Page Industries Ltd Management Discussions

GLOBAL ECONOMIC OVERVIEW

The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity. Global growth is projected to grow at 2.8 percent in 2025 and 3 percent in 2026, this is much below the historical (2000-19) average of 3.7 percent. For India, the growth outlook is relatively more stable at 6.2 percent in 2025, supported by private consumption, particularly in rural areas.

Medium-Term Outlook: Lacking structural reform momentum and facing headwinds from a range of challenges, global economic performance is expected to remain mediocre. The five-year-ahead growth forecast stands at 3.2 percent, below the historical average during 2000-19 of 3.7 percent. A key and increasingly common driver of these sluggish medium-term growth dynamics is demographics. Population aging is expected to weigh significantly on productivity, labour force participation, and ultimately, growth. Population movements across borders could help alleviate some of the demographic drag, and policies governing these movements can have complex spillovers onto growth.

Geopolitical uncertainty is significantly impacting global energy dynamics, causing disruptions in supply chains, market prices, and energy security. Ongoing conflicts, trade tensions, and shifting alliances are testing the resilience of energy systems and altering strategic priorities for nations and corporations. Simultaneously, there is a growing emphasis on ESG (Environmental, Social, and Governance) principles, influencing investment patterns, regulatory changes, and corporate strategies. While this shift is vital for longterm sustainability, it also brings new challenges and opportunities that affect economic performance across various sectors.

INDIAN ECONOMIC OVERVIEW

In this global context, India displayed steady economic growth. As per the first advance estimates of national accounts, Indias real GDP is estimated to grow by 6.4 per cent in FY25. Growth in the first half of FY25 was supported by agriculture and services, with rural demand improving on the back of record Kharif production and favourable agricultural conditions. The manufacturing sector faced pressures due to weak global demand and domestic seasonal conditions. Private consumption remained stable, reflecting steady domestic demand. Fiscal discipline and strong external balance supported by a services trade surplus and healthy remittance growth contributed to macroeconomic stability. Together, these factors provided a solid foundation for sustained growth amid external uncertainties.

Looking ahead, Indias economic prospects for FY26 are balanced. Headwinds to growth include elevated global geopolitical and trade uncertainties and possible commodity price shocks. Domestically, the translation of order books of private capital goods sector into sustained investment pick-up, improvements in consumer confidence, and corporate wage pick-up will be key to promoting growth. Rural demand backed by

a rebound in agricultural production, an anticipated easing of food inflation and a stable macro-economic environment provide an upside to near-term growth.

India is experiencing a surge in digital innovation, driven by widespread internet access, mobile-first solutions, and government initiatives. The rise of e-commerce, fueled by a young, tech-savvy population and increasing incomes, is transforming consumer behavior. Concurrently, investments in infrastructure, including roadways, railways, and logistics, are improving connectivity and strengthening supply chains. These factors are positioning India as a key hub for digital and economic growth.

Source: Reserve Bank of India

INDUSTRY STRUCTURE AND DEVELOPMENT

Textile and Apparel Market

The global apparel market is estimated to be US$ 1.8 trillion in 2024. It is expected to reach US$ 2.3 trillion by 2030, growing at a CAGR of 4% from 2024.

Indian textile and apparel market size is estimated to be US$ 184 billion in 2024-25. Domestic market contributes ~80% to the market size while exports have a share of ~20%. Within domestic market, apparel accounts for ~75% share.

The Indian domestic T&A market has grown from US$ 106 billion in 2019-20 to US$ 147 billion in 2024-25, registering a CAGR of 7%. The market needs to grow at 9% CAGR from 2024-25 to reach US$ 250 billion by 2030-31, which is the target set by Ministry of Textiles, Govt. Of India.

Indian Apparel Market

The overall apparel segment size in FY 2025(E) was estimated to be USD 108 bn. The market is projected to grow at 9 percent and reach USD 180 bn by FY 2031. This growth is expected to be driven by factors such as increased purchasing power driving growth in primary discretionary spend, better access and availability of products, acute brand consciousness, increasing urbanisation and increasing digitisation.

