AUDITOR'S REPORT

Oil And Natural Gas Corporation Ltd.

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Market Cap. (₹)	317463.35 Cr.	P/BV	0.90	Book Value (₹)	280.02
52 Week High/Low (₹)	274/205	FV/ML	5/1	P/E(X)	8.76
Bookclosure	14/11/2025	EPS (₹)	28.80	Div Yield (%)	4.85

Year End :2025-03

We have audited the accompanying Standalone Financial
Statements of Oil and Natural Gas Corporation Limited (“the
Company"), which comprise the Balance Sheet as at March
31, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity
and the Statement of Cash Flows for the year ended on that
date, and notes to the Standalone Financial Statements,
including a summary of the material accounting policies
and other explanatory information (hereinafter referred to
as “the Standalone Financial Statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Financial Statements give the information
required by the Companies Act, 2013 (hereinafter referred
to as “the Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015
as amended, (hereinafter referred to as “Ind AS") and other
accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, and its
profit, other comprehensive income, changes in equity and
its cash flows for the year ended on that date.

!. Basis for Opinion

We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on Auditing
(hereinafter referred to as “SAs") specified under section
143(10) of the Act. Our responsibilities under those Standards
are further described in the Auditor's Responsibilities for the
Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered
Accountants of India (hereinafter referred to as “ICAI")
together with the ethical requirements that are relevant to
our audit of the Standalone Financial Statements under the
provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics. We
believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our audit opinion on
the Standalone Financial Statements.

3. Emphasis of Matter

i. Note No. 49.1.1(d), in respect of pending finality of
Arbitration Tribunal Award on various issues related
to Production Sharing Contract with respect to Panna-
Mukta and Mid and South Tapti contract areas (PMT
JV), demand of USD1,624.05 Million equivalent to
' 139,148.60 million as on March 31,2025 (' 135,380.31
million up to March 31, 2024) on the Company, to the
extent of the Company's participating interest in the
PMT JV, by Directorate General of Hydrocarbons is
considered as contingent liability for the reason stated
in the said note.

ii. Note no. 49.1.1(b), in respect of Service Tax / GST levied
on royalty on crude oil and natural gas, though demands
raised by the Tax Authorities on such Service Tax / GST
have been disputed, the Company has accounted for
the same as liability in the books. Further, disputed
demand due to penalty and other differences on such
taxes of ' 19,597.96 million (' 18,721.67 million up
to March 31, 2024) and with respect to Joint Venture
blocks, share of such taxes together with interest
thereon of ' 32,898.57 million (' 52,964.04 million up
to March 31,2024) for other joint venture partners not
paid by them till March 31,2025 have been considered
as contingent liabilities for the reasons stated in the
said note.

iii. Note no. 16.2, in respect of refund of ' 20,875.11
million (' 20,875.11 million up to March 31, 2024) of
Terminal Excise Duty receivable from Director General
of Foreign Trade, Government of India considered good
and recoverable for the reason stated in the said note.

Our opinion on the Standalone Financial Statements is
not modified in respect of the above matters.

4. Key Audit Matter

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements of the current period.
These matters were addressed in the context of our audit
of the Standalone Financial Statements as a whole, and
in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the
matters described below to be the key audit matters to be
communicated in our report.

Sr.

No.

Key Audit Matter

How our audit addressed the matter

Evaluation of adequacy of provision for impairment for tangible
and intangible assets

(Refer Note 48 to the Standalone Financial Statements)

Management has assessed whether any provision needs to be
recognized on account of impairment of tangible and intangible
assets.

The Company reviews the carrying amount of its tangible and
intangible assets (Oil and Gas Assets including Capital Work-
in-Progress (CWIP) & Development Wells in Progress (DWIP),
Other Property, Plant & Equipment (including Capital Works-in¬
Progress, Right of Use Assets) for the “Cash Generating Unit"
(CGU) determined at the end of each reporting period to assess
whether there is any indication that those assets have suffered
any impairment loss.

Oil and Gas price assumptions have a significant impact on
CGU impairment assessments and are inherently uncertain.
Furthermore, oil and gas prices are subject to increased
uncertainty, given regulatory guidelines including notified gas
prices, impact of climate change and the global energy transition.
The management's assumptions for prices of oil and gas in
future are highly judgemental and may not be reflective of above
factors, leading to a risk of material misstatement of the financial
performance and position.

