Page Industries Ltd Directors Report

Your Directors take pleasure in presenting the 30th Annual Report of the Company together with its audited accounts for the year ended 31 March 2025.

FINANCIAL RESULTS

Financial results for the year under review are summarised below:

(Rs in Millions, except earnings per share)

Particulars	2024-25	2023-24
Revenue from operations (net)	49,349	45,692
Profit before Interest, Depreciation & Tax	11,242	8,922
Less: Finance Cost	464	449
Profit before Depreciation and Tax	10,778	8,473
Less: Depreciation	992	908
Profit before Tax	9,786	7,565
Less: Tax	2,495	1,873
Profit for the year	7,291	5,692
Other comprehensive income, net of tax - gains/ (losses)	(42)	25
Total Comprehensive income, net of tax	7,249	5,717
Retained earnings- Opening Balance	14,706	12,447
Profit for the year	7,291	5,692
Less:
Interim Dividends	9,146	3,458
Re-measurement (+/-) on defined benefit plans	42	(25)
Transfer to any reserve	-	-
Retained earnings- Closing Balance	12,809	14,706
Earnings per share (Basic / Diluted) (Rs)	653.71	510.31

FINANCIAL HIGHLIGHTS & PERFORMANCE

During the financial year under review, the revenue from operations increased from 45,692 million in the previous financial year to 49,349 million, reflecting a growth of 8%.

Profit Before Tax (PBT) for the year stood at 9,786 million, as compared to 7,565 million in the previous financial year, marking an increase of 29%.

Profit After Tax (PAT) for the year amounted to 7,291 million, against 5,692 million in the previous financial year, representing a growth of 28%.

During the year under review, despite the headwinds of volatile consumer demand and unpredictability at the marketplace, the Company achieved modest revenue growth resulting in strong profit margins and good profit growth. The primary focus during the year was to stabilize sales operations and partner inventory with the implementation and maturity of the Auto Replenishment System. This was backed by improved production efficiency and optimization of working capital, especially inventory across the supply chain.

The Company remains committed to investment in technology, product portfolio, brand promotion and expanding market reach, while maintaining strong operating margins. The Company is transitioning to SAP S4HANA, Salesforce Distribution Management System, and a new Human Resource Management System as part of its broader digital transformation journey. This move will streamline operations and lay the foundation for a scalable, innovative digital ecosystem that supports growth, adaptability and responsiveness in a dynamic business environment.

The e-commerce channel experienced high growth during the year on the back of expansion in the quick commerce channel, reflecting changing consumer purchasing habits and a strong focus on enhancing our online presence. Various initiatives are being implemented to further strengthen the D2C channel including the Consumer Data Platform, to enhance Marketing Technology and setting up of Dark Stores to enhance consumer experience.

The Company remains committed to investing in its longterm objectives, with a strategic focus on several key areas. These include strengthening the product portfolio, expanding general trade distribution, growing large-format and exclusive brand stores, enhancing the D2C business, improving customer experience, fostering continuous channel-partner and consumer engagement, building the brand, and ensuring a robust supply chain.

DIVIDEND

During the year 2024-25, your Directors have declared interim dividends on 8 August 2024 (Interim dividend of 300 per share), 7 November 2024 (Interim dividend of 250 per share), 5 February 2025 (Interim dividend of 150 per share) and 15 May 2025 (Interim dividend of 200 per share) on an equity share value of 10 each, amounting to 10,038 million. In total, four interim dividends have been declared and paid. The Board has not recommended any final dividend.

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

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

EXPANSION AND NEW INVESTMENTS

The Company remains committed to investing in the future and its long-term objectives. The Company is well positioned to meet increase in demand through a well- defined combination of in-house expansion and strategic outsourcing.

Two new in-house manufacturing units are being established. A new manufacturing unit spanning a built- up area of 650,000 sq ft commenced test operations in Odisha. With an in-house raw material warehouse, mens innerwear manufacturing unit and dedicated facilities for socks and elastics, this unit will be amongst the largest manufacturing facilities in the country. Designed with a strong focus on both productivity and employee wellbeing, this state-of-the-art plant will set new benchmarks in energy efficiency and sustainable practices. The facility is expected to achieve IGBC Platinum Certification, and its in-house quality lab will be accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL).

Parallely, a new manufacturing plant is under construction at KR Pete in Karnataka, the second unit in the region, inspired by the success of the existing KR Pete facility. Spanning 250,000 sq ft, this new plant is dedicated to premium mens innerwear and will support sew-to-pack, elastic manufacturing and raw material warehouse operations in due course.

