CONTENTS

02
About this Report
04
Leadership Message
10
Company Profile
22
Sustainability at
60
Governance, Risks,
74
Responsible Supply
82
Diversity and Equal
94
Occupational Health
Page Industries and Compliance Chain Mission Opportunity Mission and Safety Mission

26
Sustainable Strategy
30
Integrated
31
Sustainable Value
34
Stakeholder
106
Energy and GHG
112
Water and Effluents
116
Materials - Building a
120
Product Stewardship
Management System Creation Engagement Emissions Mission Circular Economy - Sustainable Product
at PIL Management

38
Double Materiality
46
Membership in
46
Advocating for Social
124
Assurance Statement
133
Annexure - GRI Index
141
SASB-IFRS Alignment
Industry Associations Impact

47
Awards and
52
Economic
143
UNGC Index
146
Quantification
Recognitions Performance Mission Methodologies

B 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 01
ABOUT THIS REPORT

INTRODUCTION TO REPORT RESTATEMENT OF INFORMATION EXTERNAL ASSURANCE

P
There are no restatements of information on significant material The data and systems disclosed in the FY 2023-24 Sustainability
age Industries’ sixth Sustainability Report builds on the foundation established topics compared to previous reports. Report have been assured by M/s. Bureau Veritas Industrial Services
(India) Pvt. Ltd., an independent third-party assurance provider. The
in previous reports. This report offers a deeper dive, providing a more assurance is based on Accountability AA1000 Assurance Standard
V3 (‘AA1000AS’), including the Global Reporting Initiative (GRI)
comprehensive understanding of the company’s progress toward sustainability. Forward-looking Statement
Sustainability Reporting Standards. The assurance statement from M/s.
This report includes forward-looking statements that reflect the Bureau Veritas Industrial Services (India) Pvt. Ltd. is included in this
The report highlights the successful integration of sustainability principles into expectations and plans based on current knowledge and past report page no. 124, summarizing the work performed, the assurance
performance. These statements address the future outlook, considering
engagement process, and their conclusions. The ultimate responsibility
core business strategies and operational practices. It serves as a testament reasonable assumptions. However, it’s important to acknowledge that
for finalizing material topics and sustainability disclosures, including
external factors such as industrial development, market conditions,
to Page Industries’ unwavering commitment to achieving sustainable and and government regulations can influence these assumptions. Due
assurance, lies with PIL’s Sustainability Steering Committee, supported
by mission teams and unit-level committees.
to the inherent variability of these factors, the underlying assumptions
inclusive growth while generating long-term financial and non-financial value used in these statements may require adjustments in the future and
the company remains committed to providing transparent updates. FEEDBACK
for stakeholders. By showcasing these efforts, Page Industries hopes to inspire In addition, current ESG target will be reviewed and updated in Page Industries invites stakeholders to provide feedback and raise
the next reporting recycle to align with evolving business trends and
enquiries regarding the information in this report. Stakeholders
continuous improvement and collaboration within the industry. industry best practices.
valuable input will contribute to continuous improvement in the
sustainability efforts, performance, and policies. Please submit the
feedback to [email protected].
REPORTING FRAMEWORKS, GUIDELINES REPORTING SCOPE AND BOUNDARIES
AND STANDARDS This report focusses on the sustainability performance of Page
This report was prepared “in accordance” with Global Reporting Industries operations within India, encompassing corporate
Initiative (GRI Standards) 2021, and with reference to Sustainability offices, head offices, manufacturing facilities, and warehouses.
Accounting Standards Board (SASB) standards, and National Any inclusions or exclusions of specific topics within this boundary are
Guidelines on Responsible Business Conduct (NGRBC). Materiality clearly explained in the relevant sections. The information and data
remains the cornerstone for selecting sustainability topics covered in presented in this report pertain only to Page Industries operations.
this report and the material issues identified for reporting align with
While the report primarily covers the reporting period, it may
the United Nations Sustainable Development Goals (UNSDGs).
reference previous financial year metrics and events for context.
This comprehensive approach ensures transparency and
Any information referring to periods beyond the reporting timeframe
accountability, forming the foundation for Page Industries’
is clearly indicated. Forward-looking statements are based on
commitment to the ten principles of the UN Global Compact
current analysis and are subject to change. For a comprehensive
(UNGC). In addition, the report also considers various criteria from
understanding, please read this report in conjunction with Page
the Dow Jones Sustainability Index (DJSI) to provide a comprehensive
Industries Annual Report for FY 2023-24.
view of the company’s sustainability performance to various
stakeholders. Page Industries undertook a Double Materiality Assessment in FY
2023-24. This comprehensive evaluation analyzes the company’s
Any assumptions or exceptions made while reporting the disclosures
environmental and social impacts, as well as the financial impacts of
are clearly explained. These explanations can be found in the notes.
these topics on the company. The assessment confirmed that there are
To ensure transparency, a comprehensive index is included at the
no significant changes in the list of material topics from the previous
end of this report. This index details all disclosures compliant with
reporting period.
GRI Standards and provides references to relevant SASB metrics,
UNSDG goals, and the quantification methodologies used. To establish the foundation for a future net-zero commitment, Page
Industries is expanding the reporting coverage of Scope 3 emission
REPORTING PERIOD categories to better understand and manage its carbon footprint across
Page Industries publishes the Sustainability Reports on an annual basis the value chain. Scope 3 emissions now cover an expanded range
from 2018 aligned with the financial year. The previous sustainability of categories, including Purchased Goods and Services, Capital
report, for FY 2022-23, was published in December 2023. Goods, Fuel and Energy-related activities (outside Scope 1 and 2),
and Waste generated in operations, alongside previously reported
This current report details the company’s achievements towards the categories such as Upstream Transportation and Distribution, Business
Environmental, Social, and Governance (ESG) goals and commitments Travel, Employee Commuting, and Downstream Transportation and
set for the reporting period of 1st April 2023 to 31st March 2024. Distribution. This broader scope enables the development of targeted
strategies to reduce emissions across the entire value chain.

02 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 03
CHAIRMAN'S MESSAGE

Dear Stakeholder,
I am pleased to share our 6th Sustainability Report, highlighting our steadfast
commitment to responsible business practices and environmental stewardship.
This report outlines our progress over the past year and reflects how sustainability
is embedded in our operations, aligning growth with positive societal and
environmental impact.

Despite an unpredictable economic landscape, we have remained

resilient, achieving all our targets sustainably. Notably, we reduced
energy intensity by 18% compared to our FY 2019-20 baseline,
surpassing our original target of 17% by FY 2023-24. This milestone
aligns with India’s decarbonisation agenda and reinforces our
commitment to energy efficiency and waste reduction.
IN FY 2023-24, WE RECYCLED
In FY 2023-24, we recycled 100% of pre- and post-consumer 100% OF PRE- AND POST-
plastic waste, totalling 1,127 metric tonnes, contributing to
Sustainable Development Goal (SDG) 12. This reflects our focus CONSUMER PLASTIC WASTE,
on waste minimisation, reduction, and recycling to lower our TOTALLING 1,127 METRIC
environmental impact.
TONNES, CONTRIBUTING TO
Our workforce of 19,461 employees remains central to our SUSTAINABLE DEVELOPMENT
sustainability journey. We are committed to fostering a safe,
inclusive, and innovative workplace that empowers our people to GOAL (SDG) 12. THIS REFLECTS
contribute meaningfully to our shared goals, driving both individual
and organisational success.
OUR FOCUS ON WASTE
MINIMISATION, REDUCTION,
As we grow, we remain deeply committed to innovation and
sustainability across environmental, social, and governance
AND RECYCLING TO LOWER
dimensions, ensuring a lasting positive impact on the planet and OUR ENVIRONMENTAL IMPACT.
its people.

I extend my heartfelt gratitude to our entire workforce and

management team for their relentless dedication and hard work.
It is their collective efforts that have enabled us to achieve these
remarkable milestones and lay the foundation for continued success.

Thank you for your trust and support, which inspire us to drive
progress, deliver sustainable growth, and build a future we can all
be proud of.

Best Wishes,
Sunder (Ashok) Genomal
Chairman

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MANAGING DIRECTOR’S MESSAGE
We are pleased to report a topline of ₹45,817 million in
revenue, achieved while navigating a challenging global economic
environment. This accomplishment reinforces our commitment to
seamlessly integrating ESG principles to build long-term value for
our stakeholders

Environmental Stewardship
ONE OF OUR MOST NOTABLE
Sustainability is central to our mission, and this year we marked
significant milestones in our journey to reduce our environmental ACHIEVEMENTS THIS YEAR
footprint. Our Restricted Substances List (RSL) program, now in its
WAS ATTAINING ZERO WASTE
third phase, continues to play a critical role in ensuring consumer
safety and environmental protection. DIVERSION TO LANDFILL — A
A key strategic focus has been to strengthen our reliance on
PIVOTAL STEP IN OUR ZERO-WASTE
local suppliers, enabling us to reduce our carbon footprint while JOURNEY ALIGNED WITH SDG 12.
contributing to local economies. In FY 2023-24, we sourced 88%
of our fabrics, accessories, and packaging materials locally, an THIS WAS MADE POSSIBLE
increase from 81% the previous year, reflecting our commitment to THROUGH RIGOROUS AUDITS OF
sustainable partnerships.
THIRD-PARTY WASTE TREATMENT
One of our most notable achievements this year was attaining zero
waste diversion to landfill — a pivotal step in our zero-waste journey
FACILITIES TO ENSURE RESPONSIBLE
aligned with SDG 12. This was made possible through rigorous HANDLING OF BOTH HAZARDOUS
audits of third-party waste treatment facilities to ensure responsible
handling of both hazardous and non-hazardous waste. AND NON-HAZARDOUS WASTE.”

Water Conservation and Renewable Energy

Transparency and Accountability
In response to the global water scarcity crisis, we enhanced our
water management practices by installing a Low-Temperature Transparency and accountability are the cornerstones of our
Evaporator (LTE) system in our Effluent Treatment Plant (ETP), enabling sustainability journey. We believe in open communication with
us to achieve Zero Liquid Discharge (ZLD). our stakeholders, and this report offers measurable metrics that
enable you to track our progress and hold us accountable for our
Our transition to renewable energy continues to gain momentum. In commitments. Your feedback is invaluable in helping us refine
FY 2023-24, 27% of our total energy consumption was derived from and elevate our sustainability initiatives.
renewable sources. Furthermore, we achieved a 29% reduction in
emission intensity (Scope 1+2) compared to our FY 2020 baseline, Looking Ahead
driven by energy efficiency measures and cleaner technologies. As we confront complex global challenges, our commitment to
As we move forward, we are exploring innovative solutions to sustainability remains resolute. With a strategic vision and the
address Scope 3 emissions, expanding our efforts to reduce the unwavering dedication of our team, we are confident in our
environmental impact of our supply chain and product lifecycle. ability to make meaningful contributions to society and the
environment.
Our People, Our Strength
Our talented workforce remains the driving force behind our success. While we take pride in our achievements thus far, we recognise
We are deeply committed to fostering a safe, healthy, and inclusive there is more to accomplish. Together, we will continue to shape
a sustainable future that benefits all.
Dear Stakeholder, workplace. Through comprehensive training programmes, we
empower our employees with the skills needed to thrive, fostering a
It is my privilege to share this comprehensive report detailing our sustainability culture of continuous learning and innovation. Thank you for your ongoing support. I trust this report provides
valuable insights into our journey and inspires collective action
progress and achievements for the financial year 2023-24. This document not Safety remains a top priority, as evidenced by our improved safety toward building a better, more sustainable world.
only highlights our non-financial performance but also reaffirms our steadfast performance and a safety training index of 0.8. These metrics reflect
our unwavering commitment to maintaining a safe and supportive Warm regards,
commitment to embedding sustainable and responsible practices across all areas work environment across our operations. V S Ganesh
of our business operations. Managing Director

06 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 07
DEPUTY MANAGING DIRECTOR’S MESSAGE

Our focus on product innovation continues to drive sustainable growth.

Initiatives like the introduction of the environmentally sustainable
collection called Jockey Life and the adoption of the Dope Dyeing
Process exemplify our commitment to creating functional, sustainable
products. These innovations enhance our portfolio while significantly
reducing water consumption and chemical usage during production,
aligning with our sustainability vision.
IN FY 2023-24, WE
PROUDLY ACHIEVED 100%
In FY 2023-24, we proudly achieved 100% on-time compliance,
demonstrating our steadfast dedication to ethical business practices ON-TIME COMPLIANCE,
and regulatory adherence. This milestone reflects the strength of DEMONSTRATING OUR
our governance framework, reinforcing our reputation as a trusted
partner to stakeholders. STEADFAST DEDICATION
TO ETHICAL BUSINESS
Our people are our most valuable asset, and their safety remains
our top priority. In FY 2023-24, we recorded a Lost Time Injury PRACTICES AND REGULATORY
Frequency Rate (LTIFR) of 0.047 for employees while maintaining
Zero LTIFR for contract workers. This achievement, along with
ADHERENCE. THIS MILESTONE
the successful completion of 43.42 million safe working hours REFLECTS THE STRENGTH
between Feb 2023 to March 2024, underscores our proactive
safety culture.
OF OUR GOVERNANCE
FRAMEWORK, REINFORCING
With 15,083 women employees contributing to our success,
we continue to lead in promoting inclusivity and equity. Regular OUR REPUTATION AS A
assessments for gender pay parity and our focus on Diversity & Equal TRUSTED PARTNER TO
Opportunity position us as an employer of choice. Additionally, our
100% POSH sensitisation programmes ensure a safe, respectful, STAKEHOLDERS.
and empowering workplace for all.

In an increasingly connected world, digital infrastructure plays a

pivotal role. We have fortified our IT and security frameworks to
safeguard business continuity and data integrity. This strategic focus
allows us to innovate responsibly while maintaining stakeholder trust.

Guided by our nine sustainability missions, we remain committed

to integrating sustainability into every facet of our operations. From
reducing our environmental footprint to fostering collaboration and
celebrating key milestones, our collective efforts are geared toward
building a future that is inclusive, resilient, and sustainable.
As we chart the path forward, I am confident in our ability to set
new benchmarks in the apparel industry. By staying true to our
Dear Stakeholder, values and upholding a culture of collaboration and
innovation, we are well-positioned to drive meaningful change for
It is with immense pride and gratitude that I share this year’s sustainability all our stakeholders.
highlights for Page Industries Limited. FY 2023-24 has been a transformative
Thank you for your continued trust and support as we journey
chapter in our journey, reinforcing our commitment to innovation, inclusivity, together toward sustainability and excellence.
and environmental stewardship. At the core of our success is our unwavering
dedication to creating positive impacts across our value chain — an effort driven Warm regards,
Shamir Genomal
by our exceptional workforce, visionary leadership, and relentless pursuit of Deputy Managing Director
excellence.
08 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 09
COMPANY PROFILE
OVERVIEW: PAGE INDUSTRIES LIMITED OUR PURPOSE: CORE TENETS OF PIL’S BUSINESS
Established in 1994, Page Industries Limited (PIL) has emerged as a leading player in the Indian apparel industry. Headquartered in Page Industries’ core values define the company’s purpose and guide the sustainability actions. These values influence every decision and
Bangalore, this public limited company champions responsible business practices, prioritizing the delivery of long-term sustainable value interaction, shaping a culture of success and responsibility.
to all stakeholders. The company actively builds global brands within India, encompassing the entire product lifecycle from design and
development to production, sales, marketing, and retail operations all the while upholding principles of sustainability and social responsibility.

Page Industries holds the exclusive licence for JOCKEY International Inc. for production, distribution and marketing across India, Sri Lanka,
Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, Saudi Arabia and UAE. Additionally, the company holds the sole licence for SPEEDO

ESG vision
Integrity
International Ltd. in India, overseeing the marketing, and distribution of the Speedo brand within the country. Respect

Fairness & Transparency

in all the Decisions
& Conduct
Mutual Respect in all
Forms of Interactions statement
GUIDING PRINCIPLES
Entrepreneurship
Excellence
Page Industries spearheads
sustainability and responsible
Proactive Solutioning
With Growth Mindset
Striving for Perfection business practices through nine
missions, each tackling a critical
at All Times
& Ownership

Innovation
focus area. These missions embed
Customer Orientation
ambitious, forward-looking goals

Vision Motto Be Obsessed with

Delighting Internal &
Responsible
Continuously Challenge
Status Quo and Strive for
into core business objectives,
driving tangible value creation. By
prioritising these key areas and
External Customers Bigger, Better & Smarter
“To be a leading apparel company through “Balancing Growth with
balanced growth with a focus on quality, innovation Sustainability” Behave Responsibly Keeping material topics, the company has a
and sustainable design, thereby, creating lasting the Interests of Brand,

value for all our stakeholders”

Organization & of all
Stakeholders
clear path towards a transformative
and sustainable future.

BRAND VISION AND MISSION

MISSION VISION
To be the largest and most profitable To satisfy the human need for comfort, by
premium innerwear and athleisure brand ensuring our consumers always get the
within men, women and kids segments in most comfortable and innovative products Page Industries
our licensed markets at the best possible quality and value for
money leads the way in
sustainability and
responsible business
practices through nine
MISSION
To be the number one swimwear
VISION
To inspire people to swim; with
dedicated missions,
brand in our licensed markets Speedo each addressing a key
focus area.

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 BUSINESS PORTFOLIO
- OUR BRANDS

JOCKEY
JOCKEY, a renowned global brand
since 1876, has been a pioneer in
innovative innerwear. Committed to
excellence, JOCKEY offers premium
products that seamlessly blend
fashion, quality, and comfort. Since
partnering with Page Industries in
1994, JOCKEY has expanded its
reach across India and neighbouring
countries, boasting a vast network
with 1,382 Exclusive Business
Stores, 1,06,835 Retail Networks,
1,132 Large Format Stores (LFS) &
E-Commerce.

12 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 13
 1876
Jockey is founded by
2000
Samuel T. Cooper
whose goal was to 1960’s Jockey becomes a
revolutionise socks
and hosiery.
1910
The Company developed
underwear for NASA’s
founding member
of W.R.A.P.,
2011
Apollo program that the Worldwide Jockey launches
The Cooper Underwear
Company (now known as
1940’s included a very unusual
feature elastic bands
Responsible
Apparel Production
the USA Originals
Collection in
Jockey) creates the “Klosed
Krothe” union suit. It was the
Artist Frank Hoffman
creates the first Jockey
on the cuffs that looped
around one’s palms for use
1980’s association dedicated
to ethical apparel
Europe, Asia,
Africa, and Latin 2024
single greatest advancement in icon, the Jockey® Boy. in zero gravity. The introduction manufacturing. America. The
Unleash the Fun
underwear at the time. Coopers The icon would last for of Jockey for Her USA Originals
Presenting the 1st
also puts its underwear in more than 60 years, with in 1982 makes Collection pays
Ever Jockey Juniors
fine packaging and display minor updates to keep it the most famous tribute to Jockey’s
Ad Film.

2017
it on major retailers’ sales fresh. In 1947, the Jockey name in men’s roots and takes
floors, an industry first. Prior to brand name is stitched underwear also the inspiration
this, underwear was kept in into the waistband of most comfortable from traditional
boxes behind the counter for the underwear another name in women’s American colours, Launch of Jockey
modesty’s sake. industry first. underwear. textures, and icons Juniors

Samuel Cooper’s In 1934, Coopers invents the The Jockey® Skants® Coopers officially In the 1990s, Jockey Jockey launches Cotton 1300 Exclusive
sons expand the first meris brief called “Jockey® bikini brief is born and adopts the name of launched the “Let’em and Jockey Performance, Brand stores
business from socks Shorts”, forever changing the considered to be the Jockey Menswear, Inc. know you’re Jockey” two modern collections
underwear landscape. By 1935, campaign, which which carry on Jockey’s
2023
to underwear. first bikini-style men’s A year later it would
the brief is improved with the underwear sold in the change to Jockey highlighted exciting proud heritage of
Y-Front® Brief design, enhancing U.S. Jockey is also one International, Inc. new products and developing new and

1900 the garment’s “masculinised

support. In the same year, the
of the first underwear
brands advertised on
Jockey also partners
with professional
cutting-edge marketing
that attained global
Jockey rolls out several
innovative underwear.

company introduced cellophane recognition.

2016
television, read live by athletes to model international websites and
packaging an industry first Jack Parr on the Tonight Jockey underwear key ranges such as Modern
and patented the brief. In Show. for advertising Classic, Jockey® Sport

1990’s
1938, Coopers hosts the first campaigns. and the Colored Y-Front@
underwear fashion show featuring

1950’s
collection across the world.
the Cellophane Wedding.
Jockey also celebrates the
Runway models were swathed
75th Anniversary of the

1970’s
in cellophane while modelling
world’s first brief.
underwear, an effort to skirt
decency laws of the day.

1930’s 2009

14 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 15
 SPEEDO
Speedo, a renowned swimwear
brand, is dedicated to inspiring
people to embrace swimming for
a healthy lifestyle. Page Industries
aims to elevate Speedo’s brand
presence in India, making it
the country’s most desirable
swimwear choice. Committed to
sustainability, Speedo utilises eco-
friendly materials like ECONYL
yarn and REPET yarn (Innovative
regenerated fibres that turn waste
from fishing nets, manufacturing
by-products, and plastic bottles
into first-grade nylon fabric). By
offering high-quality, sustainable
swimwear, Speedo aims to inspire
and empower swimmers of all
ages and abilities. As of 31st March
2024, Speedo brand is available
in 1,049+ stores and 32+ EBS
across 190+ cities in India

16 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 17
 1920’S PIL AT GLANCE
Born on Bondi Beach near Sydney, Australia in 1928, Speedo is the Page Industries boasts a well-established national and international network. This network encompasses warehouses, manufacturing units,
world’s top-selling swimwear brand. corporate office, head office and regional marketing offices spread across India. Additionally, the company operates over 1,400 Exclusive
Brand Stores (EBS) strategically located in its licensed territories.
Speedo introduced Racerback suit, the world’s first non-wool suit

1930’S
Speedo started its first Olympic medal journey when
Claire Dennis of Australia won gold

1950’S
Jammu and Kashmir
Srinagar

Speedo introduced its First Watershort

and first suit made of Nylon
- HEAD OFFICE - MANUFACTURING UNIT
Himachal Pradesh
1960’S Amritsar Hoshiarpur
Jalandhar Solan
Phagwara Nawashahr
- EXCLUSIVE BRAND STORE
Punjab
Speedo marked a glorious victory at 1968 Games in
Zirakpur Panchkula
Ludhiana Chandigarh
Moga Rajpura Jagadhri Dehradun
Mexico where 27 of 29 gold medalists wore Speedo Abohar
Bathinda Mohali
Patiala Ambala
Kurukshetra
Uttarakhand
Sangrur Haridwar
Karnal
Sri Ganganagar Sirsa Yamunanagar
Saharanpur
Jind Panipat
Hanumangarh Hisar Rohtak Sonepat Haldwani
Bahadurgarh Berilly
BahadurgarhHaryana Meerut Rudrapur
Delhi sh
ade
Bhiwani Ghaziabad
Bikaner Sikar
Gurgaon
Faridabad Hapur hal Pr
Itanagar
Rewari Noida nac
Narnaul Aru Naharlagun
Alwar Agra Tinsukia
Sikkim
Jaipur Uttar Pradesh Basti Gorakhpur
Rajasthan Tezpur Jorhat
Lucknow Azamgarh Jaigaon
Jodhpur Pali Ajmer Siliguri Guwahati
Bettiah Malda
Gwallor Deoria Bihar Assam Nagaland
Muza arpur

1970’S
Chittorgarh Kanpur Dimapur
Bhilwara Purnia Shillong Kohima
Udaipur Allahabad Patna Bhagalpur
Kota Meghalaya
Varanasi Imphal
Speedo became the first company to produce Jehanabad Manipur
swimwear made of Nylon/Elastane Palanpur
Satna
Bardhaman Tripura
Mehsana Jharkhand Aizawl

1990’S
Gujarat Ambikapur Agartala
Gandhidham Ranchi Kolkata Mizoram
Ahmedabad Madhya Pradesh Howrah
Morbi Korba
Ujjain Jabalpur Raigarh Jamshedpur
Nadiad Haldia
Speedo introduced Endurance,

h
Rajkot Anand Bhopal Bilaspur West

ar
Jamnagar Bhavnagar

sg
Vadodara Indore Rourkela Bengal
the world’s first chlorine-resistant fabric

tti
MHOW Chhindwara
Bharuch Ankleshwar

ha
Raipur Jharsuguda

Ch
Surat
Nagpur
2000’S
Dhule Bhilai Cuttack
Vapi Nashik
Sangamner Aurangabad Bhubaneshwar
Orissa
Speedo launched the revolutionary Fastskin swimsuit inspired from shark’s skin Wakad
Maharashtra
Ahmednagar Nanded
Mumbai Nizamabad Ramagundam
Thane Pune
Speedo launched LZR Racer which was named as one of the best inventions of the year by TIME Vashi Baramati Mancherial
Adilabad
Karimnagar
Srikakulam
Magazine and one of the most innovative products by Popular Science Magazine Karad Hanamkonda
Panvel Secunderabad Warangal Vizianagaram
Solapur
Hyderabad Vishakapatnam
Khammam
Sangli
LZR Racer also won Edison Awards Ichalkaranji Gulbarga Eluru
Rajahmundry
Kakinada
Kolhapur a
Vijayapura Telangan Tanuku
Bhimavaram
2010’S Belgaum
Guntur
Vijayawada

Dharwad
esh Tenali
Speedo launched Fastskin3 Racing System, swimwear and swim accessories designed to work together Goa
Hubli
Hosapete Bellary
h r a P rad
d
An Ongole

Speedo’s cutting-edge TriClops triathlon pack was awarded the coveted Red Dot Product Design Award
Karnataka Nellore
Kadapa
Shivamogga Davangere
Tirupati
Speedo’s new Elastomeric Goggle Collection was Platinum A’ Design Award Udupi
Chikmagalur
Bangalore
Tiptur - 1
Hassan - 3
Manipal Tiruvallur
Kolar
Mangalore
Chennai Gowribidanur - 1
Kanchipuram
Suratkal
Mattannur Mysore Hosur Mysore - 2
Kannur Vellore
Manjeri Ooty Tiruppur Salem Puducherry
Palladam
Kottakkal Coimbatore
Karur Bangalore - 7
Perinthalmanna Erode

PRODUCTS AND SERVICES OF PIL IN FY 2023-24 Palakkad

Thrissur
Tamil Nadu
Perambavoor Thiruverumbur
Trichy
Muvattupuzha Thanjavur

ala
Thalassery
Ernakulam Dindigul
Tirupur
Tirupur-1-1

Ker
Cochin Karaikudi
Brand Million pieces of Value generated Kottayam Thiruvalla Madurai
Alappuzha
Tuticorin
Kollam Adoor
products (Million `) Trivandrum Tirunelveli

Nagercoil
Jockey 207.66 44,971.49

Speedo 0.61 509.73

Map not to scale. For illustrative purposes only.

18 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 19
MILESTONES IN THE CORPORATE JOURNEY

•C
 ompany turnover
• Incorporation of the
crosses ₹ 500 million
Company under the
name and style of Page •C
 ompany turnover
• R etail network of crosses ₹ 1bn in terms
Apparel Manufacturing
10,000 outlets of factory selling price
Private Ltd.
•A
 chieved production of • P roduction crossed
•B
 rand Jockey reaches
1 million pieces a month 2m pieces per month
100 towns

1997 2004
1995 2003 2006
• Launched Jockey • Jackey Socks
products for women launched
under the style of
‘Jockey For Her’

• Launch of first • Launched the middle • Licensing agreement with

International format range of men’s Jockey International Inc.
EBS in Bengaluru undergarments extended till 2030

• Launched its own B2C •A

 warded the sole
• Successful
e-commerce channel marketing and distribution
completion of
and tied up with various rights for Jockey in UAE
IPO and listing
leading online retailers to • Speedo Launch on NSE and BSE
increase reach of products

2014 2008
2015 2011 2007
• Jockey.in
Launched • Jockey available
across 1,000 towns Sustainability is no longer
• Jockey licence agreement about minimising harm; it’s
extended till 2040
about maximising positive
• Jockey Activewear range
launched •Q
 E June’22 Best Revenue change
• F irst Jockey & PAT in history
EBS in Dubai •S
 peedo apparel range
launched • 1,220+ Jockey EBS
• Launched Jockey
Towels • Jockey Woman launched •B
 rand Jockey reached
1,00,000 outlets in India
• 500 Jockey EBS

2017 2019 2024

2016 2018 2022 • Page Industries has been
certified with Integrated
• F irst Jockey EBS • Jockey Juniors
Management System
in Sri Lanka launched
(IMS) of QMS - ISO 9001:
2015, EMS ISO 14001:
•B
 rand Jockey reached •2
 5 years of
2015, OHSMS - ISO
50,000 outlets in India Jockey in India
45001: 2018 & EnMS
- ISO 50001: 2018
Standards

20 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 21
SUSTAINABILITY AT PAGE INDUSTRIES
SUSTAINABILITY JOURNEY SCALING UP SUSTAINABILITY AT PAGE PIL’S PROGRESS TOWARDS SUSTAINABILITY
The path towards a more sustainable future is a continuous journey, INDUSTRIES
demanding dedication and ongoing efforts. In recognition of the FY 2018-19 FY 2019-20 FY 2020-21
growing significance of sustainability, Page Industries embarked on Energy: The company implements initiatives to reduce energy
a dedicated sustainability journey in FY 2018-19. This commitment consumption across the operations, potentially including optimising  Sustainability team formation  Sustainability framework with nine  Long-term targets defined along with
was manifested in the form of PIL’s first sustainability report, which production processes, utilising renewable energy sources (solar  Sustainability practices implemented focus areas roadmap for nine focus areas
meticulously examined critical issues that could significantly impact rooftop installation), and promoting energy-saving practices among in operations  Targets and Roadmaps for key  Management systems reinforced
the company and stakeholders. The learnings from this analysis employees. These efforts contribute to a reduced environmental material issues Sustainability framework by
 Disclosure - Maiden Sustainability
served as a compass for Page Industries, guiding it to adopt initial footprint and cost savings for the company. revamping the management
Report  Establishing Standards and
sustainability measures. Since then, sustainability has become the Circularity: Page Industries has secured Extended Producer Responsibilities code for incorporating programmes in line with the set
cornerstone of the organisation. Responsibility (EPR) registration with the Central Pollution Control sustainability practices in supply chain roadmap

By continuously evolving and expanding the sustainability agenda, Board (CPCB - India). This demonstrates the company’s commitment  A step towards benchmarking with
the company tackles a broad spectrum of issues, directly contributing to environmental responsibility and compliance with India’s plastic UNSDGs
to long-term value creation. This deep commitment has not only waste management regulations.
created lasting positive change but also positioned the company Water Stewardship: Page Industries prioritises responsible
as true pioneers in the realm of sustainable apparel manufacturing. freshwater and wastewater management by implementing Sewage FY 2021-22 FY 2022-23 FY 2023-24
Treatment Plants (STPs) across the manufacturing facilities, and  Sustainability agenda at PIL is now  Phasewise Transformation to  ‘Double Materiality’ assessment was
SUSTAINABLE PRACTICES Effluent Treatment Plant (ETPs) in dyeing process unit. These systems propagated across the supply chain Responsible and Sustainable supply conducted following the EU’s CSRD
Apparel industry is undergoing a transformative shift towards effectively treat wastewater to comply with environmental regulations chain through RSL and OEKO-TEX® directive, GRI Standards, 2021
 Focussing on Reducing Environmental
sustainability globally, and Page Industries is at the pioneer of this and minimise environmental impact, reflecting the commitment to certification
footprint of operation with more focus  Dedicated mission review meetings
movement. Recognising the environmental and ethical impact of sustainable operations.
on achieving Resource efficiency  Aligning to SEBI’s new mandate are conducted for each mission to
traditional production methods, the company invests in sustainable
Responsible Business Operation: Page Industries prioritises  Benchmarking practices with UNGC on “Business Responsibility and analyse progress and identify areas
production facilities equipped with innovative solutions. These facilities
ethical and socially responsible manufacturing. The commitment is principles Sustainability Report” for improvement
prioritise the use of recycled materials, implement energy-efficient
reflected in Worldwide Responsible Accredited Production (WRAP)  Successful registration and  Expanded reporting coverage for
processes like water recycling and renewable energy sources, and
certification for the manufacturing units and key vendors. This institutionalisation of EPR projects and Scope 3 GHG emission categories
ensure responsible chemical management. Page Industries embraces
certification upholds rigorous labor and environmental standards, target achieved in FY 2023 to improve transparency around
sustainable manufacturing solutions, from supply chain to closed-
ensuring a supply chain that is both sustainable and socially carbon footprint
loop production systems that minimise waste. By adopting these
responsible.
advancements the company is able to create sustainable products  Expanding the scope of reporting
which reduce the environmental footprint and promotes responsible Ethical Production: Page Industries prioritises ethical production, to meet the rating agencies’
product stewardship. and OEKO-TEX® certifications guarantee ethical sourcing within the requirements
company. The company continuously strives to meet the stringent  Reasonable assurance for the BRSR
Zero Discharge of Hazardous Chemicals (ZDHC) standard, ensuring Core report as per SEBI’s regulations
responsible chemical management throughout production. through a third-party audit
Note: The detailed breakdown of these practices is provided in the SUSTAINABILITY GOVERNANCE FRAMEWORK  Successfully recycled 1,127 MT of
nine mission sections The company’s sustainability framework has a clear vision on creating a pre- and post-consumer single-use
positive social impact. This translates into actions that minimise the company’s plastic waste as per EPR registration
environmental footprint, responsible sourcing of raw materials, adopt eco- and received 1,127 credit points
friendly manufacturing practices, and ensure ethical labour practices with fair from CPCB
wages and safe working conditions for employees. Page Industries further
extends the impact by actively engaging with local communities and supporting
social welfare programmes.

