PAGE Industries 4Q FY 2013

7/28/2019 PAGE Industries 4Q FY 2013

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Please refer to important disclosures at the end of this report 1

Y/E March (` cr) 4QFY13 4QFY12 % chg. (yoy) 3QFY12 % chg. (qoq)Net Sales 209 154 35.5 216 (3.3)EBITDA 37 24 51.9 37 0.1

EBITDA margin (%) 17.6 15.7 190bp 17.0 59bp

Adj. PAT 24 17 38.5 25 (7.1)Source: Company, Angel Research

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%, mainlybecause 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 growthPage 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 maintainour Accumulate recommendation on the stock with a revised target price of`4,611 with a target PE of 30.0x for FY2015E. Key financialsY/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015ENet Sales 492 683 863 1,057 1,282% chg 44.8 39.0 26.3 22.5 21.2

Adj. Net Profit 59 90 113 139 171% chg 47.9 53.9 24.8 23.7 23.2

OPM (%) 18.5 19.5 19.0 19.4 19.6EPS (`) 52.5 80.8 100.9 124.8 153.7

P/E (x) 80.7 52.4 42.0 34.0 27.6

P/BV (x) 38.2 28.5 22.1 16.8 12.4

RoE (%) 52.6 62.3 59.3 56.3 51.8

RoCE (%) 39.3 47.2 51.3 50.6 49.3

EV/Sales (x) 9.8 7.0 5.6 4.6 3.8

EV/EBITDA (x) 53.1 35.9 29.3 23.5 19.2

Source: Company, Angel Research

ACCUMULATECMP `4,265

Target Price `4,611

Investment Period 12 months

Stock Info

Sector

Net debt (`cr) 59

Bloomberg Code

Shareholding Pattern (%)

Promoters 57.5

MF / Banks / Indian Fls 17.4

FII / NRIs / OCBs 19.6

Indian Public / Others 5.5

Abs.(%) 3m 1yr 3yr

Sensex 7.2 23.9 19.3

PAGE 28.6 42.4 426.2

PAG IN

Avg. Daily Volume 984

Face Value (`) 10

BSE Sensex 19,760

Nifty 5,986

Reuters Code PAGE.BO

52 Week High / Low 4,424 / 2,680

Textile

Market Cap (`cr) 4,729

Beta 0.2

Tejashwini Kumari022-39357800 Ext: 6856

[email protected]

Page IndustriesStrong performance on all fronts

4QFY2013 Result Update | Textile

May 31, 2013


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Page Industries | 4QFY2013 Result Update

May 31, 2013 2

Exhibit 1:3QFY2013 performanceY/E March (` cr) 4QFY13 4QFY12 % chg. (yoy) 3QFY12 % chg. (qoq) FY2013 FY2012 % chgNet Sales 209 154 35.5 216 (3.3) 863 683 26.3Net raw material 103 74 37.9 104 (1.0) 420 329 27.6(% of Sales) 49.1 48.2 47.9 114 48.7 48.2

Employee Cost 40 30 30.8 37 9.0 144 114 26.1

(% of Sales) 19.0 19.7 16.9 214 16.6 16.7

Other Expenses 30 25 18.3 39 (23.9) 135 107 26.5

(% of Sales) 14.3 16.4 18.2 (388) 15.7 15.6

Total Expenditure 172 130 32.4 179 (4.0) 699 550 27.1EBITDA 37 24 51.9 37 0.1 164 133 23EBITDA margin (%) 17.6 15.7 190bp 17.0 59bp 19.0 19.5 (47)bp

Interest 3 2 89.7 2 78.3 8 7 19.8

Depreciation 3 3 14.0 3 7.9 11 11 6.9

Other Income 4 4 (14.3) 5 (31.3) 21 18 13.3

PBT 34 24 42.1 38 (8.4) 166 134 23.4(% of Sales) 16.4 15.7 17.4 19.2 19.6

Tax 11 7 50.5 12 (11.3) 53 44 20.5

(% of PBT) 31.2 29.5 32.2 32.1 32.8

Reported PAT 24 17 38.5 25 (7.1) 113 90 24.8Extraordinary Expense/(Inc.) - - - - -

Adjusted PAT 24 17 38.5 25 (7.1) 113 90 24.8PATM (%) 11.3 11.1 11.8 13.0 13.2


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 yoybasis to `101cr (volume growth 7.1% and value growth 12.2%),

