(p) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation.

When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. ^e expense relating to a
provision is presented in the Statement of Profit and Loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost.

Decommissioning costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are
recognised as part of the cost of the particular asset. ^e cash flows are discounted at a current pre-tax rate that reflects the risks
specific to the decommissioning liability. ^e unwinding of the discount is expensed as incurred and recognised in the Statement of
Profit and Loss as a finance cost. ^e estimated future costs of decommissioning are reviewed annually and adjusted as appropriate.
Changes in the estimated future costs or in the discount rate applied are added to or deducted from the cost of the asset.

Contingent liabilities are not recognized in the financial statements but are disclosed by way of notes to accounts unless the
possibility of an outflow of economic resources is considered remote.

Contingent assets are not recognized in financial statements. However, the same is disclosed, where an inflow of economic benefit
is probable.

(q) Leases

^e Company assess whether a contract contains a lease, at the inception of the contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use of an identified asset, the Company assesses whether (i) the contract
involves the use of identified asset; (ii) the Company has substantially all of the economic benefits from the use of the asset
through the period of lease and (iii) the Company has right to direct the use of the asset.

^e Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. ^e Company uses
judgement in assessing the lease term (including anticipated renewals/termination options).

As a lessee

^e Company recognises a right-of-use asset and a lease liability at the lease commencement date. ^e right-of-use asset is
initially measured at cost, which comprises the lease liability recognized adjusted for any lease payments made at or before
the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

^e right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier
of the end of the useful life of the underlying asset or the end of the lease term. ^e estimated useful lives of right-of-use
assets are determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.

^e lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the incremental borrowing rate at the lease commencement date if the interest rate implicit in the
lease or, if that rate cannot be readily determined. After the commencement date, lease liability is increased to reflect the
accretion of interest and reduced for the lease payment made.

Lease payments included in the measurement of the lease liability comprises of fixed payments, including in-substance fixed
payments, amounts expected to be payable under a residual value guarantee and the exercise price under a purchase option
that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is
reasonably certain to exercise an extension option.

^e lease liability is measured at amortised cost using the effective interest method. Modifications to a lease agreement
beyond the original terms and conditions are generally accounted for as a re-measurement of the lease liability with a
corresponding adjustment to the ROU asset. Any gain or loss on modification is recognized in the Statement of Profit and
Loss. However, the modifications that increase the scope of the lease by adding the right to use one or more underlying
assets at a price commensurate with the stand-alone selling price are accounted for as a separate new lease. In case of lease
modifications, discounting rates used for measurement of lease liability and ROU assets is also suitably adjusted.

Short-term leases and leases of low-value assets:

^e Company has elected not to recognise right-of-use assets and lease liabilities for short term leases that have a lease term
of less than or equal to 12 months with no purchase option and assets with low value leases. ^e Company recognises the
lease payments associated with these leases as an expense in Statement of Profit and Loss over the lease term.

As a lessor

Leases for which the Company is a lessor is classified as finance or operating leases. When the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases
are classified as operating leases.

Finance lease

All assets given on finance lease are shown as receivables at an amount equal to net investment in the lease. Principal
component of the lease receipts is adjusted against outstanding receivables and interest income is accounted by applying the
interest rate implicit in the lease to the net investment.

^e Company has a scheme of providing certain assets viz. mobiles, laptops, vehicles to their employees. Under the said
scheme, the Company initially purchases the asset which is transferred to an employee after a specified period at book value
on that date. As this arrangement has element of finance lease, the Company has derecognised the items of PPE given to
employees & reclassified it as finance lease. ^e difference between the cost of the asset and present value (or absolute value
if the present value is not material) of the consideration to be received from the employee over the lease term and at the
time of transfer of ownership in the future is recognised as an employee cost over the period.

Operating lease

Lease income from operating leases where the Company is a lessor is recognised as income on a straight-line basis over the
lease term. In case of modification of contractual terms, the same is accounted as a new lease, considering any prepaid or
accrued lease payments relating to the original lease as part of the lease payments for the new lease.