Indias Innerwear Market

The innerwear market, as a whole, is expected to grow at an encouraging CAGR of 10% between 2024-2029, driving the market from 667.02 billion in 2024 to 1,083.78 billion in 2029. The largest segment, lingerie estimated to be valued at 441.85 billion in 2024, is expected to show a promising CAGR of 9.70% to reach a market size of 701.86 billion in 2029. This segments fast growth can be attributed to the positive wave of body positivity and self-expression that has taken over India.

Bras and brassieres emerge as the largest subsegment in the lingerie segment because of their variety and versatility. Womens lingerie makes up the majority of this segment. A whopping 55% of all lingerie comprises womens lingerie while the remaining 35% and 10% is credited to mens and kids undergarments respectively. This split values the womens lingerie market at 243.02 billion, mens undergarments market at 154.65 billion, and kids undergarments at 44.18 billion in 2024 with the womens, mens, and kids markets roaring up to 386.02 billion, 245.65 billion, and 70.19 billion respectively in 2029.

A smaller but emerging segment under innerwear is shapewear and compression garments, estimates to grow from 100.05 billion in 2024 to 161.07 billion in 2029 at a CAGR of 10%. Compression wear, especially, is expected to grow rapidly within this segment because of increased health consciousness amongst customers. As customers interest in the fitness peaks, so will the demand for compression garments as it is a popular choice of clothing for heavy workouts.

Sleepwear includes pyjamas and shorts, sleep shirts, camisoles, nightgowns, etc. This category estimates to grow from 125.13 billion in 2024 to 220.85 billion in 2029 to experience a promising CAGR of 11% over the period.

Athleisure

The Indian athleisure sector, valued at $13.15 billion in 2024, is projected to reach $21.25 billion by 2033, growing at a 5.5% CAGR. Fitness has evolved from a lifestyle choice to a movement, reshaping fashion. From morning joggers in metro parks to weekend treks and Pilates classes, Indians are embracing active living like never before. The pandemic spurred a rise in home workouts and digital fitness programs, prompting consumers to invest in performance-driven activewear.

Swimwear

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 both as a sporting event as well as a recreational activity. Increasing expenditure on lifestyle goods, coupled with an upsurge in preference for swimming as a leisure and recreational activity, is driving the growth of the 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- rise apartment complexes and gated communities.

Source: Yahoo! Finance, Report Linker

In 2023, the Company commissioned the global marketing research firm Kantar to conduct a comprehensive study on the penetration of the swimwear category and consumer behavior among swimmers in India. According to the study, 70 million consumers, constituting 14% of the urban population classified based on urban NCCS A households across both gender groups aged 6-60 years, form the potential target audience. The research also indicates that 24% of the non-swimmers surveyed demonstrated a likelihood to swim in the future, suggesting a large potential pool of non-swimmers who are willing to swim.

E-commerce

Indias e-commerce industry, valued at 10,828.75 billion (US$ 125 billion) in FY24, is projected to grow to 29,887.35 billion (US 345$ billion) by FY30, reflecting a compound annual growth rate (CAGR) of 15%.

The e-commerce industry in India demonstrated remarkable resilience and diversification in FY23, recording a robust 26.2% jump in order volumes. This growth was primarily driven by a 31.1% surge in demand from tier-1 cities, as work-from-office arrangements resumed following the pandemic-induced disruptions.

Indias e-commerce market is set to reach US$ 345 billion by FY30, fuelled by 500 million shoppers and increased internet access, especially in rural areas. By FY26, over 1.18 billion people are expected to have smartphones, enhancing digital transactions. Rural areas will drive over 60% of demand, particularly from tier 2-4 towns. As of

December 2023, India has around 936.16 million internet subscribers, including about 350 million mature online users actively engaging in transactions. Indias digital sector is expected to increase multi-fold and reach US$ 1 trillion by FY30.

India is poised for massive growth, with Indias quick commerce market expected to reach 434.35 billion (US$ 5.0 billion) by FY25 and 860.01 billion (US$ 9.9 billion) by FY29.

The online retail market in India is estimated to be 25% of the total organized retail market and is expected to reach 37% by FY30. India had the third-largest online shopper base of 225 million in 2023. Over the next five years, the Indian e-retail industry is projected to exceed -300-350 million shoppers, propelling the online Gross Merchandise Value (GMV) to US$ 100-120 billion by FY25. The growth of Indias e-retail market is supported by key drivers such as improved digital access, enhanced affordability, and the rise of digital ecosystems, all of which are expected to sustain a robust annual growth rate of 23-25% in the coming years.