In addition to in-house expansion, outsourcing capacities will be expanded in collaboration with strategic, high- quality supply-chain partners. Operational excellence and automation remain key focus areas to further enhance productivity and efficiency.

Further, to expand & enlarge enhance distribution capabilities and to enhance consumer experience, the Company will be establishing dedicated Regional Distribution Centres (RDCs) and Dark Stores for both Jockey and Speedo in East and West regions.

In addition to physical expansion and investments, the Company will be investing significantly in technology across the value chain including a new Distribution Management System (Salesforce^TM), a new Enterprise Planning System (SAP^TM S4HANA), a new Human Resource Management System and Consumer Data Platform.

We are pleased to announce that the Company has been awarded the exclusive marketing and distribution rights for Jockey in the regions of Saudi Arabia, Bahrain, and Kuwait, further expanding our presence in the GCC Countries.

JOCKEY

With consistent investments and efforts for over three decades, the Jockey brand enjoys excellent brand scores across all key metrics. The brand has an Awareness Score of 96% and a Most Preferred Brand Score of 60% for its target audience making it amongst the best consumer brands in the world across product categories.

As of March 2025, the brand is distributed across 2,713 cities and towns with 1,453 Exclusive Brand Stores in India. In addition to this, internationally, the Company has 13 Exclusive Brand Stores outside India including 9 in UAE and 1 each in Sri Lanka, Nepal, Oman and Qatar.

Further, the brand has a strong presence online including its brand website www.jockey.in, as well as major e-commerce and quick-commerce platforms.

SPEEDO

The Speedo brand continues to maintain an envious leadership position in the Swimwear Industry with strong brand metrics in the swim category. As of March 2025, the brand is distributed across 150+ cities and towns with 36 Exclusive Brand Stores. The brand has a strong online presence including its brand website www.speedo.in, as well as major e-commerce and quick-commerce platforms.

ENVIRONMENT, HEALTH, AND SAFETY

During the year under review, we continued our journey towards excellence in Environment, Health, and Safety (EHS) by aligning our efforts with organizational goals, regulatory requirements, and global best practices. Our primary focus was to foster a culture that promotes proactive safety, health, and environmental performance. This year, we established our EHS objectives through comprehensive risk assessments, aspect and impact studies, and alignment with Company policies. This approach ensured that our initiatives were focused, relevant, and impactful, significantly enhancing workplace EHS practices.

Enhanced EHS Compliance at EBS: We successfully addressed EHS self-assessment observations across 1,394+ retail locations.

External Audit Compliance: We have implemented appropriate measures, fully addressing the observations raised by external auditors across all manufacturing units.

Employee Training and Capability Building: Each employee completed a minimum of 6 hours of EHS training. We have developed four online training modules, set to launch in FY 2025-26, to further enhance learning and engagement.

Ergonomics and Process Automation: We have introduced automated systems, including conveyors for material handling and stackers for lifting, significantly reducing manual interventions and the risk of repetitive strain injuries.

Employee Health and Wellness: We have ensured 100% employee participation in health check-ups, demonstrating our commitment to early detection and preventive healthcare.

Sustainable Waste Management: We have transitioned four waste streams from incineration to recycling, aligning with our sustainability goals and supporting circular economy efforts.

Commitment to Chemical Safety (ZDHC): We have maintained full compliance with the Zero Discharge of Hazardous Chemicals (ZDHC) program and achieved zero usage of ZDHC-restricted substances.

Injury Reduction and Workplace Safety: We have reduced first aid injuries by 60.83% compared to the previous year, validating the effectiveness of our hazard identification and control measures. We achieved zero lost-time incidents, marking another year of exceptional workplace safety performance.

Fire Safety Enhancements: We have strengthened fire protection infrastructure by completing the installation of sprinkler systems at four units and upgrading fire detection systems at two units.

Risk Management Initiatives: We have implemented 12 risk management programs to identify, evaluate, and control workplace hazards, further strengthening our culture of safety and resilience. The following are key initiatives implemented under risk management program: End Plate Fall Prevention, Straight Knife Blade Guard, Fabric Inspection Machine Bonding & Earthing, Grinding & Drilling Machines Guarding, Heat Platen Bed Guarding & Interlock and Overlock Machine Blade Guard.