Transparency and accountability are central to the company’s approach

to sustainability governance. Page Industries publishes comprehensive
sustainability reports annually, offering stakeholders valuable insights into the
progress, challenges, and future commitments. This commitment to transparency
reflects the belief at Page Industries that sustainable practices not only benefit
the environment and social well-being but also drive innovation, resilience, and
long-term value creation for both the company and stakeholders.

22 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 23
BOARD OVERSIGHT AND MANAGEMENT RESPONSIBILITY OF SUSTAINABILITY SUSTAINABILITY STEERING
AT PAGE INDUSTRIES COMMITTEE (SCOM)
Page Industries’ sustainability governance structure depends on three key pillars: Steering Committee (SCOM), Mission Committees, and Unit At Page Industries, the Sustainable Steering Committee (SCOM)
Committees outlined below: holds key decision-making authority on all Environmental, Social,
and Governance (ESG) matters, including the implementation,
monitoring, and reporting of ESG initiatives. This leadership ensures
Sustainability Steering Committee that ESG initiatives are strategically aligned with the company’s
overall business objectives, driving sustainability efforts and fostering
Steering the sustainability journey a culture of accountability. By empowering SCOM to steer these
critical decisions, Page Industries demonstrates a strong commitment
to integrating ESG principles into its core operations and long-term
planning. The committee operates with 100% support of both the
Board of Directors and the management team.

This committee serves as the strategic driver behind the company’s

Sustainability PMO sustainability journey. It meticulously crafts a comprehensive
sustainability agenda, carefully weighing existing business
Project Management commitments alongside the evolving dynamics of the market. SCOM
for monitoring day-to-day sustainability activities at Page Industries.
takes a proactive approach to ensure the plan reaches all corners
This team facilitates communication, track progress, and provides
of the organisation by disseminating the agenda to mission and unit
support to mission and unit teams, ultimately accelerating the
committees through designated mission heads. SCOM meetings will
company’s journey towards a more sustainable future. In addition, the
be held annually or biannually to assess the performance of mission
sustainability team is responsible for ensuring the timely and accurate
teams and evaluate progress against established sustainability
Sustainability Coordinators goals. These reviews, conducted with the support of a third-party
publication of the sustainability report, including coordination with
external assurance providers to obtain the necessary certifications.
consultant, will help identify areas for improvement and ensure that
Coordinating day-to-day activities the company’s sustainability efforts remain effective and aligned
with evolving trends. Additionally, SCOM members will benefit
MISSION COMMITTEE
from expert insights from a third-party consultant on emerging To drive progress across the sustainability strategy, Page Industries
sustainability issues, enhancing their knowledge and skills in has established dedicated Mission committee for key focus areas*.
sustainable development. These committees are responsible for defining ambitious performance
improvements against the ESG targets set by the SCOM. Mission
SUSTAINABILITY - PROJECT MANAGEMENT Committee will create and implement detailed roadmaps and
Mission Unit OFFICER (PMO) activities to achieve these goals. Mission committees are led by
Committee Committee functional (mission) heads and comprise cross-functional and cross-
The Sustainability PMO team acts as a central hub, coordinating
unit members with relevant expertise in the specific sustainability
Enabler Executioner efforts between the Sustainability Steering Committee (SCOM) and
area.
mission/Unit teams. Through this collaboration, the Sustainability
PMO team ensures the strategic direction set by SCOM is effectively
Additionally, Mission Committees coordinate with unit-level
translated into actionable plans for mission/unit teams. It comprises
sustainability champions to execute planned programmes and
Sustainability Manager and Sustainability Coordinators responsible
initiatives. This collaborative effort ensures effective implementation
MEMBERS OF THE COMMITTEE and achievement of mission objectives. Finally, monthly/quarterly
reviews conducted by Mission Committees allow for ongoing
Sustainability Steering Mission Unit evaluation of performance improvement strategies.
Committee Committee Committee
*For detailed information on key focus areas, refer to the Sustainable
The committee includes the Managing Functional Heads (9 Mission heads) and Unit-wise sustainability champions - Plant Strategy section of the report Page 26.
Director, Chief Financial Officer, Chief cross-functional/cross-unit teams with head, HR head, Admin, Electrical head
Human Resource Officer, Chief People expertise and EHS head UNIT COMMITTEE
Officer, President and Chief Sales & Chief
Unit committees, comprised cross-functional sustainability champions
Marketing Officer, President & Chief of
from each manufacturing unit, play a crucial role in executing
Manufacturing and Operations, and
sustainability programmes at the unit level. Guided by heads
functional heads responsible for driving the
from Mission Committees, these committees execute sustainability
sustainability strategy and implementation
programmes at the manufacturing unit level. This committee also
across the organisation.
evaluate the performance and efficiency of internal systems within
the units. Any identified operational challenges are communicated
FREQUENCY OF ENGAGEMENT to Mission Committees, who then communicate the issues to SCOM
for mitigation strategies.
Annual/Bi-annual basis Quarterly/monthly basis Monthly/daily basis

24 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 25
SUSTAINABLE STRATEGY SUSTAINABILITY MISSION TARGETS & PERFORMANCE
The sustainability targets of each mission are outlined below with current status. Achieved targets will be revisited in the coming financial year.
ESG sections of this report contain detailed performance highlights of each target.
Page Industries has established nine sustainability missions, one for each of the company’s key focus areas. These missions aim to effectively
govern the focus areas and generate long-term value for the business. The company’s sustainability nine focus area approach rests on three Targets Status
pillars: Environmental, Social and Governance (ESG). Meticulously managing and allocating resources across nine focus areas helps the ECONOMIC PERFORMANCE
company address emerging ESG challenges. This is achieved by integrating forward-thinking commitments into the core objectives of each 1. To be a 1 billion USD (revenue) company by FY 2026 through increased market presence, In Progress*
mission. diversified product portfolio and innovation, and R&D
In Progress* :Our economic targets are being reassessed to align with the evolving business environment and
By focussing on these nine missions and prioritising material topics, Page Industries is well-positioned to build a more sustainable and market conditions. While we continue to aim for significant growth, we are adapting our goals to reflect a
responsible business model. Furthermore, aligning sustainability efforts with core business practices allows Page Industries to create a positive sustainable trajectory over the coming years. We remain committed to delivering value to our stakeholders and
impact and drive meaningful change in the communities it serves. will provide updates as appropriate.”
2. Commitment to introduce safety, climate, water, and inclusion nudge factors in investment evaluation In Progress
3. Commitment to increase the economic value delivered to the vulnerable/disadvantaged sections in the On Track
Diversity and Equal Occupational Health regions that we operate in
Opportunity and Safety

Product Stewardship GOVERNANCE, RISK, AND COMPLIANCE

Responsible Supply
IAL Materials 1. Computation of compliance score for FY 2021-22 based on the established Compliance Score System In Progress
Chain SOC EN
VI and improvement to attain maximum score by FY 2025
CE Energy and GHG
Governance, Risk, and RO 2. Integrate ESG Risks in ERM by FY 2025 In Progress
AN

Compliance NM Emissions
RN

ENERGY AND GHG EMISSIONS

ENT
GOVE

Economic Water and Effluents 1. Reduce Energy Intensity (GJ/Million Minutes Produced) by 17% by FY 2023-24 against Achieved
AL

Performance FY 2019-20 baseline

2. Reduce emissions intensity by 15% by FY 2025 and 30% by FY 2030, in alignment with India’s Achieved
NDCs against the FY 2019-20 baseline
3. Reduce purchase of grid electricity by 17% through Renewable Energy by FY 2030 against In Progress
FY 2019-20 baseline

WATER AND EFFLUENTS

1. Improve water-use efficiency by 20% by FY 2030 against the average of In Progress
(FY 2018-21) consumptions
2. Reduction in Fresh Water by 20% by FY 2025 against average of In Progress
(FY 2018-21) consumptions
3. Conducting Water Neutrality feasibility study across manufacturing units in FY 2021-22 In Progress

4. Zero Liquid Discharge by FY 2024 (only for ETP at Unit 21) Achieved

MATERIALS
1. All vendors/suppliers (Fabric, Elastic, Yarn) will be OEKO-TEX® Certified by June 2022 On Track
2. 100% Recycling and Management of Single Use plastics in packaging by On Track
December 2022

RESPONSIBLE SUPPLY CHAIN

1. Sustainability Assessment will be conducted for all critical suppliers from FY 2021-22 On Track
2. Assess critical supplier-side GHG emissions and accordingly establish a baseline for future emission On Track
reduction by FY 2021-22
3. Implementation of RSL policy by March 2023 On Track

OCCUPATIONAL HEALTH AND SAFETY

1. Zero Waste to Landfill with 100% traceability by 2024 Achieved
2. Phasing Out All Restricted Substances in Manufacturing and Supply Chain in Compliance with ZDHC Achieved
(Level 3) by FY 2024
3. Occupational Health Illness Tracking by FY 2023 and Mitigation by FY 2025 In Progress

26 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 27
 4. Safety Management System at all Retail Stores by FY 2023 On Track
5. 100% Implementation of WASH Pledge and Third-Party Audit by FY 2023 Achieved
6. A Digital Incident and Accident Management System to be Implemented In Progress
Targets Status
7. Behavioural Safety Systems certification by FY 2024 In Progress
8. To Achieve 0.8 Safety Training Index by FY 2023 Achieved

PRODUCT STEWARDSHIP
1. All new development of vendors/suppliers (Fabric, Elastic, Yarn) will be OEKO-TEX® certified by June 2022 On Track
2. Improve design for extended life (service delivery/washes) On Track
3. Responsible management of materials during product design and development On Track
4. Continue to Increase the use of Renewable/Sustainable/Recycled Materials On Track

DIVERSITY AND EQUAL OPPORTUNITY

1. Assess and Maintain Gender Pay Parity On Track
2. 100% sensitisation towards prevention of sexual harassment and awareness to all employees including contract On Track
employees

Achieved – Targets were achieved and will be revised for the next financial year.
In Progress – Targets are in line with commitment year
On Track – These targets are being consistently achieved and will remain a focus area in future reporting periods. Targets may be revisited
for further progress in the next financial year.

OUR KEY SUSTAINABILITY POLICIES, STANDARDS, AND FRAMEWORKS

To Promote a culture of responsible and transparent business practices, Page Industries has implemented a robust framework of
sustainability policies, standards, and frameworks. These are detailed below: Page Industries sets the
 EHS Policy benchmark for safety and
 Chemical Management Policy quality, driving excellence
 PIL Manufacturing Restricted Substances List (MRSL)
in every operation
 Diversity and Inclusion Policy
 Nomination and Remuneration Policy
 Code of Conduct
 Vigil Mechanism Policy
OPERATIONS  Prevention of Sexual Harassment Policy
 National Guidelines on Business and Corporate Social Responsibilities
 WRAP Certification
 NABL Certification
 IMS Certification
 5S Certification
 BRSR Core - Reasonable Assurance Certification
 Sustainability Report: GRI - Moderate Assurance Certification

 Supply Chain Standards and Responsibilities Code for Suppliers and Vendors
 Responsible Sourcing Policy
SUPPLIERS
 PIL Restricted Substances List
 OEKO-TEX® Certification

 CSR Policy
VALUE CHAIN PARTNERS  ISO and Social Accountability Standards
 UNSDGs

28 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 29
INTEGRATED MANAGEMENT SYSTEM AT PIL SUSTAINABLE VALUE CREATION
During FY 2023-24, Page Industries has been certified
with an Integrated Management System (IMS - ISO
9001: 2015, EMS ISO 14001: 2015, OHSMS - ISO 14001 ISO 45001
ISO 45001: 2018 & EnMS - ISO 50001: 2018).
Committed to excellence across all aspects of operations,
this comprehensive framework combines best practices INTEGRATED
in quality management, environmental responsibility, and MANAGEMENT FINANCIAL CAPITAL MANUFACTURED CAPITAL INTELLECTUAL CAPITAL
occupational health and safety at Page Industries. By
SYSTEM A strong financial position serves as Boasting 14 manufacturing facilities, A dedicated product stewardship team
integrating these essential systems, the company upholds the
the cornerstone for Page Industries’ Page Industries possesses the capability showcase the company’s innovation
highest standards, mitigates risks, and cultivates a culture of
ambitious endeavours in innovation, to produce a diverse range of innovative technology in production process
ongoing improvement. The IMS serves as a cornerstone of ISO 9001 ISO 50001
growth, and long-term sustainable products and services, delivering high
the company’s sustainability strategy, ensuring responsible
practices. value to customers.
practices and ethical operations throughout the value chain.
Outcome FY 2023-24
Outcome FY 2023-24 Outcome FY 2023-24
 R&D Investment: 0.4% investments in
 Revenue Generated: ₹ 45,817  Delivered premium products for the specific technologies to improve the
million customers environmental and social impacts of
 Return on Net worth: ₹ 15,969  Total production: 208.27 million the product
million pieces (Jockey & Speedo)
 EBITDA: ₹ 8,922 million

SOCIAL &
HUMAN CAPITAL* RELATIONSHIP CAPITAL NATURAL CAPITAL
Page Industries cultivates a highly Committed to social responsibility, Page Recognising the importance of natural
skilled and engaged workforce through Industries actively contributes to initiatives resources, Page Industries implements
comprehensive employee development that empower and uplift underprivileged sustainable practices throughout the
and empowerment programs. This communities, fostering a more equitable operations that minimise environmental
dedication to human capital fuels the and inclusive society. impact and ensure the long-term
company’s long-term success. success of the ecosystems in which
Page Industries operates.
We are delighted to inform you that Outcome FY 2023-24 Outcome FY 2023-24
Page Industries has been certified with Integrated Management System Outcome FY 2023-24
 Total Workforce: 22,564 (including  CSR spend: ` 84.66 million
(IMS) of QMS - ISO 9001: 2015, EMS ISO 14001: 2015, OHSMS - ISO contractors) - Staff: 4439; non-staff:  Lives benefited: 9,641 persons  Energy consumption: 104,522.86 GJ
18,125 Energy intensity (GJ/million minutes
45001: 2018 & EnMS - ISO 50001: 2018 Standards, for the first time! (Direct) & their family members 
Women representation in total (Indirect) produced): 52.41
It’s a remarkable achievement which all PAGEians can feel proud of. 
workforce (including contractors): 72% Emission intensity (tCO2/million
It reinforces our Safety, Quality, Environment and Energy Management Systems and 
 Turnover rate: 15% (employees) & 27% minutes produced): 7.64
processes. The certificates were received by our Managing Director from Mr. Amit
(workers)  Total water withdrawal: 2,06,888 kl
Ghosh, Head-SAR, Bureau Veritas which is a globally renowned Organisation.
 EHS Training Index: 0.8  STP Recycled Water reused within
the premises: 86%
 % of recycled products used in the
packaging 52% Jockey; 37% Speedo

* The “Our People” section on page 83 provides a detailed breakdown of the total workforce by category, age, gender, and country.

30 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 31
VALUE-CREATION PROCESS

1
Responsible
7 Sourcing 2
End-of-life
Recycling (pre- and Design
post-consumer and Product
packaging waste) Development

6 3
Customer Production and
Service Packaging

5 4
Marketing Supply Chain
and Sales and Logistics

Growth drivers:
Innovative products, Market expansion, Strategic partnerships
Enablers:
Responsible supply chain, Innovative culture, Talented workforce

Sustainability flourishes
through the united efforts
of stakeholders, with
Page Industries proudly
leading the way.

32 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 33
STAKEHOLDER ENGAGEMENT The following table provides the key stakeholder list, frequency and mode of stakeholder engagement:

EMPLOYEES
Channel of Communication Frequency of Engagement Purpose/Scope of Engagement
STRATEGIC APPROACH
 Effective Communication Ongoing, continuous  Total Employee Engagement
The company’s stakeholder engagement approach recognises the unique priorities of each stakeholder group. This engagement helps in
 Shopfloor Meetings  Productivity and Efficiency
understanding stakeholder expectations, collecting insights, and identifying issues impacting the ability to create value for the business.
 Emails and Notice Board Enhancement
This continuous engagement builds lasting stakeholder relationships rooted in trust and transparency. Stakeholder feedbacks are timely
 Employee portals
integrated into the development of the company’s sustainable strategies and stakeholder need.  Training and Development
 Awareness Programmes
 Employee Connect  Safety, Health and Wellbeing
STAKEHOLDER ENGAGEMENT PROCESS  Goal Setting Process and Performance Appraisal  Grievances Redressal
 Reward and Recognition Programmes  Work-life balance
 Employee Involvement in CSR
Identification and prioritising Performance of the company’s Identifying and prioritising  Employee Referral Programme
internal and external stakeholders sustainability objectives and concerns and needs of each  Cultural Activities
depending on how much of an goals are periodically presented stakeholder to future proof the  Page Academy and Centre of Excellence - Training Sessions
impact they have on PIL’s sales to Page Industries internal business. Consistently and  Leadership Connect
and brand perception, as well stakeholders. And the company transparently addressing the  Customer Orientation
as those who have a direct representatives regularly interact prioritised concerns and needs  Grievance Redressal Mechanism
or indirect influence on the with external stakeholders. of the stakeholders.  Annual Reward and Recognition Programmes
company’s operations
CUSTOMERS
 Customer Feedback Mechanism Ongoing, continuous  Information Regarding Products
 Grievance Redressal Mechanism  Queries and Complaints
 Advertising campaigns
Periodic review of action taken  Customer Feedback
 Social Media

INVESTORS AND FINANCIAL PROVIDERS

 Investor Relationship Cell Quarterly/Annually  Financial Performance
 Investor Group Meetings  Return on Equity
 Quarterly and Annual Results
 Long-term Business Performance
 Investor Conferences
 Annual Reports  Risk Assessment and
 Sustainability Reports Management
 Quarterly Performance
 ESG Practices

REGULATORS
 Submission of Performance Reports Need-based, Quarterly/  Regulatory Compliance
 Annual and Sustainability Reports Annually  Financial Performance
 Compliance Reports
 Long-term Business Performance
 Attending Meetings and Discussions held by
Regulatory Bodies

SUPPLIERS
 Supplier Meets Need-based  Product Quality
 Emails and posts  Pricing and Availability of Raw
 Feedback via Grievance Cell Materials
 Environment Aspects
 Safety
 Pricing and Payment Terms
 Social and HR Compliance
 Supplier Well-Being

34 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 35
 OPEN COMMUNICATION: A PLATFORM FOR STAKEHOLDER FEEDBACK AND GRIEVANCES
BUSINESS PARTNERS
Page Industries has established a robust grievance mechanism for its key stakeholders to ensure a fair and accessible platform for stakeholders
Channel of Communication Frequency of Engagement Purpose/Scope of Engagement
to voice their concerns, queries, and raise complaints related to the company’s environmental, social, or governance (ESG) practices.
 Scheduled regular interactions Need-based  Engagement support By providing a well-defined process for addressing grievances, Page Industries demonstrates its dedication to accountable stakeholder
 Reports  Performance review engagement and continuous improvement.
 Email commucation

KEY STAKEHOLDER GRIEVANCE REDRESSAL MECHANISM

DISTRIBUTORS
 Regular discussions with the assigned Sales team member Ongoing  Retailer redistribution of Jockey Communities Any grievances from the community, regarding Page’s operations, are expected to be
 Carrying out annual joint/collaborative business plans with Products communicated through the Security personnel at the gate, employees, and through direct
our distributors  Stock availability and representation to the Unit HR Manager or in other forms. Grievances reported are reviewed,
 Data sharing and accounts statement checks on the PIP replenishment through auto addressed, and communicated suitably. If necessary, the matters are escalated to Sr. VP – HR,
portal (Company) replenishment system Admin & CSR, and ED & CEO for further review.
 Feedback from the Distributor sales team on the SFA tab  Adequate funds to ensure all ARS
 Distributor meets POs are cleared on time The Stakeholder Relationship Committee supervises and reviews matters related to
Investors (other
 Sales Conference  Price Maintenance investor concerns and complaints. Investor grievances are reported through the E-mail ID,
 Warehouse Hygiene
than shareholders)
[email protected] available in the company’s website.
 Staffing and Field team as per
norm

LOCAL COMMUNITIES
Shareholders Shareholder grievances are reported through the following E-mail ID, [email protected]
 Baseline Surveys Study and Need-based  Enabling better quality of life
available in the company website
 Focussed Group Interviews  Less-privileged communities
 Surveys on various assessments through reputed NGO  In the geographical areas that
 Based on inputs from the community through employees the company functions
 Referrals  Impact Assessment and CSR
 Local Community representatives Intervention
 School Development Committees  Monitoring and Evaluation Employees and The company prioritizes a robust grievance redressal system for employees and workers. A legally
 Through government officials workers mandated Works Committee also works to promote positive employee-employer relations.
PIL has established Grievance register systems across all manufacturing units for employees to
submit their grievances. The received grievances are reviewed by Head HR – Manufacturing
monthly. Unresolved issues, if any, are escalated to Executive VP – Manufacturing & Operations
and Sr. VP - Human Resources and are resolved with the appropriate actions or closed with a
suitable response. The nature of concerns are periodically briefed to CEO and MD.
Additionally, all page employees can submit complaints via email to [email protected]

Customers Customer complaints and feedback are communicated via call (1800-572-1299 /1860-425-
3333 Monday to Saturday, IST 10:00 AM to 7:00 PM), Email ([email protected]) and
in the help section on website (write to us: https://www.jockey.in/faqs). Customer Relationship
team addresses customer complaints and feedback as per SOP. The company has a designated
grievance officer (“Grievance Officer”), who is responsible for consumer grievance redressal.
The contact details of Grievance Officer are described in the Privacy Policy.

Value Chain Partners The company addresses supplier and vendor grievances through dedicated one-on-one meetings.
Additionally, a dedicated Email address, [email protected], is provided in the
Supply Chain Standards and Responsibilities Code for Suppliers and Vendors. The suppliers/
vendors shall report any concerns through E-mail.

36 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 37
DOUBLE MATERIALITY
APPROACH TO MATERIALITY MATERIALITY MATRIX
Page Industries’ approach to materiality prioritises identifying A materiality matrix, created after a materiality assessment, prioritised ESG issues based on the impact on the company and stakeholders.
and addressing the most significant environmental, social, and This visual tool guides resource allocation, focussing on the high-priority issues in the upper right quadrant for long-term value creation.
governance (ESG) issues impacting the business and stakeholders.
This focus centres on issues with the potential to significantly affect

HIGH
long-term sustainability and value creation. This process facilitates
effective resource allocation, transparent stakeholder engagement, Partnership for Sustainable
and the integration of ESG considerations into decision-making
Data Privacy
Development/Stakeholder
processes. Energy Management
Engagement
Page Industries acknowledges the significance of incorporating
both financial and non-financial considerations within its materiality
Economic Development
assessment. During FY 2023-24, the adoption of the Double Climate Strategy Chemical Customer Relationship
Materiality concept ensures that the company addresses not just
Management Management
the environmental and social impacts of its operations, but also
how these environmental and social factors influence the company’s Emissions
Risk Management
financial performance. The company adhered to leading standards Management
and frameworks such as EU’s Corporate Sustainability Reporting
Waste
Directive (CSRD) Guidelines and the Global Reporting Initiative
(GRI) to conduct the double materiality assessment. Sustainable

Important to Stakeholders
Raw Materials Water and
Supply Chain Effluents
Product
Analysing the Significance of Material Topics: The Management Management
Stewardship
Identification of Material significance of each identified material aspect is evaluated through
aspects an assessment process that considers both “Impact Materiality” and
“Financial Materiality”. Stakeholder participation at Page Industries
involves engaging key stakeholders such as employees, vendors, and
business partners in structured surveys that gather qualitative feedback Community Marketing and
Selection on various topics. This feedback is essential for understanding diverse Development Communications
Action Criteria
Plan
perspectives and concerns. A standardized scoring system is used to Corporate
MATERIALITY convert qualitative feedback into quantifiable scores. The distribution
Governance
ASSESSMENT and analysis of these scores help prioritize topics based on their relative
PROCESS importance to both the stakeholders and the overall business strategy.
Human Rights and
By integrating this process, Page Industries can evaluate the potential
economic, environmental, and social impacts of each identified topic, Fair Employment Compliance
Analysing the ensuring that decisions are aligned with both stakeholder interests and Biodiversity
Result
Validation Significance of the company’s goals for sustainable value creation.
Material
Occupational
Topics Result Validation: To ensure the validity and representativeness Health and Safety
of the survey results, a benchmarking process was conducted against
industry peers. This comparison identified any significant differences Diversity and Equal
between the company’s data and broader industry trends. Opportunity Training and Education
LOW
Identification of Material aspects: To identify potential Action Plan: The finalised material topics were integrated across
material topics for the company, a comprehensive review was the company’s nine focus areas. It included KPIs to track progress
conducted. This review included the Peers materiality, significant and measure effectiveness. Regular monitoring and evaluation ensure LOW HIGH
ESG index providers like MSCI and DJSI, and the Sustainability continuous improvement and strategic adaptation. This commitment Important to Business
Yearbook’s global best performers. translates materiality assessment insights into action, solidifying the
company’s focus on sustainable practices that benefit both business
Selection Criteria: During the analysis, each material aspect was and stakeholders.
compared against the company’s peers. If the topic was identified
as material for more than one company, it was added to the list of
potential material topics for Page Industries.

38 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 39
MATERIAL TOPICS: LINKAGE TO RISK AND SDG

Material Topics Linkage to GRI SDG Material Topics Linkage to GRI SDG
Key Risk Linkages Linkages Key Risk Linkages Linkages
ENVIRONMENTAL Community Development  Reputational risk 413, 411
Supporting Community development programmes shall uphold  Regulatory risk
Water and Effluents Management  Water stress risk 303
Water Management refers to the management of issues related  Regulatory risk the company’s brand image while promoting better quality of life
to water consumption, while effluent refers to the water discharge for the beneficiaries.
and its management.
Training and Education  Human capital 404
Biodiversity `  Climate Change 304 Human Capital Development reaps benefits with respect to risk
Biodiversity management involves monitoring and mitigating risk an agile and productive workforce leading to overall business  Service quality
business impacts in protected or high-biodiversity areas near objectives promoting growth. risk
operations, aiming to prevent and remediate biodiversity loss.

Emissions Management  Pollution risk 305 Diversity, Inclusion, Equity  Human capital 405
Emissions Management refers to the organisation’s strategy for  Regulatory risk risk
Diversity and inclusion are two interconnected concepts - but both
reducing the discharge of GHG and other air emissions (viz.,
are far from interchangeable. Diversity is about the representation
SOx, PM, NOx etc.).
or the make-up of an entity. Inclusion is about how well the
Waste Management  Pollution risk 306 contributions, presence, and perspectives of different s of people
Waste Management includes the aspects on waste generation,  Regulatory risk are valued and integrated into an environment. This issue refers
waste disposal and the associated impacts. It also extends to to the diversity and inclusion practices of PIL and its value chain
enhancing the circularity measures across business operations partners.

Climate Strategy  Climate change 302,305 Human Rights and Fair Employment Practices  Human capital 406, 407,
In view of the changing climate scenario, Climate strategy risk Human rights are a set of ethical and legal principles that risk 408, 409,
focuses on the identification of the risks associated with climate establish the basic standards for human dignity and the fair and  Regulatory risk 411
change and management which might potentially have financial, just treatment of all individuals, safeguarding freedom, security  Reputational risk
reputational and legal impacts on the company. and equality.
Energy Management  Increased costs 302
GOVERNANCE
Energy Management involves optimizing energy usage, adopting  Regulatory risk
renewables, and aligning with India’s Net Zero goals Corporate Governance  Reputation risk 205,206
Chemical Management  Pollution risk 303, 306 Corporate governance guides a company’s daily operations,  Business
Chemical Management refers to the presence of adequate  Regulatory risk balancing the interests of stakeholders, including shareholders, continuity risk
systems and the effectiveness to ensure the safety of the workforce with principles of accountability, transparency, responsibility,
and consumer health. and anti-competitive behaviour

SOCIAL Economic Development  Financial risk 201

Economic development refers to the contribution of PIL’s business  Business
Occupational Health and Safety  Human capital 403 to the local, regional, national and global economy and Continuity risk
Occupational Health and Safety refers to the creation of a safe risk creating wealth for the stakeholders viz., community, employees,
and healthy working environment for all employees including investors etc.
contract workers.
Data Privacy  Reputation risk 418
Supply Chain Management  Business 308, 414
Data Privacy and Security is the process of implementing  Business
Supply chain sustainability involves managing the supply chain to continuity risk
measures and system designed to securely protect and continuity risk
mitigate risks through supplier sustainability evaluation, adherence  Upstream &
safeguard information and also implies that businesses should
to a supplier code of conduct, and promoting responsible Downstream risk
use private data only for the intended purposes
procurement to harness opportunities.

Customer Relationship Management  Reputational risk 418 Compliance  Legal & 416
Customer Relationship is core for PIL’s business for innovating  Business Compliance addresses the topics of accounting and legal Regulatory risk
products as per consumer and market needs while ensuring continuity risk compliance, socio-economic compliance, environmental  Reputational risk
quality and safety of products. It also refers to effective grievance  Service risk compliance and adhering to rules and regulations in all aspects
redressal with low turnaround time for resolving grievances and of business management.
maintaining trust, continuity and relationship.

40 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 41
 Material Topics Linkage to GRI SDG
Key Risk Linkages Linkages
Risk Management  Business 207
Enterprise Risk Management is a process of identifying potential continuity risk
events and developments that may affect the entity, and  Reputational risk
undertaking right actions to manage them within its risk appetite  Financial risk
effectuated by an entity’s board of directors, management and  Upstream &
other personnel and applied in strategy setting and across Downstream risk
the enterprise. It provides reasonable assurance regarding the
achievement of entity objectives. ESG risks such as climate-related
risks are also encompassed in Enterprise Risk Management.

Product Stewardship  Quality and 301

Product stewardship is an approach to managing the environmental service risk
impacts of different products and materials at different stages
during production, use and disposal. It includes product quality
and safety, eco-design, sustainable product, innovation, product
life cycle and product societal value impact.

Sustainable Raw Materials  Sourcing 301

Sustainable Raw Materials refers to low-impact materials viz., and resource
renewable, recycled and reclaimed materials in manufacturing availability risk

Marketing and Communications  Market risk 417

Marketing and Communications encompass responsible  Reputational risk
marketing practices, product transparency (including composition,
usage, and disposal), and providing consumers with accurate
information on the environmental, social, and economic
impacts of products and services. This information should be
accessible through both product labelling and clear marketing
communication.