Womens innerwear segment grew by 51.3% on a yoy basis to `28cr (volumegrowth 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%),

Exhibit 2:Actual vs. Estimates (4QFY2013)Y/E March (` cr) 4QFY13 Angel est. % diffNet sales 209 201 3.9EBITDA 37 36 3.0

EBITDA margin (%) 17.6 17.7 (16)bp

Reported PAT 24 24 (1.2)Source: Company, Angel Research


3/13


May 31, 2013 3

The leisure wear segment grew by 39.6% on a yoy basis to `56cr (volumegrowth 44.5% and value growth 54.1%), and

Speedo is witnessing robust growth. The company sold 1.9lakh pieces underthis 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 3:Healthy revenue growth


Exhibit 4:Revenue breakup (%)


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


Exhibit 6:Profit grew by 38.5% yoy


111

176

181

172

154

218

220

216

209

34.7

47.442.9

28.4

38.5

23.6 21.925.6

35.5

0

20

40

60

0

50

100

150

200

250

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(`

cr)

Revenue (LHS) yoy growth (RHS)

48.8

13.3

6.5

27.0

4.4

Men

Women

Bra

Leisure

Speedo

17

44

36

30

24

47

44

37

37

15.4

24.7

19.717.2

15.7

21.420.0

17.0 17.6

0

5

10

15

20

25

30

0

10

20

30

40

50

4QF

Y11

1QF

Y12

2QF

Y12

3QF

Y12

4QF

Y12

1QF

Y13

2QF

Y13

3QF

Y13

4QF

Y13

(%)

(`c

r)

EBITDA (LHS) EBITDA Margin (RHS)

13

28

25

20

17

33

31

25

24

29.6

102.1

54.8

27.532.5

18.3 21.427.6

38.5

0

20

40

60

80

100

120

0

5

10

15

20

25

30

35

4QF

Y11

1QF

Y12

2QF

Y12

3QF

Y12

4QF

Y12

1QF

Y13

2QF

Y13

3QF

Y13

4QF

Y13

(%)

(`c

r)

PAT (LHS) yoy growth (RHS)


4/13


May 31, 2013 4

Strong performance across segments

Exhibit 7:Men segment


Exhibit 8:Women segment


Exhibit 9:Brassiere segment


Exhibit 10:Leisure wear


129

135

123

108

156

147

139

115

11.5

14.6

17.4 22.9

21.1

8.9

12.8

7.1

0

5

10

15

20

25

0

20

40

60

80

100

120

140

160180

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

($)

(piece

inlakh)

Volume yoy growth (%)

32

29

31

25

39

35

34

32

12.415.0

24.9

34.0

21.6 22.5

9.8

25.5

0

5

10

15

20

25

30

3540

0

5

10

15

20

25

30

35

4045

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(piece

inlakh)


5 5 5 5 7 7 7 7

63.4

44.3

33.7

42.736.8

39.9 39.344.5

0

10

20

30

40

50

60

70

0

1

2

3

4

5

6

7

8

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(piece

inlakh)


28

28

29

28

35

35

36

36

33.240.3

15.1

19.7

25.4 24.8 25.3

29.7

0

5

10

15

20

25

30

35

40

45

0

5

10

15

20

25

30

35

40

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(piece

inlakh)



5/13


May 31, 2013 5

Investment arguments

Fast-growing premium segment

Page operates in mid and premium category of the innerwear segment in Indiawhich 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 forSpeedo 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.


6/13


May 31, 2013 6

Financials

Exhibit 11:Key assumptionsFY2014E FY2015E

Volume growth (%) 16.6 16.8

Realization growth (%) 3.8 4.0

Blended MRP/piece 103 108

Source: Angel Research

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


Exhibit 13:Segmental breakup


Margin contracted marginally in FY2013, but expected tonormalize 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.

