PAGE Industries 4Q FY 2013

4QFY2013 Result Update | Textile
May 31, 2013
Page Industries
Strong performance on all fronts
Y/E March (` cr) Net Sales EBITDA EBITDA margin (%) Adj. PAT
Source: Company, Angel Research
ACCUMULATE
CMP Target Price
3QFY12 216 37 17.0 25 % chg. (qoq) (3.3) 0.1 59bp (7.1)
`4,265 `4,611
12 months
4QFY13 209 37 17.6 24
4QFY12 154 24 15.7 17
% chg. (yoy) 35.5 51.9 190bp 38.5
Investment Period
Stock Info Sector Market Cap (` cr) Net debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code
For 4QFY2013, Page Industries (Page) reported a healthy set of numbers, which were in-line with our estimates at all fronts. The company's top-line grew by 35.5% yoy to `209cr, against our estimate of `201cr for the quarter. The EBITDA margin for the quarter expanded by 190bp yoy and came in at 17.6%, mainly because of lower other expense as a percent of net sales. Consequently, the company reported a profit of `24cr, 38.5% higher yoy from `17cr in 3QFY2012, in-line with our estimate. Presence in fast growing segment with strong brand recall to drive growth Page operates in mid and premium category of the innerwear segment in India which is of the size of ~`5,000cr. The innerwear market in India which is growing at a rate of ~24%, is underpenetrated with per capita spend significantly lower than in other Asian peer markets, thus providing huge opportunity to the company. With a market share of 21% in mens segment and 12% in womens segment, we expect Page to tap the opportunity and report a revenue CAGR of 21.8% to `1,282cr in FY2015E. Pages strong brand recall and pan-India distribution channel will aid it in capitalizing on the opportunity. Also, Page has aggressive expansion plan of manufacturing 196mn pieces p.a. by FY2017E from current 133mn pieces p.a. to meet the increasing demand as consumers are shifting from local to the branded products. Outlook and valuation: Given the huge market size, Pages predominant position, strong brand recall, high dividend payout and capacity expansion plans for next four years to cater to the increasing demand; we remain positive on the companys growth outlook. We expect Page to register a revenue and a profit CAGR of 21.8% and 23.4% to `1,282cr and `171 respectively over FY2013-15E. At the CMP, the stock is trading at a PE of 27.6x FY2015E earning. We maintain our Accumulate recommendation on the stock with a revised target price of `4,611 with a target PE of 30.0x for FY2015E.
Textile 4,729 59 0.2 4,424 / 2,680 984 10 19,760 5,986 PAGE.BO PAG IN
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 57.5 17.4 19.6 5.5
Abs.(%) Sensex PAGE
3m 7.2 28.6
1yr 23.9 42.4
3yr 19.3 426.2
Key financials
Y/E March (` cr)
FY2011 492 44.8 59 47.9 18.5 52.5 80.7 38.2 52.6 39.3 9.8 53.1 FY2012 683 39.0 90 53.9 19.5 80.8 52.4 28.5 62.3 47.2 7.0 35.9 FY2013 863 26.3 113 24.8 19.0 100.9 42.0 22.1 59.3 51.3 5.6 29.3 FY2014E 1,057 22.5 139 23.7 19.4 124.8 34.0 16.8 56.3 50.6 4.6 23.5 FY2015E 1,282 21.2 171 23.2 19.6 153.7 27.6 12.4 51.8 49.3 3.8 19.2 Net Sales % chg Adj. Net Profit % chg OPM (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) Source: Company, Angel Research
Tejashwini Kumari
022-39357800 Ext: 6856 tejashwini.kumari@angelbroking.com
Please refer to important disclosures at the end of this report
Page Industries | 4QFY2013 Result Update
Exhibit 1: 3QFY2013 performance

