Page Industries Share price and Fundamental Analysis

Company History

Page Industries Limited, headquartered in Bangalore, was incorporated in 1995. The Company is the exclusive licensee of JOCKEY International Inc. (USA) for the manufacture, distribution, and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. The Company is the exclusive licensee of Speedo International Ltd. for the manufacture, marketing, and distribution of the Speedo brand in India.

The Company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules at enhancing the consumer's involvement with the purchase. The Company commenced operations in year 1995 in Bengaluru with manufacturing, distribution and marketing of Jockey products. It entered into license with 'SPEEDO', globally known International brand for swim wear.

During 2006-2007, the company made an Initial Public Offer of 2,804,000 Equity Shares of Rs.10/- each at a premium of Rs.350 per equity share.

Page Industries commenced Phase I of commercial production at its Bommasandra unit in Bangalore on 15 April 2008. During the financial year ended 31 March 2008, the company added additional six looms for Garter Production, which increased production capacity to 3,780,000 meters per annum. During the year under review, Page Industries, through its authorized franchises, opened 12 Exclusive Brand Outlets of Jockey, taking the total EBOs to 32.

During the financial year ended 31 March 2009, Page Industries, through its authorized franchises, opened 13 Exclusive Brand Outlets (EBO) of Jockey, taking the total EBOs to 43, which are well spread in all major cities.

Page Industries' second building at Bommasandra in Bangalore with an area of 95,000 sq ft was completed in September 2009. During the financial year ended 31 March 2010, the capacity at the complex was raised to 20.52 million pieces of garments per annum on a single shift basis. The second building at the Kodichikkanahalli Complex in Bangalore was occupied in January 2010.The capacity of the complex was raised to 15 million pieces of garments per annum on a single shift basis during the year under review. During the financial year ended 31 March 2010, Page Industries, through its authorized franchisees, opened ten Exclusive Brand Outlets of Jockey.

In 2010, Page Industries renewed its license agreement with Jockey International USA for a period of 20 years through 2030. Simultaneously, Page Industries was awarded the sole marketing and distribution rights for the Jockey brand in U.A.E. During the financial year ended 31 March 2011, the production capacity of Page Industries' unit at Bommasandra Complex in Bangalore was raised to 27 million pieces of garments per annum. The company expanded the capacity for the manufacture of woven elastic to 27 million metres per annum. The capacity for manufacture of knitted elastic was enhanced to 9 million metres per annum. The capacity of the socks unit was expanded to 3.5 million pairs per annum. During the year under review, Page Industrie, through its authorised franchisees, opened thirteen Exclusive Brand Outlets of Jockey.

During the financial year ended 31 March 2012, the production capacity of the Page Industries' unit at Kodichikkanahalli Complex in Bangalore was raised to 24 million pieces of garments per annum. The company expanded capacity for the manufacture of woven elastic to 29 million metres per annum. The capacity for manufacture of knitted elastic was enhanced to 14 million metres per annum. The capacity of socks unit was expanded to 4.4 million pairs per annum. During the year under review, Page Industries through its authorised franchisees opened eleven Jockey Exclusive Brand Outlets (EBOs). The company appointed a UAE Distributor for Jockey brand and made the first shipment to UAE during the year under review.

On 1July 2011, Page Industries entered into a License and Distribution agreement with M/S. Speedo International Limited, London, UK for the exclusive right to manufacture and distribute Speedo products in India consisting of swimwear, apparel, water shorts, equipments and footwear. The company launched Speedo brand of products in January 2012. Speedo is the number one brand and product choice for swimmers around the world.

During the financial year ended 31 March 2013, Page Industries achieved a milestone of the launch of 100th Exclusive Jockey Brand Store. During the year under review, Page Industries through its authorised franchisees opened 29 new Exclusive Brand Outlet (EBOs) of Jockey, taking the total number of EBOs for the Jockey brand to 100. During the year under review, Page Industries increased the manufacturing capacity of its Hosa Road, Bangalore unit to 6 million pieces per annum. The manufacturing capacity of Mangammapalya, Bangalore unit was enhanced to 9 million pieces per annum. The company's first unit situated outside Bangalore at Hassan became operational during the year with a capacity of 16 million pieces per annum. During the financial year ended 31 March 2014, Page Industries through its authorised franchisees opened 41 Exclusive Brand Outlet (EBO) of Jockey, taking the total number of EBOs to 139. During the year under review, the company expanded installed capacity to 162 Million pieces per annum across its various units spread over 1.7 Million square feet in 17 locations in the state of Karnataka.