Emergency Preparedness and Response: We have identified nine types of emergencies: fire, dog bite, electrical shock, food poisoning, lift entrapment, personal injury, skin rupture, snake bite, insect bite, and chemical spillage. Mock drills were conducted for each scenario, accounting for a total of 57,238 training hours, ensuring employees are thoroughly prepared to respond effectively in emergency situations.

Employee Engagement and Safety Culture: We continued to encourage operator-level participation through National Safety Week, World Environment Day, and other key events. We organized five competitions, recognizing and rewarding 130 employees, reinforcing the culture of safety, awareness, and environmental responsibility

EHS Suggestions and Continuous Improvement: We have implemented 100% of EHS suggestions received from employees.

Page Industries Limited was Honored with the “Outstanding Performance (Gold 4 Star Trophy)” in the Workplace OHS&E Excellence Award category by the World Safety Organization (WSO), India

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

PROSPECTS

The Company is encouraged by the enduring brand equity, image and leadership position of both Jockey and Speedo in their respective markets. The Company is committed to invest and continue its concerted efforts towards enhancing consumer and channel-partner experience across all facets of the brands.

In spite of consistent growth across all product categories and consumer segments over the years, the Indian market offers a significant head room for growth across all categories of the Jockey brand. Our assessment of consumer penetration for brand Jockey for a tightly defined addressable market stands at 17%-19% for Mens Innerwear, 6%-7% for Womens Innerwear, 9%-10% for Socks and 6%-7% for Athleisure.

The Jockey brand will continue to significantly enhance product portfolio with plans to address new consumer segments through dedicated product lines and collaborations. The brand will also see consistent upgradation of its existing product portfolio to enhance usage experience for its vast consumer base. The brand will continue to invest in expansion in the offline space both through General Trade and Modern Retail channels with concerted efforts in penetrating & going deep in the Tier 2 and Tier 3 markets. The online business will see more than proportionate focus in further strengthening our position across marketplace and brand sites.

The Company recently concluded a study by the global marketing research firm Kantar on the swimming market in India. The study reflects Speedos consumer penetration in the range of 5%-7% for Swimwear and 4%-6% for Swim Equipment, providing a huge headroom for growth. In addition to enhancing and expanding the product offering to the Indian market across Swimwear and Equipment, the brand will focus on expanding brand presence in the market with special focus on the online business channel. Your directors are confident that the Speedo business will show healthy growth in the coming years, further strengthening its dominant position in the premium swimwear market.

With continued support from Jockey International, USA, and Speedo International, UK, backed by our strong in-house product development, back-end capabilities, manufacturing expertise and our continuously evolving state-of- the- art technology, combined with a very strong distribution network, we remain optimistic about the prospects of both brands and expect continued healthy sales growth and profitability in the coming years, further consolidating our position in the premium market for Innerwear, Athleisure, Socks, Swimwear & Swim equipment.

HUMAN RESOURCES/INDUSTRIAL RELATIONS

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

BOARD OF DIRECTORS AND KEY MANAGEMENT PERSONNEL

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

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

DIRECTORS

Vacation of Mr. Shahendar Ramesh Genomal as Alternate Director

Mr. Shahendar Genomal (DIN: 00931184) vacated the office of Alternate Director to Mr. Ramesh Genomal (Original Director, DIN: 00931277) since the Original Director attended the meeting on 8 August 2024.

Cessation of Mr. G. P. Albal and Ms. Rukmani Menon as Independent Directors:

Pursuant to the provisions of the Companies Act, 2013, the second terms of independent directorship of Mr. G. P. Albal (DIN: 00185820) and Ms. Rukmani Menon (DIN: 02370521) ceased with effect from 13 August 2024 and 30 September 2024, respectively. The Board expressed its sincere appreciation and commended their significant contributions.

Appointment of Dr. Shravan Subramanyam and Ms. Naina Krishna Murthy as Independent Directors

In place of the retiring Independent Directors, Dr. Shravan Subramanyam (DIN: 00695586) and Ms. Naina Krishna Murthy (DIN: 01216114) were appointed as Independent Directors with effect from 14 August 2024 and 1 October

2024, respectively. In the opinion of the Board, Dr. Shravan Subramanyam and Ms. Naina Krishna Murthy possess the required integrity, expertise and experience for appointment as Independent Directors of your Company.