OPPORTUNITIES AND THREATS

Opportunities

Economic Shift:

• Growth in organised retail providing a larger opportunity for branded play.

• Increase in consumption with factors like education, occupation, urbanisation, nuclear families, influence of social media, disposable incomes moving in a positive direction.

• Increase in fashion and brand consciousness making consumers more aspirational and discerning.

• Increasing urban women population and women corporate workforce

Brand:

• In-house manufacturing and a robust distribution chain allow the brand to ensure adequate supply.

• Brand footprint expanding across exclusive retail as well as multi-brand retail creating an excellent base for its growth.

• The new / first time consumers acquired by the brand during the pandemic in categories such as athleisure will aid in growth.

• The hybrid work culture provides excellent opportunities for categories like work-leisure to expand and grow.

Threat

Long Term:

• Several international apparel brands have commenced operations in India realizing that the Indian market is likely to emerge as one of the largest apparel markets in the world in the next few decades

• The emergence of D2C startups in the innerwear and athleisure space in the last few years with aggressive discounting as the key USP to acquire customers

STRATEGIC INITIATIVES

The Companys value system and success revolves around the pillars of Quality, Comfort, Integrity, Simplicity,

Transparency, People and Customer delight.

Key strategic initiatives taken to maintain market position and profitability:

• Capacity ramp-up in both manufacturing and sales

• Expanding channel presence in distribution, exclusive brand stores, large format stores & e-commerce

• Expanding investments and spends in sales and marketing at point of sale along with traditional and digital advertising

• Enhance investments in R&D, product development and innovation, automation, and digital transformation

OUTLOOK

In anticipation of growing demand, the Company is considering capacity expansion, which involves increasing infrastructure and facilities. This expansion will enable scalability, the ramping up of incremental machinery and manpower to meet the expected growth in demand. Additionally, the Company has significantly expanded its presence by opening several Exclusive Brand Stores (EBS) along with large-format stores (LFS) and multi-brand outlets (MBOs). Furthermore, the Company has enhanced and modernized its distribution management system in partnership with Salesforce and Wonder Soft, ensuring brand availability and accessibility across the country.

The Company is transitioning to SAP S4HANA as part of its digital transformation, aiming to create a more agile, intelligent, and resilient core platform. This move will streamline operations, improve data visibility, and enable faster, insights-driven decision-making, laying the foundation for a scalable and innovative digital ecosystem. By adopting S4 HANA, the Company is laying the foundation for a future-ready digital ecosystem that supports scalability, innovation, and responsiveness in an increasingly dynamic business environment.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE

The Company is engaged in the business of manufacturing garments and there is no separate reportable segment.

RISK AND CONCERN

The Companys risk management procedure helps identify and evaluate risks on an ongoing basis. Risks are inherent in business activities and to mitigate these effectively and efficiently, the Company has implemented a SCORE framework: -

• Strategic Risks,

• Compliance Risks,

• Operational Risks,

• Reporting obligations and

• Environment, Health and Safety Risks

The identified risks are integrated into the business plan and a detailed action plan to mitigate these risks and concerns is put in place.

Risk Management Committee:

The Board of Directors have constituted a Risk Management Committee in Compliance with SEBI(LODR) Regulations. Following are the Members of the Committee:

1. Mr. Sunder Genomal;

2. Mr. V S Ganesh;

3. Mr. Shamir Genomal;

4. Mr. Varun Berry;

5. Mr. Deepanjan B; and

6. Mr. Ritesh Joshi

INTERNAL CONTROL SYSTEM AND ADEQUACY

The Company has adequate internal control systems commensurate with the size and nature of its business. The Management is entrusted with the overall responsibility of the Companys internal control systems to safeguard assets and ensure reliability of financial records. The Company has a detailed budgetary control system and actual performance is reviewed periodically to align operating cost with business performance.

The Internal audit program covers all areas of activities with periodical reports submitted to the Management. Internal Auditors submit their quarterly report to the Audit Committee and are invited to the meeting to clarify any issues that may be raised by the Committee members. The Audit Committee reviews all financial statements to ensure adequacy of internal control systems. The Company has a well-defined organization structure, authority levels and internal rules and guidelines for conducting business transactions.