Partnership for Sustainable Development/Stakeholder  Reputational risk 2-29

Engagement  Market risk
Refers to both public and private partnerships between
governments, the private sector and civil society for a shared
vision, and shared goals to address social and environmental
matters of the sector

42 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 43
MATERIAL ISSUES AND METRICS - ENTERPRISE VALUE CREATION MATERIAL ISSUES AND METRICS - EXTERNAL STAKEHOLDERS

Occupational Health and Safety (OHS) Key Target & Goals Material Issues for External Stakeholders
Business Impact  Occupational Health Illness Tracking by FY 2023 HUMAN RIGHTS AND FAIR EMPLOYMENT
Occupational health and safety (OHS) are crucial for Page Industries’ and Mitigation by FY 2025 Cause of Impact Area Rationale for Identifying the Issue Quantitative Impact
business operations. Inadequate OHS practices can lead to increased  To Achieve 0.8 Safety Training Index by FY 2023 Impact
costs, reduced productivity, legal liabilities, and damage to the company’s
reputation. Performance Highlights FY 2023-24
Operations Society The apparel industry faces significant challenges OUTPUT METRIC:
 The company plans to conduct annual health related to human rights and fair employment Total Workforce (Permanent + Contractors)
Mitigation Approach checkups for all employees in FY 2025. Based on practices. Ensuring fair wages, safe working - 22,564
 Robust OHS Management System: Page Industries has implemented the results, a targeted health and wellness strategy conditions, freedom of association, and the IMPACT METRIC:
a comprehensive OHS system aligned with international standards (ISO will be developed. prohibition of child labour are essential for 100% compliance against child or forced
45001 and ISO 14001). This system covers all employees, contract  Achieved 0.8 Safety Training Index the industry’s sustainability. Violations in these labour in company operations.
workers, and visitors, ensuring widespread protection. areas can lead to negative impacts on workers,
 Hazard Identification and Prevention: The company has communities, and the industry’s reputation.
standardised processes to identify potential hazards and implement LINKAGE WITH UN SDGs:
effective preventive measures. SUPPLY CHAIN MANAGEMENT
 Employee Engagement: Enhanced employee engagement and 5S Cause of Impact Area Rationale for Identifying the Issue Quantitative Impact
(Sort, Set in order, Shine, Standardise and Sustain) implementation Impact
support safe storage practices and autonomous preventive maintenance. Value Chain Environment/Society Supply chain management is a critical factor in OUTPUT METRIC:
the apparel industry. Inefficient supply chains can *Total Raw Material Procurement
lead to resource disruptions, increased costs, (Jockey-Fabric+Accessories) – 18,598
sustainability concerns, and reputational risks. tonnes
*Total Packaging materials (Jockey)–
10,151 tonnes
IMPACT METRIC:
Product Stewardship % of renewable raw material – 82%
Key Target & Goals: % of renewable packaging material –
Business Impact All new developments of vendors/ suppliers
 92%
Product stewardship is essential for responsible business practices. (Fabric, Elastic, Yarn) will be OEKO-TEX®
By designing, manufacturing, and distributing products sustainably, certified by June 2022.
companies can enhance their brand reputation, mitigate risks, improve
profitability, and contribute to a more sustainable future. Performance Highlights FY 2023-24:
 100% of new product developments are
Mitigation Approach carried with vendors certified with OEKO-TEX®
In line with the commitment to responsible product stewardship, (Ongoing Process).
the company utilises a key strategic framework encompassing the
following practices:
 To implement eco-conscious design features in products
 Practices include using energy-efficient technologies, water
conservation techniques, and responsible waste management
 Growing consumer demand for sustainable practices, Page LINKAGE WITH UN SDGs:
Industries incorporates industry standards including Accepted
Quality Level (AQL) and 4 Point system
 Providing clear information about the materials used, production
processes, proper care, responsible disposal options and potential
end-of-life options empowers consumers to make informed choices
and promotes a circular economy

44 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 45
MEMBERSHIP IN INDUSTRY ASSOCIATIONS AWARDS AND RECOGNITIONS
Name of the Trade and Industry Chambers/Associations State/National

Apparel Export Promotion Council National

Karnataka Employers Association National

National Safety Council of India National

Confederation of Indian Industry (CII) National

ADVOCATING FOR SOCIAL IMPACT

The Page Industries Limited has been awarded “Best Garment Industry” by the Karnataka Safety Institute, Department of Factories, Boilers,
Industrial Safety, and Health, in association with the National Safety Council, Karnataka Chapter, “for practicing the best Safety Health,
Environment and welfare initiatives in our manufacturing units.” Awards were organised as a part of the “53rd National Safety Day, 2014”
celebration.
Worldwide Responsible Accredited United Nations Sustainable WBCSD’s Access to Safe Water,
Production (WRAP) Development Goals (UNSDG) Sanitation and Hygiene at Workplace
We have been honoured with
(WASH) Pledge
a prestigious recognition in the
form of the CII Pinnacle Award
for Manufacturing Excellence.
The special recognition comes for
our advancements, excellence,
and future-looking strategy in the
domains of Production, Policy,
Marketing, Behavioural Aspects,
Confederation of Indian ABK-AOTS DOSOKAI and Collaboration across the
Industry (CII) enterprise level.

We are happy to announce

that Page Industries Limited is
a 5S-driven company, Unit
17 is certified as a “Model
factory”; Units 12,16, and 25
are competing for “Model Level
Certification”; Unit 1, 4, and 20
are competing for “Sustenance
Level 2 Certification”; Unit 3,
11, 22, and 28 are competing
for “Sustenance Level 1
Certification”; Unit 14, 19, and
21” are competing for “Basic
Level Certification”.

46 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 47
 GOVERNANCE
Ethical business & leadership
at Page Industries propel
sustainable success, guiding
the organisation toward
accountable growth and
enduring value

48 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 49
CHIEF FINANCIAL OFFICER'S MESSAGE

As consumer demand for ethical, sustainable apparel grows, Page

Industries is leading the change. We’re committed to becoming the
go-to brand for sustainable products. Our sustainability-focussed
culture drives our operations, aligning our daily work with our
mission of a low-carbon future.

IN THE CURRENT FISCAL YEAR,

In the current fiscal year, we have achieved EBITDA of ` 8,992
million. Our revenue for FY 2023-24 stands at ` 45,817 million, WE HAVE ACHIEVED EBITDA
reflecting our resilience in maintaining strong financial performance
amid challenging market conditions. With a ROCE of 51% and
OF ` 8,992 MILLION. OUR
a return on net worth of 38%, our financial strength and the REVENUE FOR FY 2023-24
effectiveness of our strategic initiatives are visible.
STANDS AT ` 45,817 MILLION,
Looking ahead, our objectives encompass both immediate REFLECTING OUR RESILIENCE
goals and long-term aspirations. We are focussed on
demonstrating our commitment to growth and financial IN MAINTAINING STRONG
excellence. In the long term, our vision extends beyond FINANCIAL PERFORMANCE
financial achievements. We aim to solidify our position as the
leader by delivering value for money, focussing on revenue, AMID CHALLENGING MARKET
profitability across all demographic segments – Men, Women,
and Kids.
CONDITIONS. WITH A ROCE
OF 51% AND A RETURN ON
Our relentless pursuit of corporate values is driven by a commitment
to surpassing past benchmarks and refining our risk management
NET WORTH OF 38%, OUR
strategies. This approach not only reduces the burden on capital FINANCIAL STRENGTH AND THE
expenditures but also strengthens our risk management by
enhancing the global competitiveness of our offerings. By fortifying EFFECTIVENESS OF OUR STRATEGIC
our risk management frameworks, we mitigate uncertainties and INITIATIVES ARE VISIBLE.”
bolster our organisational resilience, freeing up resources to further
reinforce our products and services.

As we continue to deliver value and foster long-term mutual growth

for all stakeholders, we deeply appreciate the trust and support
you have in us. We look forward to an enduring and sustainable
partnership, to build on the foundation of shared values and a
commitment to a brighter future.

With Warm Regards,

Deepanjan Bandyopadhyay
Chief Financial Officer

Dear Stakeholder,
In the ever-evolving landscape of the global apparel and fashion industry, where
challenges and opportunities are intricately woven together, strategic foresight
and commitment to sustainability serve as guiding principles. As we move forward,
these principles not only help us navigate through complexities but also align our
purpose with the demands of a rapidly changing world.
50 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 51
ECONOMIC PERFORMANCE TOTAL ECONOMIC VALUE GENERATED (EVG) & DISTRIBUTED
(Million `)

MISSION Key Performance Indicators

Revenue from Operations (Net)
FY 2023-24
45,816.71
FY 2022-23
47,141.93
Revenue from Financial Investments and other sources 199.59 147.3

LINKAGE TO UNSDGs Total Economic Value Generated (EVG) 46,016.3 47,289.23

Operating Costs 28,973.31 29,600.66
Employee Wages and Benefits 8,036.12 8,848.06
Payments to Providers of Capital (Dividends, Interest payment to providers of loans) 3,906.63 3,312.82
Payments to the Indian Government (Corporate Tax) 1,873.07 1,868.54
Community Investments 84.66 65.78

MISSION TARGETS HIGHLIGHTS Total Economic Value Distributed (EVD) 42,873.79 43,695.86
Total Economic Value Retained (EVR = EVG – EVD) 3,142.51 3,593.37
Mission Targets FY 2023-24 Performance Status
To be a 1 billion USD (revenue) company by FY 2026 through * The boundary of the Economic Performance data is the same as PIL’s Annual Report FY 2023-24
increased market presence, diversified product portfolio and ₹ 45,816.71 million revenues
*PIL has no subsidiary companies. The Financial Statement of PIL is inclusive of all assets, liabilities, equity, income, expenses, and cash flows under the direct
innovation, and R&D
control of the organisation.
Commitment to introduce safety, climate, water, and inclusion nudge Conducted an analysis of the nudge factor pertaining to emission
*The scope and boundary of the report include all activities and operations in PIL’s Corporate office, Head office, Manufacturing Facilities, and Warehouses
factors in investment evaluation reduction for the Odisha solar plant (in progress) located in India. The financial statements include the marketing and sales performances also.
More details on Page Industries
Commitment to increase the economic value delivered to the *Economic value generated is inclusive of revenue from India and the rest of the world where PIL’s products approach to tax, its governance,
Continued commitment to the vulnerable/disadvantaged sections are sold in FY 2023-24. and control are available in the
vulnerable/ disadvantaged sections in the regions that the company
of the society by contributing ₹ 84.66 million **For information on EVG/D by type and geography, please refer to PIL’s Annual Report FY 2023-24 Annual Report FY 2023-24
operates in

STRATEGIC APPROACH
Page Industries embraces automation, digitalisation, and
FINANCIAL ASSISTANCE FROM GOVERNMENT
Page Industries has showcased exceptional economic performance
in recent years, solidifying its position as a market leader with the integration of systems and processes across the value The apparel and apparel sector are essential for creating jobs and fostering local economic growth. During the reporting period, Page
impressive revenue growth. This success stems from a holistic approach chain. With a focus on transformation, the business model Industries sourced a significant portion of its input materials, including fabric garments and raw materials, from MSME suppliers. This sourcing
and the implementation of various strategies to enhance economic evolves in line with changing market dynamics, adapting to strategy greatly boosted the revenue of Micro, Small, and Medium Enterprises (MSMEs) in the region. Additionally, Page Industries benefited
performance. At Page Industries, the business strategy emphasises emerging trends, and exploring new growth opportunities. from various forms of government support, such as subsidies, grants and tax incentives. In FY 2023-24, 21% of the input materials were
the need for constant adaptation to a dynamic environment. Page Industries is dedicated to developing, empowering, sourced from MSMEs for Jockey and 6% for Speedo.
The company leverages innovation and technology to drive and motivating top talent within the organisation while
operations, boost efficiency, and deliver outstanding products to nurturing a culture of excellence and innovation. Through
Financial assistance received from the Indian Government FY 2023-24 FY 2022-23
consumers. the implementation of these strategies, Page Industries has
Subsidies (₹ Million) 0.76 -
achieved strong economic performance, driven sustainable
growth, and laid a resilient foundation for the business’s long- Export Credit (Duty Drawback) (₹ Million) 1.50 2.43
term success. Grants 10.26 9.50

ECONOMIC VALUE GENERATED AND

DISTRIBUTED DILIGENT PROVISIONS FOR OBLIGATIONS LEVERAGING NUDGE FOR SUSTAINABLE
Page Industries considers its employees an integral part of its IMPACT
While financial success is undeniably important for any
extended family, offering various benefits, contributions, and Page Industries, as a socially responsible corporate entity, embraces
business, PIL recognises the broader role it plays in the
retirement plans in line with government regulations to ensure their the concept of nudging sustainability to create positive environmental
economic ecosystem. Through organic expansion and
overall economic well-being. The company provides gratuity and and social impacts. Through innovative strategies and deliberate
strategic resource management, PIL has not only secured
provident fund schemes, which offer long-term financial security. decision-making, the company actively employs sustainable
its own financial health, but also generated and distributed
Gratuity is a lump sum payment made to employees upon retirement practices throughout its operational units. From responsibly sourcing
economic value across multiple stakeholders. This focus
or after completing a specified period of service, aiding in their raw materials to implementing eco-friendly manufacturing processes,
on shared value creation strengthens relationships with
financial stability during the post-employment phase. Additionally, Page Industries actively promotes responsible business initiatives.
stakeholders, cultivates trust, and contributes significantly to
the provident fund scheme allows employees to contribute a portion
the well-being of shareholders, employees, communities, and
of their salary to a savings fund, with matching contributions from A prime example of this commitment is Page Industries’ investment
the economy as a whole.
the company, creating a reliable financial resource for both their in a solar plant. By harnessing renewable energy, the company
working years and beyond. By offering these benefits, Page Industries significantly reduces its carbon footprint and promotes rational
aims to support employees’ long-term financial planning, enhance energy usage. This initiative not only demonstrates Page Industries’
satisfaction and loyalty, and aid a positive work environment that dedication to environmental stewardship but also sets a benchmark
contributes to the organisation’s success. for sustainable practices within the industry.

52 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 53
 CORPORATE
SOCIAL
RESPONSIBILITIES
(CSR)
Page Industries believes that the
responsibility of a company extends
beyond products and profits. The
company is committed to serving
the communities where it operates,
fostering positive change and
sustainable growth.

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CORPORATE SOCIAL RESPONSIBILITIES (CSR) HEALTH CARE (SUPPORT TO GOVT
Introduction HOSPITALS)
Page Industries prioritises community investments to nurture positive PAGE supports government hospitals with ambulance facilities.
social impacts and sustainable development. Through targeted During the year, the company has sponsored four ambulances for
programmes, the company supports education, healthcare, rural government hospitals.
development, and efforts to combat hunger and malnutrition. These
initiatives enhance the quality of life for local residents and contribute HEALTH CARE (TRI WHEELER FOR
to the long-term stability of the regions where Page Industries operates. PHYSICALLY CHALLENGED)
PAGE sponsored Tri-Wheeler for physically challenged people. The
The company also creates indirect economic impacts by providing company obtained the list of beneficiaries from the Department of
local employment, reducing unemployment rates, and supporting
MSMEs in Karnataka and Tamil Nadu, which drive additional CSR Vision Welfarer Physically Challenged and Senior Citizens, Government
of Karnataka, and donated 100 vehicles in different locations.
economic activities. By prioritising responsible sourcing and Enabling better quality of life for less (Mysore-15, Hassan – 15, Tiptur – 15, -Gauribidanur -15, KR Pete
sustainable practices, Page Industries promotes ethical business privileged communities (primarily in the -15 and Bangalore -25.
conduct throughout its supply chain. The company also extends geographical areas that the company
financial aid to underprivileged individuals, helping them access CSR PROGRAMMES HEALTH CARE (HUNGER ALLEVIATION
functions), in a sensitive and impactful
essential resources and improve their economic conditions.
manner through interventions that are EDUCATION-PAGE SCHOLARSHIP PROGRAM THROUGH AKSHYAPATRA)
Through these CSR interventions, Page Industries demonstrates its relevant, sustainable, and environment- The scope of the program is to support students who have passed PAGE, as part of its CSR initiative, partnered with the Akshaya Patra
commitment to responsible and sustainable business practices, friendly 10th Standard and are aspiring to join PUC, Diploma, or ITI courses Foundation towards their mission of providing nutritious meals to
inclusive growth, and uplifting vulnerable communities. in institutions located within the geographical areas of Mysuru, underprivileged children in Ballari by helping to provide mid-day
Tumakuru, Mandya, Hassan, and Chikkaballapur districts.Through meals to 4000 (2023 - 2024) children for the entire year
this program,3669 students have benefited during the year 2023-
24 out of which 64.54 % girl students have benefited EDUCATION-PAGE INTERNSHIP PROGRAM
The scope of the program is to support students who are undergoing
EDUCATION-CHRISTEL HOUSE their studies and as part of their academic curriculum undergo the
CSR FOCUS AREAS
Page Industries has formed a partnership with Christel House, an internship program which enhances their skills and make them
In FY 2023-24, PIL has continued its commitment to corporate social responsibility by launching projects in several key focus areas, including:
NGO founded in 1998 with the mission of improving the lives industry ready. Through this program,46 students have benefited
of children from low-income and marginalised households. The during the year 2023-24 who are pursuing their Graduation or
Organisation strives to end the cycle of poverty and develop self- Post-Graduation.
sufficient contributing citizens. The Christel House model focusses
on giving a quality education and a robust character development For more details on various CSR programmes, refer to the PIL Annual
programme to the underprivileged children of Bangalore’s slums. Report FY 2023-24 pages 37-39.
Education Disaster Management Healthcare Rural Development Eradicating Hunger Skill building Regular health care, wholesome meals, career planning, guidance
and Malnutrition
counselling, family assistance, scholarships for university study, and
job placements.
These initiatives directly benefited 9,671 individuals from marginalised and underserved communities, demonstrating PIL’s ongoing dedication
to creating positive social impacts.
CSR EXPENDITURE IN FY 2023-24
(Million `)
CSR Projects Amount Spent Beneficiaries
PAGE Scholarship (including advertisement activities) 34.09 3669
Ambulance Van 12.23 Public Use
Electrical tri scooter with retro fit 9.45 100
Christel House India 8.80 105
Akshaya Patra 6.00 4000
The Live Love Laugh Foundation 4.04 1262
Have a Heart Foundation 2.59 35
Aim For Seva 2.58 344
Sri Sankara Cancer Foundation 1.80 1
Pro VISION Asia: Physically, Mentally & Visually Challenged 1.41 100
Samartahnam: Physically, Mentally & Visually Challenged + 0.87 25
education for poor students
Varanasi Kalyana Karnataka (Capital Expenses for hostel CCTV 0.80 30
computers etc.)
Total Spent in Millions ` 84.66

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POLICY INFLUENCE
PIL adheres to all applicable laws and governance systems in the countries where it operates. The company maintains a strict policy of
neutrality and does not campaign for, support, or provide donations or property to any political party or independent political candidate.
Additionally, PIL does not engage in political contributions or lobbying practices to influence decisions or gain business advantages. The
company is committed to avoiding any activities or conduct that could be perceived as favouritisms towards or from any political party or
individual. The following table provides information on membership of the association by Page Industries:

Name of the trade and industry Reach of trade and industry Impact
chambers/associations chambers/associations
(State/National)
Apparel Export Promotion Council National Page Industries is associated with the Apparel Export
Promotion Council (AEPC), the official body for apparel
exporters in India and supports Indian exporters and
international buyers, making India a top choice for
garment sourcing.
Karnataka Employers Association National PIL is an associate member of the Karnataka Employers
Association, actively engaging with the organisation
to promote employer interests and contribute to a
collaborative business environment in Karnataka.
National Safety Council of India National PIL partners with the National Safety Council (NSC) to
offer guidance and services that enhance workplace
safety, health, and environmental friendliness.
Confederation of Indian Industry (CII) National PIL partners with the Confederation of Indian Industry (CII)
to create an environment that drives India’s progress and
development. This partnership focusses on sustainable
growth and economic advancement, aiming to create
long-term benefits for various sectors across the country.

FUTURE FOCUS
Looking ahead, PIL’s focus on economic
performance is closely aligned with
sustainability. The company understands
the need to balance business growth with
operational sustainability and aims to
reduce its carbon footprint by incorporating
nudge factors into investment evaluations.
By proactively addressing climate-related
challenges, PIL seeks to ensure resilience
amidst changing conditions. The vision is to
drive economic growth while protecting the
planet for future generations. Through ongoing
innovation, stakeholder engagement, and
adherence to best practices, PIL is committed
to building a future where economic success
and sustainability are mutually reinforcing.

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GOVERNANCE, RISKS AND COMPLIANCE Board diversity (Head Count)
Women on Board By Age Group
01 02
7
MISSION TARGETS Independent
Directors on Board
Target FY 2023-24 13 12
Performance Status
Computation of compliance score The company achieved >50 30-50
for FY 2022-23 based on the 100% on-time compliance Male Female
established Compliance Score for FY 2023-24
System and improvement to attain Board Composition & Board Effectiveness
maximum score by
FY 2025 Name of the Director Category & Board Committee Board Attendance No. of other
Independence details in FY 2023-24 (%) Directorships
Integrate ESG Risks in ERM by Integrating identified
(Executive/Non- held (Board
FY 2025 ESG risk into the risk
Executive Director/ Mandates)
management framework is
Independent
in progress
Director)
LINKAGE TO UNSDG
GOVERNANCE PRINCIPLES Mr. Sunder Genomal Chairman – Promoter Chairperson: CSR, Nil
(Gender) Male Finance and Risk
Management 100%
Age: 70 Committee
Accountability Enhancement Effective High Nationality: United Kingdom
of Stakeholder Supervision Standards
Date of appointment: 10-08-2023
Value and Review of Business
Ethics Tenure on Board: Retire by rotation
Transparency Term ending date: NA
Shareholding (%): 11.94

CORPORATE GOVERNANCE Disclosure Requirements Regulations, 2015), as well as national

Page Industries has established a robust and transparent corporate and international best practices.
Mr. Ramesh Genomal Non-Executive Director Nil Nil
governance framework by adopting industry-leading best practices. – Promoter
This framework enables the company to effectively achieve its Board (Gender) Male
financial, operational, and strategic objectives while maintaining Page Industries has consistently prioritised corporate governance, NA
Age: 73
continued trust and delivering long-term value to all stakeholders. recognising its importance in meeting the diverse demands of
Nationality: Cyprus
By adhering to established governance principles, Page Industries stakeholders. To ensure effective governance, the company’s Board
ensures accountability, integrity, and ethical conduct throughout its comprises a well-balanced profile of members with expertise in Date of appointment: 11-08-2022
operations. Transparent reporting mechanisms and effective internal various areas. This diverse composition brings together individuals Tenure on Board: Retire by rotation
controls promote responsible decision-making and risk management. with a range of skills, experiences, and perspectives, enabling
Term ending date: NA
comprehensive decision-making and strategic guidance. The broad
Moreover, Page Industries corporate governance structure encourages Shareholding (%): 15.01
representation of diverse skills on the Board paves way for robust
open communication, engagement, and collaboration among
discussions, effective oversight, and informed decision-making that
stakeholders. This inclusive approach strengthens relationships and
align with the company’s objectives and stakeholder interests.
inculcates a sense of shared responsibility, aligning the interests of
the company with those of its shareholders, employees, customers, With a balanced Board profile, Page Industries enhances its
Mr. Shamir Genomal Deputy Managing Member of Finance Nil
suppliers, and the wider community. ability to address complex challenges, identify opportunities, and
(Gender) Male Director – Promoter and Risk Management
navigate evolving business dynamics. This strategic approach to
By upholding strong corporate governance practices, the company Committee 100%
corporate governance ensures a holistic perspective, enabling the Age: 39
demonstrates its commitment to responsible and sustainable
Board to provide valuable guidance and leadership in steering the
business operations. This framework not only enhances the trust Nationality: Philippines
organisation toward sustainable growth and long-term success.
and confidence of stakeholders but also enables the company Date of appointment: 01-09-2023
to navigate challenges, seize opportunities, and drive long-term The Board ensures strict compliance with all statutory and regulatory
success. The company is regulated by the guidelines outlined in obligations. In FY 2023-24, there were no instances of environmental Tenure on Board: 5 Years
the Securities and Exchange Board of India’s Code of Corporate and social non-compliance resulting in significant fines or penalties. Term ending date: 31-08-2028
Governance for Listed Companies (SEBI Listing Obligations and Shareholding (%): 0.62

60 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 61
Name of the Director Category & Board Committee Board Attendance No. of other Name of the Director Category & Board Committee Board Attendance No. of other
Independence details in FY 2023-24 (%) Directorships Independence details in FY 2023-24 (%) Directorships
(Executive/Non- held (Board (Executive/Non- held (Board
Executive Director/ Mandates) Executive Director/ Mandates)
Independent Independent
Director) Director)

Mr. V S Ganesh Managing Director Member of CSR, Nil Mr. G P Albal Independent Director Chairman of Audit Nil
(Gender) Male Finance and Risk (Gender) Male Committee, Stakeholder
Management 100% and Relationship 100%
Age: 56 Committee Age: 70 Committee, Nomination
Nationality: Indian Nationality: Indian & Remuneration
Committee
Date of appointment: 01-06-2022 Date of appointment: 14-08-2019
Member of CSR
Tenure on Board: 5 Years Tenure on Board: 5 Years Committee
Term ending date: 31-05-2027 Term ending date: 13-08-2024
Shareholding (%): Nil Shareholding (%): Nil

Mr. Rohan Genomal Non-Executive Director Member of CSR Nil Mrs. Rukmani Menon Independent Director Member of Audit 1
(Gender) Male – Promoter committee (Gender) Female and Stakeholder
100% Relationship Committee 100%
Age: 32 Age: 64
Nationality: Philippines Nationality: Indian
Date of appointment: 11-11-2021 Date of appointment: 01-10-2019
Tenure on Board: Retire by rotation Tenure on Board: 5 Years
Term ending date: NA Term ending date: 30-09-2024
Shareholding (%): 0.61 Shareholding (%): Nil

Mr. Sanjeev Genomal Non-Executive Director Nil Nil Mr. Sandeep Maini Independent Director Member of Audit, 1
(Gender) Male – Promoter (Gender) Male CSR and Nomination
100% & Remuneration 75%
Age: 58 Age: 57 Committee
Nationality: Cyprus Nationality: Indian
Date of appointment: 25-05-2023 Date of appointment: 28-05-2020
Tenure on Board: Retire by rotation Tenure on Board: 5 Years
Term ending date: NA Term ending date: 27-05-2025
Shareholding (%): 5.13 Shareholding (%): Nil

Mr. Christopher C Smith Non-Executive Nil Nil Mr. Vikram Shah Independent Director Member of Audit Nil
(Gender) Male Director (Gender) Male and Nomination
100% & Remuneration 75%
Age: 61 Age: 72 Committee
Nationality: USA Nationality: Indian
Date of appointment: 08-02-2024 Date of appointment: 28-05-2020
Tenure on Board: Retire by rotation Tenure on Board: 5 Years
Term ending date: NA Term ending date: 27-05-2025
Shareholding (%): Nil Shareholding (%): Nil

62 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 63
Name of the Director Category & Board Committee Board Attendance No. of other Committees of the Board
Independence details in FY 2023-24 (%) Directorships
(Executive/Non- held (Board
Audit Stakeholder Corporate Social
Executive Director/ Mandates) Relationship Responsibility
Committee
Independent Committee Committee
Nomination And Risk
Director) Remuneration Management
Committee Committee
Mr. Varun Berry Independent Director Member of 3
(Gender) Male Risk Management and
Nomination & 100%
Age: 62 Remuneration Page Industries complies with the requirements of the Companies
Committee Act, 2013, and the Securities and Exchange Board of India (Listing
Nationality: Indian
Obligations and Disclosure Requirements), 2015 (SEBI Listing
Date of appointment: 25-05-2023 Regulations) by establishing Board committees with defined charters
Tenure on Board: 5 Years outlining their respective tasks and responsibilities. These committees
play a crucial role in ensuring compliance and promoting corporate
Term ending date: 25-05-2028
governance throughout the organisation.
Shareholding (%): Nil
Each committee, including those for audit, risk management,
nominations, and remuneration, operates with a specific focus area.
Mr. Arif Vazirally Independent Director Nil Nil This provides expert guidance and oversight, enhancing transparency
and accountability within Page Industries. This structured approach
(Gender) Male
ensures that key governance aspects are diligently managed and
100%
Age: 75 aligned with regulatory standards.
Nationality: Indian
Additionally, Page Industries Board recognises the importance of
Date of appointment: 26-05-2022 sustainability and regularly reviews the company’s performance
Tenure on Board: 5 Years in this regard. It oversees sustainability missions and delegates
Term ending date: 25-05-2027 expertise across critical focus areas. This oversight enables the
Board to evaluate the company’s progress and initiatives related
Shareholding (%): Nil to environmental, social, and governance (ESG) factors. The Board
also reviews the Sustainability Report, which details Page Industries
efforts in promoting sustainability.
Mr. Jignesh Bhate Independent Director Nil Nil
(Gender) Male Board Competencies:
50% (Skills and Expertise of the Board)
Age: 52
The Nomination and Remuneration Committee of Page Industries
Nationality: Indian
has established comprehensive criteria defining the ideal profile
Date of appointment: 10-11-2022 for board directors. These criteria encompass desired personality
Tenure on Board: 5 Years traits, skills, and backgrounds essential for effectively fulfilling Board
responsibilities. Factors considered include leadership qualities,
Term ending date: 09-11-2027
industry expertise, strategic acumen, governance experience, and
Shareholding (%): Nil diversity, ensuring an objective and thorough selection process.

These criteria serve as a framework for identifying individuals who Board Performance Evaluation
can contribute effectively to the Board's composition, offering The company demonstrates its commitment to accountable
valuable perspectives and complementing existing skill sets. The governance through a well-defined set of criteria for comprehensive
For more detailed information on the Terms of Reference goal is to assemble a diverse and dynamic board that collectively board evaluation. This transparent process ensures the Board's
(ToR) of Board Committees, please refer to Page’s possesses a broad range of expertise, experience, and knowledge. effectiveness in strategic planning, risk management, and overall
Annual Report for FY 2023-24. performance. By prioritising a strong and accountable board, the
Page Industries Board members bring a well-rounded blend of company reinforces its dedication to responsible business practices.
expertise across various industries such as apparels, manufacturing,
finance, taxation, law, management, information technology, and
CSR. This diversity of expertise and experience is detailed in Page
Industries Board Skills and Competencies accessible in the board For more details, please refer to the Annual Report
composition & Board effectiveness and Annual Report, highlighting
their competencies, professionalism, independence, and talents.

64 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 65
Remuneration Policy performance, promotes meritocracy, and encourages ongoing
Category No. of Shares % of holding
The company values its human resources as essential assets and development and achievement of both individual and organisational
goals. Promoters and Promoters’ Group 50,31,410 45.11
is committed to providing fair and equitable remuneration to all
Directors, Key Managerial Personnel (KMP), and employees, Mutual Funds 21,49,191 19.27
Details on the nomination and selection process for governance
aligning their goals with the company’s objectives. body members, remuneration for Non-Executive and Executive Foreign Portfolio Investors 23,26,431 20.86

The Nomination and Remuneration Committee has established a Directors, fixed pay, and variable pay are provided in the Bodies Corporate 58,384 0.52
comprehensive Remuneration Policy to guide compensation and Annual Report. Individuals 6,85,668 6.15
performance incentives. This policy outlines Board compensation, Others 9,02,790 8.09
performance evaluations, and adherence to relevant laws Annual total compensation ratio
Total 1,11,53,874 100.00
and company by-laws, ensuring transparency, fairness, and In FY 2023-24, the ratio of the Managing Director’s annual total
accountability. remuneration – the highest in the company – to the median salary
of the entire workforce was 1:202. Additionally, the median
The policy aims to reward and recognise the contributions of ETHICAL BUSINESS CONDUCT AT PAGE INDUSTRIES
remuneration of employees increased by 6.90% during the
Board members, KMPs, and employees, while maintaining internal
financial year.
equity and competitive market standards. The company strives to Board Oversight of Ethics Issues The system covers all legislative obligations, including the Factories
create a motivating and engaging work environment, empowering Act, environmental regulations, tax regulations, the Companies Act,
For more details Page Industries places a high priority on compliance and ethics,
employees and driving organizational success. and SEBI requirements. Page Industries is also expanding the system
refer to page 41 on the which are central to its pursuit of business excellence. The company
By implementing and regularly evaluating its is dedicated to maintaining the highest standards of integrity in all to include internal compliance needs of all departments, aiming
Annual Report FY 2023-24
Remuneration Policy, the company ensures alignment with aspects of its operations and interactions with stakeholders. to minimise risks, maintain regulatory compliance, and protect
its reputation.
At Page Industries, adherence to the code of conduct and
Shareholding Structure company policies is mandatory for every employee. These policies Internal Compliance Audit
provide a framework of moral principles and standards that guide
Details about the organisation’s shareholding structure are available in the annual report. There were no significant changes to the shareholding Page Industries conducts regular surprise audits through engaged
employees in their professional duties and responsibilities. The
structure this year. compliance auditors. These quarterly audits ensure adherence
Code of Conduct. sets clear expectations for ethical behaviour,
to legal requirements and workplace norms. Auditors evaluate
emphasising transparency, fairness, respect, and responsible
compliance, identify gaps, and recommend corrective measures to
45.11% Nil decision-making. It addresses key areas such as conflicts of interest,
confidentiality, anti-bribery and anti-corruption, data protection, and
improve practices.
Promoters Government
maintaining a respectful workplace. These audits reinforce Page Industries' commitment to a robust
Shareholding Ownership
compliance framework. The guidelines provided by auditors set
By adhering to these policies, Page Industries cultivates a culture of
clear expectations, help create a culture of shared responsibility. By
integrity and trust, creating an environment where employees can
addressing identified gaps promptly, Page Industries continuously
thrive and contribute to the company’s success. This commitment to
enhances its compliance practices and mitigates risks.
ethical business practices ensures that all operations are conducted
responsibly, reducing risks and maintaining the confidence of Annually, top-performing units and individuals receive the
stakeholders. “Compliance Award” based on audit ratings, recognising their
dedication to compliance. Page has also developed a Compliance
Compliance System Scoring Methodology through the Compliance Mantra platform. This
Page Industries is committed to a proactive and comprehensive weighted score assesses adherence to rules on working conditions,
approach to compliance. Its compliance mission focusses on pollution, employee health and safety, grievance redressal, and
identifying and managing compliance risks, ensuring effective penalties. The compliance score ranges from 0 to 3, with defined
control and coordination within the organisation. By adhering to areas for improvement.
a culture of compliance, Page Industries enhances internal controls Throughout the reporting period, there were no breaches reported
and meets its obligations. on environmental, product, or service-related laws or regulations.