Given the long timeframes involved, certain recoverable amounts
of assets are sensitive to the discount rate applied. Since the
determination of appropriate discount rate is judgemental, there
is a risk that discount rates may not reflect the return required
by the market and the risks inherent in the cash flows being
discounted, which may lead to a material misstatement.

A key input to impairment assessments and valuations is the
production forecast, in turn closely related to the Company's
reserves estimates, production profile, availability of customers
for monetization and field development assumptions with
reference to Oil and Gas.

The determination of recoverable amount, being the higher of
fair value less costs to sell and value- in use is based on the
factors as discussed above, necessitating judgement on the part
of management.

In case of exploration and evaluation assets including other Oil
and Gas Assets, based on management's judgement, assessment
for impairment is carried out when further exploration activities
are not planned in near future or when sufficient data indicate
that although a development is likely to proceed, the carrying
amount of the exploration asset is unlikely to be recovered in full
from successful development or by sale.

Based on the above actors, we have considered the measurement
of Impairment as Key Audit Matter.

Our audit procedures included the following:

Evaluated the appropriateness of management's
identification of the CGUs, exploration and evaluation
assets and tested the operating effectiveness of controls
over the impairment assessment process, including
indicators of impairment, as required by relevant financial
reporting standards.

Reviewed the reasonableness of the judgments
and decisions made by the management regarding
assumptions (including the relevant regulatory guidelines)
for Oil and Gas prices in future to identify whether there are
indicators of possible management bias and accordingly
relied upon the management's assumptions for Oil and
Gas price future

Reviewed the appropriateness of discount rates used in
the estimation.

Relied on the technical assessment of the Management
with regard to the Reserves and the Production profile of
Oil and Gas, as shown to us by the management.

Performed testing of the mathematical accuracy of the
cash flow models and checked the appropriateness of
the related disclosures. We evaluated management's
assessment and related calculations of impairment
including comparison of the recoverable amount with
the carrying amounts of respective CGUs in the books of
accounts.

Perused the future plans related to exploration activities.
Further, we have relied upon management's assessment
that the Mining Lease (ML)/ Petroleum Mining Lease (PML)
shall be re-granted, wherever expired/ is expiring in near
future.

2	Estimation of Decommissioning liability
	(Refer Note 24 to the Standalone Financial Statements)	Our audit procedures included the following:
	The Company has an obligation to restore and rehabilitate the	Evaluated the approach adopted by the management in
	Asset/fields operated upon by the Company at the end of their use.	determining the expected costs of decommissioning.
	This decommissioning liability is recorded based on estimates of the costs required to fulfil this obligation.	Relied upon management's assessment with respect to the cost assumptions used that have the most significant
	The provision is based upon current cost estimates and has been	impact on the provisions.
	determined on a discounted basis with reference to current legal requirements and technology changes. At each reporting date the decommissioning liability is reviewed and re-measured in line	Reviewed the appropriateness of discount and inflation rates used in the estimation.
	with changes in observable assumptions, timing and the latest	Verified the unwinding of interest as well as understanding
	estimates of the costs to be incurred at reporting date.	if any restoration was undertaken during the year.
	We have considered the measurement of decommissioning	Relied upon the technical assessment with respect to
	costs as Key Audit Matter as it requires significant management	the Production Profile as estimated by the management
	judgment, including accounting calculations and estimates that	based on which the Terminal year of the Asset /fields for
	involves high estimation uncertainty.	decommissioning has been estimated.
		Relied upon management's assessment that the Mining Lease (ML) / Petroleum Mining Lease (PML) would be regranted, till the terminal year of the field as estimated by the management.
		Relied on the judgments of the internal/ external experts for the purpose of technical /commercial evaluation.
		Performed testing of mathematical accuracy and assessed the appropriateness of the disclosures made in the financial statements.
3	Litigations and Claims
	(Refer Note 49 to the Standalone Financial Statements)
	Litigation and claims are pending with multiple tax and regulatory	Our audit procedures included the following:
	authorities and there are claims from vendors/suppliers and employees which have not been acknowledged as debt by the Company (including Joint Operations).	Understood Management's internal instructions, process and control for determining and estimating the tax litigations, other litigations and claims and its appropriate
	In the normal course of business, financial interests or exposures may arise from pending legal/regulatory proceedings and from above referred claims not acknowledged as debt by the company. Whether demands from tax and regulatory authorities and claims from vendors / suppliers are to be recognized as liability or disclosed as a contingent liability in the Standalone Financial Statements or considered as remote, is dependent on a number of significant assumptions and judgments made by the management. The amounts involved are potentially significant and determining the amount, if any, to be recognized or disclosed	accounting and/or disclosure. Discussed pending matters with the Company's personnel with respect to status of cases of litigation and claims. Inquiry with the legal and tax departments regarding the status of most significant disputes and inspection of key relevant documentation. Review of opinion received from the experts where available.
	in the financial statements, is inherently subjective.	Assessed management's conclusions through
	We have considered Litigations and claims as Key Audit Matter because the estimates on which these amounts are based involve a significant degree of management judgment, including accounting estimates that involves high estimation uncertainty.	understanding precedents set in similar cases, reviewed the recommendations of the internal committee specially formed by the management, placed reliance upon the expert opinions, wherever obtained by the management.
		We have assessed the adequacy and appropriateness of recognition, measurement, presentation and disclosure of the Contingent liabilities in the Standalone Financial Statements.