Y/E March (` cr) Net Sales Net raw material (% of Sales) Employee Cost (% of Sales) Other Expenses (% of Sales) Total Expenditure EBITDA EBITDA margin (%) Interest Depreciation Other Income PBT (% of Sales) Tax (% of PBT) Reported PAT Extraordinary Expense/(Inc.) Adjusted PAT PATM (%)
Source: Company, Angel Research 4QFY13 209 103 49.1 40 19.0 30 14.3 172 37 17.6 3 3 4 34 16.4 11 31.2 24 24 11.3 4QFY12 154 74 48.2 30 19.7 25 16.4 130 24 15.7 2 3 4 24 15.7 7 29.5 17 17 11.1 38.5 38.5 50.5 32.4 51.9 190bp 89.7 14.0 (14.3) 42.1 18.3 30.8 % chg. (yoy) 35.5 37.9 3QFY12 216 104 47.9 37 16.9 39 18.2 179 37 17.0 2 3 5 38 17.4 12 32.2 25 25 11.8 (7.1) (7.1) (11.3) % chg. (qoq) (3.3) (1.0) 114 9.0 214 (23.9) (388) (4.0) 0.1 59bp 78.3 7.9 (31.3) (8.4) FY2013 863 420 48.7 144 16.6 135 15.7 699 164 19.0 8 11 21 166 19.2 53 32.1 113 113 13.0 FY2012 683 329 48.2 114 16.7 107 15.6 550 133 19.5 7 11 18 134 19.6 44 32.8 90 90 13.2 24.8 24.8 20.5 27.1 23 (47)bp 19.8 6.9 13.3 23.4 26.5 26.1 % chg 26.3 27.6
Exhibit 2: Actual vs. Estimates (4QFY2013)

Y/E March (` cr) Net sales EBITDA EBITDA margin (%) Reported PAT
Source: Company, Angel Research 4QFY13 209 37 17.6 24 Angel est. 201 36 17.7 24 % diff 3.9 3.0 (16)bp (1.2)
Results in-line with estimates on all fronts

For 4QFY2013, Page reported healthy set of numbers, in-line with our estimates on all fronts. The company's top-line grew by 38.5% yoy to `209cr from `154cr in the same quarter last year, against our estimate of `201cr for 4QFY2013. The sales growth was aided by healthy volume growth coupled with higher realization. The mens innerwear segment posted a healthy growth of 20.2% on a yoy basis to `101cr (volume growth 7.1% and value growth 12.2%), Womens innerwear segment grew by 51.3% on a yoy basis to `28cr (volume growth 25.5% and value growth 20.5%), The bra segment grew by 54.1% on a yoy basis (on lower base) to `14cr (volume growth 44.5% and value growth 54.1%),
May 31, 2013
The leisure wear segment grew by 39.6% on a yoy basis to `56cr (volume growth 44.5% and value growth 54.1%), and Speedo is witnessing robust growth. The company sold 1.9lakh pieces under this brand in the quarter against 0.3lakh in 3QFY2013 and also the realization per unit has increased from `417 in the last quarter to `469 in 4QFY2013. Exhibit 4: Revenue breakup (%)
60
Exhibit 3: Healthy revenue growth

250 47.4 200 Revenue (LHS) yoy growth (RHS)
4.4
42.9
28.4
34.7
(` cr)
150
38.5
35.5
40
27.0
Men Women
48.8 Bra Leisure
23.6
100 50 0
21.9
20
176
181
172
218
220
216
209
111
154
(%)
25.6
6.5
13.3
Speedo
1QFY12
2QFY12
3QFY12
1QFY13
2QFY13
3QFY13
4QFY13
4QFY11
4QFY12
The EBITDA margin for the quarter expanded by 190bp yoy and came in at 17.6% mainly on account of lower other expense as a percent of net sales, in-line with our estimate. The company reported a net profit of `24cr, 38.5% higher yoy. Exhibit 5: Margin improved owing to lower other expenses
50 40 EBITDA (LHS) 24.7 EBITDA Margin (RHS) 30 25 17.0
Exhibit 6: Profit grew by 38.5% yoy