At the heart of this effort is the “Compliance Mantra”, an

Codes and Policies
automated compliance management system based on best
practices and proactive risk management. This system ensures Page Industries has established a comprehensive
employees understand and fulfil their compliance responsibilities Code of Conduct. that defines the ethical values and standards
through policies, procedures, training programmes, and monitoring for the Board of Directors, Senior Management, employees and all
mechanisms. Page Industries business activities. This Code outlines the expected
behaviour and conduct for both the organisation and its staff,
The Compliance Mantra includes: emphasising high standards of morality, ethics, and professional
integrity.
i) All applicable laws listed and updated in the tool
ii) Individual(s) are nominated and Compliance tasks have been All employees and representatives are required to adhere to these
allocated principles, reflecting Page Industries' commitment to ethical conduct
throughout its ecosystem. The Code serves as a guide for decision-
iii) Compliance(s) are tracked for their on-time completion
making, ensuring the organisation operates with integrity and
complies with relevant laws and regulations.

66 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 67
By adopting and applying the Code of Conduct widely, Page the organisation’s goals. This framework focusses on identifying,
Industries aims to build a strong ethical foundation, maintain analysing, evaluating, and managing potential risks within
stakeholder trust, respect human rights and promote responsible acceptable thresholds.
business practices. The company also provides guidelines for
value chain partners, including suppliers, to ensure compliance The Board of Directors, supported by the Risk Management
and responsible practices. For more information refer to Committee, oversees and evaluates the effectiveness of internal risk
Code of Conduct. controls and management processes. This ensures compliance with
corporate governance standards and implements appropriate risk
mitigation strategies.
For overall policy commitments
at Page, refer to Policies and The organisation is dedicated to maintaining a thorough
Documents understanding of both internal and external risks.

Approach to Risk Management

The Company’s risk management procedure continuously identifies
Vigil Mechanism
and evaluates risks inherent in its business activities. To address
In accordance with Section 177 of the Companies Act of 2013 and these risks effectively, the Company has implemented the SCORE
SEBI (LODR) Regulations of 2015, Page Industries has established a framework, which includes:
vigil mechanism for directors and employees to report concerns about
unethical behaviour, suspected fraud, or violations of the company’s
code of conduct or policies. The policy includes protections against
victimisation of complainants and provisions for direct access to the
chairperson of the Audit Committee in exceptional cases. Strategic Risks

The Vigilance and Ethics Officer is responsible for monitoring

the policy’s effectiveness and addressing submitted complaints
 The Page Industries Board of Directors and Employees’ Code Key measures include:
and reports. All protected disclosures should be directed to the
of Conduct includes a dedicated section on anti-corruption and 1. All capital expenditure requires MD/CEO approval.
designated Vigilance and Ethics Officer. In extraordinary situations,
bribery, outlining the company’s unwavering stance against such
these disclosures may be forwarded to the Managing Director or the 2. All purchases, other than raw materials exceeding `1lakh, must
practices.
Chairman of the Audit Committee. be conducted through the ARIBA process; any exceptions, require Compliance Risks
 Employees are thoroughly acquainted with the Code of Conduct
the MD or DMD’s approval.
at the time of induction.
For more details  Regular reminders and updates are provided through the 3. Raw material procurement requires MD’s approval.
refer to the employee portal to reinforce ethical principles. 4. As per Page Industries Code of Conduct, all employees are
whistle-blower policy.  Page Industries does not offer or provide any form of money or expected to follow high standards of professional integrity and
property to government agencies or their representatives, either ethical conduct. Operational Risks
directly or indirectly, unless required by applicable legislation.
This commitment ensures that official obligations are fulfilled In the current reporting period, there were no confirmed incidents of
PREVENTING CORRUPTION AND BRIBERY 
corruption across the Page Industries’ operations.
lawfully and transparently.
Page Industries is dedicated to conducting business in a responsible
and ethical manner, emphasising ethical behaviour, openness, and  By promoting ethical conduct, transparency, and compliance,
Anti-Competitive Behaviour
accountability throughout its value chain. The company understands Page Industries seeks to build trust and maintain strong
relationships with its stakeholders. Page Industries is committed to driving trade and investment in the
the importance of maintaining high ethical standards and ensuring Reporting
regions where it operates by promoting market liberalization and
compliance with relevant laws and regulations in its interactions with  The company’s commitment to ethical practices serves as Obligations
creating competitive, open environments. The company is committed
various business partners. a foundation for sustainable growth, responsible business
to promoting fair competition and creating opportunities for all
operations, and the creation of long-term value.
market participants to succeed. The company and its employees
 Page Industries communicates its firm stance against corruption strictly avoid engaging in unfair commercial practices or abuses
OBJECTIVES: to all vendor partners and suppliers through the Supply Chain of market power. The company refrains from making misleading
All Board members, employees, and business partners (100%) Standards and Responsibilities Code. or deceptive claims about competitors’ products and services. Any
 Environment, Health,
are informed about anti-corruption policies and procedures.  At the time of engagement, the Code is presented to all suppliers competitive information gathered is done legally and ethically, with and Safety Risks
 Training on anti-corruption and the Code of Conduct is provided and vendors, ensuring the suppliers/vendors are aware of the adherence to all legal requirements being a core principle that Page
during induction. expectations and obligations regarding anti-corruption measures. Industries uphold throughout its supply chain.
 All policies, including the Code of Conduct, are available on  By disseminating this Code, Page Industries aims to nurture a
Page industries’ website. strong culture of integrity and compliance among its vendor RISK MANAGEMENT AT PAGE INDUSTRIES
partners and suppliers. Risk Management Governance structure
 Page Industries maintains a zero-tolerance policy towards
All processes and payments require due approval from the Head Identified risks are incorporated into the business plan, with a
corruption, strictly prohibiting the giving or receiving of bribes for  Page Industries has developed a robust risk management framework
of the Department and are reviewed by an external independent detailed action plan developed to mitigate these risks and address
any purpose. to effectively address risks and seize opportunities aligned with
audit team. concerns.

68 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 69
 CLIMATE RISK MANAGEMENT PROCESS Physical Risk
Page Industries is conducting a preliminary analysis to assess Climate change introduces physical risks through both short-term
potential physical climate risks, focussing on the impact on raw (acute) and long-term (chronic) weather variations. These risks can
material availability and regulatory changes. This evaluation aims to disrupt the organisation’s assets, including manufacturing facilities,
deepen the understanding of both physical and transitional climate sales operations, and workforce, potentially impacting the supply
risks, enhancing the company’s preparedness and resilience. By chain and business operations. To effectively manage and mitigate
identifying these risks, Page Industries seeks to develop strategies these risks, Page Industries must recognise and assess their potential
to mitigate and adapt to climate challenges, ensuring informed consequences. By understanding vulnerabilities related to climate
decision-making and proactive actions to protect its operations, change, Page Industries has implemented measures to enhance
supply chain, workforce, and financial performance. resilience and ensure business continuity amid evolving weather
patterns and related disruptions.

Effects on Value Chain Mitigation Strategy

HURRICANES OR FLOODS
Variability in Raw Material Availability, Quality, and Cost: Strengthening Supply Chain and Inventory Management:
Inconsistent supply, fluctuating quality, and changing prices of
- Robust Supply Chain: Build a strong supply chain to handle
raw materials can impact cotton procurement.
disruptions and source products at competitive prices.
Operational Disruptions:
- Control and Inventory: Maintain control over the supply
Manufacturing facilities face interruptions, affecting both
chain and a significant inventory to scale manufacturing
operations and workers.
capabilities and address external supply chain challenges.
Supply Chain and Distribution Challenges:
Risk Management Committee commitment to sustainable practices and responsible corporate Business Continuity Planning:
Disruptions within the supply chain, including transportation,
In compliance with SEBI (LODR) Regulations, Page Industries Board citizenship.
warehousing, and store networks, can affect the timely - Flood Risk Insurance: Secure insurance to mitigate risks
of Directors has established a Risk Management Committee. The procurement and delivery of cotton. associated with flooding.
committee comprises several key members and is tasked with crucial CLIMATE RISK MANAGEMENT
responsibilities, including risk identification, assessment, and impact To secure a sustainable future, the company actively addresses
analysis. It also focusses on risk treatment, mitigation, control, and climate risks through comprehensive strategies aimed at reducing
monitoring, along with business continuity management and a their impact on its operations and community. By implementing WATER SCARCITY OR HEATWAVE, CHANGING RAINFALL PATTERN
robust cybersecurity framework. Additionally, the company is striving proactive measures and investing in climate resilience, the company Rising Costs of Water Sourcing: Targets and Strategies for Reducing Freshwater Use:
to integrate Environmental, Social, and Governance (ESG) principles strives to minimise environmental effects, enhance operational Increasing costs associated with obtaining water impact cotton
into its risk management structure. For more details, please refer to sustainability, and support community well-being. To proactively - Set Goals: Establish clear targets to minimise freshwater
production.
page 96 of the Annual Report. manage climate-related risks, the company will implement robust withdrawal and consumption.
Climate Risk Assessments (CRA) across the manufacturing facilities Stricter Water Regulations:
- Enhance Water Treatment: Improve efficiency in water
Integration of ESG into Organisational Risk in the upcoming years. Enhanced regulations governing water usage affect cotton
treatment and increase recycling efforts.
cultivation and procurement.
Management Structure
Climate Strategy & Governance - Harness Rainwater: Implement systems to capture and utilise
As part of its ongoing sustainability efforts, the company has set Conflicts and Competition Over Water Resources:
rainwater across operations.
a goal to integrate ESG risks into its Enterprise Risk Management Page Industries is committed to robust climate strategy and Increased competition for water resources can lead to conflicts
(ERM) framework by FY 2025. While sustainability risks are currently governance, focussing on minimising climate change impact and that influence cotton production. Achieving Water Neutrality: Strive to balance water use by
addressed within the organisation’s Strategic Risk framework, Page enhancing sustainability. The company actively monitors climate implementing effective water management practices. A study on
Industries aims to comprehensively incorporate ESG risks into its risk risks, adopting proactive measures to manage and reduce its water neutrality for the manufacturing units has been conducted,
management practices. impact. By proactively managing climate risks and implementing and the outcomes will be communicated in the upcoming reporting
comprehensive sustainability strategies, the company aims to cycle.
To support this integration, the company has implemented SCORE’s minimise its carbon footprint and contribute to global climate action.
framework and follow the guidance from global ESG frameworks Key strategic initiatives undertaken by Page Industries include:
for applying Environmental, Social, and Governance (ESG)-related TEMPERATURE RISE
Risks to Enterprise Risk Management (ERM). This will enhance the 1. Page Industries is making continuous progress towards assessing
organisation’s capability to proactively identify, assess, and manage the GHG emissions of key suppliers to set a baseline for future Heat Stress and Worker Fatigue: Ventilated Production Floors:
ESG-related risks across its operations. emission reduction measures. Elevated temperatures and heat stress impact worker productivity Ensure well-ventilated workspaces to manage heat stress.
and overall well-being, affecting the efficiency of cotton
2. The company adopted various strategies to enhance energy New Facility Development:
The company plans to focus specifically on ESG and sustainability production.
efficiency and reduce dependence on conventional energy Develop a new production facility in Orissa with air-conditioned
risks to ensure that risks are thoroughly addressed, facilitating Higher Energy and Cooling Costs: floors to protect employees from extreme heat.
sources.
informed decision-making and strategic planning. By incorporating Rising energy consumption and cooling costs contribute to
ESG risks into the risk management framework, Page Industries seek to 3. The company is in the process of integrating ESG and climate increased expenses in cotton production.
strengthen its overall risk management approach, improve resilience, risks into its enterprise risk management framework.ate Risk
and deliver long-term value to its stakeholders, demonstrating its Management Process

70 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 71
Transition risk Business Continuity Plan and viruses. The company has established a Board-approved
Transition risks arise from moving towards a low-carbon economy, regulatory changes, investing in sustainable technologies, and The company has developed comprehensive emergency Information Security Policy to protect customer data and prevent
including shifts in regulations, technology, and market dynamics. tracking market trends. By doing so, the company seeks to leverage preparedness plans for each unit to handle potential disaster or breaches. This policy is accessible to internal stakeholders
These changes can impact businesses adapting to new sustainable opportunities, address challenges, and establish itself as a leader in emergency situations. Onsite Emergency Plans (OEPs) outline and is scheduled to be disclosed on the company portal by
practices. Page Industries aims to tackle these risks by proactively the low-carbon transition. potential emergencies and corresponding response measures, FY 2024-25.
assessing and managing them. This involves staying updated on including safety controls, pre-emergency planning, and executive
responsibilities. These plans also define the actions for safety Data Privacy Governance Framework
personnel during rescue operations, evacuations, rehabilitation, Page Industries Risk Management Committee oversees
Type of risks & Mitigation strategies coordination, and communication. cybersecurity-related issues and implements a comprehensive
REGULATORY RISK Cyber Security Framework. This framework includes policies and
To ensure the effectiveness of OEPs, the company conducts regular procedures to safeguard data, detect and respond to threats, and
1. Increased Renewable Energy Use: Scaled up the integration of renewable energy in operations.
assessments. Emergency Response Teams (ERTs) are established at ensure compliance with regulatory standards. Regular assessments
2. Ongoing Energy Efficiency: Continuously implemented energy-saving and optimisation initiatives. each unit and trained to implement these controls during emergencies. and updates are conducted to address emerging cyber risks and
Frequent fire drills and mock exercises are held with employee and vulnerabilities, ensuring robust protection of information assets and
3. Sustainable Expansion: Designed expansion plans with a focus on reducing environmental impact.
worker participation to ensure readiness and proficiency in response maintaining operational integrity.
4. Energy & Water conservation compliance : Ensure all new facilities meet with energy and water conservation measures. procedures.
Future Focus - In the future, Page Industries will continue to
5. Solar Power in Orissa: Installed 1 MW solar power plant for captive use in the new facility located in Orissa. The production at
DATA PRIVACY & CYBER SECURITY integrate ESG risks into its enterprise risk management framework
Orissa facility will begin in the upcoming financial year.
and conduct comprehensive Climate Risk Assessments (CRA). By
6. Supplier Engagement: Collaborated with suppliers to promote PAGE’s sustainability goals throughout the value chain.
Strategic Approach adopting the full compliance score methodology, the company
The company prioritises safeguarding customer data privacy by plans to enhance compliance practices, address emerging
implementing a robust cybersecurity system. The internal system risks, and improve internal processes. With a focus on evolving
employs a comprehensive end-point security mechanism to defend corporate governance standards, Page Industries strives to
against cyberattacks and mitigate data loss caused by malware navigate the evolving business landscape, drive sustainable
TECHNOLOGICAL RISK
growth, and deliver lasting value to all stakeholders.
1. Ongoing Energy Efficiency: Continuously implemented energy-saving and optimisation initiatives, including replacing with low-
carbon technologies such as LED lighting, servo motors, solar tubes, solar-based emergency and street lights, and biomass briquette-
based boilers.
2. Carbon Nudge Factor: Planned to incorporate the Carbon Nudge Factor in evaluating technological investments. A prime
example of this commitment is Page Industries’ investment in a solar plant at its manufacturing facility.

REPUTATIONAL RISK
Regular assessment and enhancement of ESG performance, active stakeholder engagement, and responsiveness to emerging
sustainability trends will help mitigate reputation risks and uphold a positive brand image in a growingly conscious and socially
responsible business landscape.

MARKET RISK
1. Robust Supply Chain: A strong supply chain manages disruptions and secures products at competitive prices, with control and a
sizeable inventory allowing for scalable manufacturing and response to external challenges.
2. Sustainable Product Line: Page Industries focusses on introducing a sustainable product line tailored for climate-conscious
consumers. This includes innovative offerings like period panties, which promote both comfort and sustainability, as well as the
adoption of dope dyeing processes that significantly reduce water usage and chemical waste. These initiatives not only cater to the
growing demand for eco-friendly products but also position Page Industries as a forward-thinking brand committed to sustainability,
helping to mitigate market risks associated with changing consumer preferences and environmental concerns.
3. Life Cycle Assessment: Page Industries is currently conducting a Life Cycle Assessment (LCA) of product style 2714 to evaluate its
environmental impact throughout its lifecycle.

72 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 73
RESPONSIBLE SUPPLY CHAIN MISSION
OBJECTIVES:
STRATEGIC APPROACH  Ensure lawful and ethical business conduct with a strong emphasis on integrity.
At Page Industries, the supply chain is crucial in driving the business LINKAGE TO UNSDG  Encourage suppliers/vendors to comply with environmental, health, safety, and social regulations, promoting proactive
ambitions within a socially and environmentally responsible
compliance.
framework. Page Industries views sustainability as a key value
differentiator, enhancing responsible business practices, operational  Prevent negative social and environmental impacts in the supply chain by ensuring responsible and sustainable practices.
efficiency, and profitability. By nurturing a collaborative innovation,  Establish accountability for decisions and actions, fostering continual improvement in supplier/vendor performance for a
the company co-create sustainable practices that deliver long-term sustainable supply chain.
value, maintain the competitive edge, and positively impact society  Provide clear procurement guidelines for Page Industries’ employees and suppliers/vendors to ensure consistent, ethical
and the environment. This approach ensures that the company practices.
builds a resilient and future-proof business model as the value chain  Offer suppliers/vendors a fair and transparent opportunity to engage with Page Industries, promoting effective competition
partners are aligned to Page Industries sustainability and business through market-tailored procurement methods.
vision.

MISSION TARGET HIGHLIGHTS

Target FY 2023-24 Performance Status Supplier/Vendor Code of Conduct
Sustainability Assessment will be conducted for all critical suppliers 18 outsourcing garment vendors and 24 raw material suppliers Page Industries builds sustainable partnerships by promoting
from FY 2021-22 were audited (annual/bi-annual/need basis) and conducted 2 responsible business conduct and synergetic collaborations
awareness sessions on responsible business practices which cover for a better future, mitigating disruptions in interconnected
80% of the value chain partners. systems. Page Industries has established a Supply Chain
Assess critical supplier side GHG emissions and accordingly Extensive training sessions on GHG emissions for critical suppliers Standard and Responsibility Code, which outlines ethical
establish a baseline for future emission reduction by FY 2021-22 were conducted. guidelines for business conduct and long-term value
creation. This code mandates responsible and sustainable
Implementation of RSL policy by March 2023 Phase 1&2 implementation of RSL policy is completed. Phase 3 is
practices, emphasising strict adherence to social and
in progress and expected to be completed in FY 2025.
environmental aspects.
Note: These targets will be revisited in the upcoming reporting year
Social parameters include the prohibition of child and
forced labour, respect for human rights, fair wages,
SUPPLY CHAIN NETWORKS occupational health and safety, fair employment practices
including freedom of association, anti-discrimination,
Page Industries sources raw materials from a diverse range of
and fair treatment. Environmental parameters focus on
suppliers, including small and medium-sised businesses across
compliance with environmental regulations, resource
India and countries like Indonesia, China, Bangladesh, and Sri
efficiency, operational eco-efficiency, and sustainable
Lanka. These upstream activities involve procuring yarn, fabric,
waste management according to local laws.
accessories and packaging materials for manufacturing processes
such as cutting, sewing, and packing. The company's supply chain
The Code has been pivotal in upholding the highest
encompasses 223 suppliers located in India, Indonesia, Thailand,
standards of ethical practices, embodying the company’s
Vietnam, Hong Kong, and Sri Lanka.
core values and building strong, long-term partnerships.
Vendors are periodically evaluated for compliance with the
POLICIES & CODES Code by PIL’s dedicated team and third-party stakeholders.
Procurement Policy On an annual basis, the company’s supplier code of
Page Industries is in the process of implementing a is essential to conduct gets reviewed by the internal team from Page
its sustainability leadership. This policy is key to achieving business Industries operations.
objectives while positively impacting supply chain partners and
minimising environmental footprints. It outlines Page Industries'
Please refer to the Link:
stance and expectations on responsible sourcing, aligning with
Supply Chain Standards and
procurement commitments and sustainability goals.
Responsibilities Code for Suppliers
Suppliers and vendors must meet mandatory requirements specified and Vendors
in the policy to do business with Page Industries, ensuring adherence
to sustainability objectives and ethical sourcing practices. The
policy establishes a framework for sustainable and ethical business
practices across the supply chain.

74 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 75
SUPPLY CHAIN MANAGEMENT FOCUS AREAS OF PIL Digital Transformation
Page Industries is leading the way in digital transformation within its supply chain, leveraging advanced technologies to enhance efficiency
and responsiveness.

Supply Chain Lab Accreditation Floor Management Socks Automation Narrow Tape Dyeing
Promoting Alignment Planning Tool System
Improving Agility Increasing Adaptability It involves negotiating The ‘Blue Yonder’ Hasan and KR pet labs The digital floor Imported knitting The latest tape dyeing
It helps to mitigate It will lead to innovative policies with suppliers and Enterprise Supply are NABL (National management system at machines with advanced machine is installed at
risks and speed-up processes and continuous customers, which results Planning (ESP) tool Accreditation Board for Hassan features real- auto-toe link technology the Hassan Unit, and an
innovations improvements in better alignment of has been deployed Testing and Calibration time data monitoring, ensure a seamless toe auto cutter is operational
business processes and to enhance demand Laboratories) accredited multi-tier reporting on key line. at the Bangalore
principles forecasting, boost manufacturing activities, manufacturing facility.
customer responsiveness, efficiency tracking, online
Digitisation of the
improve fulfilment, inventory management,
production process has
RESPONSIBLE SUPPLY CHAIN MANAGEMENT - STRATEGIC APPROACH increase productivity, and skill deployment.
been done using SAP,
and optimise inventory
Page Industries champions responsible supply chain management by prioritising fair labour practices, environmental sustainability, and ethical as a tool, to improve
management.
conduct. Guided by the Supply Chain Standards and Responsibilities Code for Suppliers and Vendors, the company ensures compliance through visibility and traceability
regular evaluations and close collaboration with vendors. This commitment ensures resilient, long-term partnerships and aligns with Page Industries' ARS (Automated of WIP inventory.
dedication to ethical and sustainable business practices. Prospective suppliers and vendors are rigorously evaluated against criteria such as quality, Replenishment System)
service, supply assurance, reputation, cost, innovation, capability, and sustainability before establishing any relationship. The goal is to create has been deployed to
a sustainable supply chain that ensures fair treatment and safe working conditions for all involved. Page Industries acknowledges suppliers with ensure relevant inventory at
exemplary performance in business deliverables including compliance, environmental, and social aspects. We have a robust score card mechanism distributors to improve sales
through which vendors are assessed periodically and are rewarded with orders accordingly. and reduce total inventory
in the supply chain.
Responsible Supply Chain Management strategies
RESPONSIBLE USE OF CHEMICALS
Co-creation Integrated Communicating
Page Industries is dedicated to eliminating hazardous chemicals
Projects Partnerships Expectations
from its production processes and products, prioritising safety and
sustainability by aligning with the "Restricted Substances List (RSL)
policy." This commitment reflects the company’s ongoing efforts to
ensure safer, more eco-friendly manufacturing practices.

Social Supplier Sustainability Vendor Code of Page Industries is undertaking an RSL initiative to protect workers,
Compliance Assessment Conduct consumers, and the environment. This initiative ensures products
comply with the strictest global legislations, controls or eliminates
targeted substances, and provides access to global markets.
Additionally, it supports suppliers and vendors in manufacturing to
set standards.
Chemical Drive Performance Training and
Management Improvement Capacity Building The company has successfully completed the first two phases of its
three-phase roadmap to implement the RSL policy in FY 2022-23
and FY 2023-24, respectively. Phase 1 focussed on monitoring five
chemicals and one process, while Phase 2 expanded this scope to
Human Rights practices within the supply chain include controlling of identified chemicals and processes in Phase
Page Industries integrates human rights as a core element of its supply chain 1 and additional monitoring of three new chemicals and one new
management. Suppliers and vendors must adhere to strict ethical standards, fair process. The company is currently in Phase 3, aiming to control all
labour practices, and environmental sustainability as outlined in the company's 13 chemicals and 2 processes identified in previous phases. With
Supply Chain Standards and Responsibilities Code. This includes prohibiting child continued diligence, the company anticipate completing this Phase
and forced labour, ensuring fair wages, reasonable working hours, and safe 3 by FY 2025.
working conditions. Non-discrimination, dignity, and respect for all employees are
Page Industries focusses on engaging and building capacity with
mandatory. Compliance with anti-bribery and anti-corruption laws is enforced, and
supply chain partners through a proactive, step-by-step approach.
whistleblower protections are in place. Page Industries conducts regular evaluations
They identify risks early to reduce waste and enhance sustainability.
and collaborates closely with suppliers to ensure these human rights principles are
They utilise resources such as third-party test reports, Material Safety
upheld, ensuring a sustainable and ethical supply chain.
Data Sheets (MSDS), Technical Data Sheets (TDS), Certificates of
Analysis (COA), compliance certificates, the ZDHC Positive List, and
the OEKO-TEX® Eco Passport. Additionally, they employ risk and
process-based smart testing.

76 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 77
SUPPLIER SUSTAINABILITY ASSESSMENT
In FY 2021-22, Page Industries began assessing all critical suppliers
for sustainability as part of its commitment to ESG performance using
a comprehensive questionnaire aligned with the UN Global Compact RESPONSIBLE
(UNGC) principles and various global standards. This assessment PROCUREMENT
JOCKEY
ensures that suppliers adhere to the highest standards of ethical conduct,
labour practices, environmental responsibility, and other human rights Local Procurement of Raw
regulation. Any deviations are addressed with stakeholders, offering Materials
support to improve, though non-compliant vendors may face termination. PIL prioritises local sourcing to boost the FY 2023-24
To ensure ongoing evaluation of supplier sustainability, the assessment local economy and ensure responsible
will be carried out in the upcoming years. procurement. The company monitors
compliance with ISO 9001, ISO
223 193 88%
Total suppliers Number of local budget spent on
Environmental Social Criteria Governance 14001, SA 8000, WRAP, SMETA,
(Local + Import) suppliers of raw local procurement
Criteria Criteria BSCI, and Higg Index standards among
materials of raw materials
critical vendors. This approach ensures
 Environmental  Human rights  Anti-competitive
ethical, high-quality, and environmentally
compliance behaviour
 Worker health sustainable material procurement. The
 Raw material sourcing and safety  Anti-corruption following table demonstrates a strong
traceability Energy commitment to local and sustainable
 Prevention  Whistle-
and GHG emissions, business practices while enhancing supply
of sexual blowing
Wastewater treatment chain resilience:
harassment mechanism
 Effluent treatment, and
discharge practices
 Abolishing child
labour MSME Suppliers
SPEEDO
 Utilisation of
 Avoiding forced Page Industries actively promotes FY 2023-24
chemicals and
labour sustainable sourcing practices by


restricted substances
Management and
 Community
collaborating with MSMEs for procuring
raw materials. In FY 2023-24; Jockey
32 17 16%
engagement Total suppliers Number of local budget spent on
disposal of hazardous sourced from 223 suppliers, 48 of which (Local + Import) suppliers of raw local procurement
substances  Working hours were MSMEs. By engaging with MSME materials of raw materials
and wages suppliers, the company contributes to the
 Green packaging
growth of the domestic economy and
creates employment opportunities. This
Page Industries enforces a stringent Supplier Code of Conduct for raw
strategic approach not only strengthens the
material suppliers, ensuring high standards of vendor evaluation, selection,
company’s supply chain resilience but also
onboarding, and vendor performance assessment process. In addition, Note: Local procurement is defined as procurement of raw materials from
a vendor tiering system has been implemented to optimize fabric supply reduces its carbon footprint associated domestic suppliers pan India. Significant location of operations is defined as
management and enhance sustainability efforts. with transportation. Moreover, fostering the total manufacturing locations of PIL (same as reporting boundary)
relationships with MSMEs allows Page
Below are the key highlights of fabric and yarn materials sourcing Industries to access a diverse range of raw
practices in FY 23-24:
materials and explore innovative solutions,
* 100% of suppliers are Oeko-Tex certified, reflecting adherence to thereby enhancing product quality and
global safety, and environmental standards. development.
FY 2023-24
* Many of our suppliers hold third-party social compliance certifications
such as SA8000, Sedex, BSCI, Higg (FEM), and WRAP, while *The company reserves disclosure of supplier
21% 6%
Directly sourced from Directly sourced from
others are in the process of obtaining these certifications. details to protect competitive advantages, and
MSMEs/small producers MSMEs/small producers
safeguard unique supplier relationships built
* 87% of suppliers are RSL (Restricted Substances List) compliant, ensuring (by value) - Jockey (by value) – Speedo
on cost, quality, and innovation.
chemical safety in materials.
* 75% of the raw material suppliers ( by the procurement value) have
undergone audits, for the remaining suppliers, audits are in progress.
* Page Industries sources 100% of its cotton and cotton-blended materials The FY 2022-23 MSME details have been restated to include Fabrics, Accessories,
domestically (India), supporting India’s rural economy while ensuring and Packaging Materials. Previously, only Fabrics were included in the
all suppliers are Oeko-Tex certified, with many holding additional FY 2022-23 annual report.
certifications like SA8000 and WRAP to uphold labor rights and
environmental standards. management systems to improve supply chain transparency and ethics in Future Focus: Page Industries remains committed to integrating sustainability across its operations and value chain. By implementing robust
In addition, the company will explore opportunities to collaborate the upcoming years. Responsible Procurement Policy and Supplier Sustainability Assessment, the company aims to promote sustainable partnerships and enhance
with suppliers in addressing exploitative practices through training and system resilience. Page Industries will continue strengthening its supply chain management practices, ensuring ethical business standards,
These measures demonstrate Page Industries’ commitment to responsible
capacity-building initiatives, while attempting to develop traceability sourcing and sustainable supply chain practices respect for human rights, and a reduced environmental footprint, all in alignment with its core values.

78 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 79
 SOCIAL
Empowering people
goes beyond growth;
it’s about transforming
communities for the
greater good, with Page
Industries creating
lasting impact.