4	Information Technology and General Controls The Company is dependent on its Information Technology (“IT")	In assessing the integrity of the IT systems relevant for financial reporting, we obtained an understanding of the IT infrastructure and IT systems relevant to the Company's
	systems for processing and recording its transactions, including	financial reporting process for evaluation and testing of
	financial reporting processes.	relevant IT general controls and IT application controls ('SAP'), through inquiries with the management and
	Appropriate IT general controls and application controls are	review of the reports of the Information system control
	required to ensure that such IT systems can process the data,	audits done by a third party.
	as required, completely, accurately and consistently for reliable	Access rights were tested over applications, operating
	financial reporting.	system, on a sample basis, which are relied upon for
	IT application controls are critical to ensure that changes to	financial reporting. We further tested segregation of duties, including preventive controls to ensure that access
	applications / files / information and underlying data are made	to change applications, the operating system or databases
	in an appropriate manner and under controlled environment.	in the production environment were granted only to
	Appropriate controls contribute to mitigating the risk of potential	authorized personnel.
	fraud or errors as a result of changes to applications and data.	Our audit included making necessary inquiries with
	On account of the pervasive use of IT systems and related control	the management, scrutiny of the report on 'IT audit and
	environment on the Company's financial reporting process, the	security by a third-party expert, access security (including controls over privileged access), segregation of duties and
	testing of the general computer controls of the IT systems used in financial reporting has been considered to be a Key Audit Matter.	delegation of authority.
		In response to the above IT requirements, enhancement of functionalities in IT System made during the year, we performed the following:


		- reviewed controls and performed additional
		substantive procedures of key general ledger account reconciliations.
		- observed that training sessions are also provided to
		users, to enable full utilization of SAP functionalities.
		Reviewed key automated and manual business cycle controls and logic for the reports generated through the IT infrastructure that were relevant for financial reporting or were used in the exercise of internal financial controls with reference to financial statement, including testing of the compensating controls or alternate procedures to assess whether there were any unaddressed IT risks that would materiality impact the Standalone Financial Statements.

5. Other Matters

i. We have placed reliance on technical / commercial
evaluation by the management in respect of categorization
of wells as exploratory, development, producing and dry
well, allocation of cost incurred on them, production
profile, proved (developed and undeveloped) / probable
hydrocarbon reserves, and depletion thereof on Oil and Gas
Assets, impairment, liability for decommissioning costs,
evaluation and timelines for completion of projects under
progress, liability for NELP / Hydrocarbon Exploration and
Licensing Policy (“HELP") and nominated blocks for under
performance against agreed Minimum Work Programme.

ii. As mentioned in Note No. 47.1.3, the Standalone Financial
Statements include the Company's share in the total
value of assets, liabilities, expenditure and income of 201
blocks under New Exploration Licensing Policy (NELP) /
Hydrocarbon Exploration and Licensing Policy (HELP) /
Discovered Small Fields (DSFs) / Open Acreage Licensing
Policy (OALPs) and Joint Operations (JO) accounts for
exploration and production out of which:

a. 9 blocks have been audited by other Chartered
Accountants. In respect of these blocks, Standalone
Financial Statements include proportionate share
in assets and liabilities as on March 31, 2025
amounting to ' 60,478.66 million and ' 32,739.86 million
respectively and revenue and profit/(loss) including
other comprehensive Income for the year ended
March 31, 2025 amounting to ' 58,483.74 million and
' 13,270.84 million respectively. Our opinion is based
on audit reports of the other Chartered Accountants.

b. 18 blocks have been certified by the management.
In respect of these blocks, Standalone Financial
Statements include proportionate share in assets and
liabilities as on March 31,2025 amounting to ' 8,734.20
million and ' 8,058.94 million respectively and revenue
and profit/(loss) including other comprehensive
Income for the year ended March 31,2025 amounting to
' 48.39 million and ' (828.57) million respectively. Our
opinion is based on management certified accounts in
respect of these blocks.

