On behalf of the Board of Directors, it is our privilege and honour to present the twenty-seventh
Annual Report along with Audited Standalone and Consolidated Financial Statements and
Independent Auditors' Report thereon for the financial year (FY) ended 31^st March 2025.

Physical Performance

Operations Overview

Despite geopolitical uncertainties,
which continued to impact the global oil
and gas supply chain, FY2024-25
marked an exceptional year for your
Company, characterized by remarkable
achievements on all fronts including
physical and financial performance,
safety and wellbeing, and execution of
expansion and diversification projects.

Your Company recorded highest ever
daily, monthly, quarterly and yearly
send-out volumes, achieved a record
number of LNG truck fillings, completed
construction of two LNG storage tanks
at Dahej in record period of 33 months
and augmented the number of LNG
truck filling bays at both, Dahej and Kochi
terminals. A crowning achievement was
receiving the prestigious "5-Star Rating"
and "Sword of Honour" from the British
Safety Council by both the terminals for
second year in succession. Notably,
Dahej and Kochi remain the only LNG

terminals in the Country to earn these
accomplishments, reflecting your
Company's steadfast commitment to
the safety and wellbeing of all our
stakeholders.

Dahej LNG Terminal

The Dahej Terminal, with a nameplate
capacity of 17.5 MMTPA, operated at
96.6% capacity and achieved a
throughput of 16.91 MMT during FY
2024-25, compared to 95.5% capacity
utilization and a throughput of 16.71
MMT, respectively, in the previous FY.
The Terminal achieved a total energy
send-out of 875.8 TBTUs in FY 2024-25,
up from 864.9 TBTUs in FY 2023-24.
Notably, the terminal recorded its
highest-ever daily send-out of 81.62
MMSCM (equivalent to the volume of
LNG transported by one LNG ship) on
June 19, 2024. The terminal unloaded
258 LNG ships in FY 2024-25, an increase
from 254 ships in FY 2023-24. On the
LNG truck loading front, the terminal
crossed the five digit mark for the first
time by loading a record 12,411 LNG
trucks in this FY, up from 9,266 trucks in
the previous year.

The year 2024 witnessed an extreme
summer season in the country, resulting
into an upsurge in the power demand. As
one of the most significant achievements
in meeting this critical demand during
summer months of first quarter of FY
2024-25, Dahej terminal operated at
about 110% of its capacity during the
quarter, which is a record for the terminal
since its capacity was augmented to 17.5
MMTPA in the year 2019.

The robust and efficient operations are
being showcased through sustainability
report, which your Company is
publishing every year.

Other notable achievements during the
year include commissioning of two LNG
storage tanks in October 2024 (3 months
ahead of schedule), augmentation of LNG
truck filling bays from four to eight
numbers and commencement of
construction works of third jetty and the
prestigious petrochemicals project.

Kochi LNG Terminal

The Kochi Terminal, with a nameplate
capacity of 5 MMTPA, operated at
22.6% capacity with a total send-out of
1.13 MMT in FY 2024-25, compared to
20.8% capacity utilization and 1.04
MMT send-out, respectively, in the
previous year. In terms of energy, the
terminal achieved a send-out of 58.63
TBTUs, its highest-ever, up from 54.05
TBTUs in the previous FY.

On the LNG truck loading front, the
terminal loaded a record 2,758 LNG trucks,

up from 2,230 trucks in the previous
year, registering a growth of 24%.

Kochi terminal is the only LNG terminal
in India which offers specialised services
such as Gassing Up and Cooling Down
(GUCD), reloading of LNG and bunkering
of LNG, all under one roof. During the
FY 2024-25, the terminal successfully
carried out two GUCD operations
through Petronet Energy Limited,
wholly owned subsidiary of the
Company. Your Company also executed
two LNG reloading operations. In a
significant development, the GUCD
facility of the terminal has been
upgraded to bring it at par with other
international service providers in terms
of efficiency and time required to
execute an operation. To make the
terminal future-ready, upgradati'on of
bunkering facility is also planned to be
undertaken during FY 2025-26.

Being a responsible sustainable entity,
terminal tripled its solar power plant
installation to 1150 kwp as compared to
400 kwp in FY 2023-24.

LNG Sourcing

Your Company sources LNG under two
long term contracts. The first Contract is
with Qatar Energy (RasGas), Qatar for
sourcing 7.5 MMTPA LNG on long term
basis for 25 years, under which LNG
supplies commenced in 2004. Your
Company imports this volume of LNG on
Free on Board (FOB) basis, from Ras
Laffan, Qatar through its three long
term-chartered LNG vessels at Dahej
Terminal. Your Company has back-to-
back sales arrangement - Gas Sales and
Purchase Agreement (GSPA) with GAIL
(India) Limited (GAIL), Indian Oil
Corporation Limited (IOCL) and Bharat
Petroleum Corporation Limited (BPCL)
in the RLNG offlake ratio of 60:30:10,
respectively.

Pursuant to extension of the above-
mentioned LNG SPA, your Company has

executed LNG Sale & Purchase Agreement
(LNG SPA) for purchase of around 7.5
MMTPA LNG with QatarEnergy on long¬
term basis on 6^th February 2024 for
twenty years. Under the new agreement,
LNG supplies will be made on delivered
(DES) basis commencing from 2028 till
2048. Similar to existing agreement of
1999, the LNG volumes under the
new SPA shall also be off taken by
GAIL (60%), IOCL (30%) and BPCL (10%)
after regasificati'on primarily from Dahej
Terminal.

Further, your Company has a contract
with Mobil Australia Resources
Company Pty Ltd (MARC - a subsidiary of
Exxon Mobil) for 1.425 MMTPA of LNG
supply on long term basis for 20 years.
The LNG is supplied by MARC from its
global portfolio mostly from Australia
and Oman, primarily at Kochi Terminal
on delivered basis. The LNG supply of

1.425 MMTPA under MARC contract
commenced in FY 2016-17. Your
Company has back-to-back sales
arrangements - Gas Sales and Purchase
Agreement (GSPA) with BPCL, IOCL and
GAIL, in the RLNG offlake ratio of
40:30:30, respectively with validity till
November 2035.

Your Company had signed another LNG
Sales and Purchase Agreement (SPA)
with Exxon Mobil Asia Pacific Pte. Ltd.
(EMAPPL - a subsidiary of Exxon Mobil)
in year 2017 for purchase of approx. 1.2
MMTPA of LNG. The supplies under this
SPA wi l l com m e n ce fro m F Y
2025-26 and the total duration of the
agreement will be 15 years (2025/26-
2040/41). Similar to MARC SPA, the LNG
volumes under this SPA shall also be
offlaken by GAIL (30%), IOCL (30%) and
BPCL (40%).

Small Scale LNG

Your Company is committed to reducing
greenhouse gas (GHG) emissions from
Medium and Heavy Commercial
Vehicles(M&HCVs) by offering LNG as a
cleaner, more cost-effecttve and
efficient fuel. LNG, the cleanest fossil
fuel, reduces CO emissions by 20-22%
compared to diesel and produces
minimal SOx and PM emissions, making
it an ideal fuel for M&HCVs. The LNG
market is expected to grow to 8-10
MMTPA over the next 6-8 years,
supporting India's transition to a gas-
based economy and increasing the
share of natural gas in the energy mix.

In this direction, your Company has
already set-up four LNG dispensing
stations in southern part of India, with
three stations in Tamil Nadu and one
station in Karnataka. Furthermore,
anticipating the growth and future of
LNG use as an automotive fuel in India,
your Company is planning to set up ten
(10) more LNG dispensing stations along
key National Highways (Delhi to
Mumbai and Mumbai to Bangalore) and
in the industrial clusters of Odisha to
ensure fuel supply and promote the
growth of LNG vehicles.

Sale of Propylene and Hydrogen

In another significant development,
your Company executed definitive
agreements with Deepak Phenolics
Limited (DPL), a wholly owned
subsidiary of Deepak Nitrite Limited on
6^th February 2025, for the long-term sale
and purchase of propylene and
hydrogen. Under this landmark
agreement, your Company will supply
250 KTA of propylene and 11 KTA of
hydrogen from its petrochemical
complex in Dahej to DPL over a term of
15 years.

Shipping Arrangements

As mentioned earlier, your Company
has been importing 7.5 MMTPA of LNG
on Free on Board (FOB) basis, from Ras
Laffan, Qatar, since 2004. To secure
steady freight rates and reliability of
supply chain, three dedicated LNG
carriers namely Disha, Raahi and Aseem
were chartered on long term basis for a
duration of 25 years. A consortium of
NYK Line, K-Line, MOL and Shipping
Corporation of India Ltd. (SCI), owns
these vessels (with your Company
owning a stake of 3% in 'Aseem'),
whereas technical management and

manning of these vessels is carried out
by M/s. SCI Ltd.

A fourth long term-chartered LNG
vessel "Prachi" where your Company
owns a stake of 26% along with balance
stake owned by a consortium of M/s
NYK Line, M/s K-Line, M/s MOL and M/s
Shipping Corporation of India Ltd. (SCI),
has been novated to Exxon Mobil since
2017-18.

During FY 2024-25, the shipping
operations have been managed
efficiently with highest priority to safe
operations and optimized fuel
consumptions paying utmost regard to
the environmental aspects. All
scheduled cargoes of FY 2024-25 from
Ras Laffan, Qatar were lifted, and
transported through the above
mentioned three long term-chartered
vessels along with planned spot LNG
vessels, that were hired from the
market at very competitive rates. With
the handling of 258 ships at Dahej and
16 ships at Kochi, the utilization of LNG
jeffies has also been safely and
efficiently optimized throughout the
year without any downtime. These
efforts have resulted into a significant
enhancement in the energy efficiency of
the three chartered ships converting
into a reduction of about 5.5% in the
carbon footprint per MMBTU of LNG
transported with respect to the
emissions generated during the
previous fiscal.