Cessation of Mr. Sandeep Maini and Mr. Vikram Shah as Independent Directors:

Pursuant to the provisions of the Companies Act, 2013, the second terms of independent directorship of Mr. Sandeep Maini (DIN: 01568787) and Mr. Vikram Shah (DIN: 00119565) will cease with effect from 27 May

2025. The Board expressed its sincere appreciation and commended their significant contributions.

Appointment of Mr. Suresh Eshwara Prabhala and Mr. Dinesh Ramkrishin Malkani as Independent Directors

Based on recommendation of the Nomination and Remuneration Committee, the Board of Directors, at its meeting held on 15 May 2025, appointed Mr. Suresh Eshwara Prabhala (DIN: 02130163) and Mr. Dinesh Ramkrishin Malkani (DIN: 06621722) as Independent Directors with effect from 28 May 2025 for a period of 5 years, subject to the approval of shareholders at the ensuing AGM. In the opinion of the Board,Mr. Suresh Eshwara Prabhala and Mr. Dinesh Ramkrishin Malkani possess the required integrity, expertise and experience for appointment as Independent Directors of your Company.

Re-appointment / Continuation of Directorship

Pursuant to the provisions of the Companies Act 2013 and the Articles of Association of the Company, Mr. Sunder Genomal [DIN 00109720] and Mr. Shamir Genomal [DIN 00871383], Directors of the Company will be retiring by rotation at the ensuing AGM and being eligible, have offered themselves for re-appointment. The Board recommends their re-appointment.

Pursuant to Regulation 17(1A) of the SEBI LODR Regulations, the Board recommends continuation of Mr. Ramesh Genomal (DIN: 00931277) as NonExecutive Director beyond 75 years of age, subject to shareholders approval, in recognition of his valuable contributions and expertise.

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

Key Managerial Personnel

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

1. Mr. Ganesh V S [DIN 07822261] - Managing Director;

2. Mr. Shamir Genomal [DIN 00871383] - Deputy Managing Director;

3. Mr. Karthik Yathindra - Chief Executive Officer (Effective from 01 April 2025);

4. Mr. Deepanjan Bandyopadhyay - Chief Financial Officer; and

5. Mr. C Murugesh - Company Secretary.

Committees of the Board of Directors

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

1. Audit Committee,

2. Nomination and Remuneration Committee,

3. Stakeholders Relationship Committee,

4. Risk management Committee and

5. Corporate Social Responsibility (CSR) Committee.

The brief description, composition and other requisite details of the above committees are provided in the Corporate Governance section of this Annual Report.

During the year under review, the Board of Directors have accepted all the recommendations of the above Committees.

Nomination and Remuneration Policy

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

During the year under review, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and remuneration under section 195 of the Companies Act, 2013 and reimbursement of expenses, if any.

Corporate Social Responsibility

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

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

• PAGE Scholarship Program - Provides financial support to students who have completed 10th Standard and are planning to pursue Pre-University Courses (PUC), Diploma, or ITI (Industrial Training Institute) programs.

• PAGE EduCare Program - Supply of ceramic green boards and benches to government schools

• Free Education, Medical Aid, and Skill Development for the tribal community (Vanavasi Kalyana Karnataka)

• Mid-Day Meals for government school students (Akshaya Patra)

• Skill Building of Underserved Women

(Samarthanam)

• Hostel Facility and Education Support for students (Colours of Life)

• PAGE Health Care Initiatives - Support for heart surgeries and Supply of medical equipment and ambulance vehicles to government hospitals

During the financial year 2024-25, the Company spent 155.85 million on CSR activities. This includes 29.09 million from the unspent CSR account for FY 2021-22, 35.76 million from the unspent CSR account for FY 2022- 23, and 91.00 million from the current years CSR requirement. This represents an 84% increase compared to the previous financial year 2023-24.

As per PAGEs CSR policy, the majority of the Companys CSR expenditure continues to be directed towards educational programs. Between FY20-21 and FY22-23, the Company was unable to fully utilize the prescribed CSR amount due to disruptions and delays caused by the COVID-19 pandemic. The closure of schools in particular impacted project implementation timelines and stakeholder engagement, resulting in a significant increase in the unspent CSR account balance.

With the easing of constraints and a return to normal operations, the Company has, from the financial year

2023- 24 onwards, sharpened its focus on education and healthcare by laying strong foundations to scale up these initiatives. As a result, the Companys CSR contributions have increased significantly over the past two financial years—by 30% and 84%, respectively. The balances in the unspent CSR accounts have been reducing steadily. This renewed focus aims to scale up ongoing initiatives and support impactful new projects, thereby addressing earlier shortfalls and reinforcing our commitment to social responsibility.