339

492

683

863

1,0

57

1,2

82

33.3

44.8

39.0 26.3

22.5 21.2

0

10

20

30

40

50

0

200

400

600

800

1000

1200

1400

FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E

(%)

(`c

r)

Revenue (LHS) Revenue growth (RHS)

389

464

540

629

83

112

142

181

39 5466 81

159

216

274

348

3 16 2128

0

100

200

300

400

500

600

700

FY2012 FY2013E FY2014E FY2015E

(`cr)

Men Items Women Items Bra Sports Items Swimwear


7/13


May 31, 2013 7

Exhibit 14:Operating margin to improve going forward


Exhibit 15:PAT margin to improve going forward


Exhibit 16:Relative valuationCompany Year end Mcap Sales OPM PAT EPS RoE P/E P/BV EV/Sales EV/(` cr) (` cr) (%) (` cr) (`) (%) (x) (x) (x) EBITDA (x)Page FY2014E 4,729 1,057 19.4 139 124.8 56.3 34.0 16.8 23.5 4.6

FY2015E 4,729 1,282 19.6 171 153.7 51.8 27.6 12.4 19.2 3.8

Lovable Lingerie* FY2014E 466 188 18.1 25 15.6 13.3 17.6 2.3 10.8 2.0

FY2015E 466 246 17.4 31 18.6 13.8 14.8 2.1 8.6 1.5

Source: Company, Angel Research; * Bloomberg estimates

66

91

133

164

205

251

19.4

18.5

19.5

19.0

19.4

19.6

15

16

17

18

19

20

0

50

100

150

200

250

300

FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E

(%)

(`c

r)

EBITDA (LHS) EBITDA Margin (RHS)

40 59 90 113 139 171

11.711.9

13.213.0

13.213.4

10

11

12

13

14

0

30

60

90

120

150

180

210

FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E

(%)

(`c

r)

PAT (LHS) PATM (RHS)


8/13


May 31, 2013 8

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 of23.4% 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 ourAccumulate recommendation on the stock with a revised target price of `4,611with a target PE of 30.0x for FY2015E.

Exhibit 17:One-year forward P/E band


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 majorityof 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 theSpeedo brand in India.

Page has a strong pan-India distribution channel across 1,200 cities, with 400distributors, 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.

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9/13


May 31, 2013 9

Profit and loss statement

Y/E Mar. (` cr) FY2011 FY2012 FY2013 FY2014E FY2015ENet Sales 492 683 863 1,057 1,282

Other operating income - - - - -

Total operating income 492 683 863 1,057 1,282% chg 44.8 39.0 26.3 22.5 21.2

Net Raw Materials 225 329 420 511 616

% chg 45.7 46.5 27.6 21.6 20.6

Power and Fuel 4 5 9 11 13

% chg 59.0 20.9 63.8 22.5 21.2

Personnel 90 114 144 176 213

% chg 54.3 26.9 26.1 22.5 21.2

Other 82 102 127 155 188

% chg 39.3 24.6 24.6 22.5 21.2

Total Expenditure 400 550 699 852 1030

EBITDA 91 133 164 205 251% chg 38.7 46.2 23.3 24.8 22.7

(% of Net Sales) 18.5 19.5 19.0 19.4 19.6

Depreciation 10 11 11 14 17

EBIT 81 123 153 191 234% chg 43.3 50.8 24.7 24.7 22.8

(% of Net Sales) 16.5 17.9 17.7 18.0 18.3

Interest & other Charges 5 7 8 11 12Other Income 12 18 21 25 31

(% of Net Sales) 2.5 2.7 2.4 2.4 2.4

Recurring PBT 76 116 145 180 222% chg 41.5 52.4 25.0 24.3 23.5

PBT (reported) 88 134 166 206 253Tax 29 44 53 66 82

(% of PBT) 33.1 32.8 32.1 32.3 32.3

PAT (reported) 59 90 113 139 171Extraordinary Expense/(Inc.) 0 0 0 0 0

ADJ. PAT 59 90 113 139 171% chg 47.9 53.9 24.8 23.7 23.2

(% of Net Sales) 11.9 13.2 13.0 13.2 13.4

Basic EPS (`) 52.5 80.8 100.9 124.8 153.7Fully Diluted EPS (`) 52.5 80.8 100.9 124.8 153.7% chg 47.9 53.9 24.8 23.7 23.2


10/13


May 31, 2013 10

Balance sheet

Y/E Mar. (` cr) FY2011 FY2012 FY2013 FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 11 11 11 11 11Reserves& Surplus 113 155 202 270 370

Shareholders Funds 124 166 214 281 381Total Loans 114 64 88 101 116

Other Long Term Liabilities 19 28 32 32 32

Long Term Provisions 2 2 3 3 3

Deferred Tax (Net) 3 4 6 6 6

Total liabilities 262 263 342 423 538APPLICATION OF FUNDSGross Block 126 150 194 242 291