Dahej LNG Terminal received its 3600^th
Cargo, in the month of December 2024.
The vessel 'Disha' achieved a significant
milestone by completing her 700^th
voyage between Qatar and India, in the
month of June 2024. Also, this terminal
handled 72 ships in Q1 of FY 2024-25,
which is the highest number recorded in
any quarter. Additionally, the terminal
handled the highest number of ships in
a month i.e. 27 ships in the month of
June 2024, surpassing the previous
highest of 25 recorded in June 2019.
Despite many challenges faced during
the month of June 2024, due to active

monsoon period, which led to frequent
changes in ship scheduling, this
achievement highlights your Company's
strength and agility. Your Company has
proactively started the new
environmental compliances of
International Convention for the
Prevention of Pollution from Ships
(MARPOL), for its long term-chartered
vessels, namely Energy Efficiency
Existing Ship Index (EEXI) and the annual
operational Carbon Intensity Indicator
(CII) & ratings, through its vessel
operators since November 2023,
marking a positive step towards net
zero. LNG vessels Disha and Raahi
operated with Energy Power Limitation
(EPL) throughout the FY 2024-25 to
meet EEXI & CII requirements.

FINANCIAL PERFORMANCE

During the FY 2024-25, your Company
achieved a turnover of Rs. 50,979.56
crore as against that of Rs. 52,728.43
crore in FY 2023-24. Your Company
achieved highest ever Profit Before Tax
(PBT) and Profit After Tax (PAT) of
Rs 5,275.18 crore and Rs. 3,926.37 crore
respectively as against Rs 4,757.03 crore
and Rs. 3,536.20 crore respectively in
FY 2023-24. As a significant milestone,
for the first time, PBT of your Company
has crossed Rs. 5,000 crore. Net worth
of your Company has increased from
Rs. 16,962.80 crore as on 31^st March 2024

to Rs. 19,382.38 crore as on 31^st March
2025, registering a growth of over 14%.

In accordance with the provisions of the
Companies Act 2013, SEBI (Listing
Obligations and Disclosure Requirements)
Regulations, 2015 and applicable
Accounting Standards, the Audited
Standalone and Consolidated Financial
Statements of the Company for FY 2024-

B. Financial highlights on a Consolidated
basis for FY 2024-25 are as under:

In accordance with the provisions of the
Companies Act, 2013 and the Indian

25, together with the Independent
Auditors' Report form part of this
Annual Report.

The key highlights of the standalone and
consolidated financial results are as
follows:

A. Financial highlights on standalone
basis for FY 2024-25 are as under:

Accounting Standards (Ind AS) issued by
the Institute of Chartered Accountants
of India, the Company has prepared the
Consolidated Financial Statement for

the group, including subsidiaries, joint venture entities and associates, which forms part of the Integrated Report. The highlights
of the Consolidated Financial Results are as below:

DIVIDEND

The Board of Directors of your Company
has recommended a final dividend of
Rs. 3 per equity share of Rs. 10/- each

i.e. 30% of the paid-up Share Capital of
the Company as at 31^st March 2025,
subject to the approval of the
shareholders in the ensuing Annual
General Meeting. This is in addition to
the Interim Dividend of Rs. 7 per equity
share of Rs. 10/- each paid by the
Company in November 2024. This is the
19^th consecutive year for which your
Company has recommended payment
of dividend.

The final dividend shall be paid to the
members, whose names appear in the
Register of Members as well as the
Beneficial Ownership Position provided
by NSDL/ CDSL as at the close of
business hours on Friday, 4^th July 2025
(Record date).

Your Company has duly approved
Dividend Distribution Policy ("The
Policy") in place. The policy is available
on Company's website at https://
www.petronetlng.in/corporate-
governance

CHANGES IN SHARE CAPITAL

There was no change in the Share
Capital of the Company during the year.
The Company has an Authorised Share
Capital of Rs. 3000,00,00,000/- (Rupees
Three Thousand crore) divided into

300.00. 00.000 (Three Hundred crore)
equity shares of face value of Rs. 10/-
(Rupees Ten) each and paid-up share
capital of Rs. 1500,00,00,880/- (Rupees
One Thousand Five Hundred crore Eight
Hundred Eighty) divided into

150.00. 00.088 (One Hundred Fifty crore
Eighty-Eight) equity shares of face value
of Rs. 10/- (Rupees Ten) each.

Further, the Company did not raise any
funds by issuance of debentures/bonds.

ADEQUACY OF INTERNAL
FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL
STATEMENTS

The Company has a robust system of the
Internal Financial Controls (IFC) and its

monitoring. The IFC framework and the
Risk Matrix (RCM) for various business
processes are in place and are reviewed
consistently by the management and
Audit Committee. Independent
professional agency is engaged for IFC
testing. The IFC system ensures
compliance of all applicable laws and
regulations, optimum utilization and
safeguard of the Company's assets and
accuracy /completeness of financial
records/reports.

DETAILS OF SUBSIDIARY/ JOINT
VENTURES / ASSOCIATE
COMPANIES

A statement containing the salient
features of the Financial Statements of
your Company's Subsidiaries, Associate
Companies and Joint Ventures as per
the first proviso of Section 129(3) of the
Companies Act, 2013 including the
individual contribution of these
companies towards the overall
performance of the Company during the
period is given under Consolidated
Financial Statements forming part of this
Annual Report.

The following are brief details on the
subsidiary/Joint ventures/Associate
companies.

1. Petronet Energy Limited

min

iiaiiii

Petronet Energy Limited (PEL) was
incorporated as a wholly owned
subsidiary of your Company on
26^th February 2021 with authorized
share capital of ^500 crore and issued
share capital of ^10 crore, with an
objective to pursue business operations
in the areas of LNG Bunkering, Gassing
up and/or Cool down (GUCD) of LNG
ships, supply of heel quantity to LNG
vessels, and other allied services.

PEL has set up a unit at Puthuvypeen SEZ
(PSEZ) on 27^th July 2022, which has also
obtained all necessary regulatory
approvals to start the operations at
PSEZ. The strategic location of Kochi
terminal is considered a potential
location for refuelling of vessels on the
East-West shipping trade route and is
also considered as a suitable location for
carrying out GUCD operations.

2. Petronet LNG Foundation

Petronet LNG Foundation (PLF), a
Company Limited by Guarantee and
incorporated on 31^st March 2017, has
been promoted by your Company under
the provisions of Section 8 of the
Companies Act, 2013 and the rules
made thereunder as a wholly owned
subsidiary of your Company.

Petronet LNG Foundation is facilitating
your Company to comply with its
requirement of Corporate Social
Responsibility (CSR) under provisions of
Section 135 of the Companies Act, 2013
and rules made thereunder.

3. Adam Petronet (Dahej) Port Limited
(Formerly known as Adam Petronet
(Dahej) Port Private Limited)

Your Company has a 26% equity in Adani
Petronet (Dahej) Port Limited (APDPL)
and the balance equity is held by Adani
Ports and Special Economic Zone Ltd.
APDPL is a Joint Venture (JV) of your
Company. It owns and operates a Solid
Cargo Port at Dahej in Gujarat and had
commenced its operations in August
2010. The Solid Cargo Port Terminal has
facilities to import/export bulk products
like coal, steel, and fertilizer, etc.

4. Petronet LNG Singapore Pte. Ltd.

Your Company envisages to be a Global
LNG player and has thereby
incorporated a wholly owned subsidiary
company "Petronet LNG Singapore Pte.
Ltd." (PLSPL) on 7^th March 2022. PLSPL
has been incorporated to carry out
business/activities, including but not
limited to purchase of LNG on long, spot
and short-term basis and sale of LNG,
trading of LNG to Indian and foreign
companies, optimization and diversion
of LNG under its portfolio, carry out
hedging, investments in overseas
ventures, etc.

PLSPL has an issued share capital of
^0.84 crore, comprising 100,000 shares
of USD 1 each, fully subscribed by your
Company. During the current FY (FY
2024-25), PLSPL issued ^0.43 crore
worth of share capital (i.e. 49,500
shares of USD 1 each) to your Company.

5. India LNG Transport Co. (No. 4)
Private Limited

India LNG Transport Company (No. 4)
Private Limited (ILT-4) is a Joint Venture
(JV) of your Company with a 26% equity

strategic investments and has its
principal place of business in Singapore.

ONGOING PROJECTS AND NEW
BUSINESS INITIATIVES

In line with an ambitious target for
exponential growth and diversification
set up by your Company as formulated
in its vision and strategy document
titled "1-5-10-40", (i.e. achieving Rs. 1
Lac crore topline and Rs. 10,000 crore
bottom-line with an investment of
Rs. 40,000 crore over a period of 5
years), projects around Rs. 30,000 crore
have already been taken up out of which
some of the projects viz 2 No. LNG
Storage tanks at Dahej, upgradation of
Gassing Up and Cooling Down (GUCD)
facility at Kochi and augmentation of
Truck Loading facilities, both at Dahej
and Kochi have already been completed
and commissioned during FY 2024-25.

The status of other ongoing projects is as under:

I. Regas capacity expansion of Dahej

The construction works of this low cost, brownfield capacity
augmentation project at Dahej are in full swing. With about
90% progress achieved as of mid-July 2025, this Rs. 600 crore
project is slated for commissioning within this FY. Upon
completion, the capacity of Dahej RLNG terminal, which is the
largest terminal in the country, would get further augmented to
22.5 M MTPA from the present capacity of 17.5 M MTPA.

II. Third Jetty project at Dahej

With a view to improving the reliability of Dahej terminal and
to handle additional LNG volumes in line with the undergoing
capacity expansion project, and also to support its
diversification plans, your Company is executing the
construction of third jetty at Dahej at a cost of Rs. 2,013 crore.
The jetty is unique in design as it would be capable of handling
liquified ethane and propane along with LNG. While propane
will be largely used as the feedstock for Company's upcoming
Petrochemicals project, the facility for ethane handline is being
created to meet the requirement of various third parties. The
jetty has been designed to handle LNG carriers of size 125,000
cubic meter to 266,000 (Q-Max) cubic meter and ethane and
propane carriers of size greater than 65,000 cubic meters.