Software solutions including cloud-based applications, SAP, ARIBA, labelling applications such as Nice Label, digital supply-chain solutions like Blue Yonder enable the Company to work with disciplined systems, and adopt best practices that improve efficiency, allow smooth planning, monitoring, and control.

HUMAN RESOURCES / INDUSTRIAL RELATIONS

Human Resources function at PAGE is guided by its mission to attract, engage, and develop talent aligned with our business strategy. HR plays a pivotal role in shaping a high-performance culture and fostering employee wellbeing. By investing in leadership development, nurturing a diverse workforce, and driving continuous capability building, the HR function ensures that our people are empowered to thrive and deliver enduring value.

Voice of PAGEians

Voice of PAGEians (VOP) as an initiative continues to be the driving force shaping the culture at PAGE. “Voice of Pageians” (VOP) is an initiative where feedback was sought from 3000+ employees on the work culture to make conscious and sustained efforts in improving the same. The survey had revealed overwhelmingly positive feedback, with employees praising the Companys leadership & growth opportunities amongst other things. The Company had encouraged employees to volunteer as culture architects and six teams were formed to deliberate and propose action plans around six key areas.

• Collaboration

• Communication

• Empowerment & Inclusion

• Feedback Management System

• People Management

• Performance Management System

Culture Architect teams have made recommendations to the Management and many actions have been implemented.

All Hands Meet

One of the outcomes of the VOP exercise is the Al l - Hands-Meet (AHM) initiative. AHM is a half-yearly event conducted in a town-hall format where PAGEians get a platform to ask questions to the management. We have conducted three editions of AHM successfully with over 250 questions raised cumulatively. All the questions have been responded to, deliberated and acted upon diligently by the management. Introduction of Paternity & Bereavement leave, Annual Health Check, Revisions in Health Insurance policy are all outcome of the discussions emerging from AHM. This initiative will further get cascaded at department level in future.

internal Customer Satisfaction Surveys

As an initiative towards strengthening collaboration between teams, Internal Customer Satisfaction surveys were rolled out by all the interdependent support functions during February 2025. Nine departments (Finance & Accounts, Information Technology, Marketing, Product Development, Product Management, Legal, Business Excellence, Sales Automation & Human Resources) rolled out the survey. All departments had an encouraging response for their surveys. Each department analyzes the results and crafts an action plan for strengthening their value delivery to other departments.

Project STEP

Project STEP (Strategic Transformation of Employee Processes) is a strategic initiative aimed at relooking at all the peoples processes with an outside-in perspective and strengthening them. The objective is to build PAGE as an employer of choice for multi-generational workforce not just for apparel but for the industry at large. Through Project STEP, we will be gearing up ourselves for the future of work. It is medium term project and work has already begun. This will culminate with PAGE transitioning to an enterprise HRMS(Human Resource Management System) that meets the needs of the modern workforce.

PAGE Values

The PAGE Values were rechristened in March 2024, with the legion of “Pride of PAGEian”. As an organization, we are embarking on a value-based leadership model. Integrity, Respect, Excellence, Innovation, Responsible, Customer Orientation & Entrepreneurship are the seven values of PAGE. An extensive campaign was undertaken for propagation of PAGE Values which included fire side chat with leaders, awareness quiz & sharing actual stories of instances where these values were exhibited within the PAGE Community

Talent Acquisition & Management

Talent Acquisition has been one of the top priorities for the Organization during the year. We recruited 345 staff members / new talents during 2024- 25 with a focus on strengthening middle and junior management across verticals to aid business growth. PAGE believes in providing career growth opportunities within the Organization. More than 450 employees have taken up new roles after pursuing opportunities published through Internal Job Posting or have been promoted to higher grades with enhanced responsibilities as part of the Annual Appraisal Process.

Learning & Development

We conducted over 230 training programs totalling more than 700000 training hours, significantly impacting manufacturing, sales, and other sectors. Our online learning platform, “Page Academy & Centre of Excellence (PACE),” has benefited over 12,000 associates with access to over 500 Modules.