PAT (LHS) 35 30 yoy growth (RHS) 120 100
102.1
19.7
15.4 17.2
21.4 15.7
20.0
25
17.6
( ` cr)
(%)
( ` cr)
20 10
10
15 10
29.6
27.5
32.5
18.3 21.4
38.5 27.6
60
40 20 0
13
28
25
17
33
17
44
36
30
24
47
44
37
37
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY11
1QFY12
2QFY12
4QFY12
1QFY13
2QFY13
31
20
May 31, 2013
4QFY13
4QFY13
3QFY12
3QFY13
(%)
15
20
54.8
24
30
20
25
80
Strong performance across segments

Exhibit 7: Men segment
Volume
180 160
Exhibit 8: Women segment

yoy growth (%)
21.1 25 20 12.8 8.9 15
45
40 35
Volume
34.0
yoy growth (%)
40
35 25.5 30 25 15 10
(piece in lakh)
120 100 11.5
14.6
(piece in lakh)
140
17.4
22.9
30
25 20 12.4 15.0
24.9
21.6
22.5
80
60 40 20
7.1
10
($)
15
10
9.8
129
135
123
108
156
147
139
115
31
25
39
35
34
32
32
29
5 0
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
Exhibit 9: Brassiere segment

8 7
Exhibit 10: Leisure wear

yoy growth (%)
70
63.4
Volume
40
35 33.2 30 25 20 40.3
Volume
yoy growth (%)
4QFY13
1QFY12
2QFY12
45
40
60
(piece in lakh)
(piece in lakh)
6 5
4 3 2 1
44.3 33.7
42.7
36.8
39.9
39.3
44.5
50
29.7 25.4 19.7

15.1
35
(%)
40
24.8
25.3
30
20 15
30
20
15 10
28
28
35
35
36
36
29
28
10
10 5
0
5 0
1QFY12
2QFY12
1QFY13
2QFY13
3QFY13
4QFY13
3QFY12
4QFY12
1QFY12
2QFY12
1QFY13
2QFY13
3QFY13
May 31, 2013
4QFY13
3QFY12
4QFY12
(%)
25
(%)
20
Investment arguments Fast-growing premium segment

Page operates in mid and premium category of the innerwear segment in India which is of the size of ~`5,000cr. The innerwear market in India which is growing at a rate of ~24%, is underpenetrated with per capita spend significantly lower than other Asian peers, thus providing huge opportunity to the company. With a market share of 21% in the mens segment and 12% in the womens segment coupled with rising urbanization and increase in discretionary consumer spending, we expect Page to tap the opportunity and report a revenue CAGR of 21.8% over FY2013-15E to `1,282cr in FY2015E.
Strong brands and wide distribution network

With the agreement of exclusivity for 18 years of JOCKEY, such a well renowned global brand, Page has a good visibility of growth. The royalty payment term is at 5% per annum of factory price (net sales). JOCKEY is one of the most trusted and well-respected brands in the innerwear market in India with a strong brand recall. In addition, Page has a strong pan-India distribution channel across 1,200 cities, with 400 distributors, 72 Exclusive JOCKEY outlets and ~23,000 retail outlets.
Response for Speedo products encouraging in the market

Page entered into a license and distribution agreement with M/s Speedo International, London, UK on July 1, 2011 for the exclusive right to manufacture and distribute Speedo products in India consisting of swimwear, apparel, water shorts, equipments and footwear. Speedo is the number one brand and product choice for swimmers around the world. Page launched the Speedo brand in India in January 2012. The brand is now available in 410 stores including large format stores in 12 cities and two Speedo exclusive brand outlets located in Delhi and Bangalore. Swimwear is in a nascent stage in India, growing at 25% on a current base of `200cr. With growing urbanization, the segment has a huge potential. Currently, Speedo contributes 1.9% to the sales and we expect this contribution to increase in the coming years as the company is expanding the segment and is planning to offer new varieties.
Expansion plan in place to cater to the increasing demand