(r) Non-Current Assets Held for Sale

Non-current assets or disposal groups are classified as held for sale if their carrying amount will be recovered principally through a
sale transaction rather than through continuing use and when a sale is considered highly probable. ^ey are measured at the lower
of their carrying amount and fair value less costs to sell. Once classified as held for sale, intangible assets and property, plant and
equipment are no longer amortised or depreciated.

(s) New and revised Indian Accounting Standards in issue but not yet effective

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended 31^st March, 2025, MCA has not notified
any new standards or amendments to the existing standards applicable to the Company.

34. EVENTS OCCURRING AFTER THE REPORTING PERIOD

Board of Directors, in its meeting on 22^nd May, 2025, have proposed a final dividend of ' 5.00 equity share (Face Value of ' 10/-
each) for the financial year ended on 31^st March, 2025. ^e proposal is subject to the approval of shareholders at the Annual General
Meeting and if approved would result in a cash outflow of approximately ' 28,210.57 Lacs.

^e Board of Directors, in its meeting on 08t^h May, 2024, had proposed a final dividend of ' 5.00 per equity share (Face Value of
' 10/- each) for the financial year ended on 3Pt March, 2024. ^e proposal was approved by shareholders at the Annual General
Meeting and this resulted in a cash outflow of approximately ' 28,210.57 Lacs.

* ^e above transactions are inclusive of all taxes, wherever applicable.

** ^e above figures do not include provision for leave salary, gratuity, post retirement medical benefit & other non-monetary benefits like
Mediclaim, life insurance etc. as per the Company HR policy as separate figures are not available for KMPs.

(d) Terms / Notes

(1) Transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions and Outstanding
balances are unsecured.

(2) Apart from the above transactions, the Company has also entered into transactions including but not limited to transmission of natural
gas, rendering & receiving of services, placement & maturity of term/liquid deposits, use of public utilities, receipt/payment of rent etc.
with Government related entities (entities controlled, jointly controlled or significantly influenced by Government of Gujarat). ^ese
transactions are entered in ordinary course of business & are at arm's length prices based on the agreed contractual terms. Further,
GSPL has significant transactions with State Government related entity, being Gujarat State Financial Services Limited [GSFS]. ^e
related party transactions with GSFS during the period are Placement/renewal of deposits ' 1,34,000.00 Lacs (PY: ' 1,77,400.00 Lacs),
Withdrawal/maturity of Deposits ' 1,32,400.00 Lacs (PY: ' 1,58,709.31 Lacs) and Interest Income ' 2,833.77 Lacs (PY: ' 787.32
Lacs). Further, the balance of deposit as on 31^st March, 2025 is ' 25,801.05 Lacs (PY: ' 23,234.71 Lacs).

(3) Refer Note 57 for the Composite Scheme of Amalgamation & Arrangement.

C. Financial risk management

^e Company has a well-defined risk management framework. ^e Board of Directors of the Company has adopted a Risk
Management Policy. 'tte Company has exposure to the following risks arising from financial instruments:

• Credit risk ;

• Liquidity risk ; and

• Market risk

(i) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts
due causing financial loss to the Company. ^e potential activities where credit risks may arise include from cash and cash
equivalents and security deposits or other deposits and principally from credit exposures to customers relating to
outstanding receivables and other receivables. ^e maximum credit exposure associated with financial assets is equal to the
carrying amount. Details of the credit risk specific to the company along with relevant mitigation procedures adopted have
been enumerated below:

Trade and other receivables

Company's exposure to credit Risk is the exposure that Company has on account of services rendered / prodcuts sold to
a contractual counterparty or counterparties, whether with collateral or otherwise for which the contracted consideration is
yet to be received. ^e Company's customer base are Industrial and Commercial.

Services are generally subject to security deposit and/or bank guarantee clauses to ensure that in the event of non-payment
the Company's receivables are not affected. ^e Company provides for allowance for impairment that represents its estimate
of expected losses in respect of trade and other receivables.

^e Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on
a provision matrix.