Our opinion on the Standalone Financial Statements is not
modified in respect of the above matters.

6. Information Other than the Standalone Financial
Statements and Auditor’s Report Thereon

The Company's Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board's Report including
Annexures to Board's Report, Business Responsibility and
Sustainability Report, Corporate Governance, but does not
include the Standalone Financial Statements, Consolidated

Financial Statements and our auditors' reports thereon. The
above referred information is expected to be made available
to us after the date of this audit report.

Our opinion on the Standalone Financial Statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the Standalone Financial Statements, or
our knowledge obtained in the audit or otherwise appears to
be materially misstated.

When we read other information, if we conclude that there
is a material misstatement therein, we are required to
communicate the matter to those charged with governance
and take appropriate actions necessitated by the
circumstance and the applicable laws and regulations.

7. Responsibility of the Management and Those Charged
With Governance for the Standalone Financial
Statements

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these Standalone Financial Statements
that give a true and fair view of the financial position,
financial performance, changes in equity and cash flows
of the Company in accordance with the Ind AS specified
under section 133 of the Act and other accounting principles
generally accepted in India. This responsibility also includes
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of
the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial
Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements,
management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the
Company's financial reporting process.

8. Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether
the Standalone Financial Statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually
or in aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the
audit. We also:

Identify and assess the risks of material misstatement of the
Standalone Financial Statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal control.

- Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i)
of the Act, we are also responsible for expressing our opinion
on whether the Company has adequate internal financial
controls system in place and the operating effectiveness of
such controls.

- Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.

- Conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's
report to the related disclosures in the Standalone Financial

Statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However,
future events or conditions may cause the Company to cease
to continue as a going concern.

- Evaluate the overall presentation, structure and content
of The Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related
safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law
or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.

9. Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor's Report) Order, 2020
(“the Order") issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give in
the “Annexure -1”, a statement on the matters specified in
the paragraph 3 and 4 of the order, to the extent possible.

ii. Based on verification of books of accounts of the Company
and according to information and explanations given to
us, we give below a report on the Directions issued by the
Comptroller and Auditor General of India in terms of Section
143(5) of the Act:

Sr. No.	Directions u/s 143(5) of the Act for year 2024-25	Auditor's reply on the action taken on the directions
1	Whether the Company has system in place to process all the accounting transactions through IT system? If yes, the implication of processing of accounting transaction outside IT System on the integrity of the accounts along with the financial implications, if any, may be stated.	Yes, the Company has system in place to process all the accounting transactions through IT system, namely SAP. Based on the audit procedures carried out and as per the information and explanations given to us, no accounting transactions have been processed / carried outside the IT system. Accordingly, there are no implications on the integrity of the accounts.
2	Whether there is any restructuring of an existing loan or cases of waiver/ write-off of debts/ loans/ interest etc. made by a lender to the company due to the Company's inability to repay the loan? If yes, the financial impact may be stated. Whether such cases are properly accounted for? (In case, lender is a Government Company, then this direction is also applicable for statutory auditor of lender Company)	Loan/Debt where Company is borrower: Based on the audit procedures carried out and as per the information and explanations given to us, there were no cases of restructuring or waivers / write-off of debts/ loans/ interest etc. by any lender, due to the company's inability to repay the loan during the FY 2024-25. Loan/Debt where Company is lender: Based on the audit procedures carried out and as per the information and explanations given to us, there were no cases of restructuring or waivers / write-off of debts/ loans/ interest etc. during the FY 2024-25 with regard to amounts lent by the company to the other parties.
3	Whether funds (Grant/ subsidy etc.) received/ receivable for specific schemes from Central/ State Government of its agencies were properly accounted for/ utilized as per its terms and conditions? List the cases of deviation.	Based on the audit procedures carried out and as per the information and explanations given to us, the funds (Grant/ subsidy) received/ receivable for specific schemes from Central/ State Government of its agencies were properly accounted for/ utilized as per its terms and conditions.