In August 2014, Page Industries launched brand Jockey in the United Arab Emirates. The company inaugurated the Exclusive Brand Outlet of Jockey at Dubai's plush, upmarket Mirdiff city. Alongwith Mirdiff City, it launched two other exclusive brand outlets, one in Dubai Festival City and another in Dalma Mall, Abu Dhabi on the same day. The first Jockey Exclusive Brand Outlet (EBO) in the new international retail format was launched at Indiranagar, Bangalore in 2014. During the financial year ended 31 March 2015, the company through its authorised franchisees opened 59 EBOs of Jockey including five Jockey EBOs catering exclusively to our women customers, taking the total number of EBOs to 193. Further during the year under review, the company opened one EBO in Sri Lanka. During the year under review, the Company launched its own B2C ecommerce channel and further tied up with various leading online retailers to increase the reach of products.

During the year under review, Page Industries expanded installed capacity to 194 Million pieces per annum across various units spread over 1.778 Million square feet in 13 locations in the state of Karnataka. During the year under review, the company launched a unit in Gowribidanur, Karnataka, while construction at a unit in Tiptur, Karnataka was in full swing.

During the financial year ended 31 March 2016, Page Industries through its authorised franchisees opened 82 Exclusive Brand Outlets (EBOs) of Jockey including 7 Jockey EBOs catering exclusively to our women customers, taking the total number of EBOs to 265. During the year under review, the company expanded installed capacity across its various units spread over 1.97 Million square feet in 13 locations in the state of Karnataka. During the year under review, the company started commercial production at the Tiptur Unit. During the year under review, the company opened one more EBO for the Speedo premium swimwear brand, taking the total number to nine.

During the financial year ended 31 March 2017, Page Industries through itsauthorised franchisees opened 101 Exclusive Brand Outlets (EBOs) of Jockey including 5 Jockey Woman' EBOs catering exclusively to women customers, taking the total number of EBOs to 360. During the year under review, the company expanded installed capacity across its various units spread over 2.40 million square feet in 17 locations in the state of Karnataka. During the year under review, the company took few backward integration initiatives. In this regard the company set up a state of the art tape dyeing unit at Hassan in Karnataka which will help it in catering to the needs of the women's range of business which is a fast fashion business.

Extending its foray in the Kids Category, Jockey launched a line of innerwear for Girls in January 2018. Targeting the age group of 5 years to 12 years, the initial launch included panties, camisoles, tank tops and shorties. During the financial year ended 31 March 2018, Jockey launched a new ATHLEISURE range in the athletic-leisure space for Men and Women. During the year 2017-18, the company through its authorised franchisees opened 119 Exclusive Brand Outlets (EBOs) of Jockey including 9 Jockey Woman' EBOs catering exclusively to women customers, taking the total number of EBOs to 470.

As of March 2018, the company's workforce numbered over 20,000 people with manufacturing operations spread over fifteen state-of-the art manufacturing complexes in Bangalore, Hassan, Mysore, Gowribidanur, Tiptur and Tirupur. Page Industries commands wide spread pan India distribution encompassing over 50,000 plus retail outlets in 1,800 cities and towns and has revolutionized the innerwear market by launching Exclusive JOCKEY Brand Outlets across India numbering 470 as of March 2018.

On 12 June 2018, Page Industries announced that the company's license agreement with Jockey International Inc. USA has been extended till 31 December 2040.

In 2019, the Company launched Jockey Juniors. The Company through its authorised franchisees opened 150 EBOs, taking the total number of EBOs to 756 which includes 37 Jockey Woman' EBOs catering exclusively to women customers in FY'19-20.

As of 31 March 2020, Jockey brand is distributed in over 2,800 cities and towns. The products are sold through Exclusive Brand Outlets (EBO), Large Format Stores (LFS), Multi Brand Outlets (MBO), Traditional hosiery stores and Multi-purpose stores. Jockey brand is available in over 66,000 outlets spread across India.The company's installed capacity is spread over 2.40 million sft and the production capacityof 260 million pieces across 15 manufacturing units.

During March 2020,consequent to the COVID-19 pandemic,Government of India declared a national lock down on 24 March 2020,which has impacted the business activities of the company.The company has since resumed its business activities by reopening its factories gradually based on government guidelines.

During the year 2020-21, the Company through its authorised franchisees opened 200 EBOs, taking the total number to 930 which includes 46 Jockey Woman' EBOs catering exclusively to women customers.

The company through its authorized franchisees opened 211 Exclusive Brand Outlets across India taking the total number of EBO's to 1,131 including 48 Jockey Woman' EBOs and 71 Jockey Juniors EBOs in FY'22.

During the year 2022-23, the Company, through its authorised franchisees opened 188 Exclusive Brand Outlets (EBOs), taking the total number of 'Jockey EBOs' to 1289 which includes 48 exclusive 'Jockey Woman' EBOs and 78 exclusive 'Jockey Junior' EBO's.