80 2023-24 Sustainability Report previous page next page Sustainability

SustainabilityReport
Report2023-24
2023-24 81
81
DIVERSITY AND EQUAL OPPORTUNITY OUR PEOPLE
Strategic Workforce

MISSION The success of Page Industries is driven by its people and HR

practices, which are essential for growth and a positive work
shared responsibility, empowering employees. By prioritizing well-
being, celebrating achievements, and providing career growth
environment. The company values its workforce as a key asset, opportunities, Page Industries creates a motivated and thriving
focussing on attracting, developing, and retaining top talent. Strategic workforce. As an equal opportunity employer, the company adheres
STRATEGIC APPROACH recruitment aligns with the company’s values and vision, while to strict human rights standards and practices non-discrimination
Page Industries is a strong advocate of employee rights and promotes LINKAGE TO UNSDG continuous learning opportunities enhance professional capabilities. across its manufacturing locations.
workplace equality and wellness. It follows a comprehensive HR practices promote open communication, collaboration, and
approach to advocate diversity and equal opportunity within its
workforce and organisational culture. Page Industries recognises
that a dynamic and adaptable workforce is crucial for ensuring Employee Strength
sustainable business growth. By maintaining such a workforce, Total Employee strength FY 2023-24 Total
the company enhances its market competence and strengthens its on payroll (as of 31st Male Female
brand. March 2024) (excluding
<30 30-50 >50 <30 30-50 >50
contract employees)
The company’s mission of diversity and equal opportunity equal opportunity, the company strives to harness the full potential of years years years years years years
aims to create a workplace characterised by accountability its diverse workforce, driving innovation, creativity, and productivity. Staff 329 2111 136 107 309 26 3,018
and transparency, ensuring equal pay and fair treatment for all This approach cultivates a workplace where all employees feel
employees regardless of race, ethnicity, gender, age, religion, Non-Staff (Workers) 839 862 101 3,573 10,865 203 16,443
valued, respected, and empowered to contribute their best.
disabilities, sexual orientation, and culture. Embracing diversity and Total 1,168 2,973 237 3,680 11,174 229 19,461

* Employee data covers all PIL’s facilities in India including Corporate & Head Office, Manufacturing Locations, Warehouses, Regional
MISSION TARGET Offices, Retail Offices and EBO’s.
* The Staff and Non-Staff strength and wage details are monitored and recorded using the HR payroll software and contract workers data
Target FY 2023-24 Performance Status are maintained in units and offices through logbooks.
100% sensitisation towards prevention of sexual harassment and During the reporting year, 100% of the workforce (including * The workforce is categorised into staff and non-staff employees. Staff employees include individuals in managerial, administrative, and
awareness to all employees including contract employees contract employees) is sensitised through POSH awareness sessions technical roles, while non-staff (workers) employees primarily consist of operators working at manufacturing lines.
and training programs. * Fluctuations in the number of employees (staff and non-staff) during and between the reporting periods are attributed to market dynamics
and production demands.
Assess and Maintain Gender Pay Parity Gender Pay Parity study for the non-staff category is completed. For
staff, pay gap analysis will be initiated in the upcoming years.
Number of employees by country-wise (as of 31st March 2024)
Note: The targets will be revisited in the upcoming year. Number of Permanent employees (staff + non-staff) (excluding contract employees)

19,457 01
India United Kingdom

01 01
South Africa Philippines

01
Srilanka

82 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 83
Employee Categorisation TALENT MANAGEMENT
Talent Attraction
Page Industries aims to create long-term sustainable value by New hires undergo comprehensive induction programmes to
empowering employees to drive business growth through innovative understand the company's policies and mission. They engage
models. The company employs a multi-faceted approach to talent in impactful on-the-job assignments, preparing them for future
acquisition, aligning candidates with its values and commitments. leadership roles. This approach strengthens the talent pool and
Retention programs focus on continuous learning, recognising instils a sense of purpose and commitment, driving the organisation
exceptional contributions, creating a safe and inclusive environment, towards sustained success.
regular career development reviews, and employee well-being
initiatives. Page Industries is dedicated to nurturing talent by training
*The workforce is categorised into staff and non-staff employees. Staff individuals with diverse skills, promoting a culture of "Performance
employees include individuals in managerial, administrative, and technical over Position".
roles, while non-staff (workers) employees primarily consist of sewing
operators working at manufacturing locations. Talent Acquisition and Management:
**Contract staff, including security personnel, housekeepers, drivers, etc., Hiring & Turnover
are employed across HO-CO, retail offices, regional offices, and EBOs.
New Employees hired FY 2023-24 Total
***Contract non-staff (workers), including security personnel, housekeepers,
drivers, etc., are engaged at manufacturing units. Age Group Gender
*****Fluctuations in the number of employees (staff, non-staff and <30 30-50 >50
years years years Male Female
contractors) during and between the reporting periods are attributed to
market dynamics and production demands.
Staff 75 219 0 269 25 294
Management Level Non-Staff 490 248 03 276 465 741
Management Levels FY 2023-24
Male Female Employee Turnover FY 2023-24 Total

<30 30-50 >50 <30 30-50 >50 Age Group Gender

years years years years years years <30 30-50 >50
years years years Male Female
Junior Management 329 1,837 79 107 280 16
Middle Management Nil 256 40 Nil 28 08 Staff 113 325 13 395 56 451
Senior Management Nil 18 17 Nil 01 02 Non-Staff 2,084 2,846 36 655 4,311 4,966
Total 329 2,111 136 107 309 26
*Table represents only staff category employees and non-staff employees are not considered under management level. Hiring and Turnover Rate (FY 2023-24) Percentage of open positions
Category Male Female Total
filled by internal candidates
Proportion of senior management hired from local communities 20% Differently Abled employees (Staff)
294
Hiring rate (Staff) 10% 06% 10%
in FY 2023-24. The local community is considered as the States
in which Page Industries’ manufacturing locations, head office and Hiring rate (Non-Staff) 36% 29% 30%
(FY 2023-24)
corporate offices are present and operate. Senior management is 5 4 Turnover rate (Staff) 15% 12% 15%
defined as the roles of Senior General Manager and above. Total Staff 1 Turnover rate (Non-Staff) 33% 26% 27%
651
Culture of Inclusion (FY 2022-23)
The company values a diverse workforce which is an important
factor in driving creativity and innovation. It creates a culture where
56 Total number of
Total 18 new employee hires
everyone, regardless of background, feels welcomed and respected.
Non-Staff 38
By removing barriers to equal opportunities and offering targeted
initiatives, training, and mentorship, the company empowers
employees to reach their full potential and contribute. We also
promote our culture of inclusion through hiring process which focuses
Male Female
23
on developing the skills and create employment opportunity to (FY 2023-24)

02
women employees who are from diverse background including SC
& ST community. During FY 23-24, we onboarded 51 employees
under the Ashadeepa Scheme promoted by Govt. of Karnataka. (FY 2022-23)
This commitment to diversity and inclusion nurture an environment Total number of Open positions filled by
where all voices and ideas are valued, supporting the company’s internal candidates (internal hires)
growth and excellence.

84 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 85
Performance Management System - Type of range of e-learning modules focussed on leadership development. Training Programs
Performance Appraisal and Frequency The employee engagement plan at Page Industries emphasises
training and skill development to cultivate future leaders. During the
Page Industries has implemented a dynamic and integral Performance
Management System (PMS) that is key to employee development
current reporting period, the company conducted multiple virtual
and onsite training sessions. Page Industries values human resource
1 Induction
Training for
2 On-The-Job-
Training (OJT)
and organisational success. The PMS aligns individual goals with
learning and development, recognising its importance as the New Joiners for SOs/SSOs
business objectives, strengthening internal growth. It evaluates
company expands its market reach and focusses on global markets.
individuals against key result areas (KRAs) on an annual basis,
helping to define career progression roles and aiding managers in
succession planning and strategic workforce alignment. Career Enhancement Programme
PIL has adopted a job rotation policy which is a strategic initiative
PMS involves continuous dialogue between employees and their
managers. Goals and KRAs are tailored for each individual based
implemented across the organisation to foster employee development
and enhance organisational effectiveness aimed at providing 3 CTPAT
Training
4 Product Training
for Retail Team &
on the behavioural competency framework, performance, potential, employees opportunities for cross-functional experience thereby Channel Sales
and departmental objectives. promoting learning and development broadening the employee’s
skillsets, expanding the knowledge base. By utilising people who
For more details on performance and career development reviews have the ability to execute and handle more responsibility across
of employees and worker refer to page 62 of the annual report. verticals, the organisation hopes to empower managers and create
future leaders. Additionally, this approach seeks to retain talent and
LEARNING & DEVELOPMENT
Employee Development Programs
lengthen employees’ careers. 5 5S Training
Program
6 EHS Excellence
Training

Page Industries recognises that learning and upskilling are crucial for Internal growth plans that include cross-functional roles and
maintaining a competitive edge in a dynamic business landscape. methodical succession planning with meritocracy, performance,
The company invests in comprehensive training programmes tailored and transparency as the primary factors serve as a roadmap for
to market demands and industry trends, equipping employees with individual developments. Individuals are provided opportunities
the necessary skills to adapt and excel. New hires at manufacturing through IJP (Internal Job Posting) before exploring talent outside of the
organisation. By encouraging mutual support and skill development
facilities undergo a 30-day training period at dedicated centres,
receiving full compensation and guidance from experienced trainers. initiatives that ensure the achievement of both the firm’s and 7 Managerial
Effectiveness
8 Employee
Assistance
After training, they are assigned positions with continued support for employees’ individual goals, the organisation maintains a high key Training Program
three months, aiding in skill assessment and succession planning. staff retention rate.
Additionally, the company offers a Leadership Development
programme via the Skill Soft platform, providing access to a wide

9 Seven Habits of
Highly Effective
10WRAP Internal
Auditor Course
People

Training & Development

Training data FY 2023-24
Male Female
Total No. Attended Staff 21,458 4,559
Total No. of Training Hours Staff 83,385 30,150
Average Training Hours per Staff 3.89 6.61
Total No. of Training Hours Non-Staff 1,37,509 1,89,610
Average Training Hours per Non-Staff 1.74 5.68
% of the amount spent on permanent employees and workers (including contractors) on 0.05%
training and development against total revenue (Male + Female)

86 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 87
EMPLOYEE BENEFITS % of Employee Benefits Coverage
Employee Well-being Category Health Insurance Accident Insurance Maternity Benefits
Page Industries prioritises employee Staff (Permanent & Contract Employees)
well-being, recognising its critical
Male 100% 100% -
role in overall business success.
The company offers a variety of Female 100% 100% 100%
programmes and benefits to support
employees’ physical, mental, and
emotional health. By incorporating Category Health Accident Maternity Day Care
flexibility into its practices, Page Insurance Insurance Benefits Facilities
Industries helps employees balance Non-Staff (Permanent & Contract Workers)
personal and professional life. This
Male 100% 100% - 100%
investment in employee well-being
underscores the belief that employees Female 100% 100% 100% 100%
are the company’s most valuable asset,
with their health being foundational to Page Industries prioritises comprehensive support for its manufacturing workforce, recognising the importance of employee well-being and work-life balance.
ongoing success. On-site crèche facilities provide access to high-quality childcare for parents with young children. Additionally, free lunch and snacks are offered throughout
the workday, promoting employee health and productivity These initiatives contribute to a positive and supportive work environment, enhancing employee
satisfaction and retention

Parental leave Benefits

Benefits to Page Industries introduced maternity leave Medical Each Page Industries unit features a Gender Permanent Employees Permanent Workers
New Mothers to support new mothers for up to 06 months Facility dedicated medical facility staffed with trained
off following the birth or adoption of a child. doctors and nurses, and equipped with an Return to Retention Return Retention
This initiative supports work-life balance and ambulance, exceeding legal requirements. Work Rate Rate to Work Rate Rate
demonstrates the company’s commitment to The dispensaries include modern medical Male NA NA NA NA
employee well-being and family support. supplies, restrooms, and washrooms. Female 36% 84% 36% 17%
In addition, Page Industries supports new Additionally, the company offers free medical
Total 36% 84% 36% 17%
mothers by providing nutritious food and milk camps, eye checkups, dental checkups, and
at the workplace. The company arranges various non-occupational health services for
regular check-ups with its doctor and supplies all employees. Retirement Benefits
necessary medications to expectant mothers,
Page Industries emphasises the importance of providing comprehensive retirement benefits to employees who have dedicated their careers
ensuring their health and well-being during
to the company. The retirement benefits package is designed to ensure financial security and a comfortable lifestyle post-retirement. Key
pregnancy.
components include the Provident Fund (PF), Gratuity, and Employee State Insurance (ESI).

The Provident Fund is a mandatory savings scheme governed by the Employees’ Provident Fund Organisation (EPFO), ensuring financial
security for eligible employees. Gratuity is offered as a lump sum payment in recognition of long-term service and loyalty. The Employee State
Food at the Page Industries provides employees in all Festivals & Page Industries hosts cultural and sports Insurance provides medical benefits and financial protection in case of illness, injury, or disability, covering employees and their dependents.
Workplace manufacturing units with free access to healthy Competitions competitions at its units, with a focus on
and hygienic food. celebrating local festivals. These events By offering these robust benefits, Page Industries ensures employees are well-supported throughout their professional journey and beyond,
enable employees to showcase their talents demonstrating a strong commitment to their welfare and a smooth transition into retirement.
and contribute to memorable experiences.
The special day celebrations effectively foster
staff loyalty and enhance the company’s Benefits FY 2023-24
employee-friendly atmosphere. No. of employees covered as No. of workers covered as a Deducted and deposited with
a % of total employees (Staff) % of total workers (Non-Staff) the authority (Y/N/N.A.)
PF 100% 100% Y
Gratuity 100% 100% NA
The company has partnered with a leading Employee Assistance Employee Benefits Coverage ESI 4% 100% Y
Program (EAP) provider in India to offer psychological counselling To safeguard physical well-being, Page Industries offers health
and comprehensive wellness solutions. This assists employees in insurance, comprehensive medical assistance policies, personal
managing various work-life challenges on a case to case basis, accident insurance, and parental leave. The company srives to build
including stress, anxiety, parenting, relationship issues, and work-life a positive work environment by consistently supporting and valuing
balance. its diverse workforce.

88 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 89
Ratio of Basic Salary and Remuneration of Women to Men
Compliance with Laws and
Security 1 12 Workplace Regulations
Male Female Ratio
Number Median Number Median (Women to Men)
remuneration/ remuneration/ Prohibition of
salary/wages salary/wages
Customs Compliance 2 11 Forced Labour
of respective of respective
category category
Board of Directors (BoD) 13 -- 01 -- --
Environment 3 10 Prohibition of Child Labour

Executive Directors 2 3,43,58,927 0 -- -- WRAP

Non-Executive Director 11 -- 01 -- -- Freedom of Association
PRINCIPLES Prohibition of
Key Managerial Personnel 03 1,26,20,914 0 -- -- and Collective Bargaining 4 9 Harassment and Abuse
Employees other than BoD and 2,572 6,80,676 442 4,42,500 0.65
KMP Compensation and
Workers 1,802 2,36,520 14,641 2,22,564 0.94
Health and Safety 5 8 Benefits

* Non-executive directors are not considered for Median calculation as they are entitled only for fixed sitting fee and fixed remuneration Prohibition of
under Section 197(I)(ii) of the Companies Act, 2013
Discrimination 6 7 Hours of Work
*As per the Factories Act, 1948 and Minimum Wages Act, 1948, the standard entry-level wage for permanent employees and workers at
Page Industries exceeds the local minimum wage as per local regulations, ensuring compliance with legal provisions and promoting equitable
wage practices for all genders.
*For more details on minimum wage details, refer to PIL Annual Report page 69.
Freedom of Association & Collective Bargaining living in each zone. Page Industries pays wages to the workers that
Page Industries ensures that all employees have the right to join meet the government-mandated rates.
Variable Pay or form associations of their choice and engage in collective
Variable Pay has significantly boosted the performance of major Operations, the CHRO, and ultimately the CEO/MD. bargaining. Employees also have the choice to refrain from joining Human Capital Risk
organisations by rewarding employees based on the company’s any association, as it is an individual decision. This policy has Page Industries manages human capital risk by ensuring a skilled,
success. This system encourages key individuals to take initiative and The employment practices include zero tolerance for discrimination been clearly communicated to all employees. While there are safe, and compliant workforce across its operations and supply
achieve results, while also attracting and retaining talent. Rewards and harassment, outlined in the Code of Conduct. Employees no collective agreements, it is standard industry practice for the chain. The company collaborates with suppliers to uphold ethical
for company performance include Variable Pay, while individual undergo training on HR regulations, local laws, and committee state government to periodically involve all stakeholders, including labour practices and mitigate workforce-related risks, fostering long-
performance is recognised through salary revisions, developmental roles during induction. 100% of security personnel are trained in employee representatives, to set wages. These wage determinations term operational stability.
programmes, career growth opportunities via the Talent Management emergency response, first aid, and human rights. In FY 2023-24, consider various factors such as required skill levels and the cost of
Programmes, and promotions. there were no reported instances of discrimination, forced labour,
or child labour.
Long Term Incentives
Page Industries sets ambitious sales targets for various periods,  Training on Human Rights Policies
including monthly, quarterly, half-yearly, and yearly intervals. The At Page Industries, all employees are mandated to undergo a
sales team plays a crucial role in achieving these targets, and long- standardised induction programme that encompasses comprehensive
term incentives are awarded to employees who successfully meet or training on human rights policies. This comprehensive training
exceed their assigned goals. initiative aims to ensure that every team member is well-versed in their
rights and responsibilities within the workplace, thereby cultivating
HUMAN RIGHTS a culture that prioritises respect and fairness. The induction module
delves into various facets of human rights, including discrimination,
Workplace Policies and Guidelines
harassment, and workplace safety, creating a positive and inclusive
Page Industries encourages a culture of transparency and work environment for all employees.
accountability through its Vigil Mechanism/Whistle Blower Policy,
enabling employees to report misconduct or rule violations without  Human Rights Assessment
fear of retaliation. Clear reporting channels include the Chairperson
Page Industries is committed to conducting business transparently,
of the Audit Committee or the designated Vigilance and Ethics
morally, and ethically while upholding human rights throughout its
Officer. The policy is accessible to all stakeholders on the company
value chain. The company's manufacturing facilities are evaluated
website.
by WRAP (Worldwide Responsible Accredited Production), the
largest independent facility certification programme for apparel,
At all operating units, employees can raise concerns with the
footwear, and sewn goods. WRAP assesses these facilities against
Works Committee or through grievance boxes in manufacturing
12 internationally accepted workplace standards. This evaluation
facilities. Senior management regularly reviews these grievances,
facilitates a culture of accountability and responsible manufacturing
and the Head of HR - Manufacturing conducts monthly inspections.
practices, prioritising employee well-being.
Unresolved issues can escalate to the President of Manufacturing &

90 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 91
 Indicators FY 2023-24  The company’s online services platforms for Jockey and Future Focus
Speedo experienced strong growth in customer usage during Future Focus: Page Industries remains dedicated to maintain a diverse
Incidents of violations involving the rights of Indigenous people NIL
FY 2023-24. and inclusive workplace, with a strong focus on equal opportunity
Incidents of discrimination and corrective actions taken NIL
for all employees. Moving forward, the company will continue
Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk NIL Customer Satisfaction to prioritise employee well-being through targeted initiatives that
Operations and suppliers at significant risk for incidents of child labour NIL Page Industries is dedicated to delivering an outstanding customer support the development of a dynamic, skilled, and agile workforce.
experience across all channels. The company emphasises a Through comprehensive training and educational programmes,
Operations and suppliers at significant risk for incidents of forced or compulsory labour NIL
smooth and intuitive online shopping journey, featuring user- Page Industries will empower employees to adapt to evolving
These results reflect Page Industries’ commitment to maintaining high standards of ethical conduct and human rights practices across its friendly navigation, secure payment options, and prompt order industry trends and cultivate essential skills. The company will further
operations and supply chain. processing. With an efficient logistics and transportation network, strengthen its commitment to holistic employee development, ensuring
Page Industries ensures timely delivery of products to customers equal opportunities for growth and success. This forward-thinking
Grievance Redressal Customer Privacy Information nationwide. Furthermore, in-store shopping at brand outlets offers approach will reinforce Page Industries dedication to diversity,
a personalised and enjoyable experience, where knowledgeable inclusivity, and employee well-being, positioning the company for
Page Industries is dedicated to a fair and transparent work environment Page Industries recognises that security is a dynamic and evolving
staff are on hand to assist and enhance customer satisfaction. sustained success in a rapidly changing business environment.
through robust grievance redressal mechanisms. Employees can landscape. The company proactively strengthens its security
In addition, Consumer satisfaction is gauged through the
voice concerns or grievances related to their employment through measures to safeguard customer data as the business expands.
brand scoring.
various channels, ensuring prompt and impartial resolution. These Committed to the highest compliance standards, Page Industries
mechanisms align with Section 177 of the Companies Act of 2013, empowers customers with transparent privacy practices and control
the Certified Standing Order, and other labour laws. Safeguards over their data. As a manufacturing company, Page Industries utilises Customer Value Creation
are in place for all personnel, including direct access to the MD or customer data solely for operational purposes and does not engage Page Industries’ value chain is dedicated to delivering exceptional
Chairman of the Audit Committee in extraordinary circumstances. in secondary data usage. FY 2023-24, there were zero requests products and experiences to customers. Starting with the sourcing
Additionally, a Works Committee and grievance boxes at each from government or law enforcement entities for customer data of high-quality raw materials, the company ensures excellence
manufacturing location are established for employees to raise issues. leading to complete privacy of customer information. at the foundation. The manufacturing process utilises state-of-the-
Concerns can also be sent to [email protected]. art technology and stringent quality control measures to maintain
Online Strategies & Customers Online the highest standards. The efficient distribution network delivers
CUSTOMER-CENTRICITY products to markets worldwide. Throughout this process, Page
Page Industries has a robust system to address concerns, queries,
Industries maintains an unwavering customer-centric focus, with
Customer-centricity: Our CRM Approach and complaints, featuring an autogenerated acknowledgement
customer satisfaction as the ultimate goal.
At the core of Page Industries’ strategy is a commitment to system and a customer feedback mechanism available to consumers
understanding and meeting customer needs. This involves across India. The company prioritises safeguarding customer data
privacy through a strong cybersecurity framework. This internal Customer Grievance Redressal
continuous market research, maintaining customer feedback loops,
system employs robust endpoint security measures to protect against Page Industries is committed to providing exceptional customer
and adapting business strategies to deliver exceptional value
cyberattacks and prevent data loss from malware and viruses. service and support. The company offers multiple channels for
and service.
customers to reach out with enquiries, grievances, or requests.
All customer interactions are recorded as tickets and assigned
to the appropriate team for resolution. The turnaround time for
addressing customer concerns is determined based on the nature
of the issue and the company’s standard operating procedures
(SOPs). To measure customer satisfaction, Page Industries
conducts regular surveys after customers have contacted customer
service for assistance. These surveys utilise an IVR system with a
1-9 scale to capture customer feedback. Customer satisfaction
data is reviewed monthly by the functional team and quarterly by
top management to identify areas for improvement and ensure
ongoing customer satisfaction.

A dedicated Grievance Officer oversees corrective actions.

Customers can contact the officer via the privacy policy Page
Industries at [jockey.in] (https://www.jockey.in/page/privacy-
policy). Complaints and feedback can also be communicated
via phone (1800-572-1299 / 1860-425-3333, Monday to
Saturday, 10:00 AM to 7:00 PM IST), email (wecare@jockeyindia.
com), and the help section on the website ([write to us] (https://
www.jockey.in/faqs)). (Speedo: Complaints and feedback can
be communicated via: Grievance Redressal Website) The customer
care team follows a standard operating procedure to address all
feedback and complaints.

92 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 93
OCCUPATIONAL HEALTH AND SAFETY EHS SCOPE
Page Industries adopts a comprehensive and integrated approach to ensure employee well-being, environmental protection, and regulatory
compliance. The following infographic illustrates the various activities undertaken by Page Industries to promote a safe work culture.
MISSION
EHS policy and EHS training Create safe & hygienic
STRATEGIC APPROACH 1 2 3
communication and awareness environment workplace
Page Industries is committed to ensuring a safe and clean working LINKAGE TO UNSDG
environment for employees, contract workers, visitors, and other
stakeholders. Occupational health and safety are deeply embedded
in the organisational culture, evolving into a shared responsibility.
The company takes a proactive approach by setting clear safety Advocacy (Statutory EHS Legal/ Regulatory EHS Operational Controls
4 Reformation Initiatives)
5 Compliance
6 Procedure
objectives, conducting risk assessments, and promoting a strong
culture of Environmental, Health, and Safety (EHS) throughout the
organisation.
High Risk and Specialised
Life cycle assessment, Supply
areas/controls; Machine Safety EHS budgeting and Calculating
7 chain, contractor management & 8 & Mechanical Safety; Electrical
9 Incident Cost
customer management
Safety

EHS Objectives, Targets and

Emergency and Abnormality Assessment/ Audit External and
10 Implementation of Action plans/ 11 prevention and response
12 Internal
Management programmes

Warehouse and Storage:

Psychosocial EHS Organisation,
13 Material Handling & Ergonomics; 14 hazard management
15 Structure and responsibilities
Facility/ Infrastructure/ Transport

Management Focus and Fire Safety, Chemical Process

Handling of EHS failure,
16 defects, and anomalies
17 Commitment Management review 18 Safety; Construction Safety, Food
(EHS Performance monitoring) Safety & Hygiene

Employee Involvement,
MISSION TARGET HIGHLIGHTS Employee work-life EHS Risk and
19 Management
20 Opportunities
21 Participation, Behaviour
Target FY 2023-24 Based Safety
To Achieve a 0.8 Safety Training Index by FY 2023 Achieved the 0.8 safety training index for EHS training
Zero Waste to Landfill with 100% traceability Achieved zero waste diversion to landfill in FY 2023-24. Traceability audits
by 2024 were conducted at six non-hazardous waste handling sites and two hazardous Environmental Sustainability/
Off the job
waste handling sites in FY 2023-24. 22 SR Initiatives (Reduce, Recycle, 23 safety management
24 Information Tech
Reuse, Replace, Refuse)
Safety Management System at all Retail Stores EHS self-assessment by 1,258 retail stores was complete and all retail store
by FY 2023 staff were trained on EHS mandates. EHS requirements were incorporated in
the project manual.
Aspect/Impact & Hazard/
Occupational Health Illness Tracking by FY 2023 Completed occupational health illness tracking and no occupational illness Engaging EHS outside the
and Mitigation by FY 2025 cases were reported in FY 2023-24. (Health check-up reports were reviewed 25 Risk (Identification, Control, 26 Health and Hygiene 27 boundary/EHS in CSR
Monitoring and Updating)
and no occupational illness cases were found)
100% Implementation of WASH Pledge and 100% Implementation of WASH Pledge and Third-Party Audit was completed
Third-Party Audit by FY 2023 in 2023 and 2023-24
A Digital Incident and Accident Management -Trail runs have been carried out and implementation of software in upcoming New and Renovation
System to be Implemented years 28 EHS events 29 Project Safety

94 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 95
OHS RISK MANAGEMENT OCCUPATIONAL HEALTH & SAFETY SYSTEMS
Page Industries has established a robust Occupational Health and OHS Risk Assessment
Safety (OHS) management system, aligned with ISO 45001 and The OHS risk management is crucial to maintaining a safe and
ISO 14001 standards, covering all employees, contract workers, healthy work environment. Risks are identified through Hazard
and visitors. The company has standardised systems for identifying Identification and Risk Assessment (HIRA), conducted by accredited
and assessing potential hazards, implementing effective preventive professionals. For non-routine tasks, a safe work permit system
measures, and developing safe operating procedures in line with manages potential hazards. Continuous improvement is achieved
Indian standards and Page Industries business values. by addressing significant risks and implementing control measures.
The workforce is encouraged to actively participate through near-
Effective OHS management is driven by top leadership, who actively miss and hazard reporting cards and safety competitions during
engage all stakeholders to create a culture of responsibility and EHS events like National Safety Week, World Environment Day and
commitment towards workplace safety. Senior leadership regularly Road Safety Week.
reviews OHS performance. The system encompasses all operating
locations, including offices, warehouses, and manufacturing units.
Safety Audit
Enhanced employee engagement and 5S implementation support
safe storage practices and autonomous preventive maintenance. Page Industries prioritises Health and Safety compliance with
regular checks across all manufacturing locations. The company's
management system is reinforced through external audits by third-
EHS COMMITTEE
party entities and internal audits using function-specific safety
Page Industries actively promotes worker involvement in its checklists. These audits provide a thorough assessment of safety
Environmental, Health, and Safety (EHS) management system by practices, identifying areas for improvement and ensuring a
establishing EHS committees at each unit. These committees, led commitment to a safe work environment. Both internal and external
by a factory manager, include elected workforce representatives, audits support continuous optimisation of the Health and Safety
ensuring equal participation and a voice in shaping safety and management system, promoting a culture of diligence and proactive
environmental practices. Regular meetings facilitate open discussions risk management.
and collaborative decision-making. The election process for Emergency Response Plan members and essential contacts, to address potential catastrophes.
committee members ensures transparency and inclusivity. Emergencies are identified through HIRA and impact studies, The company prioritises proactive measures and preparedness to
with Emergency Preparedness and Response Procedures (EPRP) safeguard personnel and assets effectively.
developed based on these assessments. Each identified emergency
has defined roles and responsibilities for the response team, detailed Emergency Drills
in the onsite emergency plan. Regular training on emergency Page Industries conducts emergency drills every two months
procedures ensures: with internal stakeholders and annually with external third-party
External audits at manufacturing  Preparedness to control, localise, or eliminate emergencies professionals. These drills evaluate the effectiveness of controls for
units include: managing catastrophic events. Following each exercise, debriefings
 Immediate and appropriate responses to incidents such as fire, are held to refine and enhance emergency plans, ensuring optimal
 Fire and electrical safety audits by external risk spillage, floods, earthquakes, and electric shocks preparedness and swift recovery while minimising risk to life and
assessors
 Minimisation of loss to life and property property.
 Electrical safety audits in all manufacturing units
by third party
Emergency Response Teams EHS Communication Channels
 Arc flash study at all units carried out
Each facility at Page Industries has a dedicated Emergency Response Safety communication channels are crucial in ensuring a strong
by third party
Team (ERT) integral to the Onsite Emergency Plan (OEP). Composed safety culture at Page Industries. The company promotes two-way
 Lightning protection system study at all of key personnel, the ERT is trained in safe evacuation, firefighting, communication to encourage both internal and external stakeholder
manufacturing units first aid, and hazardous material spillage. Regular emergency drills participation and enhance safety practices. Additionally, Page
 Energy saving audits at all manufacturing units assess the effectiveness of the preparedness plan. Each facility Industries runs safety campaigns to further engage and involve
carried by 3rd party maintains a site-specific emergency response plan, detailing ERT workers in safety initiatives.
 WRAP certification audits completed and all
manufacturing units are certified
INTERACTIVE INFORMATIVE POSITIVE PRODUCTIVE
 Integrated management system certification
audit completed for all the facilities  EHS committee meetings  Mails  EHS suggestion scheme  Well-defined training
 ABK-AOTS certification audits  Daily safety Gemba walk  Newsletter  Near miss and hazard  Daily safety meetings
 5S certification audits  Compliance audit  EHS Handbook reporting  Audit findings
 Campaigns and  Information leaflets
competitions  EHS Knowledge Series
 Safety Alert
 One-point lessons
 SOP

96 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 97
EHS systems at Retail Stores Safety Training HEALTH AND EMPLOYEE WELLBEING
To achieve its goal of implementing a Safety Management System Occupational Health and Safety, Environmental At Page Industries, employee health and well-being are top priorities. Page Industries ensures a culture of well-being, empowering
across all retail stores, Page Industries has undertaken several Training and Awareness Programmes The company cultivates a supportive work environment, recognising employees to thrive personally and professionally. Each unit has a
initiatives: that physical and mental well-being significantly impact productivity dedicated welfare officer to monitor and encourage participation in
Page Industries conducts regular, role-based safety training
programmes according to its annual training calendar, ensuring and job satisfaction. Page Industries offers comprehensive health these initiatives, address concerns, and track their impact.
 EHS training was provided to all retail staff, with in-depth and wellness programmes, including regular health check-ups,
stakeholders adhere to the highest safety compliance standards.
discussions led by the Chief Retail Officer. counselling, and support services. Stress management initiatives, By investing in employee health and welfare, Page Industries aims to
Training presentations are standardised based on needs assessments.
such as ergonomic exercises, frequent rest breaks, and playing create a positive and supportive work environment, enhancing the
 A comprehensive self-assessment checklist was created to The company achieved a safety training index of 0.8 per employee.
melody songs through the PA system, promote work-life balance. well-being and satisfaction of its workforce.
evaluate existing safety systems at EBS. Additionally, employees are trained in Behavioural-Based Safety
(BBS), 5S, and integrated management systems.
 EHS assessments were conducted at retail stores.
 Assessment findings were reviewed with the retail team, leading EHS Training Index
to corrective action plans. Sanitiser and
Page Industries implements various sensitisation programmes to promote Health AIDS Tuberculosis Health and
Handwash Thyroid Disease
Meetings with the retail project team were held to incorporate a healthy working environment. These training programmes are designed Monitoring Awareness Awareness Hygiene
 Awareness Awareness
EHS requirements into the retail store implementation manual. to help individuals identify potential hazards and take precautionary Program Program Program Awareness
Program
measures. Regular safety training has proven effective in enhancing
Behavioural Safety Systems the organisation's safety culture and promoting a shared sense of
responsibility among the workforce. The company conducts training on a
Page Industries is advancing towards its goal of achieving
range of topics, contributing to a proactive approach to safety. Mothers’
Behavioural Safety Systems certification by FY 2023-24 through General Safety
Hepatitis Cancer Menstrual Awareness
several key actions: Pre-natal Care and
Manufacturing Locations + HO Awareness Awareness Hygiene Program to
Program Hygiene
Program Program Program Safeguard
Page Industries continued its journey in the implementation of Program
Behavioural Based Safety System by developing BBS checklist for 81,76,787 0.8 Children
29 activities. Using pre-defined checklists audits were carried by Total training minutes EHS Training Index
a dedicated BBS audit team. BBS observations are discussed in
Weekly Safety Meetings to ensure the implementation of CAPA *The training index is derived by dividing the total number of mandays ESIC and
(Corrective Action and Preventive Action). of EHS training provided by the total manpower including employees and Negative Effects
Maternity T.T Injection Anaemia
contract workers. of
Benefits Awareness Awareness
Tobacco Usage
Awareness

Occupational Health Services to man, material, method, environment, and machine. To enhance
The company provides comprehensive health monitoring for all the safety management system, the company encourages employees
employees and contract workers. Each facility is equipped with and workers to report incidents. These reports are thoroughly
occupational health centres, medical staff and ambulances. Health analysed to implement preventive measures. The company is also
camps and ESI services are arranged, with offerings including basic advancing its incident management system with a robust digital
check-ups, job-specific assessments (e.g., audiometry, eye exams), platform for more effective incident and accident management.
and monthly prenatal checks for expecting mothers. In case of
emergencies, employees and workers are transported to nearby ESI
dispensaries and hospitals.