Construction works for the project, which commenced in June
2024, are being executed in full swing. As of mid-July 2025, a
progress of about 32% has been achieved. The project is
targeted to be completed by February/ March 2027.

III. LNG storage and Regasification project at Gopalpur,
Odisha

Envisioning the need of enhanced LNG import infrastructure
and also to expand its footprints to the eastern coast in the

IV. Petrochemical Complex at Dahej

As a part of major diversification efforts undertaken by your
Company, Petrochemicals Complex at Dahej, comprising
Propane Dehydrogenation Unit (PDH) of capacity 750 KTA and
a Poly Propylene unit (PP) of capacity 500 KTA along with
ethane and propane storage and handling facilities is being
executed at a cost of Rs. 20,685 crore. Within a short period
after laying of the foundation stone for the project by
Honorable Prime Minister of India on 12^th March 2024,
tenders for all long lead items, EPC and various other packages
worth Rs. 11,200 crore have been floated. A commitment of
about Rs. 3,800 crore towards award of some of the packages
and other project related activities, has already been made.
Site infrastructure development activities are being executed
in full swing at the site. An overall progress of about 12% has
been achieved as of mid-July 2025.

A unique feature of the project is the pioneering integration of
Dahej LNG terminal with the petrochemicals complex. By
effectively harnessing the cold energy released during LNG
vaporization (typically lost to the atmosphere), it is planned to
undertake the critical cryogenic cooling process of the
petrochemical plant. This initiative is expected to reduce the
power consumption by approximately 10-12 MW, optimizing
the capex and opex to a significant extent and also lower the
Scope 2 emissions.

V. Installation of additional Truck Loading Bays at Dahej and
Kochi

Your Company believes that this segment has a tremendous
growth potential and is likely to play a bigger role in promoting

LNG as a cleaner source of energy, both for industry and long
haul transportation sector. Upon completion and
commissioning of augmentation of TLF bays from four

of Housing and Urban Affairs, Government of India had
launched the Affordable Rental Housing Complex (ARHC)
scheme, which is a sub-scheme under Pradhan Mantri Awas

numbers to eight numbers at Dahej (by virtue of which, Dahej
has added another feather in its crown of housing largest
number of LNG truck filling bays in the country) and from two
numbers to four numbers at Kochi during 2024-25, your
Company has undertaken plans to further augment the
capacity of LNG truck filling at both its terminals. Actions have
been initiated to add another six TLF bays at Dahej and two at
Kochi, taking their numbers to fourteen and six, respectively.

VI. Affordable Rental Housing Complex (ARHC)

With an objective to promote economic activities through the
vision of AtmaNirbhar Bharat and to provide ease of living to
urban migrants/ poor labours in the industrial sector, Ministry

Yojana-Urban (PMAY-U). The scheme aims to empower
migrant workforce by providing them an affordable and
dignified housing close to their workplace.

As a socially responsible organization, your Company has
undertaken construction of 1500 dwelling units at Eksal
village, Distt. Bharuch, Gujarat, at an approximate cost of Rs
100 crore under the said scheme. The complex comprises 14
blocks of 1BHK flats and 5 blocks of dormitory units. With 6
blocks of 1BHK flats ready for occupancy and other blocks in
various stages of construction, the project is in advanced
stage of completion. An overall progress of around 75% has
been achieved as on mid-July 2025. The project is expected to
be completed by December 2025.

NEW BUSINESS INITIATIVES

COMPRESSED BIOGAS (CBG) BUSINESS
INITIATIVES

In alignment with the Government of
India's SATAT (Sustainable Alternative
Towards Affordable Transportation) and
GOBARdhan (Galvanizing Organic Bio-
Agro Resources Dhan) initiatives, your
Company has strategically diversified
into the Compressed Biogas (CBG)
sector also. This initiative underscores
the Company's commitment to
promote sustainable energy solutions,
effective waste management and rural
economic development in the country.

As part of this commitment, your
Company is actively working towards
establishing 25 CBG plants across
various regions of India. In the initial
phase, it is planned to set up CBG plants
at three government land parcels in
Bahraich, Fatehpur and Kanpur Dehat of
Uttar Pradesh. Land lease agreements
for aforesaid sites have been executed.
Pre-project activities for seffing up of
the plants have also been initiated.
Further, the tendering process for
construction and comprehensive O&M
services on EPC mode for seffing up of
these CBG plants have been undertaken.

Building on this progress, several
additional land parcels have been
identified in Uttar Pradesh, Odisha and
Haryana, with the land allocation
process at advanced stage. Concurrently,
proactive efforts are underway to
identify suitable government land in
Maharashtra, Gujarat, Himachal
Pradesh, Odisha and Madhya Pradesh in
coordination with respective State
Government nodal agencies, to further
expand the Company's CBG footprint
across the country and contribute
meaningfully to India's clean energy
transition.

SUPPLY OF ETHANE FROM
UPCOMING ETHANE TERMINAL

To further augment revenue streams
and product diversification, your
Company is the only player in India
which has offered long-term capacity

tie-up on tolling basis for supply of
ethane to third parties from its Dahej
terminal. This is poised to bring
increased efficiency of petrochemical
plants running on other feedstocks.
Your Company is actively engaged with
major petrochemicals players in India
for supply of ethane from its facility.
These strategic initiatives are expected
to enhance feedstock security for key
customers, drive higher efficiency and
capacity utilization across major
petrochemical assets.

POWER OPTIMIZATION
INITIATIVES (COST EFFICIENCY
AND SUSTAINABILITY) AT DAHEJ
TERMINAL

With the objective of optimizing existing
power consumption at the Dahej
terminal and proposed petrochemical
complex, your Company is aiming cost
optimization initiatives through the
adoption of hybrid renewable power
solutions. This initiative reflects your
Company steadfast commitment
towards sustainable operations and
Net-Zero goals.

ENHANCING THROUGHPUT AT
KOCHI LNG TERMINAL

Your Company is focused on enhancing
the throughput of the Kochi LNG
terminal as part of its broader strategy
to maximize asset utilization. In this
direction, supply of LNG to nearby
stranded gas based powerplant through
the deployment of cryogenic trucks is
being explored.

This innovative distribution approach
not only optimizes terminal utilization
but also contributes to meeting peaking
power requirements in the region.

GREEN HYDROGEN INITIATIVES

Your Company is also exploring venture
into Green Hydrogen Value chain.
Various discussions have been held with
consultants/ channel partners/
Technology Providers/ Electrolyser
manufacturer etc to assess potential
business models and technological
collaborations.

As a parallel initiative, your Company is
engaged with prospective parties for
the sale of around untied volumes of
about 22 KTPA of hydrogen, which
would be produced from our upcoming
petrochemical complex at Dahej.

OTHER STRATEGIC
COLLABORATIONS

Your Company is actively exploring and
collaborating with potential service
providers to optimize renewable power
sourcing and development of robust
hedging strategies to manage price
volatility and ensure cost-effective &
reliable supply.

Simultaneously, your Company is also in
discussions with various prospective
off-takers of propane in order to utilize
the spare storage and throughput
capacity (300 KTA) of the upcoming
propane tank facility at Dahej. These
initiatives are designed to maximize
asset utilization, generate additional
revenue streams and strengthen your
Company's position in energy risk
management and sustainable operations.

Your Company executed a LNG
Regassification agreement with
Performance Chemiserve Limited (PCL),
a wholly owned subsidiary of Deepak
Mining Solutions Limited (DMSL), which
is a wholly owned subsidiary of
Deepak Fertilisers and Petrochemicals
Corporation Limited (DFPCL) on
10^th July 2025. Under this agreement,
DFPCL Group will import around 0.5
MMTPA LNG, at the Company's Dahej
terminal for storage and regasification
over a tenure of 5.5 years starting
between May to July 2026 and ending
on 31^st December 2031.

Your Company is in discussion with
lead in g I ndian refi neries and
petrochemical companies to explore
the rail-based supply of ethane from
upcoming petrochemicals complex at
Dahej utilising the services of CONCOR's
railway siding at Dahej. Preliminary
assessment points to robust techno¬
economic viability, positioning the
project as India's first large-scale liquid-
ethane movement by rail.

Discussions are underway with leading
global energy solutions partners to
explore a group-captive, hybrid

renewable-power solution for Dahej.
Efforts are being made to develop RE
hybrid power plant of capacity ~150

MW required for the petrochemical
complex slated for 2028.

OVERSEAS PROJECT :
SUPPLY OF LNG FOR
KERAWALAPITIYA POWER
PLANT, SRI LANKA

In an effort to expand its footprints
beyond the boundaries of the
country, your Company is engaged
with Government of Sri Lanka
(GoSL) and its nominated
agencies, through Ministry of
Petroleum & Natural Gas
(MoPNG), for evaluating the
feasibility of LNG supplies to 220
MW Sobadhanavi RLNG based
power plant in Kerawalapiti'ya,
Colombo, Sri Lanka through ISO
containers.

As a step forward, a Memorandum
of Understanding (MoU) has been
executed with GoSL nominated
entity for the supply of LNG and the
development of requisite LNG
infrastructure to support the
Kerawalapiti'ya Power Plant(s), Sri
Lanka. Detailed deliberations are
being held with concerned entities
to draft the terms of supplies.

Your Company is dedicated to
sustainable development, workplace
safety, and improving the quality of life
for employees, customers and
communities. It adheres to strict
compliance with regulations through its
Integrated Management System, with
terminals re-accredited under ISO
9001:2015, ISO 14001:2015, ISO
45001:2018, and ISO 55001:2014
standards. As on 31^st March 2025, Dahej
terminal with an excellent safety record,
has clocked 29.07 million safe man¬
hours without a Lost Time Incident. The
Kochi terminal has also achieved 2.65
million safe man-hours without a Lost
Time Incident as of 31^st March 2025.