With the increasing demand for Jockey range of products, Page has hiked its capacity by 22% to 133mn units by spending ~`30cr and is further planning to increase its capacity to 196mn pieces per annum by FY2017E, incurring a capex of ~`30cr per year. Though Page has exclusive rights for manufacture and distribution of JOCKEY brand products in India, Sri Lanka, Bangladesh, Nepal and UAE; the current production is able to serve only the domestic market. With the capacity expansion, we believe Page will be able to meet wider demand.
May 31, 2013
Financials
Exhibit 11: Key assumptions
FY2014E
Volume growth (%) Realization growth (%) Blended MRP/piece
Source: Angel Research
FY2015E 16.8 4.0 108
16.6 3.8 103
Growing demand and price hike to drive top-line

In FY2013, the company reported a strong top-line growth of 26.3% to `863cr amidst subdued market sentiments aided by strong volume growth, price hikes and favorable revenue mix. Based on immense potential of Indias consumption story, Pages predominant presence in the premium inner wear segment, strong brand recall coupled with increasing realisation, we expect the revenue to increase at a CAGR of 21.8% over FY2013-15E to `1,282cr. We expect men items, women items, bra, sports items and swimwear to grow at a CAGR of 16.5%, 26.9%, 22.4%, 26.9% and 31.3% respectively over FY2013-15E. Also, the Union budget proposed to roll back the excise duty on readymade garments which will help the company in easing product prices. Exhibit 12: Increasing demand to drive volume
1400 1200 1000 44.8 50
Exhibit 13: Segmental breakup

700
600
( ` cr)
(%)
600
400
20
300
200
389
21.2
( ` cr)
800
22.5
464
39.0
26.3
30
540
33.3
40
500 400
629
348 274
216 159
66
1,057
1,282
112
142
339
492
683
863
83
200 0
100 0
39
54
181
10
0
81
28
16
21
FY2010
FY2011
FY2012
FY2013
FY2014E
FY2015E
FY2012 Men Items
FY2013E Bra
FY2014E Sports Items
FY2015E Swimwear
Revenue (LHS)
Revenue growth (RHS)
Women Items
Margin contracted marginally in FY2013, but expected to normalize going forward

The operating margin for FY2013 contracted marginally by 47bp owing to higher raw material price. However, we expect the margin to rebound to the previous levels going ahead on an expectation of softening of raw material price as inflation slows down. As a result, we expect the companys operating margin to be 19.4% and 19.6% for FY2014E and FY2015E. Consequently we expect the profit to grow at a CAGR of 23.4% over FY2013-15E to `171cr.
May 31, 2013
Exhibit 14: Operating margin to improve going forward

300
Exhibit 15: PAT margin to improve going forward

210 180
19.4 18.5
19.5 19.0
20
250
200
19.6 19.4
13.2
19
18
13.0
13.2
13.4
14
150
( ` cr)
13 11.9
( ` cr )
(%)
150
100 17 16
11.7
90 60
12
11
133
164
205
251
50
66
91
30
0
40 FY2010
59 FY2011
90 FY2012
PAT (LHS)
113 FY2013
139 FY2014E
171
10
0 FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E

EBITDA (LHS) EBITDA Margin (RHS)
15
FY2015E
PATM (RHS)
Exhibit 16: Relative valuation