Refer note 12 for ageing of trade receivables

^e above receivables which are past due but not impaired are assessed on case-to-case basis. ^e instances pertain to third
party customers which have a proven creditworthiness record. Management is of the view that these financial assets are not
impaired as there has not been any adverse change in credit quality and are envisaged as recoverable based on the historical
payment behaviour and extensive analysis of customer credit risk, including underlying customers’ credit ratings, if they are
available. Consequently, no additional provision has been created on account of expected credit loss on the receivables.
'ttere are no other classes of financial assets that are past due but not impaired. ^e provision for impairment of trade
receivables, movement of which has been provided below, is not significant / material. ^e concentration of credit risk is
limited due to fact that the customer base is large and unrelated.

Other financial assets

Other financial assets includes loan to employees, security deposits, investments, cash and cash equivalents, other bank

balance, advances to employees etc.

• Cash and cash equivalents and deposits are placed with banks / financial institution having good reputation and past
track record with adequate credit rating.

• Investments are made in credit worthy companies / group companies.

• ^e Company has given security deposit to various government authorities (like Municipal corporation, Nagarpalika,
Grampanchayat, Road & building division and Irrigation department of State Governments, credit worthy companies
etc. ) for the permission related to work of executing / laying pipeline network in their premises / jurisdiction. Being
government authorities, the Company does not have exposure to any credit risk.

• Loan and advances to employees (for housing advances) are majorly secured in nature and hence the Company does
not have exposure to any credit risk.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are proposed to be settled by delivering cash or other financial asset. ^e Company’s financial planning has
ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. ^e Company
has practiced financial diligence and syndicated adequate liquidity in all business scenarios.

(iii) Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will
affect the Company’s income or the value of its holdings of financial instruments.

Currency risk

^e functional currency of the Company is Indian Rupees. ^e Company do not have derivative financial instruments.
Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk
of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest
rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in
the interest rates. ^e borrowing is Nil as at 31^st March, 2025 and as at 31^st March, 2024.

41. CAPITAL MANAGEMENT

Company defines capital as total equity including issued equity capital, share premium and all other equity reserves attributable to
equity holders of the Company (which is the Company’s net asset value). ^e primary objective of the Company’s financial framework
is to support the pursuit of value growth for shareholders, while ensuring a secure financial base. ^e Company does not have any
secured / unsecured borrowings as on the reporting date.

42. DISCLOSURES UNDER IND AS 116 LEASES

A. ~nie Company as lessee:

Nature of the lease transaction:

^e Company has taken various parcel of land with lease term ranging from 5 years to 99 years, office building with lease term
ranging from 4 years to 10 years, LNG Trucks and regasification facilities for 5 years, various guest houses / yards / office containers /
vehicles on lease with the lease term of 6 to 11 months, and way leave charges. Some lease contract can be renewed with mutual
consent and some lease contract also contains the termination options. Such options are appropriately considered in determination of
the lease term based on the management's judgement. In certain contracts, the Company is restricted from assigning and subletting
the leased assets. For leases where the lease term is less than 12 months with no purchase option, the Company has elected to apply
exemption for short term leases and accordingly, right of use assets and lease liabilities for these contracts are not recognised.

Refer Note 4 for details relating to Right of Use Assets.

44. DISCLOSURES FOR EMPLOYEE BENEFITS AS PER INDIAN ACCOUNTING STANDARD - 19
- EMPLOYEE BENEFITS

Defined contribution plan:

Provident fund and superannuation fund benefits charged to Statement of Profit and Loss during the period are ' 462.98 Lacs and '
223.73 Lacs respectively (PY: ' 425.60 Lacs and ' 170.80 Lacs respectively).

Defined benefit plans:

^e Company has participated in Group Gratuity scheme of HDFC Standard Life Insurance Company Limited. ^e liability in
respect of gratuity benefits, post retirement medical benefit scheme (PRMBS) & leave salary being defined benefit schemes, payable in
future, are determined by actuarial valuation as on balance sheet date. In arriving at the valuation for gratuity, medical benefits & leave
salaries, following assumptions were used:

A description of methods used for sensitivity analysis and its Limitations:

Sensitivity analysis is performed by varying a single parameter while keeping all the other parameters unchanged. Sensitivity analysis
fails to focus on the interrelationships between underlying parameters. Hence, the results may vary if two or more variables are
changed simultaneously. ^e method used does not indicate anything about the likelihood of change in any parameter and the extent
of the change, if any.

