers around the world. While swimwear in India is still at a nascent stage, the prospects for this category blossoming are exciting. It is a matter of great pride for all of us at Page Industries to partner with a brand of this stature. We are sure that Speedo’s product technology & marketing leadership, clubbed with our expertise in manufacturing and distribution will go a long way in forging a very successful and mutually beneficial partnership:

In the last quarter, exciting Jockey product range extensions and styles and colors were released keeping in mind the younger, trendier and more fashion conscious market segment. Jockey products are retailed through 70 exclusive brand outlets and 19000 + retail stores in 1200 cities and towns across India.

The ‘Just Jockeying’ advertising campaigns with new visuals and feel have been released. Simultaneously visuals highlighting the product as part of the ‘Jockey or Nothing’ campaign have also been released to the print media. The advertisements along with point of sale activities have helped the Jockey brand stay top-of-mind and maintain extremely high brand equity in our category.

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