To foster a safety culture, the Company
promotes stakeholder engagement
through safety committee meetings,
HSE campaigns, training programs and
competitions. The "Suraksha Setu"
online portal enables employees to
report safety observations, which are
reviewed at the highest level. Training
programmes on LNG hazards, fire safety,
emergency preparedness etc. are
regularly conducted by the professional
HSE experts of the Company for the

communities located in the vicinity of
both the terminals.

Regular firefighting drills ensure
preparedness and continued
commitment of the Company towards
industrial safety and efficient operation.
Technical and safety audits, including
OISD and cross-functional "Help Each
Other Audits," ensure regulatory and
safety compliances and promote sharing
of best practices among the terminals. As
a testimony to the above resolve, both
Dahej and Kochi terminals have won the
British Safety Council's 5-star rating in
occupational health and safety audits
and Sword of Honour for the second year
in succession. Notably, Dahej and Kochi
are the only LNG terminals in India to
achieve this recognition.

Both the terminals regularly undertake
mass plantation drives within and
outside the plant areas. In FY 2024-25
Dahej terminal undertook extensive
tree and mangrove plantations. Some of
the major such drives include
development of a 25-hectare green belt
involving planting of 62,500 trees
outside the terminal within the Bharuch

District and two drives of mangrove
plantation covering areas measuring
200-h ecta re a n d 6 00- h ecta re
respectively. Furthermore, 840 trees
were planted within the premises at
Dahej terminal under the initiatives
such as 'Ek Ped Maa Ke Naam'. At the
Kochi terminal also, a total of 400
saplings were planted during the FY
2024-25.

Your Company also recognizes its
pivotal responsibility in the energy
transition and its commitment to align
the business strategies with global
climate objectives and India's energy
security and Net-Zero goals. The
"Roadmap to Net-Zero", a report
released by the Company in March 2025
outlines its commitment, strategy and
action plan towards achieving Net-Zero
Scope 1 and Scope 2 emissions by
year 2040.

This initiative reflects Company's
continued commitment to environmental
su sta in a bi li ty a nd com m u ni ty
involvement through consistent and
meaningful efforts.

Petronet on Mission LiFE:
FY 2024-25

At COP26 in Glasgow, the Government
of India launched Mission LiFE,
promoting mindful resource use to
encourage sustainable living. Your

Company has fully embraced this
initiative, implementing impactful
measures like large-scale tree
plantation drives at both terminals,
development of water bodies in the
villages, achieving zero liquid effluent
discharge at its terminals, augmenting

the installed solar capacity, adopting
various energy conservation measures
etc. These initiatives are expected to
promote eco-conscious practices and
inspire communities for adoption of
eco-friendly lifestyle.

CONSERVATION OF ENERGY
AND TECHNOLOGY ABSORPTION

Your Company is inherently engaged in
promoting clean energy and plays a
significant role in supporting the
nation's transition to low-carbon fuels.
As a responsible corporate entity, the
Company strongly supports widespread
adoption of clean energy solutions and
continuously explores opportunities to
conserve energy across all operational
fronts.

Some of the key initiatives implemented
towards promoting clean energy and
enhancing energy efficiency during
FY 2024-25 are placed below:

• With the installation of 120 kWp
solar power plant at Dahej and 750
kWp solar power plant at Kochi, the

installed renewable energy capacity
stands at 1,430 kWp, resulting in an
estimated total annual reduction of
1,770 tCO₂e in carbon emissions.

• Replacement of existing higher capacity glycol water
pump at Kochi, with a pump of optimized capacity,
resulting in estimated annual savings of about 875 Mwh.

• Installing Variable Frequency Drive (VFD) for the chilled
water pump at Kochi, resulting into energy savings of
about 262 Mwh.

• Efficient ship operations at Dahej have resulted into a
significant reduction in the energy consumption of the
three chartered ships, transforming into reduction of
about 5.5% in the carbon footprint per MMBTU of LNG
transported with respect to the emissions generated
during the previous fiscal.

• Supplying shore power to tugboats instead of HSD at the
port craft jetty at Dahej terminal has resulted into
reduction of emissions by about 308 tCO₂e

RESEARCH & DEVELOPMENT

Recognizing the transformative potential of hydrogen as a
clean energy and Nation's goal towards net zero and
sustainable future, your Company has undertaken following
research & development projects in association with NITK
Surathkal:

• Renewable Hydrogen Research: The Petronet Centre for
Renewable Hydrogen Research at the Central Research
Facility of NITK, Surathkal is dedicated to carry out the
research activities on renewable hydrogen production.
The Centre has set up a special facility to focus on

researching ways to create hydrogen fuel using methane
rich Biogas generated from a pilot Biogas Plant. Initial
results have been encouraging.

• Hydrogen fuel cell and electrolysis technology
development: Given the transformative potential of
hydrogen as a clean energy carrier, the project envisions
creating basic and advanced research infrastructure
facilities for developing and testing Alkaline water
electrolysers (AWEs) and low temperature PEM fuel cells
(LT-PEFCs). AWEs produce clean hydrogen which is used
by the LT-PEFCs to produce power. This strategic
approach aligns with the global efforts to address the
pressing challenges of climate change and the increasing
demand for sustainable energy sources. The research is
expected to play a pivotal role in the development and
testing of scalable and cost-effective methods for
hydrogen production.

• Development of hydrogen fuel cell stacks for high-
performance aerial vehicles: Conventionally, the
lithium-ion battery powered drones are currently in use
for aerial surveillance, monitoring, security etc. Speed,
height and more importantly long duration operability
are the critical requirements for an effective drone
operation. Presently, the usefulness of conventional
drones is limited by flight time due to low energy intensity
batteries installed therein. This project aims to design
and develop a compact and lightweight hydrogen fuel cell
system as a primary power source for the drones, with a
potential to enhance the operable time to almost 4x with
repeatability of up to few thousand hours. The research
aims to develop scalable and sizeable fuel cell stacks
applicable to aerial applications.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Your Company's foreign exchange earning was Rs 157.32 crore
and foreign exchange outgo was Rs. 43,359.81 crore during
the FY 2024-25.

As a people-centric organization, your
Company acknowledges the vital role of
its dedicated and skilled workforce in
driving sustained business performance
and organizational growth. The
commitment, professionalism and
collaborative spirit of employees have
been instrumental in shaping your
Company's journey of excellence. In
keeping with the core values, a robust
framework for participative management
has been established, rooted in mutual
respect, trust and shared accountability.
This inclusive approach has empowered
employees, making them integral
stakeholders in the Company's progress.
The year under review was marked by
cordial and harmonious industrial
relations, underscoring the strong
alignment between employee
aspirations and management goals.
There were no industrial disruptions
and the Company successfully
maintained a strike and lock-out-free
environment.

As on 31^st March 2025, the total
employee strength of your Company
stood at 579, which includes 3 Whole
time Directors.

Your Company strives to have a talent
pool and leadership pipeline in place to
sustain its strategic growth plans.
Towards this, initiative of inducting
young and fresh graduates through
Campus Placement was started two
years ago and continued this year also.
For the first time, your Company
organized an extensive 90 days'
Induction program named 'DISHA -
2024' from August 2024 - October 2024
for Graduate Engineer Trainees and
Management Trainees, who have been
recruited through the Campus Selection
process for the year 2024 from various
I I Ts , I I M s , a n d To p M a n a g e m e n t
Institutes.

A recruitment drive aimed at hiring
specialized experienced manpower for
the Petrochemical project requiring
immediate deployment was successfully

concluded. The drive resulted in the
induction of employees across various
domains and levels. Overall, 72 nos. of
employees at various levels / freshers
joined the Company during FY 2024-25,
which is the highest-ever number
recruited in a year in last 10 years.
During the year, your Company
undertook several strategic HR and
organizational initiatives aimed at
enhancing employee social security and
overall well-being. The 'PLL PRMS Trust'
was successfully established and
operationalized, following approvals
from the Board of Directors and the
Commissioner of Income Tax.

Employee wellness remained a key
focus with the organization conducting
multiple health awareness sessions and
medical camps. Capacity-building
initiatives included comprehensive
awareness programs on the Prevention
of Sexual Harassment (PoSH), workshops
on statutory compliance and contract
labour laws and certified first aid

training. Governance frameworks were
further strengthened through the
reconstitution of the Internal Complaints
Committee and consistent statutory
updates.

Your Company successfully hosted the
44^th PSPB Inter-Unit Volleyball
Tournament from 17^th December, 2024
to 21^st December, 2024 in Kochi,
featuring participation from seven PSUs,

and continued active engagement in
various PSPB sports events such as
athletics, swimming, chess, table-
tennis, badminton, carrom etc.

Your Company organised an event "Yaadon ka Safar" on 3 ^d May 2024 to honour superannuated employees for their
contributions to the Company's growth. The event was attended by a large number of former employees including MD&CEO
and whole-time directors. Recent key developments and the organisation's growth plans were also shared with them.

Your Company marked its '28^th Foundation Day' on 5^th April
2025 at Sirifort Auditorium, New Delhi graced by the Hon'ble
Secretary, PNG & Chairman, PLL. The event saw participation
from dignitaries, Board Members (past and present), senior
officials and employees across locations culminating in
performances by renowned Indian artists.

In support of PLL's green mobility and LNG distribution
expansion plans, your Company secured a provisional
allotment of land from the Cochin Port Authority for
establishing an LNG Dispensing Station, as well as initiated
land acquisition processes across 10 strategic districts along
key national highways.

Your Company successfully organised the "3rd Bankers'
Meet" on 27^th June 2025 at New Delhi to engage with key
banking and financial entities with the objectives of updating
them on business performance and strategic plans of the
Company as well as exploring future collaboration
opportunities.

Your Company has participated in India Energy Week (IEW)
which was held during 10^th - 14^th February 2025 at
Yashobhoomi, Dwarka, New Delhi. The event was
inaugurated by Hon. Prime Minister of India, Sh. Narendra
Modi ji and was a huge success. Your Company was one of the
exhibitors in the said event and also facilitated the seffing up

The LNG Academy at Kochi conducted 5 training programs
during the FY 2024-25 for major Oil & Gas companies.