Company Page Lovable Lingerie* Year end FY2014E FY2015E FY2014E FY2015E Mcap (` cr) 4,729 4,729 466 466 Sales (` cr) 1,057 1,282 188 246 OPM (%) 19.4 19.6 18.1 17.4 PAT (` cr) 139 171 25 31 EPS (`) 124.8 153.7 15.6 18.6 RoE (%) 56.3 51.8 13.3 13.8 P/E (x) 34.0 27.6 17.6 14.8 P/BV (x) 16.8 12.4 2.3 2.1 EV/Sales (x) 23.5 19.2 10.8 8.6 EV/ EBITDA (x) 4.6 3.8 2.0 1.5
Source: Company, Angel Research; * Bloomberg estimates
May 31, 2013
(%)
120
Outlook and valuation: We expect Page to register a revenue CAGR of 21.8% to `1,282cr over FY2013-15E. With the softening of inflation and hence the raw material prices, we expect marginal improvement in the operating margin to 19.6% in FY2015E. Consequently the profit is expected to grow at a CAGR of 23.4% to `171cr. Given the huge market size, Pages predominant position, strong brand recall, high dividend payout and capacity expansion plans for next four years to cater to the increasing demand; we remain positive on the companys growth outlook. At the CMP, the stock is trading at a PE of 27.6x FY2015E earning. We maintain our Accumulate recommendation on the stock with a revised target price of `4,611 with a target PE of 30.0x for FY2015E. Exhibit 17: One-year forward P/E band
5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0
(` )
Aug-09
Aug-10
Aug-12
Aug-08
Aug-11
Feb-09
Feb-11
Feb-12
Nov-08
Nov-09
Nov-11
Nov-10
May-08
May-10
May-12
May-09
May-11
Nov-12
Feb-13
Feb-10
Price (`)
20x
25x
30x
35x
Concerns
Competition from other players: An aggressive push by the existing branded,
domestic and global players could affect the companys performance. However, considering that a majority of the market remains untapped and is growing at a fast pace, we believe there is enough room for growth.
Fluctuations in raw-material prices: Any rise in raw-material prices, especially

cotton, can lead to margin compression, as the company may not be able to pass on the entire increase to the end-user.
Company background
Page is the exclusive licensee of Jockey International Inc. (USA) for manufacture and distribution of the JOCKEY brand innerwear/leisurewear for men and women in India, Sri Lanka, Bangladesh, Nepal and UAE. Page Industries is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India. Page has a strong pan-India distribution channel across 1,200 cities, with 400 distributors, 72 Exclusive JOCKEY outlets and ~23,000 retail outlets. Speedo is also available in 410 stores including large format stores in 12 cities and two Speedo exclusive brand outlets located in Delhi and Bangalore.
May 31, 2013
May-13
Profit and loss statement

Y/E Mar. (` cr)
Net Sales Other operating income Total operating income % chg Net Raw Materials % chg Power and Fuel % chg Personnel % chg Other % chg Total Expenditure EBITDA % chg (% of Net Sales) Depreciation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of Net Sales) Recurring PBT % chg PBT (reported) Tax (% of PBT) PAT (reported) Extraordinary Expense/(Inc.) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2011 492 492 44.8 225 45.7 4 59.0 90 54.3 82 39.3 400 91 38.7 18.5 10 81 43.3 16.5 5 12 2.5 76 41.5 88 29 33.1 59 0 59 47.9 11.9 52.5 52.5 47.9 FY2012 683 683 39.0 329 46.5 5 20.9 114 26.9 102 24.6 550 133 46.2 19.5 11 123 50.8 17.9 7 18 2.7 116 52.4 134 44 32.8 90 0 90 53.9 13.2 80.8 80.8 53.9 FY2013 863 863 26.3 420 27.6 9 63.8 144 26.1 127 24.6 699 164 23.3 19.0 11 153 24.7 17.7 8 21 2.4 145 25.0 166 53 32.1 113 0 113 24.8 13.0 100.9 100.9 24.8 FY2014E 1,057 1,057 22.5 511 21.6 11 22.5 176 22.5 155 22.5 852 205 24.8 19.4 14 191 24.7 18.0 11 25 2.4 180 24.3 206 66 32.3 139 0 139 23.7 13.2 124.8 124.8 23.7 FY2015E 1,282 1,282 21.2 616 20.6 13 21.2 213 21.2 188 21.2 1030 251 22.7 19.6 17 234 22.8 18.3 12 31 2.4 222 23.5 253 82 32.3 171 0 171 23.2 13.4 153.7 153.7 23.2
May 31, 2013
Balance sheet
Y/E Mar. (` cr) SOURCES OF FUNDS Equity Share Capital Reserves& Surplus Shareholders Funds Total Loans Other Long Term Liabilities Long Term Provisions Deferred Tax (Net) Total liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long Term Loans and advances Other Non-current asset Current Assets Cash Loans & Advances Inventory Debtors Other current assets Current liabilities Net Current Assets Misc. Exp. not written off Total Assets
126 33 93 1 3 20 2 219 3 26 165 26 77 143 262 150 43 107 3 2 27 1 231 3 12 173 44 108 123 263 194 54 140 3 1 17 2 309 5 11 235 58 0 129 180 342 242 68 174 3 1 21 2 367 8 14 282 62 0 145 223 423 291 85 205 3 1 32 2 470 17 51 326 75 0 175 295 538 11 113 124 114 19 2 3 262 11 155 166 64 28 2 4 263 11 202 214 88 32 3 6 342 11 270 281 101 32 3 6 423 11 370 381 116 32 3 6 538 FY2011 FY2012 FY2013 FY2014E FY2015E
May 31, 2013
10
Cash flow statement