Ergonomic Exercises
Page Industries address ergonomic risks from prolonged standing,
repetitive positions, and poor postures by implementing ergonomic
modifications and exercises. Employees receive guidance through
infographic posters on safe material and equipment handling. To
mitigate health risks, employees are advised to take breaks every
two hours and perform stretching exercises. Page Industries also offers
1-minute eye workouts for manual testing duties and encourages
participation in company-organised fitness programmes, such as
Yoga.

Incident Reporting
Page Industries utilises the fishbone approach, a systematic method
for identifying the root causes of incidents by analysing factors related

98 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 99
 WASTE MANAGEMENT
Strategic Approach
Page Industries maintains a stringent waste management system
encompassing collection, storage and disposal. A centralised
database meticulously tracks waste generation and disposal across
all manufacturing units and waste categories. The company partners
with authorised third-party waste handlers to ensure compliance
with environmental regulations and contractual terms. This oversight
extends to vendor operations, with regular audits conducted to
verify responsible waste handling. In FY 2023-24, rigorous audits of
two hazardous and six non-hazardous waste vendors ensured zero
landfill disposal.

Key Highlights of FY 2023-24

Page Industries is dedicated to sustainable waste management
practices. By diligently segregating and recycling waste materials,
the company is committed to enhancing circularity within
its manufacturing operations. In FY 2023-24, various waste
management initiatives include:

Zero Waste to Landfill

Page Industries has successfully

eliminated waste to landfill by identifying
and managing all waste streams.

Indicators FY 2023-24
Number of working hours 4,25,35,736.75
Single-Use Plastic
Number of hours worked with no lost time Accidents (Million Safe Working 43.42 (15th February 2023 Elimination
Hours) to 31st March 2024)
Number of high-consequence work-related injuries (excluding fatalities) Employees 0 Efforts are underway to eliminate
Contract Workers 0 the use of single-use plastics.
Rate of high-consequence work-related injuries (excluding fatalities) Employees 0
Contract Workers 0
No. of fatalities Employees 0
Contract Workers 0
Reusable
Rate of fatalities as a result of work-related injury Employees 0 Packaging
Contract Workers 0
The company is experimenting with
Total recordable work-related injuries Employees 02
reusable packaging boxes to reduce
Contract Workers 0 carton waste.
Rate of recordable work-related injuries (including fatalities) Employees 0
Contract Workers 0.047

**The Lost Time Accident Frequency rate is calculated based on 10,00,000 hours worked Supplier
**Near-miss data is recorded using Near miss and Hazard reporting cards. All accident data along with employee name, time of injury, Collaboration
employee type, nature and severity of the injury, cause of the accident, treatment provided, and loss of time are recorded by the unit-specific
safety officers.
Fabric suppliers are being instructed
***The OHS accident data covers all employees (staff and non-staff) and contract workers.
to replace plastic wrapping sheets
**** The main types of work-related injury are Contact with a Sharp Object, Contact with Sewing Needle, Contact with Trimmer, Slip and with paper alternatives.
Fall and Hit by Falling Object

100 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 101
Waste Generated, Diverted and Directed to Disposal CHEMICALS MANAGEMENT
Description of Waste FY 2023-24 (MT) Strategic Approach management policy and maintaining a comprehensive list
Page Industries adopts a strategic approach to chemical of chemicals for its manufacturing processes. In addition,
Total Waste Generated 6,455.10
management, prioritising environmental sustainability and worker Page Industries is committed to continuous improvement
- Hazardous Waste 70.52 in its processes and treatment systems to align with the
safety. The company implements rigorous procedures for the
- Non-Hazardous Waste 6,384.58 selection, procurement, storage, handling, and disposal of chemicals stringent requirements of the Zero Discharge of Hazardous
Waste Diverted from Disposal (recycled & reused) 5,934.82 in the manufacturing units. A comprehensive chemical inventory is Chemicals (ZDHC) standard, ensuring responsible chemical
maintained at each operational unit to track usage and identify management. Page Industries' chemical management efforts
- Hazardous Waste 22.79
potential hazards. By adhering to stringent regulatory standards are demonstrated by the following initiatives:
- Non-Hazardous Waste 5,912.03 and industry best practices, Page Industries ensures the safe and  Regularly analyse ETP inlet and outlet water to comply
Waste Directed to Disposal (Incineration with energy recovery, animal feed, Incinerated waste) 520.28 responsible management of chemicals throughout its operations. with state regulations.
- Hazardous Waste 47.73 Continuous training and awareness programmes are conducted for
 Page Industries regularly assesses its chemical
employees to enhance their knowledge of chemical handling and
- Non-Hazardous Waste 472.55 management processes using the ZDHC chemical
emergency response procedures.
management system audit tool.
Commitment to Responsible A rigorous comparison of chemicals used in production
Category of Waste Description of Waste Unit of FY 2023-24 FY 2022-23
Chemical Management against the ZDHC MRSL (Manufactured Restricted Substance
Measurement List) is conducted to guarantee the use of non-hazardous or
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations Page Industries prioritises the responsible sourcing of raw materials,
by focussing on hazardous-free chemicals as outlined in its chemical minimally hazardous substances and Chemicals CAS.
(in metric tonnes)
Recycled
Hazardous Waste Waste oil/Used oil^ tonnes 4.52 3.97
Used battery tonnes 10.08 6.49
E- Waste tonnes 3.74 7.33
Non-Hazardous Waste Fabric waste tonnes 3,746.46 4,468.94
Paper and cardboard waste tonnes 1,769.93 2,528.15
Plastic waste tonnes 279.68 327.38
Metal waste (including Sharp Tool Waste) tonnes 77.54 101.76
Elastic waste tonnes 38.42 67.14
Total Waste Recycled tonnes 5,930.37 7,511.16
Re-used
Hazardous Waste Used chemical cans tonnes 4.45 4.83
Total waste re-used tonnes 4.45 4.83
Incineration with energy recovery
Non - Hazardous Waste Elastic waste (Sent to cement factory) tonnes 221.20 355.5
Total waste with energy recovery tonnes 221.20 355.5
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Other disposal options – Animal Feed
Non-Hazardous Waste Food waste tonnes 56.70 79.74
Incineration
Hazardous Waste Oil filters and oil-soaked cotton tonnes 3.82 3.07
ETP sludge tonnes 31.26 43.46
Biomedical waste tonnes 0.13 0.10
Sanitary waste tonnes 8.91 7.09
Chemical contaminated waste & waste tonnes 3.61 3.40
chemical
Non - Hazardous Waste Zero value waste such as broken sticker waste, tonnes 193.60 211.08
lay paper etc.
Other waste (wooden, gypsum, glass) tonnes 1.05 1.23
Total Waste Incinerated tonnes 242.38 269.43

^ The Waste details of FY 2022-23 are restated with used oil converted to MT.
*All types of Wastes diverted from the disposal are treated off-site through authorised third-party recyclers
*The above data related to waste generated, directed to disposal, and diverted from the disposal are compiled from Waste Manifests and
Gate Passes.

102 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 103
 ENVIRONMENTAL
Page Industries focusses on
surpassing sustainability
goals, consistently driving
better outcomes for a
more sustainable future.

104 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 105
ENERGY AND GHG EMISSIONS
ENERGY MANAGEMENT
Strategic Approach
Page Industries is committed to minimising the environmental impact
through a strategic approach to energy management and GHG
emissions reduction. Page Industries aligns its strategic direction with
global efforts to mitigate climate change by contributing to India’s
NDC target of reducing emissions intensity by 45% by 2030. This
commitment is reflected in the company’s focus on energy efficiency,
renewable energy adoption, and operational optimisation, the
company aims to reduce its carbon footprint and contribute to a
sustainable future. Comprehensive energy audits conducted year on
year for manufacturing units help to identify areas for improvement,
followed by the implementation of energy-saving measures and
LINKAGE TO UNSDG
investments in clean energy technologies. Through continuous
monitoring and evaluation, Page Industries will track progress
towards its energy and GHG reduction goals.

Mission Target Performance

Target FY 2023-24 Energy consumption by Source

Reduce Energy Intensity (GJ/Million Minutes Produced) by 17% Energy Intensity at 52.41 achieving an 18% reduction against Page Industries is transitioning towards a more sustainable energy profile. Currently reliant on grid electricity and diesel, the company is
by FY 2023-24 against FY 2019-20 baseline* FY 2019-20. actively incorporating renewable energy sources into its operations. Page Industries installed solar rooftops to offer a clean and sustainable
energy solution for manufacturing units, reducing reliance on grid electricity and minimising carbon footprint. Additionally, biomass briquettes
Reduce emissions intensity by 15% by FY 2025 and 30% by GHG Emission (Scope 1&2) Intensity at 7.64 (tCO2e/
have replaced traditional fuels in boiler operations, contributing to reduced greenhouse gas emissions.
FY 2030, in alignment with India’s NDCs against the Million Minutes Produced) achieving 29% reduction against
FY 2019-20 baseline* FY 2019-20
Reduce purchase of grid electricity by 17% through Renewable Purchased grid electricity consumption has risen with increased Energy consumption (GJ) FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
Energy by FY 2030 against FY 2019-20 baseline production volumes. However, the company is in the process
Diesel (Vehicles + DG sets) 10,326.40 5,686.51 7,510.71 10,662.60 7,604.37
of transitioning to renewable energy sources through initiatives
such as rooftop solar power and other initiatives. Purchased Electricity 49,933.90 40,802.50 55,330.42 67,175.92 60,413.54
Solar Energy Generated & Consumed 42.10 162.20 221.06 262.57 616.16
* The new target will be implemented in the next reporting cycle. Biomass 7,242.20 17,644.30 26,750.19 38,729.10 28,044.87
LPG 3,208.10 3,399.10 4,567.22 3,867.20 1,450.12
PNG - - - - 2,628.03
Energy mix (FY 2023-24)
Petrol (Used for office vehicles) 658.00 848.20 1,047.84 1,579.54 1,606.27
Total Energy consumption (GJ) 71,410.60 68,543.00 95,427.45 1,22,276.93 1,04,522.86

15% Note: There was no purchase and sale of heating and steam by PIL in the reporting period.
27% Energy directly sourced from
Renewable Energy fossil fuels Energy Consumption outside the Organisation
(Solar + Biomass) Categories Energy consumption in GJ
73%
Non-Renewable Inbound Logistics 14,113.01
Energy 58% Outbound Logistics 8,375.89
Purchased electricity Employee Commuting 1,262.89

*Except Inbound, Outbound logistics and Employee commuting, the remaining categories are excluded.
*Considered transportation only through road.

106 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 107
Energy Intensity GHG Emission (Scope 1, Scope 2 & Scope 3)
Page Industries aim is to “Reduce Energy Intensity (GJ/Million Minutes Produced) by 17% by FY 2023-24 against FY 2019-20 baseline”.
GHG Emissions (tCO2e) FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
Page Industries has successfully surpassed its energy intensity reduction target of 17% by achieving an 18% decrease in energy intensity
(GJ/million minutes produced) during FY 2023-24 compared to FY 2019-20. Building upon this accomplishment, the company remains Scope 1 1,025 761 1,094 1,507 941
committed to continuous improvement in energy efficiency and exploring innovative strategies to minimise its environmental impact.
Scope 2 10,958 8,958 12,148 15,120 14,305

Energy Intensity FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 Scope 3 6,473 3,705 5,550 7,182 1,78,128

Total Energy Consumption (GJ) 71,410.60 68,543.00 95,427 1,22,276.93 1,04,522.86 Total 18,456 13,424 18,792 23,809 1,93,374
Total Production Minutes in Million 1,113 1,128.06 1,766 2,264 1,994
*Scope 1, 2, 3 GHG emissions are reported as tCO2 equivalent
Energy Intensity (GJ/Million Minutes 64.19 60.76 54.03 54.00 52.41
*PIL used operational control approach for consolidating emissions
Produced)
* The computation methodology of Scope Emissions factors varies from previous reporting years.
Reduction in the Energy Intensity as Baseline 5% 16% 16% 18%
**Scope 3 emissions of FY 2023-24 include additional categories not reported in previous years. Therefore, the data cannot be directly
compared to the base year (%) compared to past figures. These new categories (Purchased Goods and Services, Capital Goods, Fuel and Energy-related activities (outside
Scope 1 and 2), and Waste generated in operations) were specifically identified, collected, disclosed, and categorised for FY 2023-24.
Note: ***Scope 3 categories considered for FY 2023-24: Purchased Goods and Services, Capital Goods, Fuel and Energy-related activities,
*All types of energy listed in the table “Energy Consumption by Source (GJ)” are included in the intensity ratio. The sources and quantum Upstream Transportation and Distribution, Waste generated in operations, Business Travel, Employee Commuting, Downstream transportation
correspond to energy consumption within the organisation only. and Distribution.
 PIL is using an organisation-specific metric “Production minutes” for intensity ratio computation which is the measure of the total earned
*
minutes of a production run to manufacture products throughout the financial year, across all manufacturing facilities
Ozone-Depletion Substance
* The target for reducing energy intensity will be revised in the next reporting year.
Page Industries recognises the importance of environmental responsibility in all aspects of its operations, including the management of ozone-
depleting substances (ODS). In line with this, Page Industries monitors and manages the use of any substances with ozone-depleting potential
(ODP), aiming to minimise their impact. The company is actively exploring alternatives and best practices to reduce or phase out the use of
GHG FOOTPRINT ODS in its air-conditioning systems, aligning with global efforts to protect the ozone layer and promote a more sustainable future.
Strategic Approach
Owing to the nature of business, PIL accounted for 0.0026 MT of CFC-11 equivalent in FY 2023-24. The conversion factor for ODS release
The company is focussed on reducing its is sourced from UNEP - Ozone Depleting Potential (ODP) of Refrigerants. Refilling of refrigerants is only taken for computation. Emissions from
carbon footprint through a combination of ODS release of discarded ACs are not accounted.
energy efficiency improvements in manufacturing
operations and renewable energy adoption. By
implementing robust monitoring, reporting, and GHG Emission Intensity
audit systems, Page Industries aims to transparently PIL is in line with the target to “Reduce emissions intensity by 15% by FY 2025 and 30% by FY 2030, in alignment with India’s NDCs
communicate its progress in mitigating climate against the FY 2019-20 baseline” by achieving a 29% emission reduction in FY 2023-24 from the baseline FY 2019-20. Page Industries
change and contributing to a low-carbon future. In is accelerating its drive towards a low-carbon future by implementing a comprehensive decarbonisation strategy with new clear emission
addition, Page Industries is planning to collaborate reduction targets in upcoming years.
with its value chain partners in the upcoming
years to implement sustainable practices and
GHG Emission Intensity
reduce carbon emissions. By working closely with
suppliers and other stakeholders, the company GHG Emission Intensity FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
aims to minimise its overall environmental impact.
Page Industries remains steadfast in its commitment Scope 1 & 2 GHG Emissions (tCO2e) 11,983 9,719 13,242 16,627 15,246
to operational excellence and environmental Total Production Minutes in Million 1,113 1,128.06 1,766 2,264 1,994
sustainability. Looking ahead, the company is
planning to set a path towards net-zero emissions, Scope 1&2 GHG Emission Intensity 10.77 8.62 7.50 7.34 7.64
aligning its future efforts with global climate (tCO2e)/ Million Minutes Produced)
goals. By aligning with SDG 13, the company Reduction in the GHG Emissions Intensity Baseline 20% 30.4% 32% 29%
will continue to drive decarbonisation efforts and
contribute to a sustainable future.
*PIL is using an organisation-specific metric “Production minutes” for intensity ratio computation
*Types of GHG emissions included in the intensity ratio include Scope 1 and Scope 2 Emissions
*Scope emissions reported in Table “Scope emissions for FY 2022-23”

108 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 109
*The computation methodology for FY 2022-23 varies from previous years

Air Emission
Page Industries recognises the critical importance of air quality management, particularly in addressing particulate matter and NOx/SOx
emissions. The company is committed to stringent compliance with environmental regulations and operational excellence. Regular air quality
assessments for boilers and DG sets demonstrate this commitment. During the reporting period, no significant penalties were levied relating
to any non-compliance instances underscores the company’s adherence to regulatory standards.

Air emission
Parameter Units FY 2021-22 FY 2022-23 FY 2023-24
NOx tonnes 1.78 1.38 1.56
SOx tonnes 0.74 0.51 0.67
Particulate Matter tonnes 3.78 2.56 2.46
* Page Industries monitors and reports air emissions from its DG sets and boilers, ensuring compliance with applicable environmental regulations.
Energy Efficiency Methods and Adoption of
Renewable Energy
To achieve substantial energy intensity reduction, a holistic approach
encompassing energy efficiency measures and renewable energy
integration is essential. Solar rooftop installations, coupled with
operational optimisations, are pivotal in this endeavour. In FY 2023-
24, the solar rooftop generated 2,24,796 kWh of electricity, with
1,71,156.4 kWh consumed on-site and 53,640 kWh exported to
the grid. A new 290 kW solar rooftop system was installed in FY
2023-24. Moreover, a 1 MW solar power plant has been installed
for captive use at the new Odisha facility, with production scheduled
to commence in the next financial year.

Various energy saving initiatives during FY 2023-24:

Initiatives Total Energy Total
Saving (GJ) Emissions
avoided
(tCO2)
Replacing of old exhaust fan 767.80 177.02
with energy-efficient industrial Year-wise On-site solar rooftop energy consumption and avoided emissions
exhaust fans at manufacturing
units, Installation of Energy and Emissions FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
compressor with VFD, Other
Solar Energy Consumption (kWh) 11,681 45,067 61,435 72,935.50 1,71,156.4
initiatives like the replacement
of FTL with LED, Installation Emissions Avoided (tCO2e) 9.58 35.60 48.53 59.08 140.86
of occupancy sensors, sky
lighting, replacement * Emission factors for the respective financial years were applied to calculate Scope 2 emissions.
of old ceiling fans with BLDC * Unit 22’s entire power needs are met by its 340 kWp solar rooftop system. Excess solar energy is exported to the grid.
fans etc.
Future Focus
* All the above energy efficiency interventions are intended for The company will focus on accelerating the adoption of renewable energy sources at manufacturing units, enhancing energy efficiency
electricity savings (Scope 2). methodologies in the operations, and exploring innovative technologies to significantly reduce the company’s overall carbon footprint. By
* PIL through its operations, has identified anticipated energy setting ambitious targets and implementing robust strategies, Page Industries aims to be a leader in sustainable manufacturing. Furthermore,
savings resulting from the implementation of each initiative. Page Industries is dedicated to developing a sustainable value chain. By collaborating closely with vendor partners, the company aims to
* The electricity savings have been computed by comparing implement eco-friendly practices and reduce carbon emissions across the supply chain.
the average energy consumption per day of the process
before and after installation of the energy-efficient technology
and multiplying the per day energy saved by the number
of days of operation post-installation in the reporting
financial year.

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WATER AND EFFLUENTS MISSION
UNSDG LINKAGEs: WATER INDICATORS
Water Withdrawal by Source (ML)

Water Withdrawal (ML) FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24

Groundwater (Borewell) 21.49 49.89 64.90 94.03 97.86
Third-Party Water (Tankers) 89.69 64.35 74.62 97.06 77.37
WATER MANAGEMENT Surface Water (Government Supply) 31.46 23.12 24.63 28.34 30.58
Strategic Approach Rainwater Harvested - 0.17 0.54 0.46 1.08
The company actively monitors the role of water management Total Water Withdrawal (ML) 142.64 137.53 164.69 219.89 206.89
in manufacturing units, particularly in domestic water usage. To
minimise the environmental impact and ensure long-term water Water withdrawal data present in the table excludes Head Office, Corporate Office, and Unit 15 as they are part of a multi-storey complex with other
availability, Page Industries is implementing a comprehensive occupants.
strategy focussed on water conservation, efficiency, and treatment. * The average of the last three months is considered in the event of water meter failure.
Key strategies include implementing rainwater collection, treatment * Water withdrawal from different sources is recorded using water flow meters and water bills at the units
and reusing, operating state-of-the-art Sewage Treatment Plants *All manufacturing units of PIL fall under water-stress regions as per the water risk assessment of the World Risk Atlas tool.
(STPs) and Effluent Treatment Plants (ETPs), and integrating advanced *Total water withdrawn from all sources falls under the freshwater category (≤1,000 mg/L Total Dissolved Solids)
water-saving technologies across its operations. By strictly complying
with the stringent water quality regulations imposed by central and Water Pattern Y-O-Y
state governments, Page Industries guarantees that its wastewater
treatment operations effectively eliminate water pollution. These 219.89
comprehensive efforts underscore the company’s dedication to 206.89
194.54 189.99
responsible water stewardship and its role in safeguarding this
164.69
vital resource for future generations. In addition, to optimise water 146.55
usage and minimise environmental impact, the company is planning
to conduct rigorous water neutrality studies at manufacturing units
and actively pursue water neutrality in upcoming years based on
feasibility. 18.14 25.35
16.9

Water Withdrawal (ML) Water Discharged through Water Consumption (ML)

MISSION TARGET PERFORMANCE authorised recyclers (ML)

FY 2021-22 FY 2022-23 FY 2023-24

Targets FY 2023-24
Improve water-use efficiency by 20% by FY 2030 against the Improved water use efficiency by 16.57% in FY 2023-24 * 100% STP-treated excess water discharged through authorised recyclers and recorded using water flow meters and water bills at the units.
* Water Consumption = Water Withdrawal – Water Discharge
average of last three financial years’ (FY 2018--21) consumptions
Reduction in Fresh Water by 20% by FY 2025 against average Freshwater withdrawal has increased from the baseline due
of last three financial years (FY 2018--21) consumptions to higher production volumes and a larger workforce. Page WATER USE EFFICIENCY AT PAGE INDUSTRIES
Industries is implementing new technology to actively monitor At Page Industries, freshwater consumption is primarily for domestic
and reduce freshwater consumption. purposes, including drinking, hygiene, and sanitation. By implementing
Conducting Water Neutrality feasibility study across manufacturing A water neutrality study has been initiated for two manufacturing a sewage treatment plant (STP) at its manufacturing sites, the company
units in FY 2021-22^ units, with plans to expand the assessment to other units. not only eliminates its reliance on freshwater for domestic use but also
Zero Liquid Discharge by FY 2024 (only for ETP at Unit 21) PIL installed the Low-Temperature Evaporator (LTE) system for contributes to water conservation efforts in the region. Water audits have
ETP to ensure Zero Liquid Discharge (ZLD) to eliminate the risk been conducted in all units to assess water usage and identify areas for
of effluent transportation and disposal at Unit 21. improvement. Detailed water flow network diagrams have been prepared
for each unit to optimise water distribution and minimise wastage.
^ Management’s evaluation of suitable manufacturing units for the water neutrality study extended the timeline, delaying the target achievement. Additionally, water awareness programmes have been conducted across
* To align with evolving sustainability goals, water intensity metrics will be reevaluated and respective targets will be revised in the upcoming units to educate employees about the importance of water conservation.
year. Regular monthly meetings are held to review water savings achieved
during production, and daily water data is monitored from each unit to
ensure efficient water usage. These initiatives demonstrate Page Industries’
commitment to responsible water management and environmental
sustainability.

112 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 113
In addition, the company also implemented various measures to reduce freshwater usage which include: WATER NEUTRALITY reduction. The study involves a detailed evaluation of water usage
Apparel industries are increasingly undertaking water neutrality across the operational units, from raw material sourcing to product
Initiatives Water savings (kl) studies to assess the water footprint and develop strategies for manufacturing and distribution. By quantifying water inputs and
sustainable water management. Achieving water neutrality is a outputs, the company aims to determine its overall water footprint
Fixing of Water Flow Restrictors & Aerators (in progress) * 6.93 ML
critical step towards minimising environmental impact and ensuring and establish a baseline and new target for achieving water
Installation of Low Temperature Evaporating (LTE) System ** -A
voided disposal of avg-1 ML/Month to CETP by the long-term business sustainability in an increasingly water-scarce neutrality. This analysis will inform the development of targeted water
installation of LTE system in ETP world. conservation initiatives and strategies to minimise the company’s
impact on water resources. The water neutrality study results will be
- Treated water from ETP again ensured to reuse in the
In alignment with the broader water neutrality goal “Conducting published in the next reporting cycle.
production.
Water Neutrality feasibility study across manufacturing units in
*The process of identifying suitable manufacturing units for the water
FY 2021-22*”, Page Industries is initiating a comprehensive water neutrality study was undergoing management evaluation. This extended the
*Water saving as of January 2024, the complete water-saving financial records will be provided after the completion of the project.
**The complete water savings have been measured by the installation of a flow meter reject pipeline in the ETP.
neutrality study at selected two manufacturing units in the upcoming timeline and prevented the target from being met. The target will be revisited
year to assess its water consumption and identify opportunities for in the upcoming year.

EFFLUENT MANAGEMENT – STRATEGIC in the Hassan unit is treated in PIL’s in-house Sewage Treatment
Plants (STPs), and 100% of treated water is reused for flushing,
APPROACH FUTURE FOCUS
gardening, and road washing.
Recognising the critical role of effluent management in safeguarding Page Industries will continue to prioritise water stewardship and effluent management as core components of its sustainability strategy.
water resources and protecting surrounding communities, Page The company will continue to invest in advanced technologies, expand water conservation initiatives, and explore innovative water reuse
Industries has implemented robust measures. The company’s use WATER RECYCLING solutions. By collaborating with suppliers, partners, and industry peers, Page Industries aims to create a more resilient water ecosystem.
of pre-coloured raw materials minimises the need for additional Sewage Treatment Plant: Through data-driven decision-making and ambitious targets, the company will strive to achieve water neutrality across its operations while
chemical processing. contributing to broader water stewardship goals.
A significant portion of wastewater generated at the facilities stems
from non-hazardous domestic and operational activities. To address
Trade effluents are only generated in the company’s Tape Dyeing
this, the company has installed on-site sewage treatment plants
unit, located at Hassan and are treated through an in-house Effluent
(STPs) that effectively treat wastewater in compliance with stringent
Treatment Plant (ETP). To reduce reject water, a four-stage reverse
regulatory standards by the Pollution Control Board. Treated
osmosis system is instituted. During FY 2023-24, PIL installed the
wastewater is reused for various non-potable purposes within the
Low-Temperature Evaporator (LTE) system for ETP to ensure Zero
facilities, such as toilet flushing, gardening, and cleaning, thereby
Liquid Discharge (ZLD) to eliminate the risk of effluent transportation
reducing the demand for fresh water. This approach underscores
and disposal. The treated water from ETP is recycled back into
the company’s commitment to water conservation and minimising
the production process and the ETP sludge is dried and handed
its environmental footprint.
over to authorised incinerators. Domestic wastewater generated

Parameters FY 2022-23 FY 2023-24

Total Water Withdrawal (ML) 219.90 206.89
Total quantity of wastewater 163.55 151.68
treated through STP (ML)
Total quantity STP-treated 134.78 130.66
water reused within the
premises (ML)
Total STP-treated water 25.35 20.11
disposed (ML)
% of reuse (STP-treated water 82% 86%
reused within premises)

* 100% of wastewater is treated in in-house Sewage Treatment Plants (STP)

in all units as per specified levels regulated by the government and a major
portion of the treated water is reused for toilet flushing, gardening purposes
and road washing.
*The remaining/excess STP-treated water is disposed through authorised
recyclers and further undergoes the ASP/SBR process at the recyclers site
and the final treated water will be used for irrigation on agricultural land.
* PIL monitors the following parameters for in-house STP treatment plants (pH,
COD, BOD, TSS, Ammoniacal Nitrogen, Total Nitrogen, Fecal Coliform,
and Turbidity) in line with PCB norms.

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MATERIALS - BUILDING A CIRCULAR CERTIFIED MATERIALS
Recognising the importance of responsible material sourcing and minimising environmental impact, Page Industries prioritises partnering with
OEKO-TEX® certified suppliers and vendors. OEKO-TEX® standards provide independent verification that apparels and materials used in
ECONOMY production meet stringent safety and environmental criteria. By collaborating with OEKO-TEX® certified Suppliers/Vendors, Page Industries
ensures the use of materials free from harmful substances and produced with a reduced environmental footprint. During FY 2023-24, Page
Industries secured 100% OEKO-TEX® certification for all key fabric, elastic, and yarn suppliers/vendors including newly onboarded vendors.
STRATEGIC APPROACH - MATERIAL
MANAGEMENT PRE-CONSUMER AND POST-CONSUMER PACKAGING WASTE RECYCLING
Page Industries recognises the importance of responsible sourcing Page Industries successfully registered as a brand owner under the CPCB’s Extended Producer Responsibility programme and developed
for a sustainable future. The materials mission takes a comprehensive a comprehensive implementation strategy. In FY 2023-24, as per the EPR registration target (1,127 MT) under CPCB, the company has
approach, aiming to minimise environmental impact across the reclaimed and recycled an equal amount of pre- and post-consumer plastic waste generated through authorised recyclers.
entire product lifecycle. This is achieved through strategic material
selection, fostering innovation in sustainable alternatives, and
promoting responsible sourcing practices throughout the supply
chain. MATERIAL MIX
Key Materials
The commitment to responsible materials management is a
fundamental pillar of the broader sustainability strategy. Page
Industries has implemented a streamlined system for procuring
and managing both raw materials (Fabric, yarn, polyester,
elastic, polyurethane cups, plastic labels & other accessories) and
packaging materials (Plastic, paper-based) optimising the use and
ensuring traceability across the supply chain. This dedication to
responsible sourcing extends to the product mix, with the company UNSDG LINKED YARN BRA CUPS, ELASTIC DRAW CHORDS SEWING THREADS
making significant progress in incorporating sustainable materials
through careful selection. Furthermore, by prioritising non-hazardous 98% Locally sourced 1% Local 99% Imported, 75% Local 25% Imported 100% Local
chemicals and low-impact materials, the company demonstrates 3% Imported, 90% In-House
Manufacturing, 7% Local
its commitment to global goals of responsible production and Purchase
consumption. The company continuously refines its material choices
and packaging practices, actively supporting a more sustainable
apparel industry.