During the year under review, the Company spent 91.00 million against a prescribed CSR obligation of 148.54 million. The unspent CSR amount of 57.54 million has been transferred to the Unspent Corporate Social Responsibility Account, in compliance with Section 135(6) of the Companies Act, 2013. This amount will be utilized within the prescribed timeline for the ongoing projects, as detailed in the CSR Report.

Evaluation of Board of Directors, Committees and Directors

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

Vigil Mechanism / Whistle Blower Policy

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

Complaint received during the under review has been dealt with appropriately under the above policy. The Company has not received any serious complaint under Vigil mechanism / Whistle Blower policy during the year under review

Related party transactions

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

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

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

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

Risk Management

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

Ratio of remuneration

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

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

Listing

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

AUDITORS

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

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

Secretarial Auditor: Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors has appointed Mr. R Vijayakumar, Company Secretary in Practice [FCS-6418;

COP- 8667] to undertake the Secretarial Audit of the Company for the financial year 2024-25.

The Report of the Secretarial Audit Report forms part of this Annual report marked as Annexure- IV

The Statutory and Secretarial Auditors reports to the shareholders for the year under review do not contain any materially significant qualification, reservation, adverse remark or disclaimer.

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, and Regulation 24A of SEBI (LODR) Regulation 2015, the Board of Directors has recommended to appoint M/s. Padmavathi & Vijayesh Associate LLP, Practicing Company Secretaries [LLPIN :ACI-9072] to undertake the Secretarial Audit of the Company for the period of five years from the financial year 2025-26 subject to approval of shareholders at the ensuing AGM.

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

CORPORATE GOVERNANCE

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

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

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

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

Business Responsibility and Sustainability Report

In compliance with the SEBI(LODR) Regulations 2015, the Business Responsibility and Sustainability Report is provided in Annexure -V

DECLARATION OF INDEPENDENT DIRECTOR

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

INDUSTRIAL RELATIONS

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

Deposits: The Company has not accepted any deposits during the year under review. There is no outstanding deposit as on 31 March 2025.

Particulars of Loans, Guarantees or Investments: Disclosure on particulars of loans and investments are provided in notes to the financial statements.

Significant and Material Orders Passed by the Regulators or Courts: No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Companys future operations.

Material changes and commitments: No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year and date of report.

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

Unclaimed dividends and transfer of shares to IEPF: Details on Unclaimed dividends and transfer of shares to IEPF are provided in the Corporate Governance Report.

Secretarial Standards: During the year under review applicable Secretarial Standards have been duly complied with.

Annual return: Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return is available on the Companys website on httpsi/Www.pageind.com/investor-relationship

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

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE

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

a. Conservation of Energy

In alignment with our sustainability vision, numerous initiatives have been undertaken to optimize energy usage and significantly reduce carbon emissions. Energy efficiency practices are embedded in all our operations, with clear targets for teams to implement advanced technologies and high-performance, safe machinery.

We are in the final phase of implementing a Group Captive Solar Project across all manufacturing plants, which is expected to reduce overall grid power consumption by 55%. Complementary energy-saving measures include the use of air boosters, centralized exhaust systems, light load reduction, BLDC fans, VFD compressors, and harmonic filters.

Additionally, our effective water management project is already yielding considerable benefits.

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

To support continuous improvement, we are upgrading technology across product development, raw material innovation, and manufacturing processes. Key focus areas include:

• Product Lifecycle Management (PLM)

• Business Process Reengineering (BPR)

• Marker optimization

• Automation in hook & eye attachment, welt pocket making, and elastic attachment

• Advanced floor management systems for both garment and elastic production units.

These initiatives are aimed at enhancing operational efficiency, product quality, and customer responsiveness across the value chain.

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

c. Foreign Exchange Earnings and Outgo

Foreign exchange earnings during the year were 113 million from exports of goods. Outflow owing to royalty, import of raw materials, machinery, spares etc. amounted to 1859 million.

DIRECTORS RESPONSIBILITY STATEMENT

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

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

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

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

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

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

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

GENERAL

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

By Order of the Board For and on behalf of the Board of Directors
Sunder Genomal	V S Ganesh
Chairman	Managing Director
[DIN: 00109720]	[DIN: 07822261]
Bengaluru
15 May 2025