The Key competencies focused were product knowledge for sales team through a quarterly certification program titled Unnati including several On-the-Job trainings. Structured problem solving through Yellow Belt and Green Belt certification has been conducted for Manufacturing teams. Driving right behaviours at work for operators and non-operators of factories through Jockey FM 94.0 - Audio Podcasts, People Management and problem-solving fundamentals for Supervisors and Team leaders have been other significant interventions for Manufacturing teams.

Disha Workshops were conducted across all verticals and employees have been guided to create Individual Development Plans. We have also introduced “LinkedIn Learning” with access to a library of 11,000 courses” to around 800 managerial staff members. Employees have an option to pick and choose any course relevant to their job and sharpen their skills. This program was highly appreciated and leveraged by more than 87% of staff members to whom the access was provided. Close to 25 learning paths have been created for the development of both functional and behavioral competency.

Rewards & Recognition

REAP (REwards And appreciation for Page employees) has been running successfully since June 2022 fulfilling its objective of recognizing the notable efforts of employees strengthening employee motivation, happiness and engagement and productivity. REAP program is an all-encompassing initiative with Instant / Monthly and half-yearly features.

WOW Champions is an instant / monthly recognition program. This is a unique peer-recognition program that enables employees to appreciate their peers for their noteworthy contributions. 400+ Pageians have been recognized and rewarded as Monthly WOW Champions for their consistent efforts.

The SAGAward (Sunder Ashok Genomal Award) has grown in stature with the bar raised with respect to eligibility criteria. This year the award became half-yearly, and the latest edition had two winners and four honorary mentions. SAGAward has now become the most prized possession for a PAGEian.

Performance Management System 2.0

First Phase of PMS 2.0 was launched in the performance year FY 24-25 with three phases of Goal Setting, MidYear Check-Ins, and Annual Performance Evaluation. Capability building sessions have been conducted by all managers to make them familiar with the new process. The process for the year was in offline mode. Managerial Talent Review was initiated in this year to ensure the right talent was promoted and ensuring visibility of the Organisation talent to the management. This process was much appreciated by all the stakeholders.

Jockey LEaD - State Heads

Jockey LEaD - Development Centre moved to next level during the year with Sate Heads from General Trade getting assessed and evaluated. A cohort of 23 identified top performing state heads were assessed and evaluated on next level competencies. Detailed feedback and report were shared to each individual on their strengths and areas of development leading to creation of Individual Development Plans (IDP). Its hearting to note that couple of participants have been elevated to higher positions during the Annual Appraisal Cycle in April 2025.

Employee Engagement

Womens Day Celebrations: At Page Industries, we recognize the contribution of the strong women workforce in our business as well as everyday life. We strive to provide a safe and nurturing work environment to our women workforce who are significant contributors to the Companys growth. Currently, 80% of our employees are women. We organized a session on financial literacy for women on the account of International Womens Day.

Quality Day Celebrations: World Quality Day is celebrated globally every year in November, and it is observed across all Units at Page. The main purpose of this initiative is to raise quality awareness and adopt high-quality standards.

Safety Day Celebrations: The National Safety Day/Week is celebrated in India every year on the 4th of March to build 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.

Apart from the above we celebrated Independence Day, Dusshera, Deepawali and Kannada Rajyotsava in the head office with great participation from all the functions. All the employee engagement activities are led by a cultural committee which is a volunteer team supported by the HR team.

10 Years Service Award

Year-on-year, the Company presents a Long Service Award to all employees and staff members who have dedicated 10 years of service to Page Industries Limited. During 202425, 764 employees were felicitated for their dedication and long-term service to the Company. This number/ strength has been steadily increasing, which reflects employees loyalty, culture and a great place to build their career.

Compliance Mantra

We have deployed in place Compliance Mantra Software, an automated robust compliance monitoring tool, since 2013. The software facilities in ensuring prompt performance and on-time completion of compliance tasks under various statutes, as well as additional tasks, and over and above the statutory requirements. The automation has helped us not only in listing out & monitoring all compliances under all applicable statues relevant to our industry, but also in generating / updating instant reports from various factories in different locations, e-databases, uniform process, licenses and documents, on a regular basis. The software also facilitates in ensuring clear accountability, adherence with timelines and process workflows, and in enabling generation / updation of reports and compliance trackers. At present, 101 users are effectively using the software tool for carrying out various tasks which has ensured that at least 11,655 compliance tasks / areas are captured annually. Our internal compliance team monitors adherences, collates data and reports periodically to the leadership team.