iii. As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and
explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.

b. In our opinion, proper books of accounts as required by law
have been kept by the Company so far as it appears from our
examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flows dealt
with by this Report are in agreement with the books of
accounts.

d. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under Section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015 as amended.

e. As the company is a Government Company, in terms of
notification no. G.S.R. 463(E) dated 5^th June 2015, issued
by the Ministry of Corporate Affairs, the sub-section (2) of
section 164 of the Act is not applicable to the company.

f. With respect to the adequacy of internal financial controls
with reference to Standalone Financial Statements of the
company and the operating effectiveness of such controls,
refer to our separate Report in “Annexure 2”. Our report
expresses an unmodified opinion on the adequacy and

operating effectiveness of the Company's internal financial
control over financial reporting.

g. As the company is a Government Company, in terms of
notification no. G.S.R. 463(E) dated 5^th June 2015, issued
by the Ministry of Corporate Affairs, the sub-section (16) of
section 197 of the Act is not applicable to the company.

h. With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended, in
our opinion and to the best of our information and according
to the explanations given to us:

i. The Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements - Refer Note 49 to the Standalone
Financial Statements.

ii. The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses - Refer Note 53.4 to the
Standalone Financial Statements.

iii. There has been no delay in transferring amounts,
required to be transferred to the Investor Education
and Protection Fund by the Company, except in the
following cases:

Financial Year of declaration of dividend	Type of dividend	Date of declaration	Due date of transfer to IEPF account	Date of transfer to IEPF Account	Delay in days	' in Million
2016-17	Interim	October 27, 2016	January 3, 2024	May 22, 2024	140	18.40
2016-17	Interim	January 31,2017	April 8, 2024	May 24, 2024	46	15.06

iv. (a) The management has represented that, to the best of
its knowledge and belief, other than as disclosed in Note
No. 53.3 to the Standalone Financial Statements, no funds
(which are material either individually or in the aggregate)
have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or
kind of funds) by the company to or in any other person or
entity, including foreign entity (“Intermediaries"), which the
understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company
(“Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that, to the best of
its knowledge and belief, as disclosed in Note No. 53.3 to
the Standalone Financial Statements, no funds (which are
material either individually or in the aggregate) have been
received by the Company from any person or entity, including
foreign entity (“Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (“Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and

(c) Based on the audit procedures that have been considered
reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above, contain any material
misstatement.

v. (a) The final dividend proposed in the previous year, declared
and paid by the Company during the year is in accordance
with Section 123 of the Act, as applicable.

(b) The interim dividend declared and paid by the Company
during the year is in accordance with Section 123 of the Act.

(c) As stated in Note No. 21.5 to the Standalone Financial
Statements, the Board of Directors of the Company has
proposed final dividend for the year which is subject to the
approval of the members at the ensuing Annual General
Meeting. The amount of dividend proposed is in accordance
with section 123 of the Act, as applicable.

vi. Based on our examination which included test checks, the
company has used an accounting software for maintaining
its books of accounts which has a feature of recording
audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded
in the software. Further, during the course of our audit
we did not come across any instance of audit trail feature
being tampered with. The audit trail has been preserved
by the company as per the statutory requirements for
record retention.

For J Gupta & Co. LLP For Manubhai & Shah LLP For V Sankar Aiyar & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

Firm Reg. No. 314010E/E300029 Firm Reg. No: 106041W/W100136 Firm Reg. No. 109208W

Sd/- Sd/- Sd/-

(CA Nancy Gupta) (CA K. B. Solanki) (CA Asha Patel)

Partner (M. No. 067953) Partner (M. No. 110299) Partner (M. No. 166048)

UDIN: 25067953BMOZNG1169 UDIN: 251 10299BMJOVH3067 UDIN: 25166048BMKNOL5252

For Laxmi Tripti & Associates For Talati & Talati LLP

Chartered Accountants Chartered Accountants

Firm Reg. No. 009189C Firm Reg. No. 110758W/W100377

Sd/- Sd/-

(CA Rajesh Kumar Gupta) (CA Amit Shah)

Partner (M. No. 077204) Partner (M. No. 122131)

UDIN: 25077204BMLMFG3954 UDIN: 251 22131 BMOZNN4743

Place: New Delhi
Date : May 21, 2025

Market

AUDITOR'S REPORT

Oil And Natural Gas Corporation Ltd.