In pursuit of excellence in investor relations, the top
management of your Company actively participated in
investor conferences and conducted investor roadshows in
India and abroad. Quarterly earnings calls and media meets
were organized to ensure timely and comprehensive
communication of financial performance and business
outlook to the investors and analysts.

of LNG Ecosystem Pavilion by coordinating with various
organisations in LNG business, showcasing the journey of LNG
Supply Chain, various technological advancements and
futuristic business initiatives. Additionally, during the year,
your Company also nominated its employees to various
nati'onal/internati'onal Conferences and Seminars like
ADIPEC, GASTECH etc. to prepare them to adapt with changes
in global LNG landscape.

INDUSTRIAL RELATIONS

Your Company has a firm belief that Human Rights should be
basic constituents of human behaviour which essentially
drives various policies and practices in a company. The
Company, therefore, do not discriminate between its
employees and other manpower engaged in our work centres
when it comes to facilities related to health, safety and other

amenities. Your Company ensured that all the statutory
guidelines are followed in their true spirit even for the manpower
engaged by various service providers. Consequently, your
Company always maintained congenial Industrial Relations
environment since inception and there are zero instances of
disharmony at any of Company's work locations.

Throughout the year, your Company has been honored with several prestigious awards and recognitions acknowledging
Company's dedication to business excellence, innovation, commitment to reduce workplace injuries implementations of the
best Organization's Occupational Safety & Health (OSH) practices, sustainability and stakeholder engagement.

These accolades are a testament to commitment to excellence and the hard work of the Company. Some of the notable awards
and recognitions received during FY 2024-25 include:

CORPORATE SOCIAL
RESPONSIBILITY (CSR)

Your Company recognizes its profound
responsibility towards society and
continues to actively contribute to
social development causes. With a
renewed focus on our social goals, the
Company has adopted a structured
approach to improve access to quality
healthcare, enhance educational and
skill development facilities, support
environmental initiatives, empower
women and uplift communities in need,
across different regions in the country.

Your Company has implemented a
com prehensive strategy th at
encompasses short-term, medium-
term and long-term CSR initiatives,
ensuring that the available resources
are channelled in an organized manner
to achieve maximum socio-economic
impact. In line with the social
objectives, your Company has identified
several projects in key areas such as
Healthcare & Sanitation, Education &
Skill Development, Promotion of Art &
Culture, Heritage Development,
Environment & Sustainability, Disaster
Management, Animal Welfare, Welfare
of the Divyang, Gender Equality and
Rural Infrastructure Development etc.
The annual CSR budget is being
allocated progressively and sustainably
towards these initiatives.

In terms of provisions of the Companies
Act, 2013, an amount of Rs. 90.03 crore
was required to be committed on CSR
activities in FY 2024-25. With the
continued efforts, your Company has
made a commitment of Rs. 69.54 crore
(including the administrative expenses
& impact assessment) towards several
high impact CSR projects/programmes
in line with the annual action plan
adhering to the Schedule VII of the
Companies Act, 2013 in the FY 2024-25.
An amount of Rs. 19.24 crore has been
released against the commitment
(including the administrative expenses)
and an amount of Rs. 50.30 crore has
been transferred to unspent CSR
account (UCSRA) within 30 days from
the end of the FY 2024-25, against the
ongoing projects. Further, the unspent
and non-committed amount of
Rs. 20.49 crore has been earmarked for
transferring to Schedule VII fund by
30^th September 2025 as per the
Companies Act, 2013 read with the CSR

Amendment Rules. Further, in FY 2024¬
25, an amount of Rs. 22.86 crore has
been spent from UCSRA 2023-24,
Rs. 15.67 crore has been spent from
UCSRA 2022-23, Rs. 0.99 crore has been
spent from UCSRA 2021-22 and Rs. 8.48
crore has been contributed to the PM
CARES & Clean Ganga Fund, from the
uncommitted amount of FY 2023-24 on
30^th September 2024.

Thus, a total amount of Rs. 67.24 crore
has been spent towards CSR activities
by your Company in FY 2024-25 which
includes the expenses incurred against
the projects of FY 2024-25, expenses
towards the other ongoing multiyear
projects of the preceding three FYs from
Unspent CSR Accounts and contribution
made to PM CARES Fund & Clean
Ganga Fund.

Your Company has also established
Petronet LNG Foundation (PLF) a
Company Limited by Guarantee on
31^st March 2017. PLF acts as the CSR arm
of the Company, operating in
accordance with the provisions of
Section 8 of the Companies Act, 2013
and the rules made thereunder. The
foundation has successfully undertaken
various impactful projects across the
nation.

While targeting CSR obligations, all the
projects are carefully selected giving
utmost importance to quality of
spending, wider reach and sustainability
aspect, most of the projects have been
outstanding in their overall impact and
reach. Some of the impactful CSR
projects taken up in various sectors in FY
2024-25 are mentioned below:

a) Healthcare & Sanitation:

As part of its unwavering commitment
to the well-being of communities, your
Company implemented a wide array of
impactful health and sanitation
initiatives during the year under review.
The focus was to strengthen healthcare
infrastructure by supporting the
maintenance of oxygen plants,
procurement of advanced medical and
fire safety equipment, and provision of

mobile medical units, ambulances, and blood collection vans
across various regions. Numerous health interventions,
including general health check-up camps, specialized eye
screening camps in schools, mental health programs, and
child and maternal nutrition projects in underserved districts

were organised. Efforts were also directed toward enhancing
women-centric healthcare services and expanding access to
care for the differently abled. Nutrition support programs
were implemented through the distribution of nutrition kits
for tuberculosis patients and malnourished children, thereby
addressing critical healthcare gaps in vulnerable populations.

On the sanitation front, your Company undertook the
construction, renovation and upgrading of toilet complexes,
installation of sanitary napkin vending machines and
incinerators in government schools, and provision of clean
drinking water facilities, including the installation of water
purifiers and RO plants at healthcare institutions. The
Company also contributed to the installation of rooftop solar
systems in old-age homes, promoting environmental
sustainability alongside sanitation objectives.

Your Company actively participated in national sanitation
campaigns, such as Swachhta Pakhwada/Swachhata-hi-Seva,
and organized cleanliness drives and tree plantation activities
across its operational areas. These comprehensive efforts
reflect your Company's steadfast dedication to creating
sustainable and inclusive health and sanitation outcomes,
improving quality of life, and advancing its vision of holistic
community development.

b) Education and Skill Development:

Further as part of its sustained commitment
to empowering communities, your
Company implemented a broad spectrum
of education and skill development

initiatives across diverse geographies
during the year. Your Company focused
on improving access to quality
education by supporting the
construction and revitalization of school

infrastructure, including school
buildings, science laboratories,
libraries, classrooms, and washroom
facilities, particularly in rural and
underprivileged areas. Initiatives also

included the provision of educational
resources such as benches, desks, steel
utensils, sanitary napkin incinerators,
and technological equipment, all of
which contribute to a conducive
learning environment.

Your Company extended support for
hybrid and inclusive education
programs for children with special
needs, distribution of value-based
education kits, and provision of
transportation facilities to improve
access to educational institutions. It
also supported mid-day meal programs
and residential coaching initiatives for
competitive examinations like JEE and
NEET, thereby ensuring that
meritorious and underprivileged
students have equal opportunities to
excel in the society.

On the skill development front, your
Company prioritized vocational training
programs for economically weaker
youth, particularly in sectors such as
tailoring, plastic technology, and self¬
employment-linked courses, equipping
beneficiaries with employable skills for
sustainable livelihoods. Your Company
also supported fellowship programs,
leadership development initiatives, and
specialized empowerment programs
targeting women, rural youth, and
children from urban ultra-poor
communities.

Further, your Company contributed to
the establishment of centres of
excellence in cuffing-edge areas such as
computational intelligence and
machine learning, demonstrating its
commitment to fostering innovation
and future-ready talent. Collectively,
these initiatives reflect your Company's
holistic approach towards improving
educational outcomes, enhancing
employability, and creating long-term
socio-economic impact across the
communities it serves.

c) Environment & Sustainability,
Disaster Management and Animal
Welfare:

During the year, your Company reaffirmed
its strong commitment to environmental
conservation and sustainability by
implementing a range of impactful
initiatives across multiple regions. The
Company put in significant efforts for
ecological restoration, including the
restoration of biodiversity at
Munambam and Kuzhupilly beaches in
Kerala, and various large-scale tree
plantation drives in Delhi, Noida, and
NCR region to promote environmental
conservation and pollution control.
National campaigns such as Swachhata-
Hi-Seva have been actively supported.
Your Company contributed to
improvement in urban sanitation
through the provision of truck-mounted
street broomers with vacuum systems
in area under jurisdiction of Gujarat
Industrial Development Corporation.

Initiatives such as solar electrification of
seed banks and storage units were
undertaken to promote renewable
energy solutions and empower women-
led green brigades at the grassroots
level. Your Company also extended
support for the development of urban
parks and the procurement of essential
equipment to strengthen wildlife
conservation efforts, including
surveillance vehicles and bio-toilets for
wildlife reserves.