Wrap Certifications

The following 12 manufacturing units have been certified with WRAP Platinum Certificate by Worldwide Responsible Accredited Production (WRAP).

1) Unit-1, Bommanahalli, Bengaluru

2) Unit-3, Bommasandra, Bengaluru

3) Unit-4, KC Halli, Bengaluru

4) Unit-11, Hennagara, Bengaluru

5) Unit-12, Hassan, Karnataka

6) Unit-14, Hosa Road, Bengaluru

7) Unit-16, Mysore, Karnataka

8) Unit-17, Gowribidanur

9) Unit-20, Tiptur, Karnataka

10) Unit-21, Hassan, Karnataka

11) Unit-22, Hassan, Karnataka

12) Unit-25, KR Pete, Mysore

WRAP is an organization of independent, objective, non-profit team of global social compliance experts dedicated to promoting safe, lawful, humane, and ethical manufacturing practices around the world through certification and education.

Based on ILO conventions and United Nations Universal declaration of Human Rights and American Customs CTPAT program, the WRAP audits on the 12 principles of:

1. Compliance with Laws and Workplace Regulations

2. Prohibition of Forced Labor

3. Prohibition of Child Labor

4. Prohibition of Harassment and Abuse

5. Compensation and Benefits

6. Hours of Work

7. Prohibition of Discrimination

8. Health and Safety

9. Freedom of Association and Collective Bargaining

10. Environment

11. Customs Compliance

12. Security

Unit-28, Unit-19 (Stores) & Unit-15 (Warehouse) will also apply for WRAP in the coming year!

Industrial relations

The Company has restructured the employee grievance mechanism during the year. Accordingly, grievances collected from each unit are reviewed at HO by a committee with a women member. All grievances are addressed within 2 weeks and reported to the committee and a monthly dashboard is shared at each unit. This has enhanced our employees faith and confidence in the management as the actions are taken within 2 weeks and communicated back to employees through noticeboard bulletins.

Industrial Relations remained cordial throughout the year across all our manufacturing units and facilities and the Board records its appreciation for the contribution of all employees towards the growth of the Company without which the achievements made, would not have been possible. As on 31st March 2025, the Company had 20,658 employees on the rolls.

FINANCIAL PERFORMANCE AND ANALYSIS

				(Rs. in Millions)
Particulars	2024-25	2023-24	Change	%
Revenue from operations (net)	49,349	45,817	3,532	7.71%
Profit before Interest, Depreciation & Tax	11,242	8,922	2,320	26.00%
Less: Finance Cost	464	449	15	3.34%
Profit before Depreciation and Tax	10,778	8,473	2,305	27.20%
Less: Depreciation	992	908	84	9.25%
Profit before Tax	9,786	7,565	2,221	29.36%
Less: Tax	2,495	1,873	622	33.21%
Profit for the year	7,291	5,692	1,599	28.10%

KEY FINANCIAL RATIOS:

S.No Particulars	2024-25	2023-24	Change (%)
1 Debtors Turnover Ratio	28.18	29.99	-6.04%
2 Inventory Turnover Ratio	2.10	1.51	39.29%
3 Net Profit Margin (%)	15%	12%	18.61%
4 Operating Profit Margin(%)	21.50%	18.8%	14.36%
5 Debt-Equity ratio	19%	12%	60.73%
6 Debt service coverage ratios	11.35	2.66	326.40%
7 Current Ratio	1.72	2	-13.75%
8 Return on Net Worth	0.49	0.38	26.56%

Explanation on Key Financial Ratios:

Inventory Turnover Ratio: Better demand forecasting & production planning.

Net Profit Margin: Stable raw material prices and better overhead absorption.

Debt-Equity ratio: Increased leased laibility and reduced retained earnings due to dividend payout.

Debt service coverage ratio: Nil borrowings in the current financial year.

Return on Net Worth: Increase in PAT.

CAUTION:

Statements in the Management Discussion Analysis describing the Companys 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.