MISSION TARGET PERFORMANCE

Targets FY 2023-24
All vendors/suppliers (Fabric, Elastic, Yarn) will be OEKO-TEX® 100% vendors/suppliers (Fabric, Elastic, Yarn) are
Certified by June 2022 OEKO-TEX® Certified in FY 2023-24 READY FABRICS ZIPPERS HT LABELS LABELS WOVEN
100% Recycling and Management of Single Use plastics in 100% (1,127 MT) of pre- and post-consumer plastic waste PURCHASE
90% Local 10% Imported 100% Local 100% Local
packaging by December 2022 was recycled in FY 2023-24
95% Local 5% Imported

* The targets will be revisited in the upcoming year

CIRCULAR BUSINESS MODELS OF PIL

Embracing a future with responsible resource usage, Page Industries is actively implementing a comprehensive circular business model. This
model prioritises minimising environmental impact and maximising resource efficiency. Through innovative strategies like responsible material
sourcing and exploring Extended Producer Responsibilities, Page Industries strives to close the loop on resource use and contribute to a more
sustainable apparel industry.
PACKAGING SOCKS YARN GREIGE FABRIC POUCHES

100% Local 100% Local 100% Local 100% Local

1 Renewable/Recycled raw
materials procurement
Reduce use of
Virgin materials 2
PILs Circular
Business Model

4 3
Extended Producer Reduce plastic
Responsibility (EPR) mechanism packaging materials

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SUSTAINABLE RAW MATERIALS SHARE OF RENEWABLE PACKAGING MATERIALS (FABRICS + ACCESSORIES) (JOCKEY)
Page Industries places a strong emphasis on responsible production by using low-impact, renewable raw materials to create high-quality
products that meet customer expectations. This commitment extends to its value chain partners, with the company sourcing raw materials Packaging Material UoM FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
from suppliers that prioritise sustainability. By focussing on renewable materials, Jockey and Speedo improve the environmental footprint Renewable materials Virgin (IP Virgin Board) tonnes 2,737 5,545 6,824 4,086
of their products. Specifically, speedo incorporates regenerated nylon and polyester from recycled sources like fishing nets and plastic Recycled (Bulk Boxes - tonnes 4,921 7,233 7,420 5,271
bottles into several Speedo swimwear lines, exemplifying the commitment to a more sustainable future. duplex, craft, inserters)
Total renewable tonnes 7,658 12,778 14,244 9,357
materials
SHARE OF RENEWABLE MATERIALS (FABRICS + ACCESSORIES) (JOCKEY)
Non-Renewable Virgin (PVC/PP) tonnes 486.41 920.03 895.58 794
KPI UoM FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 Total Packaging materials tonnes 8,144.41 13,698.03 15,139.58 10,151
Renewable Materials tonnes 8,068.92 12,141.44 10,405.23 15,276.87 Percentage of renewable packaging % 94% 93% 94% 92%
Non-Renewable Materials tonnes 704.19 2,359.14 2,283.98 3,320.92 material

Total Raw Material (Fabric+ Accessories) tonnes 8,773.11 14,500.57 12,689.21 18,597.79 % of Recycled packaging materials % 60% 53% 49% 52%

% of Renewable Materials used % 92% 84% 82% 82%

*Raw material consumption from FY 2020-21 to FY 2021-22 is reported based on fabric ordering and FY 2022-23 is based on fabric inward. FY 2023-24 SPEEDO
is based on Fabric + Accessories inward.
*Raw material renewable/non-renewable classification done based on a blend of the fabric Packaging Material UoM FY 2022-23 FY 2023-24
*Material consumed by PIL’s outsourcing vendors is not included herein. Material consumed by PIL’s manufacturing facilities are only accounted Renewable materials Virgin (IP Virgin Board) tonnes 9.99 14.06
* No recycled raw materials (fabrics + accessories) used in Jockey product Recycled (Bulk Boxes - duplex, craft, inserters) tonnes 12.63 13.47
Total renewable materials tonnes 22.62 27.53
SHARE OF RENEWABLE RAW MATERIALS (FABRICS + ACCESSORIES) (SPEEDO) Non-Renewable Virgin (PVC packaging, Packaging foam, stickers) tonnes 7.88 8.97
Total Packaging materials tonnes 30.50 36.50
KPI UoM FY 2022-23 FY 2023-24
% of renewable packaging material % 74% 75%
Renewable Materials tonnes 5.32 5.43
% of recycled packaging materials % 41% 37%
Non-Renewable Materials tonnes 63.8 95.04
Total Raw Material Ordering (Fabric+ Accessories) tonnes 69.12 100.47
% of renewable raw materials used % 8% 5%
% of recycled raw materials used % 19% 30%

FUTURE FOCUS
Page Industries is committed to redefining
its procurement strategy through the
SUSTAINABLE development and integration of innovative,
PACKAGING AT PIL eco-friendly fabrics, accessories and
As a leading garment manufacturer, packaging. By prioritising research and
Page Industries prioritises development, the company aims to
environmental responsibility in create responsible products that minimise
packaging. Page Industries actively environmental impact. To foster a circular
explores and implements eco- economy, Page Industries is actively
friendly packaging solutions. While seeking partnerships to drive sustainable
plastic remains a component practices across the entire value chain.
of Page Industries’ packaging By prioritising transparency, traceability,
materials, cardboard has become and ethical sourcing, the company is
the dominant choice for both carton building a strong foundation for a more
transportation from production sustainable future.
facilities to warehouses and
secondary packaging material.
This shift reflects Page Industries
commitment to circularity, a
strategy that prioritises using recycled
materials and minimising reliance on
virgin resources.

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PRODUCT STEWARDSHIP - CHARACTERISTICS OF FIBRES USED IN PIL’S PRODUCTS
JOCKEY
SUSTAINABLE PRODUCT MANAGEMENT
STRATEGIC APPROACH
Pioneering sustainable practices in the apparel industry, Page Industries
Naturally Lightweight Gentle on Breathable Moisture Sustainable
is revolutionising the sector with a commitment to both world-class
design and environmental responsibility. The company focus extends
soft Feather-light, in your skin Naturally Absorption Responsibly
far beyond the finished product, encompassing every supply chain Thanks to fact it’s twice as Thanks to breathable to Good moisture sourced and
step. From sourcing eco-friendly materials to implementing energy- cellulosic filers, light than must cellulosic fibres, help you stay absorption ability created through
efficient production processes, the company strives to minimise the you’ll experience other fibres. you’ll experience cooler as you keeps you fresh an environment-
company’s environmental footprint. The company is aware of the softness like softness like start your day. all day. friendly process.
evolving consumer preference for sustainable goods and services, never before. never before.
reflected in responsible branding efforts. In line with the commitment
to responsible product stewardship, the company utilises a key
strategic framework encompassing the following practices:
SPEEDO INNOVATION FOR SUSTAINABILITY
 To implement eco-conscious design features in products Page Industries prioritises sustainability throughout a product's life
Eco-Friendly Water shorts: Xpress Lite ECO:
 Practices include using energy-efficient technologies, water cycle, from sourcing raw materials and design to manufacturing,
 Eco-friendly fabric made  Made from recycled consumer use, and responsible end-of-life options like recycling.
conservation techniques, and responsible waste management
from recycled polyester polyester - reduces waste This design philosophy goes beyond material selection to ensure
 Growing consumer demand for sustainable practices, Page reduces CO2 emissions*  Water-repellent finish - environmental responsibility at every stage.
Industries incorporates industry standards including 4-point (*vs. standard polyester stays dry to the touch
inspection system production) Collaboration is another key pillar of the sustainability strategy.
LINKAGE TO UNSDG  Lightweight fabric - fabric
 Providing clear information about the materials used, production  PFC-free water-repellent doesn’t weigh you down Partnering with stakeholders enables Page Industries to innovate,
processes, proper care, responsible disposal options and finish is better for the create value, and remain a leader in sustainability. Working together,
potential end-of-life options empowers consumers to make environment the company strives for positive social, economic, and environmental
informed choices and promotes a circular economy impacts, leading to mutual value and long-term growth.

MISSION TARGET PERFORMANCE

Target FY 2023-24
All new developments of vendors/ suppliers (Fabric, Elastic, Yarn) 100% of product developments are undertaken in collaboration
will be OEKO-TEX certified by June 2022 with OEKO-TEX-certified vendors. (ongoing process)
Improve design for extended life (service delivery/ washes) In case of a new Fabric Material being introduced, 20
Domestic wash programmes will be conducted to confirm
extended life.
Responsible management of materials during product design and To Expand the Tactle, Modal, Bamboo fibre-based fabrics in
development new product developments

Continue to Increase the use of Renewable/Sustainable/ Recycled IP-Packaging material Lamination has been removed for all
Materials products except socks packaging.

* The new target will be implemented in the next reporting cycle.

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PRODUCT INNOVATION PRODUCT PACKAGING
Period Panties Understanding the interconnectedness of material
Jockey offers a sustainable alternative to disposable pads and tampons with its collection of reusable period panties. By choosing Jockey's procurement and product stewardship, Page
reusable period panties, customers can reduce waste generation and contribute to a more sustainable environment. Crafted with premium Industries prioritises sustainable packaging practices
fabric and innovative technology, these panties provide various benefits including: in product development. The company’s packaging
significantly impacts key performance indicators
(KPIs) like circularity and responsible sourcing. This
Eco-Friendly Leak-Proof Discreet and is streamlined by utilising recyclable materials like
Comfort and Breathability
Solution Protection Stylish cardboard, IP boxes, PP, and LDPE plastics, while
Protection
phasing out PVC for more sustainable options.
The company embraces the 3R (Reduce, Reuse,
Recycle) approach, minimising packaging layers
and encouraging reuse to reduce reliance on
virgin materials. This commitment is reflected in the
ambitious framework with specific targets, including
Empowerment and 100% Recycling and Management of single-use
Cost-Effective Versatility and Reduced Chemical
Body Positivity plastics in packaging.
Approach Convenience Exposure
In line with this commitment, Page Industries is registered
with the Central Pollution Control Board (CPCB) and
Dope-dyeing Process adheres to a plastic waste collection plan aligned with
Page Industries made a significant stride towards sustainability by incorporating dope-dyeing into product development. This innovative Extended Producer Responsibility (EPR) requirements.
dyeing process aligns with the company's environmental goals by significantly reducing water consumption, chemical usage, and waste The commitment extends beyond current practices,
generation. By incorporating dope-dyed yarns into its products, Page Industries demonstrates its dedication to creating sustainable and high- with ongoing research and development (R&D) efforts
quality apparel that minimises its environmental impact. This approach not only benefits the planet but also resonates with consumers who focussed on innovative solutions like recycled paper-
are increasingly seeking eco-friendly and ethically-sourced products. based materials for primary packaging and secondary
packaging.

LAUNCH STRATEGISATION For more details refer to the OEKO-TEX® CERTIFICATION

(Launching to market as planned by (Finalisation of strategic planning for Material Mission pg. 116 Page Industries has achieved a significant milestone by securing
PPC & operations Teams) upcoming season) OEKO-TEX® certification for 100% of its suppliers and vendors
6 1 during the reporting period. This achievement underscores the
company's unwavering commitment to sustainability and responsible

92% 75% material sourcing. The product development team actively integrates
OEKO-TEX® certification as a key selection criterion for all new
Sustainable packaging Sustainable packaging
vendors, further reinforcing this commitment. By prioritising
STYLE CLARITY MEET From (Jockey) (Speedo)
5 Procurement to STORYBOARD REVIEWING OEKO-TEX® certified partners, Page Industries fosters a culture
(Handover New styles details to 2 of environmental responsibility throughout its supply chain,
PPC & Operations Teams) delivery (Proto sample Costing, Materials
Lab reports / Quality check) safeguarding consumer well-being and minimising the company's

52% 37% ecological footprint.

Recycled Packaging Recycled Packaging FUTURE FOCUS

4 (Jockey) (Speedo)
Page Industries envisions a future where sustainability is deeply
3
RANGE-REVIEW ingrained in every aspect of product development and lifecycle
TESTING & WEAR-TRIAL management. The company plans to further enhance its product
(Sign-off, Approvals costs &
(Samples feedback and fine-tuning stewardship by exploring innovative materials, circular economy
all colours styling)
for any improvements) models, and optimising manufacturing processes through higher RE
share vis-à-vis optimising machinery for using lesser energy for the
same quality of product and end-of-life considerations. Additionally,
Page Industries aims to strengthen its collaboration with suppliers
and vendors to collectively drive positive change in the apparel
industry. By investing in research and development, the company
will continue to identify and implement sustainable solutions that
meet the evolving needs of consumers and the planet.

122 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 123
 The review of the non-financial sustainability performance disclosures is limited to the operations of PIL
India, as described in the reporting boundary in the Sustainability Report.
INDEPENDENT ASSURANCE STATEMENT
Bureau Veritas remotely interviewed personnel of Page Industries Limited including Environment, Health &
To: Safety (EHS) team, HR, Engineering, Purchase, Finance & Accounts, Medical Staff and other relevant
departments.
Page Industries Ltd.,
Cessna Business Park, The assessment of the procedures or approaches followed for data compilation and reporting of the
Umiya Business Bay, Varthur Hobli, sustainability performance in line with non-financial disclosures for specific operations was carried out as
Sarjapur Marathalli Outer Ring Road follows:
Bengaluru – 560103, Karnataka, India
 Verification, on a sample basis, of evidence supporting the data.
 Verification of the sample data and information on selected material topics.
Introduction and objectives of work  Assessment of the suitability between the backup data and the information presented in the
sustainability report.
Bureau Veritas was engaged by Page Industries Limited (PIL) to perform independent assessment to
provide “Moderate Level – Type 2” assurance of its Sustainability Report for the Financial Year 2023-24  The general and topic-specific non-financial sustainability standard disclosures are subject to
(hereafter referred to as “the Report”). moderate assurance based on the extent of information made available for assurance.
 Completion of assurance statement for inclusion in the report reflecting the verification, findings,
Intended User and conclusion of the disclosure’s assurance. Gap assessment as per GRI standards 2021
The assurance statement is made solely for “Page Industries Limited (PIL) and their stakeholders” as per highlights findings during verification of disclosures, draft assurance statement, and final signed
the governing contractual terms and conditions of the assurance engagement contract between “Page assurance statement as per GRI standards compliance.
Industries Limited (PIL)” and “Bureau Veritas”. To the extent that the law permits, we owe no responsibility
and do not accept any liability to any other party other than “Page Industries Limited (PIL)” for the work we The Universal and Topic-Specific Standards Disclosures offered for assurance were as follows:
have performed for this assurance report or for our conclusions stated in the paragraph below:
Universal Standard

This Assurance Statement applies to the related information included within the scope of work described General Disclosures
below:
 Organizational and its reporting practices (2-1 to 2-30)
 An assessment of the data collection and reporting methods for the selected sustainability performance
indicators. Disclosures on Material topics
 Verification of existing processes and methods of data collection and reporting
 Verification, on a sample basis, of evidence supporting the data and information provided in the Report.  Process to determine material topics (3-1 to 3-3)
 Verification of the sample data and information on selected material topics reported.
 Assessment of the consistency between the data for the selected sustainability performance indicators
Topic Disclosures
and the related written comments in the narrative of the Report.
 Assessment of the Company's process for compliance with legal obligations/disclosures.
 Completion of assurance statement for inclusion in the report, which will reflect the verification of  Defined Benefit Plan Obligations and Other Retirement Plans (201-3)
findings and conclusions.  Ratios of standard entry level wage by gender compared to local minimum wage (202-1 & 202-2)
 Review of non-financial, sustainability performance disclosures data carried out based on the review of  Infrastructure investments and services supported (203-1, 203-2)
data provided for respective units along with related backup, off-site audio-visual meetings through  Proportion of spending on local suppliers (204-1)
Microsoft Office Team’s call, tools and discussions and interview with the concerned personnel from  Anticorruption (205-1 to 205-3)
respective sites as listed in section below, and verifying key performance disclosures through the data  Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices (206-1)
provided.  Tax (207-1 to 207-4)
 Verifying the reliability and accuracy of data on a sample basis.
 Reviewing the processes deployed for collection, compilation, and reporting of sustainability Topic-Specific Standard Disclosures
performance in line with non-financial disclosures.
 Confidential interaction with workmen and suppliers. Materials (301-1, 301-2 and 301-3)
 Gap assessment in the data compilation against each non-financial disclosure and present
Sustainability Report w.r.t. GRI Standards 2021. Environment
 Classifying observations and findings and issuance of Assurance Statement.
 Energy (302-1 to 302-4)
Assurance over full sustainability report  Water and Effluent (303-1 to 303-5)
 Emissions (305-1 to 305-7)
The scope of our work was limited to assurance over data and information included in the Sustainability
 Waste (306-2 to 306-5)
Report (‘the Report’) for the period 1ST April 2023 to 31st March 2024 aligned with reference to the GRI
Standards performed for their following operations:  Supplier Environment assessment (308-1)

Social
Page Industries Limited 's corporate office in Bengaluru and units namely: Unit 1, Bommanahalli, Unit 3,
 Employment (401-1 to 401-3)
Bommasandra, Unit-4, Kodichikkanahalli, Unit-11, Hennagara gate, Unit 12-Hassan, Unit 14-Hosa Road,
Unit 15- Jigini, Unit -16 Mysore, Unit 17-Gowribidanur, Unit 19 & 31- Tirupur, Unit 20-Tiptur, Unit 21-  Minimum notice periods regarding operational changes (402-1)
Hassan, Unit 22-Hassan, Unit 25-KR Pete, and Unit 28-Mysore.

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124 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 125
  Occupational Health and Safety (403-1 to 403-10) Bureau Veritas was not involved in the drafting of the Report or of the Reporting Criteria. Our
 Training and Education (404-1 to 404-3) responsibilities were to:
 Diversity and Equal Opportunity (405-2)  providing moderate assurance about whether the assured Information has been prepared in
 Non-Discrimination (406-1) accordance with the Reporting Criteria.
 Freedom of association and collective Bargaining (407-1)
 Child Labour (408-1)  form an independent conclusion based on the assurance procedures performed and evidence
 Forced or Compulsory Labor (409-1) obtained; and
 Security Practices (410-1)  report our conclusions to the management of Page Industries Limited (PIL).
 Rights of Indigenous Peoples (411-1)
 Local Communities (413-1, 413-2)
 Supplier Social Assessment (414-1, 414-2) Assessment Standard
 Political contribution (415-1)
Bureau Veritas conducted assurance process in line with the requirements of the Assurance standard
 Customer Health & Safety (416-1, 416-2)
AA1000 AS v3, Type 2 Moderate assurance as per the principles of AA1000 AS: inclusivity, materiality,
 Marketing and Labelling (417-1 to 417-3) and responsiveness and Impact. Under this standard, Bureau Veritas has reviewed the information presented in
 Customer Privacy (418-1) the report against the characteristics of relevance, completeness, materiality, reliability, neutrality, and
understandability. “Moderate” assurance consists primarily of inquiries and analytical procedures. The
Complete list of disclosures verified is provided as Annexure to this statement. procedures performed in a moderate assurance engagement vary in nature and timing and are less in
extent than for a “High” (reasonable) assurance engagement.
Reporting criteria
Alignment with the principles of AA1000AS version 3
 Page Industries Limited has adopted the below criteria for preparing the report:
 Global Reporting Initiative (GRI) Standards 2021
Inclusivity
https://www.globalreporting.org/standards/download-the-standards/
where the methodology can be found.
There is nothing we came across that would suggest that Page Industries Limited (PIL) does not have
Limitations and Exclusions processes in place for engaging with a range of key stakeholders including socially responsible investors,
The following elements and any verification of information relating to them are excluded from the scope of shareholders, suppliers & contractors, Government officials, local community representatives and
our work: employees.

 Activities outside the defined verification period. Materiality

 Positional statements (expressions of opinion, belief, aim, or future intention by Page Industries
Limited (PIL) and statements of future commitment). We did not come across any finding to indicate the AA1000AS v3 assurance does not address the range of
environmental, social and economic issues of concern that (PIL) and its stakeholders have identified as
 The assurance does not extend to the activities and operations of “PIL” outside of the scope and
being of highest material importance. The identification of material issues has considered both internal
geographical boundaries mentioned in the report as well as the operations undertaken by any other assessments of risks and opportunities to the business, as well as stakeholders’ views and concerns. The
entity that may be associated with or have a business relationship with “PIL, other than that material issues were identified by a defined process of stakeholder engagement.
described in the report”.
Impact
 Water and Effluents: Zero Liquid Discharge by FY 2024 – achieved (only for ETP at Unit 21), made
by PIL, is based on self-assessment conducted by internal team. There is no finding from our assessment that Page Industries Limited (PIL) has not monitored, measured or
has not been accountable for its actions related to its material topics and their effect on the broader
 Successfully recycled 1127MT of pre- and post-consumer single-use plastic waste as per EPR ecosystem.
registration and received 1127 credit points from the Central Pollution Control Board (CPCB) is
Summary of work performed
based on the assessment and validation by a regulatory body.
As part of our independent verification, our work included:
 Zero Waste to Landfill with 100% traceability by 2024, is based on assessment conducted by
1. Assessing the appropriateness of the reporting criteria for the selected information.
internal team.
2. Conducting interviews with relevant personnel of PIL.
 Compliance with any Environmental, Social, and legal issues related to the regulatory authority. 3. Reviewing the data collection and consolidation processes used to compile selected information,
 Any of the statements related to company aspect or reputation. including assessing assumptions made, and the data scope and reporting boundaries.
 This moderate assurance (Type 2) engagement relies on samples of sustainability data selected 4. Reviewing documentary evidence provided by PIL.
using a risk-based approach and the associated limitations that this entails. The reliability of the
5. Reviewing PIL’s systems for quantitative data aggregation and analysis.
reported data is dependent on the accuracy of metering and other production measurement
arrangements employed at the site level, not addressed as part of this assurance. This independent 6. Assessing the disclosure and presentation of the selected information to ensure consistency with
statement should not be relied upon to detect all errors, omissions, or misstatements that may exist. assured information.
Responsibilities 7. Other verification activities:
The preparation and presentation of the information in the Report are the sole responsibility of the a. carrying out remote site audit of PIL units as per scope of audit.
management of Page Industries Limited (PIL).
b. confirmation of accuracy of information with third parties and/or external stakeholders

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126 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 127
 c. reperforming greenhouse gas emissions conversion calculations
d. comparing the selected Information to the previous year's values taking into consideration
changes in business activities, acquisitions, and disposals
e. evaluating the design of internal systems, processes, and controls to collect and report the
selected information.
f. reviewing the current sustainability issues that could affect Page Industries Limited (PIL)
and area of interest to stakeholders.
Mr. Senthil Kumar. V Mr. Rama Mohan Rao
g. reviewing PIL’s overall approach to stakeholder engagement
Lead Assurer Technical Reviewer
Bureau Veritas Industrial Services (India) Private Bureau Veritas Industrial Services (India) Private
Conclusions Limited Limited
Moderate assurance Date: 18/12/2024 Date: 23/12/2024
On the basis of our methodology and the activities described above: Place: Bengaluru, India Place: Hyderabad, India
 Nothing has come to our attention to indicate that the selected information under the current
assurance has not been properly reported, in all material respects, in accordance with the reporting
criteria.
 It is our opinion that Page Industries Limited has established appropriate systems for the collection,
aggregation, and analysis of quantitative data such as GHG emissions from the process, electricity
and fuel consumption, pollution emissions, water consumption, waste generation, employee’s
training and welfare and HSE related data.

Statement of Independence, Integrity and Competence

Bureau Veritas is an independent professional services company that specialises in quality, environmental,
health, safety, and social accountability with over 196 years of history. Its assurance team has extensive
experience in conducting verification over environmental, social, ethical, and health and safety information,
systems, and processes.

Bureau Veritas operates a Quality Management System and accordingly maintains a comprehensive
system of quality control including documented policies and procedures regarding compliance with ethical
requirements, professional standards, and applicable legal and regulatory requirements.

Bureau Veritas has implemented and applies a Code of Ethics, which meets the requirements of the
International Federation of Inspections Agencies (IFIA), across their businesses to ensure that employees
maintain integrity, objectivity, professional competence, due care, confidentiality, and high ethical standards
in their day-to-day business activities.

The assurance team involved in this work does not have any involvement in implementation or support in
preparation of inputs to this assurance for Page Industries Limited (PIL).

Restriction on use of Our Report

Our Moderate assurance report has been prepared and addressed to the Board of Directors of the Page
Industries Limited at the request of the company solely to assist the company in reporting on the
Company’s Sustainability performance and activities. Accordingly, we accept no liability to anyone, other
than the Company. Our deliverables should not be used for any other purpose or by any person other than
the addressees of our deliverables.
BV neither accepts nor assumes any duty of care or liability for any other purpose or to any other party to
whom our Deliverables are shown or into whose hands it may come without our prior consent in writing.

Bureau Veritas Industrial Services (India) Private Limited

Artisane Green Space No.165/5, Krishnaraju Layout, Dorsanipalya, Bengaluru 560076, Karnataka, India

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128 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 129
 ANNEXURE – I GRI 206 - Anti- 3-3 Management of material topics
competitive Behaviour 206-1 Legal actions for anti-competitive behaviour, anti-trust, and
2016 monopoly practices
Bureau Veritas has verified the below mentioned GRI disclosures in the report: GRI 207 - Tax 2019 3-3 Management of material topics
207-1 Approach to tax
GRI Standard / Other Disclosure
207-2 Tax governance, control, and risk management
Source
207-3 Stakeholder engagement and management of concerns
GRI 2 - General 2-1 Name of the Organisation related to tax
Disclosures 2021- The 2-2 Entities included in the organization’s sustainability reporting 207-4 Country-by-country reporting
organisation and its 2-3 Reporting period, frequency and contact point GRI 301- Materials 3-3 Management of Material Topics
reporting practices 2-4 Restatements of information 2016 301-1 Materials used by weight or volume
2-5 External assurance 301-2 Recycled input materials used
GRI 2 - General 2-6 Activities, value chain and other business relationships GRI 302- Energy 2016 3 -3 Management of material topics
Disclosures 2021- 2-7 Employees 302-1 Energy Consumption Within the Organization
Activities and workers 2-8 Workers who are not employees 302-2 Energy Consumption Outside of the Organization
GRI 2 -General 2-9 Governance structure and composition 302-3 Energy Intensity
Disclosures 2021- 2-10 Nomination and selection of the highest governance body 302-4 Reduction of Energy Consumption
Governance 2-11 Chair of the highest governance body GRI 303- Water and 3 -3 Management of material topics
2-12 Role of the highest governance body in overseeing the Effluents 2018
management of impacts 303-1 Interactions with water as a shared resource
2-13 Delegation of responsibility for managing impacts 303-2 Management of water discharge related impacts
2-14 Role of the highest governance body in sustainability reporting 303-3 Water withdrawal
2-15 Conflicts of interest 303-4 Water discharge
2-16 Communication of critical concerns 303-5 Water consumption
2-17 Collective knowledge of the highest governance body GRI 304 - Biodiversity
2-18 Evaluation of the performance of the highest governance body 2016
2-19 Remuneration policies GRI 305 – Emissions 3-3 Management of Material Topics
2-20 Process to determine remuneration 2016 305-1 Direct (Scope 1) GHG Emissions
GRI 2 - General 2-21 Annual total compensation ratio 305-2 Energy Indirect (Scope 2) GHG Emissions
Disclosures 2021– 2-22 Statement on sustainable development strategy 305-3 Other Indirect (Scope 3) GHG Emissions
Strategy, policies and 2-23 Policy Commitments 305-4 GHG Emissions Intensity
practices 2-24 Embedding policy commitments 305-5 Reduction of GHG Emissions
2-25 Processes to remediate negative impacts 305-6 Emissions of Ozone-Depleting Substances (ODS)
2-26 Mechanisms for seeking advice and raising concerns 305-7 Nitrogen Oxides (NOx), Sulphur Oxides (SOx), and Other
2-27 Compliance with laws and regulations Significant Air Emissions
2-28 Membership associations GRI 306- Waste 2020 3-3 Management of Material Topics
GRI 2 - General 2-29 Approach to stakeholder engagement 306-2 Management of Significant Waste-Related Impacts
Disclosures 2021– 2-30 Collective bargaining agreements 306-3 Waste Generated
Stakeholder 306-4 Waste Diverted from Disposal
engagement 306-5 Waste Directed to Disposal
GRI 3- Material Topics 3-1 Process to determine Material Topics GRI 308 – Supplier 308-1 New suppliers that were screened using environmental criteria
2021 3-2 List of Material topics 2016
GRI 201 – Economic 3-3 Management of material topics GRI 401 – 3-3 Management of Material Topics
Performance 2016 201-3 Defined Benefit Plan Obligations and Other Retirement Plans Employment 2016 401-1 New Employee Hires and Employee Turnover
GRI 202- Market 3-3 Management of material topics 401-2 Benefits Provided to Full-Time Employees That Are Not
Presence 2016 202-1 Ratios of Standard Entry Level Wage by Gender Compared Provided to Temporary or Part-Time Employees
to Local Minimum Wage 401-3 Parental Leave
202 -2 Proportion of senior management hired from the local GRI 402 - 402-1 Minimum notice periods regarding operational changes
community Labor/Management
GRI 203- Indirect 3-3 Management of material topics Relations 2016
Economic Impacts GRI 403 – 3-3 Management of Material Topics
203-1 Infrastructure investments and services supported
2016 Occupational Health 403-1 Occupational health and safety management system
203-2 Significant indirect economic impacts
and Safety 2018 403-2 Hazard identification, risk assessment, and incident
GRI 204- Procurement 3-3 Management of material topics
investigation
Practices 2016 204-1 Proportion of spending on local suppliers
403-3 Occupational health services
GRI 205- Anti- 3-3 Management of material topics
403-4 Worker participation, consultation, and communication on
Corruption 2016 205-1 Operations Assessed for Risks Related to Corruption occupational health and safety
205-2 Communication and Training about Anti-Corruption Policies 403-5 Worker training on occupational health and safety
and Procedures 403-6 Promotion of worker health
205-3 Confirmed Incidents of Corruption and 403-7 Prevention and mitigation of occupational health and safety
Actions Taken

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130 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 131
 impacts directly linked by business relationships
403-8 Workers covered by an occupational health and safety
management system
ANNEXURE
403-9 Work related injuries
403 -10 Work related ill health GRI INDEX
GRI 404: Training and 404-1 Average hours of training per year per employee
Education 2016 Statement of use Page Industries Limited has reported “in accordance” with the GRI Standards for the period
404-2 Programs for upgrading employee skills and transition 1st April 2023 to 31st March 2024.
assistance programs
GRI 1 used GRI 1: Foundation 2021
404-3 Percentage of employees receiving regular performance and
career development reviews Applicable GRI Sector Standard(s) Not Applicable
GRI 405 – Diversity 3-3 Management of Material Topics
and Equal Opportunity 405-2 Ratio of Basic Salary and Remuneration of Women to Men
2016 GRI Standard / Disclosure Location (Section) Omission
GRI 406: Non- 406-1 Incidents of discrimination and corrective actions taken Other Source Requirement(s) Reason Explanation
discrimination 2016 Omitted
GRI 407: Freedom of 407-1 Operations and suppliers in which the right to freedom of
Association and association and collective bargaining may be at risk GRI 2 - General 2-1 Name of the Overview: Page Industries Limited
Collective Disclosures 2021- The Organisation
Bargaining 2016 organisation and its 2-2 Entities included in the Reporting Scope and Boundaries
GRI 408: Child Labor 408-1 Operations and suppliers at significant risk for incidents of child reporting practices organisation’s
2016 Labour sustainability reporting
GRI 409: Forced or 409-1 Operations and suppliers at significant risk for incidents of 2-3 Reporting period, Reporting Period
Compulsory Labor forced or compulsory labour
frequency and contact point
2016
GRI 410: Security 410-1 Security personnel trained in human rights policies or 2-4 Restatements of Restatement of Information
Practices 2016 procedures information
GRI 411: Rights of 411-1 Incidents of violations involving rights of indigenous peoples
Indigenous Peoples 2-5 External assurance External assurance
2016 GRI 2 - General 2-6 Activities, value Company Profile
GRI 413: Local 413-1 Operations with local community engagement, impact Disclosures 2021- chain and other business
Communities 2016 assessments, and development programs Activities and workers relationships
413-2 Operations with significant actual and potential negative 2-7 Employees Employee Strength, Number of 2-7-b Not PIL does not employ
impacts on local communities employees by country-wise, Employee (ii, iii, iv, v) Applicable non- guaranteed
GRI 414: Supplier 414-1 New suppliers that were screened using social criteria categorisation hours employees,
Social Assessment part time employees
2016 2-8 Workers who are not Employee Strength, Number of
414-2 Negative social impacts in the supply chain and actions taken employees employees by country-wise, Employee
GRI 415: Public Policy 415-1 Political contributions categorisation
2016
GRI 416: Customer 416-1 Assessment of the health and safety impacts of product and
Health and Safety service categories GRI 2 - General 2-9 Governance structure Corporate Governance
2016 Disclosures 2021- and composition Annual Report -
416-2 Incidents of non-compliance concerning the health and safety Governance 93, 97 & 28
impacts of products and services
2-10 Nomination and Board Competencies
GRI 417: Marketing 417-1 Requirements for product and service information and labelling
and Labelling 2016 selection of the Annual Report –
417-2 Incidents of non-compliance concerning product and service highest governance body 101 - 107
information and labelling 2-11 Chair of the highest Annual Report –
417-3 Incidents of non-compliance concerning marketing governance body 101-107
communications 2-12 Role of the highest Board oversight and Management
GRI 418: Customer 418-1 Substantiated complaints concerning breaches of customer governance body in Responsibility of Sustainability at Page
Privacy 2016 privacy and losses of customer data overseeing the management Industries
of impacts
2-13 Delegation of Board oversight and Management
responsibility for Responsibility of Sustainability at Page
managing impacts Industries
2-14 Role of the highest Board oversight and Management
governance body in Responsibility of Sustainability at Page
sustainability reporting Industries
2-15 Conflicts of interest Ethical Business Conduct at Page
Industries
Ref: BV_Page Industries Limited_ 20986963 ASR_T10_270823 Page 9 of 9 2-16 Communication of Stakeholder Engagement
critical concerns