Other notes:

^e Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received
Presidential assent in September 2020. ^e Code has been published in the Gazette of India. However, the date on which the Code
will come in to effect has not been notified. ^e Company will assess the impact of the Code when it comes into effect and will record
any related impact in the period when the Code becomes effective.

45. DETAILS OF BENAMI PROPERTIES

^e Company does not hold any Benami properties. No proceedings have been initiated or are pending against the Company for
holding any benami property under the Benami Transactions (Prohibitions) Act, 1988 and the rules made thereunder.

46. UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM

^e Company has not advanced or loaned or invested funds - either borrowed funds or share premium or any other sources or kind of
funds to any other person or entity, including foreign entities (Intermediaries) with an understanding that the Intermediary shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company or

(ii) provide any guarantee, security or the like to or on behalf of the Company.

^e Company has not received any fund from any person or entity, including foreign entities (Funding Party) with the understanding
that the Company shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

49. REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)

As at the reporting dates, none of the charges or satisfaction of charges are yet to registered with ROC beyond the statutory time limit.

50. COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES

As the Company is a Government Company, in terms of section 2(45) of the Companies Act, compliance with number of layers of the
companies as per section 2(87) of the Companies Act read with Companies (Restriction on number of Layers) Rules 2017, is not
applicable.

51. DISCLOSURE IN RELATION TO UNDISCLOSED INCOME

^ere are no transactions that has been not recorded in the books of accounts and has been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961.

52. DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

Company has not traded or invested in Crypto currency or Virtual Currency during the financial year and comparative period.

53. As at the balance sheet date, the Company has reviewed the carrying amounts of its assets and found that there is no indication
that those assets have suffered any impairment loss. Hence, no such impairment loss has been provided.

54. Amount due for credit to Investor Education and Protection Fund is NIL (Previous year NIL).

55. In the opinion of management, any of the assets other than property, plant and equipment and non-current investments have a
value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

56. RECLASSIFICATION OF COMPARATIVE FIGURES

Certain reclassifications have been made to the comparative period's financial statements to:

- enhance comparability and ensure consistency with the current year’s financial statements; and

- ensure compliance with the Guidance Note on Division II - Ind AS Schedule III to the Companies Act, 2013 (Revised).

^e Company believes that such presentation is more relevant for understanding of the Company’s performance.

However, this does not have any material impact on the profit, equity and statement of cash flows for the comparative period.

57. COMPOSITE SCHEME OF AMALGAMATION AND ARRANGEMENT

"'tte Board of Directors of the Company, at its meeting held on 30^th August, 2024, have approved a Composite Scheme of
Amalgamation and Arrangement among Gujarat State Petroleum Corporation Limited (GSPC /Transferor Company), Gujarat State
Petronet Limited (GSPL /Transferor Company), GSPC Energy Limited (GEL /Transferor Company), Gujarat Gas Limited
(GGL/Transferee Company & Demerged Company) and GSPL Transmission Limited (GTL /Resulting Company) and their
respective Shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and rules made
thereunder ("Scheme"). ^e Scheme, inter alia, provides for -

1. amalgamation of GSPC, GSPL and GEL with GGL with appointed date as 1” April, 2024;

2. post the amalgamation, demerger of “Gas Transmission Business Undertaking” into GTL with appointed date as 1” April, 2025
and

3. various other matters consequential or otherwise integrally connected therewith.

^e Scheme is, inter alia, subject to sanction of the Ministry of Corporate Affairs (MCA) and receipt of necessary approvals from
statutory and regulatory authorities. ^e Scheme will become effective and accounted upon receipt of requisite approval / orders from
the competent authorities.

For and on behalf of the Board of Directors,

For B P BANG & Co. Pankaj Joshi, IAS Milind Torawane, IAS

Chartered Accountants Chairman & Managing Director Joint Managing Director

Firm Registration No. 010621C DIN: 01532892 DIN: 03632394

Anurag Bang Ajith Kumar T R Rajeshwari Sharma

Partner Chief Financial Officer Company Secretary

Membership No. 434060

Place: Ahmedabad Place: Gandhinagar

Date: 22^nd May, 2025 Date: 22^nd May, 2025