In the area of disaster management and
animal welfare, your Company provided
critical support for animal care
infrastructure, including animal rescue
vans, dog shelters, and veterinary
facilities across various locations. The
Company contributed to strengthening
water conservation efforts under the Jal
Shakti Abhiyan and supported local
bodies with raincoats and water tanks
to enhance community preparedness
and resilience. These multifaceted
interventions reflect your Company's
holistic approach toward safeguarding
the environment, enhancing disaster
preparedness, and promoting the
humane treatment of animals, reinforcing
its commitment to sustainable
development and community well-being.

d) Art, Culture and Heritage
Development:

Your Company continued to demonstrate
its commitment to preserving India's
rich cultural heritage and promoting
artistic expression by supporting a
diverse range of initiatives during the
year. This included the establishment of
light and sound show facilities at
historic sites, enhancement of museum
infrastructure, and organization of
cultural seminars, workshops, and skill
development programs across multiple
states. Your Company also provided free
music education opportunities for
underprivileged children, reinforcing its
dedication to nurturing local talent and
promoting cultural vibrancy.

e) Gender Equality & Women
Empowerment:

In the area of gender equality and
women empowerment, your Company
supported a wide range of programs
aimed at improving the lives of women
and marginalized communities. These
initiatives included the procurement
and distribution of sewing machines,
training camps for visually impaired
women, support for women's health
and hygiene, and the provision of
essential infrastructure and resources
to shelter homes, community kitchens,
and tribal settlements. It also
contributed to community mass
marriages for underprivileged families
and supported local women's groups
through uniform procurement,
reflecting its commitment to advancing
socio-economic empowerment and
inclusion.

f) Rural Infrastructure Development,
Welfare of the Divyangjan & Research
& Development:

As part of its rural infrastructure
development efforts, your Company

supported projects such as the
construction of counselling facilities at
local police stations, contributing to the
creation of safer and more supportive
rural environments.

Your Company played an active role in
the welfare of the differently abled by
distributing assistive devices,
supporting the renovation of specialized
institutions, and advancing digital
mental health initiatives to improve the
quality of life for persons with
disabilities across several regions.

Further, your Company underscored its
focus on innovation and sustainability
through meaningful investments in
research and development. Key projects
included the pilot implementation of
emergency response sanitation units
and the development of advanced
hydrogen fuel cell stacks for high-
performance aerial vehicles. These
initiatives highlight your Company's
forward-looking approach, aimed at
fostering technological advancement,

addressing societal challenges, and
promoting long-term sustainability and
resilience.

g) Welfare of War Widows; PM
Internship Scheme (PMIS); Namami
Gange Programme:

As part of its commitment to the welfare
of war widows and the families of
India's defense personnel, your
Company supported the construction of
24 Type II quarters under the Veer Nari
Awas project at the CRPF Group Center
in Lucknow, providing safe and dignified
housing for widows of fallen soldiers.
This initiative underscores the
Company's deep respect and gratitude
toward the sacrifices made by the
armed forces and their families.

Your Company also demonstrated its
focus on nurturing young talent and
building future leadership through the
implementation of the Prime Minister's
Internship Scheme (PMIS) within the
organization, offering structured
learning and development opportunities

to young professionals. Additionally,
under its commitment to environmental
sustainability and national flagship
programs, the Company played a key
role in the Namami Gange Programme,
in partnership with the National
Mission for Clean Ganga (NMCG) and
the Clean Ganga Fund (CGF). The
Company successfully dedicated the
Dinkar Ghat at Simariya, Begusarai
district, Bihar, to the public, with the
facility inaugurated by the Hon'ble
Minister of Rural Development &
Panchayati Raj, Shri Giriraj Singh,
marking a significant contribution
toward river conservation and cultural
preservation.

Various other short-term CSR projects
have also been undertaken in nearby
areas of the existing terminals at Dahej
and Kochi, for the need and benefit of
the immediate stakeholders.

Contribution to PM Cares: Your
Company has generously contributed Rs.
6.78 crore to the Prime Minister's Citizen
Assistance and Relief in Emergency
Situations Fund (PM CARES Fund) in FY

2024-25. The total contribution to the
PM CARES Fund, since its creation in
March 2020, following the COVID-19
pandemic, by your Company is about Rs
153 crore.

Impact Assessment

In line with the requirement of the
Companies Act, 2013 and the Companies
(Corporate Social Responsibility) Rules,
2014 (as amended). The impact
assessment of eligible CSR Project was
undertaken by third party agency. The
agency has successfully carried out
impact assessment of the projects
which were spread across different
geographies of India and focused on
thematic areas such as education,
healthcare, skill development,
environment, etc. From enhancing
public health through infrastructure
development, mobile medical units, and
oxygen generation plants to promoting
sustainable environmental practices and
empowering individuals with vocational
skills, each project has contributed
significantly to addressing critical social

challenges. The emphasis on education,
healthcare, and skill development
ensured that communities are not only
equipped to handle current challenges
but are also empowered to build a
better future. By bridging gaps in
healthcare accessibility, improving
public infrastructure, and providing
opportunities for economic
advancement, these projects have
created a ripple effect, benefiting
individuals, families, and the broader
community. The enduring positive
outcomes of these efforts also
illustrated the importance of
continuous community engagement
and the adaptation of solutions to local
contexts. The high levels of satisfaction
and the tangible improvements in
quality of life reported by beneficiaries
stand as a testament to the thoughtful
design and execution of these
programs. As these projects continue to
evolve and adapt, they served as a
blueprint for how targeted, collaborative
interventions can create meaningful
and lasting change in underserved regions.

Awards and Accolades for CSR
initiatives in FY 2024-25

Your Company's CSR efforts have been
widely recognized and conferred with
several National level awards and
accolades, for its outstanding contribution
to Nation building as mentioned below:

• Sewa Bhushan Samman for
inspirational CSR efforts by Shri
Rajnath Singh, Hon'ble Defence
Minister, GoI at Sewa Samman 2024
organized by Sewa Bharti on
14^th December 2024 at New Delhi.

• 11^th CSR Times Award 2024, for
pivotal role in Nation building under
the category "Healthcare" through its
impactful project "Operation of
Mobile Medical Units" across
multiple locations in the Country on
23^rd August 2024.

• "Best CSR project of the year" for
commendable contribution in the
skill development sector for its
flagship project "Skill Development in
Plastics Technology in association
with Central Institute of
Petrochemicals Engineering &
Technology" at the 11^th edition of
Corporate Social Responsibility
Awards 2024 by UBS Forums on
28^th August 2024.

• Excellence Awards by the Gujarat
Employers' Organization (GEO) for
sustainable development and
impactful community initiatives on
29^th January 2025.

• 11^th Greentech CSR India Award 2025
for its contribution & initiatives on
Healthcare Promotion on 14^thJune 2025.

• Dahej Terminal has been honored as
2nd Runner-Up at the 3rd GEO
Excellence Awards in CSR category
under Large Enterprise organized on
27^th January 2025, by the Gujarat
Employers' Organization (GEO).

• Received Silver award for its Naipunyam
programme under Social Inclusion
and Community development on
29^th March 2025 at New Delhi for Skill
development Program for Youth at
CIPET Kochi.

The Corporate Social Responsibility
Policy of the Company is available at the
Company website on the following
weblink: https://www.petronetlng.in/
corporate-governance

Annual Report on CSR activities for the
FY 2024-25 forms part of this report and
is attached at Annexure-I.

BOARD DIVERSITY

Your Company recognizes and embraces
the importance of a diverse board in its
success. It believes that a truly diverse
board will leverage differences in
thought, perspective, knowledge, skill,
regional and industry experience,
cultural and geographic backgrounds,
age, ethnicity, race and gender that will
help the Company retain its competitive
advantage. The Board Diversity Policy
adopted by the Board sets out to
approach diversity. The policy is
available at the website of the Company
at https://www.petronetlng.in/
corporate-governance

ANNUAL EVALUATION OF THE
BOARD

The Board adopted a formal mechanism
for evaluating its performance and as
well as that of its committees and
individual Directors, including
Chairman of the Board. The evaluation
of all the Directors, Committees,
Chairman of the Board and the Board as
a whole was conducted based on a
structured evaluation process
considering various aspects of the
Board's functioning such as composition
of Board and Committees, experience
and competencies, performance of
specific duties and obligations,
contribution at the meetings and
otherwise, independent judgment,
governance issues etc.

COMPLIANCES WITH RESPECT
TO INDEPENDENT DIRECTORS

Pursuant to Section 149(7) of the
Companies Act, 2013 and Regulation 25
of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations,
2015, declaration(s) by all the

Independent Director(s) have been
obtained stating that they meet the
criteria of independence as provided in
Section 149(6) of the Companies Act,
2013 and Regulation 16(1) (b) of the
SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

The Independent Directors appointed
by the Board are renowned experts in
their respective fields which are
required for the Directors in the context
of the Company's business for effective
functioning such as Leadership,
Technology & Operational experience,
strategic planning, Financial, Regulatory,
Legal and Risk Management, Industry
experience, Research & Development
and Global business. Further, all the
Independent Directors comply with the
provisions of Section 150 of the
Companies Act, 2013 read with the
Com pa n ies ( Appointm en t a nd
Qualifications of Directors) Rules, 2014.

FAMILIARIZATION PROGRAMME
AND TRAINING OF INDEPENDENT
DIRECTORS

All new Independent Directors inducted
to the Board attend an orientation
program. Your Company has a well-
defined training program for imparting
training to the members of the Board
that, inter-alia, includes various
familiarization programs in respect of
their roles, rights, responsibilities in the
Company, nature of the industry in
which the Company operates, business
model of the Company etc. Further, the
same is also augmented through
various strategy meets of the Company
and different presentations in the
Board/ Committee meetings. The
details of such familiarization programs
have also been posted on the website
of the Company at https://
www.petronetlng.in/disclosures-
under-regulation-46-of-the-lodr

Further, at the time of the appointment
of Independent Director, the Company
issues a formal letter of appointment
outlining his/her roles, responsibilities,
functions, duties, remuneration and
other terms and conditions. The format
of the letter of appointment is available
on the website of the Company.

SEPARATE MEETING OF
INDEPENDENT DIRECTORS

As per statutory requirements, the
Company arranges separate meetings
of Independent Directors every year
and detailed disclosure in this regard
has been given in the Corporate
Governance Report which is annexed to
this Report.

NUMBER OF MEETINGS OF THE
BOARD OF DIRECTORS

During the year, seven Board Meetings
were held, the details of which are given
in the Corporate Governance Report
annexed to this Report, forming part of
the Annual Report. The intervening
gaps between the meetings were within
the timelines prescribed under the
Companies Act, 2013 and also as per the

SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. For
further details regarding number of
meetings of the Board and its
committees, please refer Corporate
Governance Report, annexed to this
Report.