Less: Acc. Depreciation 33 43 54 68 85

Net Block 93 107 140 174 205Capital Work-in-Progress 1 3 3 3 3

Goodwill - - - - -

Investments 3 2 1 1 1

Long Term Loans and advances 20 27 17 21 32

Other Non-current asset 2 1 2 2 2

Current Assets 219 231 309 367 470

Cash 3 3 5 8 17

Loans & Advances 26 12 11 14 51

Inventory 165 173 235 282 326

Debtors 26 44 58 62 75

Other current assets - - 0 0 0

Current liabilities 77 108 129 145 175

Net Current Assets 143 123 180 223 295Misc. Exp. not written off - - - - -

Total Assets 262 263 342 423 538


11/13


May 31, 2013 11

Cash flow statement

Y/E Mar. (` cr) FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 88 134 166 206 253

Depreciation 10 11 11 14 17Change in Working Capital (73) 20 (55) (39) (64)

Direct taxes paid (29) (44) (53) (66) (82)

Others 4 2 (21) (25) (31)

Cash Flow from Operations (0) 123 48 89 94(Inc.)/Dec. in Fixed Assets (21) (26) (43) (48) (48)

(Inc.)/Dec. in Investments 0 1 1 - -

(Incr)/Decr In LT loans & adv. (22) (6) 9 (4) (11)

Others 16 5 28 25 31

Cash Flow from Investing (27) (25) (6) (27) (29)Issue of Equity - - - - -

Inc./(Dec.) in loans 60 (50) 24 13 15

Dividend Paid (Incl. Tax) (34) (48) (65) (72) (72)

Others 1 1 1 - -

Cash Flow from Financing 27 (97) (40) (58) (56)Inc./(Dec.) in Cash (0) 1 1 4 8

Opening Cash balances 3 3 3 5 9Closing Cash balances 3 3 5 9 17


12/13


May 31, 2013 12

Key ratios

Y/E Mar. FY2011 FY2012 FY2013 FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 80.7 52.4 42.0 34.0 27.6P/CEPS 69.1 46.9 38.2 30.8 25.1

P/BV 38.2 28.5 22.1 16.8 12.4

EV/Net sales 9.8 7.0 5.6 4.6 3.8

EV/EBITDA 53.1 35.9 29.3 23.5 19.2

EV / Total Assets 18.6 18.4 14.3 11.6 9.1

Per Share Data (`)EPS (Basic) 52.5 80.8 100.9 124.8 153.7

EPS (fully diluted) 52.5 80.8 100.9 124.8 153.7

Cash EPS 61.3 90.4 111.1 137.5 169.0

DPS 26.0 37.0 50.0 55.0 55.0

Book Value 111.0 148.6 191.4 251.9 341.5

DuPont AnalysisEBIT margin 16.5 17.9 17.7 18.0 18.3

Tax retention ratio 0.7 0.7 0.7 0.7 0.7

Asset turnover (x) 2.5 2.7 3.0 2.9 2.8

ROIC (Post-tax) 27.4 32.6 35.8 35.2 34.6

Cost of Debt (Post Tax) 4.1 5.0 7.1 7.6 7.4

Leverage (x) 0.9 0.4 0.4 0.3 0.3

Operating ROE 47.9 42.4 46.8 44.2 41.6

Returns (%)ROCE (Pre-tax) 39.3 47.2 51.3 50.6 49.3

Angel ROIC (Pre-tax) 41.0 48.5 52.7 52.0 51.1

ROE 52.6 62.3 59.3 56.3 51.8

Turnover ratios (x)Asset TO (Gross Block) 4.3 4.9 5.0 4.9 4.8

Inventory / Net sales (days) 96 90 86 89 87

Receivables (days) 17 19 21 21 21

Payables (days) 64 61 62 62 62

WC cycle (ex-cash) (days) 77 70 62 67 70

Solvency ratios (x)Net debt to equity 0.9 0.4 0.4 0.3 0.3Net debt to EBITDA 1.2 0.4 0.5 0.4 0.4

Int. Coverage (EBIT/ Int.) 15.6 18.4 19.1 18.0 19.7


13/13


M

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. 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 reliablesources 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 thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible 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. WhileAngel 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 thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement Page Industries

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below`

1 lakh for Angel, its Group companies and Directors

PAGE Industries 4Q FY 2013

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Transcript of PAGE Industries 4Q FY 2013