2-17 Collective knowledge Board oversight and Management

of the highest governance Responsibility of Sustainability at Page
body Industries

132 2023-24 Sustainability Report previous page next page Sustainability Report 2023-24 133
GRI Standard / Disclosure Location (Section) Omission GRI Standard / Disclosure Location (Section) Omission
Other Source Requirement(s) Reason Explanation Other Source Requirement(s) Reason Explanation
Omitted Omitted
2-18 Evaluation of the Board performance evaluation GRI 203- Indirect 3-3 Management of material Economic Performance mission
performance of the Annual Report – 30, 103 &104 Economic Impacts 2016 topics
highest governance body 203-1 Infrastructure Corporate Social Responsibilities (CSR)
2-19 Remuneration policies Remuneration Policy investments and services
Annual Report – 103, 104 &105 supported
2-20 Process to determine Remuneration Policy 203-2 Significant indirect Corporate Social Responsibilities (CSR)
remuneration Annual Report – 103, 104 &105 economic impacts
GRI 2 - General 2-21 Annual total Annual total compensation ratio GRI 204- Procurement 3-3 Management of material Responsible Supply Chain Mission
Disclosures 2021– compensation ratio Annual Report - 41 Practices 2016 topics
Strategy, policies and 2-22 Statement on Leadership message 4, 6, 8 & 50 204-1 Proportion of Local Procurement of Raw Materials
practices sustainable development spending on local suppliers
strategy GRI 205- 3-3 Management of material Governance, Risks, and Compliance
2-23 Policy Commitments Codes and Policies Annual Report – Anti-Corruption 2016 topics mission
BRSR Section B 205-1 Operations Assessed Ethical Business Conduct b Not There were no
2-24 Embedding policy Stakeholder Engagement for Risks Related to at Page Industries Applicable corruption related
commitments Codes and Policies Corruption risks identified
205-2 Communication Ethical Business Conduct
2-25 Processes to remediate Stakeholder Engagement
and Training About Anti- at Page Industries
negative impacts Ethical Business Conduct at
Corruption Policies and
Page Industries
Procedures
2-26 Mechanisms for Stakeholder Engagement
205-3 Confirmed Incidents Ethical Business Conduct a, b, c, d Not There were no
seeking advice and raising Ethical Business Conduct at
of Corruption and Actions at Page Industries Applicable confirmed incidents
concerns Page Industries
Taken of corruption
Annual Report – BRSR P4 & P5 GRI 206 - Anti-competitive 3-3 Management of Governance, Risks, and Compliance
2-27 Compliance with laws Compliance system, Board Behaviour 2016 material topics mission
and regulations 206-1 Legal actions for No incidents on reporting period
2-28 Membership Membership in Industry Associations anti-competitive behaviour, regarding anti-competitive behaviour
associations anti-trust, and monopoly and violations of anti-trust and
practices monopoly legislation
GRI 2 - General 2-29 Approach to Stakeholder Engagement
Disclosures 2021– stakeholder engagement GRI 207 - Tax 2019 3-3 Management of material Governance, Risks, and Compliance
Annual Report – BRSR P4
Stakeholder engagement topics mission
2-30 Collective bargaining Freedom of Association & Collective
207-1 Approach to tax Annual Report – 137, 165, 178
agreements Bargaining
207-2 Tax governance, Annual Report 137, 165, 178
GRI 3- Material Topics Process to determine Double Materiality control, and risk
2021 Material Topics management
List of Material topics Double Materiality 207-3 Stakeholder Annual Report 137, 165, 178
GRI 201 – Economic 3-3 Management of material Economic Performance mission engagement and
Performance 2016 topics management of concerns
201-1 Direct Economic Economic Value Generated and related to tax
Value Generated Distributed 207-4 Country-by-country Annual Report 165
201-2 Financial Implications a Information PIL did not reporting
and Other Risks and Unavailable evaluate financial
Opportunities Due to Climate implications of
Change climate change risks
and opportunities
201-3 Defined Benefit Plan Economic Value Generated and
Obligations and Distributed Diligent Provisions for
Other Retirement Plans obligations
201-4 Financial Assistance Financial Assistance from Government
Received from Government
GRI 202- Market 3-3 Management of material Diversity and Equal Opportunity
Presence 2016 topics mission
202-1 Ratios of Standard Ratio of basic salary and
Entry Level Wage by Gender Remuneration of women to men
Compared to Local Minimum
Wage
202 -2 Proportion of senior Management Level
management hired from the
local community

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GRI Standard / Disclosure Location (Section) Omission GRI Standard / Disclosure Location (Section) Omission
Other Source Requirement(s) Reason Explanation Other Source Requirement(s) Reason Explanation
Omitted Omitted
GRI 301- Materials 2016 3-3 Management of Material Material Mission GRI 305 – Emissions 3-3 Management of Material Energy and GHG Emissions mission
Topics 2016 Topics
301-1 Materials used by Material Mix 305-1 Direct (Scope 1) GHG Footprint, Quantification
weight or volume GHG Emissions Methodologies
301-2 Recycled input Material Mix 305-2 Energy Indirect GHG Footprint, Quantification
materials used (Scope 2) GHG Emissions Methodologies
301-3 Reclaimed products a, b Not There were no 305-3 Other Indirect (Scope GHG Footprint, Quantification
and their packaging Applicable products and 3) GHG Emissions Methodologies
materials packaging
305-4 GHG Emissions GHG Emissions Intensity
materials reclaimed
Intensity
in FY 2023-24. In
FY 2023-24, as per 305-5 Reduction of GHG Energy Efficiency Methods and
the EPR registration Emissions Adoption of RE
target (1,127 MT) 305-6 Emissions of Ozone- GHG emission (Scope1, Scope 2
under CPCB, the Depleting Substances (ODS) and Scope 3)
company has 305-7 Nitrogen Oxides Air emission a – iii, iv, v Not Owing to nature of
reclaimed and (NOx), Sulphur Oxides Applicable business
recycled an equal (SOx), And Other
amount of pre- and Significant Air Emissions
post-consumer GRI 306- Waste 2020 3-3 Management of OHS mission
plastic waste Material Topics
generated through
authorised recyclers. 306-1 Waste Generation Waste Management a Not There are no
and Significant Waste- Applicable significant waste-
GRI 302- Energy 2016 3-3 Management of Energy and GHG Emission mission
Related Impacts related impacts
material topics
identified from PIL
302-1 Energy Consumption Energy consumption by source operations.
Within the Organisation
Annual Report – BRSR P6:E1 306-2 Management of Waste Management, Chemicals
302-2 Energy Consumption Energy Consumption outside the Significant Waste-Related Management
Outside of the Organisation organisation Impacts
302-3 Energy Intensity Energy Intensity 306-3 Waste Generated Waste Generated, Diverted and
302-4 Reduction of Energy Energy Efficiency Methods and Directed to Disposal
Consumption Adoption of Renewable Energy 306-4 Waste Diverted Waste Generated, Diverted and
302-5 Reductions in Energy a, b, c Information from Disposal Directed to Disposal
Requirements of Products and unavailable 306-5 Waste Directed Waste Generated, Diverted and
Services to Disposal Directed to Disposal
GRI 303- Water and 3-3 Management of Material Water and Effluents Mission GRI 401 – Employment 3-3 Management of Diversity and Equal Opportunities
Effluents 2018 Topics 2016 Material Topics mission
303-1 Interactions with water Water Management 401-1 New Employee Hires Hiring & Turnover
as a shared resource and Employee Turnover
Annual Report BRSR P6:E3,4,5 & L1
401-2 Benefits Provided to Employee Benefits
303-2 Management of Effluent management Full-Time Employees That Are
water discharge related Not Provided to Temporary
impacts or Part-Time Employees
303-3 Water withdrawal Water Indicators 401-3 Parental Leave Parental Benefits
303-4 Water discharge Water Indicators
Annual Report – BRSR P3:E5
303-5 Water consumption Water Indicators
GRI 304 - Biodiversity Not applicable. The organisation adheres to standard environmental management practices. Page Industries operating units are GRI 402 - Labour/ 402-1 Minimum notice The required notice period for
2016 all located in industrial areas. Accordingly, there are no significant biodiversity hotspots in the area of operations. None of the Management Relations periods regarding operational changes of employment
protected areas that are of high biodiversity value are getting affected due to the company’s operations 2016 operational changes is outlined in company policies and
standard employment contracts.

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GRI Standard / Disclosure Location (Section) Omission GRI Standard / Disclosure Location (Section) Omission
Other Source Requirement(s) Reason Explanation Other Source Requirement(s) Reason Explanation
Omitted Omitted
GRI 403 – Occupational 3-3 Management of OHS mission GRI 405 – Diversity and 3-3 Management of Material Diversity and Equal Opportunity
Health and Safety 2018 Material Topics Equal Opportunity 2016 Topics mission

403-1 Occupational health Occupational Health and Safety 405-1 Diversity of Board Diversity, Our People a – iii, b- iii Not There is no
and safety management Mission Governance Bodies and Applicable workforce
system Employees categorisation
into minority and
403-2 Hazard identification, Occupational Health and Safety vulnerable groups
risk assessment, and incident Mission
investigation 405-2 Ratio of Basic Salary Ratio of basic salary and remuneration
and Remuneration of of women to men
403-3 Occupational Occupational Health and Safety Women to Men
health services Mission
GRI 406: Non- 406-1 Incidents of Human Capital Risk
403-4 Worker participation, Occupational Health and Safety discrimination 2016 discrimination and
consultation, and Mission corrective actions taken
communication on
occupational health and safety GRI 407: Freedom of 407-1 Operations and Human Capital Risk, Freedom of
Association and Collective suppliers in which the Association and Collective Bargaining
403-5 Worker training Occupational Health and Safety right to freedom of
on occupational health Mission Bargaining 2016 association and collective
and safety bargaining may be at risk

403-6 Promotion of Occupational Health and Safety GRI 408: Child Labour 408-1 Operations and Human Capital Risk
worker health Mission 2016 suppliers at significant risk
for incidents of child labour
403-7 Prevention and Occupational Health and Safety
mitigation of occupational Mission GRI 409: Forced or 409-1 Operations and Human Capital Risk
health and safety impacts Compulsory Labour 2016 suppliers at significant risk
directly linked by business for incidents of forced or
relationships compulsory labour
GRI 410: Security 410-1 Security personnel Workplace Policies and Guidelines
403-8 Workers covered OHS Risk Management, Occupational
Practices 2016 trained in human rights
by an occupational health Health & Safety Systems
policies or procedures
and safety management
system GRI 411: Rights of 411-1 Incidents of violations Human Capital Risk
Indigenous Peoples 2016 involving rights of indigenous
403-9 Work-related injuries Incident Reporting
peoples
403-10 Work-related a, b, c, d, e Not Owing to nature of GRI 413: Local 413-1 Operations with Corporate Social Responsibilities (CSR)
ill health Applicable business, there are Communities 2016 local community
no cases of work- engagement, impact
related ill health assessments, and
development programmes
GRI 404: Training and 404-1 Average hours Learning and Development
Education 2016 of training per year per 413-2 Operations with Corporate Social Responsibilities (CSR)
employee significant actual and
potential negative impacts
404-2 Programmes for Learning and Development
on local communities
upgrading employee skills
and transition assistance GRI 414: Supplier Social 414-1 New suppliers Supplier Sustainability Assessment
programmes Assessment 2016 that were screened using
social criteria
404-3 Percentage of Replace with Performance
employees receiving regular Management System 414-2 Negative social Supplier Sustainability Assessment
performance and career impacts in the supply
development reviews chain and actions taken

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GRI Standard / Disclosure Location (Section) Omission SASB-IFRS ALIGNMENT
Other Source Requirement(s) Reason Explanation
Topic Metric Category Unit of Code Response
Omitted
Measure
GRI 415: Public Policy 415-1 Political contributions Policy Influence
Management Discussion of Discussion and n/a CG-AA- Page Industries is committed to eliminating
2016
of Chemicals in processes to maintain Analysis 250a.1 hazardous chemicals from its production
GRI 416: Customer Health 416-1 Assessment of 100% of product developments are Products compliance with processes and products. Implemented
and Safety 2016 the health and safety undertaken in colLabouration with restricted substances Restricted Substances List (RSL) policy by
impacts of product and OEKO-TEX®-certified vendors. regulations March 2023. This initiative safeguards
service categories workers, consumers, and the environment
by ensuring products meet the highest
416-2 Incidents of non- Annual Report – BRSR P9:E6
compliance concerning the global regulatory standards. The company
health and safety impacts of has successfully completed two out of
products and services three phases in its RSL roadmap. Phase 1
focussed on monitoring five chemicals and
GRI 417: Marketing and 417-1 Requirements Annual Report – BRSR P9 one process, while Phase 2 expanded to
Labelling 2016 for product and service controlling these and monitoring three new
information and labelling chemicals and one process. Phase 3, set for
417-2 Incidents of non- Annual Report – BRSR P9 completion by FY 2025, aims to control all
compliance concerning 13 chemicals and two processes identified.
product and service Discussion of Discussion and n/a CG-AA- Page Industries focusses on engaging
information and labelling
processes to assess Analysis 250a.2 and building capacity with supply chain
417-3 Incidents of non- Annual Report – BRSR P9 and manage risks or partners through a proactive, step-by-step
compliance concerning hazards associated approach. They identify risks early to
marketing communications with chemicals in reduce waste and enhance sustainability.
products They utilise resources such as third-party
GRI 418: Customer 418-1 Substantiated Customer Privacy Information test reports, Material Safety Data Sheets
Privacy 2016 complaints concerning
(MSDS), Technical Data Sheets (TDS),
breaches of customer privacy
Certificates of Analysis (COA), compliance
and losses of customer data
certificates, the ZDHC Positive List, and the
OEKO-TEX® Eco Passport. Additionally,
they employ risk and process-based smart
testing.
Environmental Percentage of (1) Tier Quantitative Percentage (%) CG-AA- Some OSGV (Outsourcing Garment Vendors)
Impacts in the 1 supplier facilities 430a.1 have in-house STPs for domestic wastewater
Supply Chain and (2) supplier treatment, while others are connected to
facilities beyond Tier sewer lines. The organisation plans to monitor
1 in compliance with detailed water discharge processes and
improve awareness in the coming years. RM
wastewater discharge
Fabric vendors operate processing units with
permits or contractual in-house ETPs for effluent treatment, allowing
agreements the reuse of treated effluent in operations,
while some dispose of effluents through
CETPs under appropriate agreements. The
organisation aims to ensure comprehensive
tracking of these practices moving forward.
For Yarn vendors, STP requirements are
applicable, and the organisation will track
the details in the coming years
Percentage of (1) Quantitative Percentage (%) CG-AA- Page Industries is in the process of initiating
Tier 1 supplier 430a.2 comprehensive Higg FEM assessments, or
facilities and (2) equivalent environmental data assessments,
supplier facilities with its suppliers and is actively exploring
beyond Tier 1 that their full implementation in the upcoming
have completed the years.
Sustainable Apparel
Coalition’s Higg
Facility Environmental
Module (Higg
FEM) assessment
or an equivalent
environmental data
assessment

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Topic Metric Category Unit of Code Response Activity Metrics
Measure Activity Metric Category Unit of Measure Code Response
Labour Conditions Percentage of (1) Tier Quantitative Percentage (%) CG-AA- OSGV: Third-party audits have been
in the Supply 1 supplier facilities 430b.1 conducted for all 18 OSGV vendors,
Number of (1) Tier 1 Quantitative Number CG-AA-000.A In FY 2023-24, Page Industries Limited (PIL)
Chain and (2) supplier achieving 100% coverage. suppliers and (2) suppliers engaged with 223 raw material suppliers
facilities beyond Tier beyond Tier 1 and 18 Outsourcing Garment Vendors
1 that have been (OSGV). Of these, PIL identified all 18
audited to a labour OSGVs and 24 raw material suppliers as
code of conduct, key vendors based on business value.
(3) percentage
of total audits
conducted by a third- UNGC Index
party auditor
Description Sections
(1) Priority non- Quantitative Rate CG-AA- The priority non-conformance rate observed
conformance rate 430b.2 in third-party audits is addressed by Human Rights
and (2) associated vendors within the stipulated timeline. The
Businesses should support and respect the protection of internationally proclaimed human rights; and Governance, Risks and Compliance
corrective action rate associated corrective action rate ensures
for suppliers’ labour that non-conformances are resolved Make sure that they are not complicit in human rights abuses.
code of conduct effectively, enabling compliance with Diversity and Equal Opportunity
audits Labour codes of conduct. Certifications Labour
from third-party bodies (e.g., ETI-SMETA,
Businesses should uphold the freedom of association and the effective recognition of the right to Diversity and Equal Opportunity
WRAP, BSCI, SA8000) are awarded only
collective bargaining
after compliance is achieved, and these
certificates are subsequently shared with PIL. The elimination of all forms of forced and compulsory labour Governance, Risks, and Compliance

Description of Discussion and n/a CG-AA- No major labour or environmental, health, The effective abolition of child labour; and
the greatest (1) Analysis 430b.3 and safety (EHS) risks have been identified The elimination of discrimination in respect of employment and occupation.
Diversity and Equal Opportunity
labour and (2) in the supply chain. Third-party audits are
environmental, health conducted to ensure compliance with labour
and safety risks in the standards and EHS practices. Certifications
supply chain are issued only after verifying that factories Environment
meet the required standards, ensuring a safe Businesses should support a precautionary approach to environmental challenges; Sustainability Governance
and compliant supply chain. Undertake initiatives to promote greater environmental responsibility; and Sustainability Governance
Raw Materials (1) List of priority raw Discussion and n/a CG-AA- Currently, PIL does not have activities in Encourage the development and diffusion of environmentally friendly technologies. Energy and GHG Emissions
Sourcing materials; for each Analysis 440a.3 place to track the full range of environmental Water and Effluents
priority raw material: or social risks, or related business
Occupational, Health and Safety
(2) environmental opportunities for priority raw materials.
or social factor(s) However, the organisation plans to begin
most likely to tracking these factors in the near future. Anti-Corruption
threaten sourcing, Governance, Risks, and Compliance
Businesses should work against corruption in all its forms, including extortion and bribery.
(3) discussion
on business risks
or opportunities
associated with
environmental or
MAPPING WITH THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (SDG)
social factors and
(4) management
SDG Chapter / Section
strategy for
SDG 1 No Poverty Economic Performance - Economic Value Generated and Distributed
addressing
business risks and End poverty in all its forms Economic Performance - Corporate Social Responsibilities (CSR)
opportunities everywhere
Responsible Supply Chain - Responsible Procurement
(1) Amount of Quantitative Metric tonnes (t) CG-AA- 1. Refer to the material mix section on
priority raw materials 440a.4 page 117 Diversity and Equal Opportunity
purchased, by
material, and (2) SDG 2 Zero Hunger Responsible Supply Chain - Responsible Procurement
amount of each 2. 100% of raw material sourced from
priority raw material End hunger, achieve food Diversity and Equal Opportunity
OEKO-TEX® certified suppliers/vendors
that is certified security and improved
to a third-party nutrition and promote
environmental or sustainable agriculture
social standard, by
standard

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 SDG Chapter / Section SDG Chapter / Section

SDG 3 Good Health and Economic Performance - Corporate Social Responsibilities (CSR) SDG 10 Reduce Economic Performance - Corporate Social Responsibilities (CSR)
Well-being Inequalities
Water and Effluents - Water and Effluent Management Diversity and Equal Opportunity
Ensure healthy lives and Reduce inequality within
Occupational Health and Safety and among countries
promote well-being for all
at all ages Diversity and Equal Opportunity
SDG 12 Responsible Energy and GHG Emissions - Energy Efficiency
SDG 4 Quality Economic Performance Production and
Water and Effluents - Water Neutrality
Education Consumption
Diversity and Equal Opportunity Materials
Ensure inclusive and Ensure sustainable
equitable quality consumption and Product Stewardship
education and promote production patterns
lifelong learning
opportunities for all SDG 13 Climate Action Energy and GHG Emissions - Energy Efficiency
Take urgent action to Energy and GHG Emissions - GHG Emissions
SDG 5 Gender Equality Diversity and Equal Opportunity combat climate change
Energy and GHG Emissions - Air Emissions
Achieve gender equality and its impacts
and empower all women
and girls SDG 14 Life Below Water and Effluents
Water
SDG 6 Clean Water Water and Effluents - Water Management Ensure sustainable
and Sanitation consumption and
Occupational Health and Safety
production patterns
Ensure availability and
sustainable management SDG 16 Peace, Justice Governance, Risks and Compliance
of water and sanitation and Strong Institutions
for all Diversity and Equal Opportunity
Promote peaceful and
SDG 7 Clean and Energy and GHG Emissions - Energy Consumption by Source inclusive societies for
Affordable Energy sustainable development,
provide access to justice
Clean and Affordable Energy
for all and build effective,
Ensure access to affordable,
accountable and inclusive
reliable, sustainable and
institutions at all levels
modern energy for all

SDG 8 Decent Work Economic Performance - Economic Value Generated and Distributed SDG 17 Partnerships Membership In Industry Association
and Economic Growth for the Goals
Occupational Health and Safety Economic Performance - Corporate Social Responsibilities (CSR)
Promote sustained, Strengthen the means
Diversity and Equal Opportunity Advocating for Social Impact
inclusive and sustainable of implementation and
economic growth, full and revitalise the global
productive employment partnership for sustainable
and decent work for all development

SDG 9 Industry Sustainable Value Creation: Intellectual Capital

Innovation and
Energy and GHG Emissions
Infrastructure
Water and Effluents
Build resilient infrastructure,
promote inclusive and Materials
sustainable industrialisation
and foster innovation

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QUANTIFICATION METHODOLOGIES Mobile Combustion Outbound Logistics Business Travel
Energy and GHG Emissions Emission factors provided in the Cross-Sector calculation tool of The emissions from outbound logistics account for both domestic Following the distance-based approach, the actual number of
GHG Protocol have been used to calculate the GHG emissions and export of raw materials and finished goods from vendors. For business trips and the distance between the cities travelled were
To set organisational boundaries for consolidated Energy
from mobile combustion sources that are owned by the company. the emission calculations of domestic outbound logistics, the actual computed and multiplied by the emission factor as per the mode
consumption and GHG emissions, PIL has utilised the operational
Activity data (quantity of fuel consumed i.e., Diesel and Petrol) is tonnage of vehicles and truckload capacity by the organisation is of transport to account for the emissions from business travel. Air
control approach for the entities covered under the Report.
multiplied by emission factor to quantify the direct emission from highly variable and hence emissions were computed by a mass- distance and Rail distance of each travel are estimated using Air
combustion sources. distance approach using MDV emission factors of India GHG Miles Calculator and Indian Rail Info (IRI Forum).
Energy Consumption
Programme.
PIL’s energy consumption values for its different energy sources are Business travel includes emissions from both domestic and
Fugitive Emissions
calculated by multiplying the activity data (quantity of fuel consumed) The emissions from the Export of finished products and raw materials international travel. Emission from Hotel Stays during Business Travel
Global Warming Potential (GWP) from the IPCC Sixth assessment
with the respective default energy factor or actual measured Net were computed using mass-distance approach and emission factors is computed using UK Government GHG Conversion Factors for
report Protocol has been used to calculate the fugitive emissions
Calorific Value (NCV). Energy consumption values of Diesel, Petrol, were sourced from WRI GHG Emission factor compilation, India Company Reporting.
that occurred during the use of air conditioning equipment and fire
and LPG are computed using WRI – GHG Protocol Cross Sector GHG programme and UK Government GHG Conversion Factors
extinguishers. Activity data (quantity of gas released intentionally
tools, UK Government GHG Conversion Factors for Company for Company Reporting. Sources for the calculation of emission factors for different modes of
or intentionally based on top-up data) multiplied by the respective
Reporting. For electricity, the energy conversion factor is sourced transportation are as follows:
GWP to quantify the direct fugitive emissions.
from the Department of New and Renewable Energy, India and for Waste Generated in Operations
Biomass, the actual measured Net Calorific Value (NCV) is used. – Road - India Specific Road Transport Emission Factors published
Biogenic Emissions The emissions from waste generated in the operation category by India GHG Program.
Quantity of biomass consumed is multiplied by the emission factor to are quantified based on Waste-type-specific method as per
Purchased electricity from the grid and solar energy generated and – Rail - India Specific Rail Transport Emission Factors for
quantify the biogenic emission. The emission factor is sourced from GHG protocol and emission factors specified in sourced from UK
consumed are recorded using energy meters. Diesel and Biomass Passenger Travel and Material Transport published by India
UK Government GHG Conversion Factors for Company Reporting. Government GHG Conversion Factors for Company Reporting.
consumed are calculated based on purchased quantity and closing GHG program
stock. LPG consumed is calculated based on the purchased quantity.
For more details on waste categories, refer to the waste management – Air - Air Transport Emission Factors for Passenger Travel were
Diesel and Petrol used for transportation are recorded digitally SCOPE 2 EMISSIONS
section of the report sourced from WRI GHG Emission Factors Compilation
with the fuel provider’s software. Energy Consumption outside the The quantification of indirect GHG emission due to purchased
organisation is calculated using average fuels consumption and electricity is based on activity data (electricity consumption in kWh)
respective default energy factor from WRI – GHG Protocol Cross
Inbound Logistics Employee Commute
multiplied by weighted average emission factors specified in the
Sector tools and UK Government GHG Conversion Factors for The emissions from inbound logistics account for both domestic Employee transportation facility has been arranged at PIL’s
‘CDM – CO2 Baseline Database’ (version 19.0) issued by Central
Company Reporting. and imported raw materials and finished goods from vendors. The manufacturing units for daily commute of its employees. The emissions
Electricity Authority, Government of India, in the absence of a newer
finished goods from outsourcing are not included in the boundary are calculated using the fuel-based method and the emission factor
version.
GHG Emissions and will be attempted to be included in the coming years. is obtained from UK Government GHG Conversion Factors for
PIL’s GHG emissions inventory is prepared using the ‘GHG Protocol SCOPE 3 EMISSIONS Company Reporting.
For the emission calculations of domestic inbound logistics, and
Corporate Accounting and Reporting Standard’ and ‘Corporate Purchased Goods and Services transportation, where the actual tonnage of the vehicle remains the Other Air Emissions
Value Chain (Scope 3) Accounting and Reporting Standard’
The emissions from the purchased goods and services of raw materials same and the trucks full load capacity, is accounted for PIL, the
developed by the GHG Protocol Initiative, a partnership between Other significant air emissions of DG sets and Briquette boilers are
and non-raw materials were computed using the Average-data distance-based approach is used to calculate the emissions as per
World Resources Institute (WRI) and the World Business Council for computed using Stack monitoring reports.
and spend-based method as per the GHG protocol and emission the GHG protocol. In transportations where the actual tonnage of
Sustainable Development (WBCSD). The Emission Factors used are
factors were sourced from WRI GHG Emission factor compilation, vehicles and truckload capacity by the organisation is highly variable
sourced from the Cross-Sector calculation tool of GHG Protocol, UK
India GHG programme, North American Industry Classification the same mass-distance approach as above was followed.
Government GHG Conversion Factors for Company Reporting and
System (NAICS) and UK Government GHG Conversion Factors for
Global Warming Potential (GWP) used are sourced from the IPCC
Company Reporting.
Sixth assessment report.

Capital Goods
Base Year
The emissions from the Capital goods purchased were computed
The GHG emission of FY 2019-20 reported is chosen as the base
using the spend-based method as per the GHG protocol and
year for comparison and calculation of GHG emission reductions.
emission factors were sourced from North American Industry
The FY 2019-20 emissions data is chosen as the inventory boundary
Classification System (NAICS), U.S. Census Bureau.
is consistent with the current reporting period and the data set is
more comprehensive for emission sources to date.
Fuel and Energy-related activities
SCOPE 1 EMISSIONS The emissions from Fuel- and energy-related activities category
includes Upstream emissions of purchased fuels (Diesel, Petrol, LPG,
Stationary Combustion
PNG, Biomass), Purchased Electricity and T&D Losses and emission
Emission factors provided in the Cross-Sector calculation tool of factors were sourced from IEA Life Cycle Upstream Emission Factors
GHG Protocol have been used to calculate the GHG emissions database, Central Electricity Authority (CEA), Government of India
from stationary combustion sources. Activity data (quantity of fuel and UK Government GHG Conversion Factors for Company
consumed) is multiplied by the respective emission factor to quantify Reporting.
the direct emission from stationary combustion sources. Stationary
combustion fuel includes diesel and LPG.

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LIST OF ACRONYMS AND ABBREVIATIONS

AC Air Conditioner HVAC Heating, Ventilation and Air- PFC Perfluorinated Compound TDS Total Dissolved Solids
Conditioning
CASHE Change Agents for Safety, Health and PIL Page Industries Limited ToR Terms of reference
Environment IGBC Indian Green Building Council
PMS Performance Management System UoM Unit of Measurement
CDP Carbon Disclosure Project ILO International Labour Organization
POSH Prevention of Sexual Harassment UNEP United Nations Environment
CII Confederation of Indian Industry INR Indian Rupee Programme
PP Polypropylene
CO2 Carbon Dioxide IP Ingress Protection UNSDG United Nations Sustainable
PPE Personal Protective Equipment Development Goals
CSR Corporate Social Responsibility ISO International Organization of
Standardization PRV Pressure Reducing Valve UNFCCC United Nations Framework Convention
CTC Cost to Company on Climate Change
IT Information Technology PV Photovoltaic
C-TPAT Customs-Trade Partnership Against USD United States Dollars
Terrorism KMP Key Managerial Personnel PVC Polyvinyl Chloride
VFD Variable Frequency Drive
DG Diesel Generator LED Light Emitting Diode QC Quality Control
WASH Access to Safe Water, Sanitation and
DJSI Dow Jones Sustainability Indices LODR Listing Obligations and Disclosure R&D Research and Development
Hygiene at Workplace
Requirement
EBITDA Earnings Before Interest, Taxes, REPET Recycle Polyester
WBCSD World Business Council for Sustainable
Depreciation, and Amortization LPG Liquid Petroleum Gas Development
RIMP RSL Implementation and Management
EBO Exclusive Brand outlets LTA Lost Time Accident Program
WRAP Worldwide Responsible Accredited
RO Reverse Osmosis Production
EHS Environmental Health and Safety MBO Multi Brand Outlets

RSL Restricted Substances List WRI World Resources Institute

ERM Enterprise Risk Management MBTI Myers-Briggs Type Indicator

SAP Systems Applications and Products ZDHC Zero Discharge of Hazardous

ERP Enterprise Resource Planning MLD Megaliters Per Day
Chemicals
ERT Emergency Response Team MRSL Manufacturing Restricted Substances SDS Safety Data Sheets
SASB Sustainability Accounting Standards
List
ESG Environmental, Social and Governance SEBI Securities and Exchange Board of India Board
MSIHC Manufacture, Storage and Import of
ESIC Employees’ State Insurance Corporation SSC Sustainability Steering Committee IFRS International Financial Reporting
Hazardous Chemicals
Standards
ETP Effluent Treatment Plant MT Metric Tonne STP Sewage Treatment Plant
SA8000 Social Accountability 8000
FY Financial Year NABL National Accreditation Board for tCO2e Tonnes of Carbon Dioxide Equivalent
BSCI Business Social Compliance Initiative
Testing and Calibration Laboratories
FDI Foreign Direct Investment
NDCs Nationally Determined Contributions
GHG Greenhouse Gas
NGO Non-governmental Organisation
GHS Globally Harmonized System
NHRD National Human Resource
GJ Giga Joules
Development
GOI Government of India
OHS Occupational Health and Safety
GRAAM Grass Root Research and Advocacy
OHSAS Occupational Health and Safety
Program
assessment series
GRI Global Reporting Initiative
OEM Original Equipment Manufacturer
HCFC Hydro-Chloro-Fluoro Carbon
OEP Onsite Emergency Plan
HO Head Office
OJT On-The-Job-Training
HR Human Resources
PET Polyethylene Terephthalate

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