DIRECTORS AND KEY
MANAGERIAL PERSONNEL
(KMP)

Inductions and Cessation

The following Directors were inducted
on the Board/ceased to be Directors on
the Board of the Company:

Shri S. Pradhan (DIN: 06938830) ceased
to be Independent Director w.e.f.
16.05.2024 upon completion of his
second term of three years.

Shri Vinod Kumar Mishra (DIN: 08125144)
ceased to be Director (Finance) & CFO
of the Company w.e.f. 18.04.2025

consequent upon completion of his
tenure.

Shri Raian Nogi Karanjawala (DIN: 02438943)
was appointed as Additional Director
(Independent Director) for a period of
three years w.e.f. 16.05.2024. His
appointment was regularized by the
Members of the Company by way of
postal ballot on 20.07.2024.

Ambassador Bhaswati Mukherjee (DIN:
07173244) was appointed on the Board
of the Company as Independent
Director w.e.f. 13.08.2021 for a term of
three years. The Board has approved
her reappointment as Independent
Director on the Board of the Company
for a second term of three years w.e.f.

13.08.2024, subject to the approval of
the shareholders by way of special
resolution. Her reappointment was
regularized by the Members of the
Company by way of postal ballot on

20.07.2024.

Shri Shrikant Madhav Vaidya (DIN:
06995642) ceased to be Nominee
Director - IOCL w.e.f. 01.09.2024
consequent upon his superannuation
from IOCL on 31.08.2024.

Shri V. Sati'sh Kumar (DIN: 09322002),
Chairman (additional charge) & Director
(Marketing), IOCL was appointed as
Additional Director in the capacity of
Nominee Director - IOCL on

07.09.2024. His appointment was
regularized by the Members of the
Company by way of postal ballot on

23.11.2024. He ceased to be Nominee
Director - IOCL w.e.f. 29.11.2024.

Shri Arvinder Singh Sahney (DIN:
10652030), Chairman, IOCL was
appointed as Additional Director in the
capacity of Nominee Director - IOCL
w.e.f. 29.11.2024. His appointment was
regularized by the Members of the
Company by way of postal ballot on

25.01.2025.

Shri Sanjeev Mitla (DIN: 00160478) and
Shri Sundeep Bhutoria (DIN: 00733800)
were appointed on the Board of the
Company as Independent Directors
w.e.f. 09.02.2022 for a term of three
years. The Board has approved their re¬
appointment as Independent Directors
on the Board of the Company for a
second term of three years w.e.f.
09.02.2025 subject to the approval of
the shareholders by way of special
resolution. Their reappointment was
regularized by the Members of the
Company by way of postal ballot on

25.01.2025.

Shri Saurav Mitra (DIN: 07684414) was
appointed as Additional Director in the
capacity of Director (Finance) & CFO of
the Company w.e.f. 22.04.2025 for a
period of five years. His appointment
was regularized by the Members of the
Company by way of postal ballot on

28.06.2025.

Shri G. Krishnakumar (DIN: 09375274)
ceased to be Nominee Director - BPCL
w.e.f. 01.05.2025 consequent upon his
superannuation from BPCL on

30.04.2025.

Shri Sanjay Khanna (DIN: 09485131),
Director (Refineries) with additional
charge of Chairman & Managing
Director - BPCL was appointed as
Additional Director in the capacity of
Nominee Director - BPCL on

19.05.2025. His appointment was
regularized by the Members of the
Company by way of postal ballot on

28.06.2025.

The Board placed on record its sincere
appreciation for valuable services
rendered and contribution made by Shri
S. Pradhan, Independent Director, Shri
Vinod Kumar Mishra, Director (Finance)
& CFO, Shri Shrikant Madhav Vaidya,
Nominee Director - IOCL, Shri V. Sati'sh
Kumar, Nominee Director - IOCL and
Shri G. Krishnakumar, Nominee Director
- BPCL during their association with the
Company.

Reappointment

In accordance with the Articles of
Association of the Company and as per
statutory requirements, Shri Pankaj
Jain, Chairman and Shri Milind
Torawane, Nominee Director - GMB/
GoG, would retire by rotation at the
ensuing Annual General Meeting and
being eligible offers themselves for
reappointment.

Brief resume of directors seeking
reappointment together with the
nature of their expertise in specific
functional areas, disclosure of relationship
between director inter-se, name of
companies in which they hold
membership/ chairmanship of
committees of the Board alongwith
their shareholding in your Company etc.
as stipulated under SEBI (LODR)
Regulations, 2015 and other statutory
provisions are given in the annexure to
the Notice of 27^th Annual General
Meeting.

Key Managerial Personnel

Pursuant to Section 203 of the
Companies Act, 2013, the Key
Managerial Personnel of the
Company as on 31^st March 2025 were:

1. Shri Akshay Kumar Singh, Managing
Director & CEO

2. Shri Vinod Kumar Mishra, Director
(Finance) and CFO

3. Shri Pramod Narang, Director
(Technical)

4. Shri Rajan Kapur, Company Secretary

SIGNIFICANT AND MATERIAL
ORDERS PASSED BY REGULATORS
OR COURTS

There are no significant and material
orders passed by the Regulators, courts
or Tribunals which would impact the
going concern status and the
Company's future operations.

MANAGEMENT DISCUSSION
AND ANALYSIS

The Annual Report contains a separate
section on Management Discussion and
Analysis which is annexed with the
Directors' Report. The disclosure
attached herewith as Annexure V forms
part of the Directors' Report.

CORPORATE GOVERNANCE

Your Company is committed to good
Corporate Governance and lays strong
emphasis on transparency,
accountability and integrity. As required
under the SEBI (Listing Obligations and
Disclosure Requirements) Regulations,
2015, the Report on Corporate
Governance, together with Auditors'
Certificate regarding compliance of
conditions of corporate governance for
the FY 2024-25, is annexed to this
report. The disclosure attached
herewith as Annexure VI forms part of
the Directors' Report.

COMPLIANCE WITH SECRETARIAL
STANDARDS

The Company has devised proper
systems to ensure compliance with the

provisions of all applicable Secretarial
Standards issued by the Institute of
Company Secretaries of India and that
such systems are adequate and
operating effectively.

RISK MANAGEMENT

Risk Management continues to be an
integral component of your Company's
strategic and operational framework. In
a dynamic business environment, the
ability to proactively identify, assess,
and mitigate risks is critical to ensuring
the long-term sustainability, resilience,
and success of the Company. Risk
Management is embedded across
functions and levels, enabling informed
decision-making and safeguarding the
interests of stakeholders.

Your Company's Enterprise Risk
Management (ERM) framework is
structured to identify both internal and
external risks, assess their potential
impact and likelihood, and define
mitigation strategies with clear
accountability. Each identified risk is
measured using a standardized risk¬
scoring mechanism, and its treatment is
monitored regularly through defined
controls and action plans. The risk

management approach is holistic,
covering strategic, operational,
financial, compliance, environmental,
and reputational dimensions.

Strengthening of Risk Management
Practices

During the FY 2024-25, your Company
undertook a comprehensive review of
its Integrated Risk Management and
Business Continuity Policy to enhance
alignment with regulatory compliances,
industry best practices and SEBI (LODR)
Regulations. The revised policy
incorporates key enhancements such as
the introduction of a Risk Steering
Committee (RSC) and Risk Controller in
the governance structure for effective
identification and monitoring of the
risks, empowered and robust risk
categorization and rating criteria
aligned with industry benchmarks,
quarterly review mechanism by the
CRO, and establishment of a Risk
Repository for tracking archived risks.
Simultaneously, a reassessment of its
Enterprise Risk Register has also been
undertaken considering emerging
geopolitical, regulatory, and operational
challenges, to align the same with the
current risk environment.

BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT

The Business Responsibility and
Sustainability Report covering initiatives
u n d e r ta ke n wi th re s p e c t to
environmental, social and governance
perspective has been prepared in
accordance with the directives of SEBI
and forms a part of the Annual Report.
The disclosure attached herewith as
Annexure VII forms part of the
Directors' Report.

Through continuous monitoring and
timely interventions, your Company
remains committed to maintaining a
robust risk management ecosystem
that enables agility, compliance, and
value protection for all its stakeholders.

Reasonable assurance on BRSR Core
indicators in BRSR for the FY 2024-25 as
provided by M/s V. Sankar Aiyar & Co.,
Chartered Accountants is annexed with
the Directors Report and forms part of
this Annual Report.

GREEN INITIATIVES

In light of various circulars issued by
Ministry of Corporate Affairs and the
Securities and Exchange Board of India,
the annual general meeting is being
held through video conferencing. The
Annual Report for the FY 2024-25 is
being sent through email and the same
is also available at the website of the
Company. MCA circular dated
05.05.2020 requires that the Company
should facilitate the manner in which
the persons who have not registered
their email addresses with the company
can get the same registered with the
Company. In light of the MCA Circulars
and better Corporate Governance, the
Company has provided facility to the
shareholders through the depositories
i.e. NSDL and CDSL and through its
Registrar and Transfer Agent i.e.
Bigshare Services Private Limited, to
register their email addresses with the
depositories or the Company for
receiving the Annual Report for
FY 2024-25 and other communications.

Accordingly, it is requested that
members who have not registered their
email addresses, may kindly register the
same.

DETAILS OF ESTABLISHMENT
OF VIGIL MECHANISM FOR
DIRECTORS AND EMPLOYEES

The Board of Directors of your Company
has approved the Vigil Mechanism in
terms of provisions of Section 177 of the
Companies Act, 2013 and the SEBI
(Listing Obligations and Disclosure
Requirements) Regulations, 2015 for
Directors and employees of your
Company to report to the management,
concerns about unethical behaviour,
actual or suspected fraud or violation of
the policy. The same has also been
hosted on the website of your Company.
During the year ended 31^st March 2025,
no complaint was received under Vigil
Mechanism and thus no complaint was
pending as on 31^st March 2025.