Y/E Mar. (` cr)
Profit before tax Depreciation Change in Working Capital Direct taxes paid Others Cash Flow from Operations (Inc.)/Dec. in Fixed Assets (Inc.)/Dec. in Investments FY2011 88 10 (73) (29) 4 (0) (21) 0 (22) 16 (27) 60 (34) 1 27 (0) 3 3 FY2012 134 11 20 (44) 2 123 (26) 1 (6) 5 (25) (50) (48) 1 (97) 1 3 3 FY2013E 166 11 (55) (53) (21) 48 (43) 1 9 28 (6) 24 (65) 1 (40) 1 3 5 FY2014E 206 14 (39) (66) (25) 89 (48) (4) 25 (27) 13 (72) (58) 4 5 9 FY2015E 253 17 (64) (82) (31) 94 (48) (11) 31 (29) 15 (72) (56) 8 9 17
(Incr)/Decr In LT loans & adv.

Others Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances
May 31, 2013
11
Key ratios
Y/E Mar. Valuation Ratio (x)
P/E (on FDEPS) P/CEPS P/BV EV/Net sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset TO (Gross Block) Inventory / Net sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Int. Coverage (EBIT/ Int.) 0.9 1.2 15.6 0.4 0.4 18.4 0.4 0.5 19.1 0.3 0.4 18.0 0.3 0.4 19.7 4.3 96 17 64 77 4.9 90 19 61 70 5.0 86 21 62 62 4.9 89 21 62 67 4.8 87 21 62 70 39.3 41.0 52.6 47.2 48.5 62.3 51.3 52.7 59.3 50.6 52.0 56.3 49.3 51.1 51.8 16.5 0.7 2.5 27.4 4.1 0.9 47.9 17.9 0.7 2.7 32.6 5.0 0.4 42.4 17.7 0.7 3.0 35.8 7.1 0.4 46.8 18.0 0.7 2.9 35.2 7.6 0.3 44.2 18.3 0.7 2.8 34.6 7.4 0.3 41.6 52.5 52.5 61.3 26.0 111.0 80.8 80.8 90.4 37.0 148.6 100.9 100.9 111.1 50.0 191.4 124.8 124.8 137.5 55.0 251.9 153.7 153.7 169.0 55.0 341.5 80.7 69.1 38.2 9.8 53.1 18.6 52.4 46.9 28.5 7.0 35.9 18.4 42.0 38.2 22.1 5.6 29.3 14.3 34.0 30.8 16.8 4.6 23.5 11.6 27.6 25.1 12.4 3.8 19.2 9.1 FY2011 FY2012 FY2013 FY2014E FY2015E
May 31, 2013
12
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
Page Industries No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%) Reduce (-5% to -15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
May 31, 2013
13

PAGE Industries 4Q FY 2013

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PAGE Industries 4Q FY 2013

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4QFY2013 Result Update | Textile

May 31, 2013

4QFY13 209 37 17.6 24

4QFY12 154 24 15.7 17

% chg. (yoy) 35.5 51.9 190bp 38.5

Abs.(%) Sensex PAGE

1yr 23.9 42.4

3yr 19.3 426.2

Please refer to important disclosures at the end of this report