CODEOFCONDUCT

Your Company has formulated a Code
of Conduct for Board Members and
Senior Management Personnel. The
confirmation of compliance of the same
is obtained from all concerned on an
annual basis. All Board Members and
Senior Management Personnel have
given their confirmation of compliance
for the year under review. A declaration
duly signed by Managing Director & CEO
is given in the Report on Corporate
Governance annexed to this Report.
The Code of Conduct for Board
Members and Senior Management
Personnel is available on the website of
the Company.

AUDIT COMMITTEE

The recommendations made by the
Audit Committee during the year were
accepted by the Board. The other
details of Audit Committee like
composition, terms of reference,
meetings held are provided in the
Corporate Governance Report annexed
to this Report.

NOMINATION AND
REMUNERATION COMMITTEE

Your Company has a Nomination and
Remuneration Committee and detailed
disclosure in this regard has been given
in the Corporate Governance Report
which is annexed to this Report.

EXTRA ORDINARY GENERAL
MEETING

During the year, no Extra Ordinary
General Meeting was held.

PARTICULARS OF CONTRACTS
OR ARRANGEMENTS WITH
RELATED PARTIES (RPTs)

In line with the provisions of the
Companies Act, 2013 and the SEBI
(LODR) Regulations, 2015, your
Company has a comprehensive Policy on
materiality of Related Party Transactions
and on dealing with Related Party
Transactions.

The Policy is available on the website of
the Company.

The Company gives the disclosure
regarding material transactions with
related parties on a quarterly basis
along with the compliance report on
Corporate Governance. As per
requirements of Section 134 (3) of
Companies Act, 2013 read with the Rule
8 of Companies (Accounts) Rule, 2014,
particulars of contracts or arrangements
with related parties as referred in
Section 188 (1) of the Companies Act,
2013 is annexed to this report. Further,
suitable disclosures as required by the
Accounting Standards has been given in
the Notes to the Financial Statements.
The disclosure are attached herewith as
Annexure II and forms part of the
Directors' Report.

PARTICULARS OF LOANS,
GUARANTEES OR INVESTMENTS
UNDER SECTION 186 OF THE
COMPANIES ACT, 2013

In compliance with the provisions of the
Companies Act, 2013, the details of
investments made, and loans/
guarantees provided as on 31^st March

2025 are given in the respective Notes
to the financial statements.

INSURANCE

Your Company has taken Directors and
Officers liabilities insurance as well as
appropriate insurance with adequate
coverage for all assets against
foreseeable perils.

PARTICULARS OF EMPLOYEES
PURSUANT TO SECTION 197 OF
THE COMPANIES ACT, 2013

Disclosures relating to remuneration
and other details as required under
Section 197(12) of the Act read with
Ru l e 5 ( 1 ) of th e Com p a n i es
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are
attached as Annexure-III to this Report.

In terms of the provisions of Section
197(12) of the Act read with Rules 5(2)
and 5(3) of the Companies (Appointment
and Remuneration of Managerial
Personnel) Rules, 2014, a statement
showing the names of the top ten
employees in terms of remuneration
drawn and names and other particulars
of the employees drawing remuneration
in excess of the limits set out in the said
rules, forms part of this Report. Having
regard to the provisions of the second
proviso to Section 136(1) of the Act, the
Annual Report excluding the aforesaid
information is being sent to the
members of the Company. Any
member interested in obtaining such
information may address their email to
investors@petronetlng.in.

WEB LINK OF ANNUAL RETURN

The web link of Annual Return for the
FY 2024-25 is available at the website
of the Company at https://
www.petronetlng.in/shareholders-
information

LISTING ON STOCK EXCHANGES

The Company's equity shares are listed
on the BSE Limited and National Stock
Exchange of India Limited.

TRANSFER OF AMOUNTS/
SECURITIES TO INVESTOR
EDUCATION AND PROTECTION
FUND

Pursuant to the provisions of Section
124 and 125 of the Companies Act, 2013
and Rules made thereunder, the
Company has deposited the amount
lying in Unpaid/Unclaimed Dividend
account for the FYs 2006-07 to 2016-17
to Investor Education and Protection
Fund. Detail of the same is available at
website of the Company at the following
link https://www.petronetlng.in/
unclaimed-dividend-iepf-matters

Further, pursuant to the provisions of
Section 124(6) of Companies Act 2013,
all the shares in respect of which
dividend has not been paid or claimed
for seven consecutive years or more
were also transferred to IEPF Suspense
Account. Details of the same is available
at website of the Company at the
following link - https://
www.petronetlng.in/unclaimed-
dividend-iepf-matters

OTHER DISCLOSURES

• During the FY 2024-25, Internal
Complaints Committees (ICC) have
been constituted to redress the
complaints regarding sexual
harassment pursuant to the Sexual
Harassment of Women at Workplace
(Prevention, Prohibition and
Redressal) Act, 2013. The data
regarding complaints under the said
Act are as under:

(i) number of complaints of sexual
harassment received in the year -
Nil

(ii) number of complaints disposed
off during the year - Not
Applicable

(iii) number of cases pending for
more than ninety days - Not
Applicable

• During the FY 2024-25, the Company
has complied with the provisions
relating to the Maternity Benefit Act,
1961:

(i) No. of Employees (Officers)
covered under Maternity
Benefits: 26

(ii) No. of Employees (Staff) covered
under Maternity Benefits: 13

Further, work towards providing Creche
facility in the Company premises is
under progress.

• No disclosure or reporting is
required in respect of the following
items as either these were not
applicable or there were no
transactions on these items during
the FY 2024-25:

(i) Details relating to deposits covered
under Chapter V of the Act.

(ii) Issue of equity shares with
differential rights as to dividend,
voting or otherwise.

(iii) Issue of shares (including sweat
equity shares) to employees of
the Company under any scheme.

(iv) Neither the Managing Director
nor the Whole-time Directors of
the Company receive any
remuneration or commission
from any of its subsidiaries.

(v) There are no material changes
and commitments affecting the
financial position of the
Company which have occurred
between the end of the FY and
the date of this report.

STATUTORY AUDITORS

M/s V. Sankar Aiyar & Co., Chartered
Accountants (Firm Registration No.
109208W), have been appointed by the
Shareholders of the Company in the
Annual General Meeting held on
21.09.2022 as Statutory Auditors for a
tenure of 5 years, up to the Annual
General Meeting to be held in 2027.

AUDITORS' REPORT

The Auditors have submitted an
unqualified report for the FY 2024-25.
No fraud has been reported by the
Auditors under sub-section (12) of
section 143 of the Companies Act, 2013.

SECRETARIAL AUDIT

M/s JMC & Associates, Practicing
Company Secretary (M. No. FCS 10483,
CP No. 22307), was appointed by Board
of Director to conduct the Secretarial
Audit of the Company for the FY 2024¬
25 as required under Section 204 of
Companies Act, 2013 and rules made
thereunder.

A Secretarial Audit Report for the FY
2024-25 submitted by M/s JMC &
Associates, Secretarial Auditor is
annexed as Annexure IV and forms part
of the Directors' Report.

INTERNAL AUDITOR

The Board of Directors had appointed
M/s Deloitte Touche Tohmatsu India LLP
(Deloitte) as the Internal Auditor of the
Company for a period of 3 years i.e.
from FY 2022-23 till FY 2024-25.

Further, the Board of Directors has re¬
appointed Deloitte as the Internal Auditor
of the Company for the FY 2025-26.

COST AUDITOR

In compliance with the Companies (Cost
Records and Audit) Rules, 2014, your
Company maintains the requisite Cost
Accounting Records as prescribed.

The Board of Directors had appointed
M/s Ramanath Iyer & Co., Cost
Accountants (Firm Registration. No.
000019) as the Cost Auditors of the
Company for a period of 3 years,
starting from FY 2022-23 up to 2024-25.
Further, during the year, the Board has
appointed M/s Chandra Wadhwa & Co.,
Cost Accountants (Firm Registration
Number 000239), as the Cost Auditors
for a term of three years, from the
FY 2025-26 to 2027-28, to ensure
continued adherence to statutory
requirements.

ANNEXURES FORMING PART OF ANNUAL REPORT

The particulars of annexure forming part of this report are as
under:

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of clause (c) of sub-section (3) of

Section 134 of the Companies Act, 2013, the Directors hereby

states that:

(a) In the preparation of the annual accounts, the applicable
Accounting Standards have been followed along with
proper explanation relating to material departures;

(b) The Directors have selected such accounting policies and
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at
the end of the FY and of the profit and loss of the
Company for that period;

(c) The Directors have taken proper and sufficient care for
the maintenance of adequate accounting records in
accordance with the provisions of this Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

(d) The Directors have prepared the annual accounts on a going
concern basis;

(e) The Directors have laid down Internal Financial Controls
to be followed by the Company and that such Internal
Financial Controls are adequate and operating effectively;
and

(f) The Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.

ACKNOWLEDGEMENTS

The Board of Directors sincerely thanks and wishes to place
on record appreciation to the Ministry of Petroleum and
Natural Gas, Government of India, State Governments of
Gujarat and Kerala, Promoters of the Company, QatarEnergy,
Exxon Mobil and other LNG suppliers, gas off-takers/
consumers of re- gasified LNG, Auditors, Lenders and Insurers
fortheir whole-hearted co-operation and unstinted support.

The Directors of your Company also convey their gratitude to
all the shareholders for the continued support and the trust
they have reposed in the Management. The Directors look
forward to a better future and further growth of your
Company.

The Board also appreciates the contribution of contractors,
vendors and consultants in the implementation of various
projects of the Company.

We wish to place on record our deep appreciation to
employees at all levels for their hard work, dedication and
commitment.

For and on behalf of the
Board of Directors

(Pankaj Jain)

Place: New Delhi Chairman

Date: 28.08.2025 DIN: 00675922