We have audited the accompanying Standalone IND AS
Financial Statements of M/s GUJARAT STATE PETRONET

LIMITED (''tte Company'), which comprises the Balance Sheet
as at 31^st March, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of
Changes in Equity and Statement of Cash Flows for the year
then ended on that date and notes to financial statements,
including a summary of material accounting policies and other
explanatory information (hereinafter referred to as “the
Standalone Financial Statements”).

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

Basis for Opinion

We conducted our audit of the Standalone Financial Statements
in accordance with the Standards on Auditing (“SA’s”) specified
under section 143 (10) of the Act. Our responsibilities under
those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone Financial

Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (“ICAI”) together
with the ethical requirements that are relevant to our audit of the
Standalone Financial Statements under the provisions of the Act
and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and
the ICAI’s Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis for
our audit opinion on the Standalone Financial Statements.

Emphasis of Matter

1. We draw attention to Note Number 32 of the Standalone
Financial Statements which describe the following matters:
In a separate matter, contractual dispute under arbitration
between the company and contractors amounting
' 14,096.03 Lacs (Previous Year ' 13,264.00 Lacs) in
which the Arbitration Tribunal has made judgement in
favour of contractor. However, the company has filed the
application under Section 34 of the Arbitration and
Conciliation Act, 1996 against contractor before the
Hon’ble High Court of Gujarat for setting aside the Arbitral
Award, disposal of matter is pending.

Our opinion is not modified in respect of this matter.

Key Audit Matters

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

Information Other ^an ^e Financial Statements
And Auditor’s Report hereon

"ffie Company’s Board of Directors is responsible for the the
other information. "ffie other information comprises the
information included in the Management Discussion and
Analysis, Board’s Report including Annexures to Board’s Report,
Business Responsibility, Corporate Governance and Shareholder’s
Information, but does not include the Consolidated Financial
Statements and our auditor’s report thereon.

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

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

If, based on the work we have performed, we conclude that there
is a material misstatement of this other information; we are
required to report that fact. We have nothing to report in this
regard.

Responsibility Of Management And ^ose Charged
With Governance For ^e Financial Statements

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

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

"ffie Company’s Board of Directors is also responsible for
overseeing the Company’s financial reporting process.

Auditors Responsibilities For ^e Audit Of ^e
Standalone Financial Statements

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

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

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

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

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

• Conclude on the appropriateness of management’s use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related
disclosures in the Standalone Financial Statements or, if such
disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a
going concern.

• Evaluate the overall presentation, structure and content of the
Standalone financial statements, including the disclosures,
and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the Standalone
Financial Statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably
knowledgeable user of the Standalone Financial Statements may
be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related
safeguards.

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

Report on other legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order,
2020 ("the Order”), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in the ‘Annexure - A”, a
statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, based on our audit
we report that:

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

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

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

d) In our opinion, the aforesaid Standalone Financial
Statements comply with the IND AS specified under
Section 133 of the Act.

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

f) With respect to the adequacy of the internal financial
controls with reference to Standalone Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate report
in “Annexure - B”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of
the Company’s internal financial controls with reference
to Standalone Financial Statements.

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

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

i. ^e Company has disclosed the impact of pending
litigations on its financial position in its financial
statements. Refer Note Number 32 to the financial
statements.

ii. ^e Company has made provision, as required under
the applicable law or Indian Accounting Standards, for
material foreseeable losses, if any, on long-term
contracts including derivative contracts.

iii. 'ttere has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company..

iv. (a) ^e Management has represented that, to the best

of its knowledge and belief, no funds (which are
material either individually or in the aggregate)
have been advanced or loaned or invested (either

from borrowed funds or share premium or any
other sources or kind of funds) by the company to
or in any other person or entity, including foreign
entity ("Intermediaries”), which the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the
company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

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

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

v) (a) "tte final dividend proposed in the previous year,

declared and paid by the Company during the year
in accordance with Section 123 of the Act, as
applicable.

(b) "fte Board of Directors of the Company have
proposed a final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. ^e amount of
dividend proposed is in accordance with Section
123 of the Act, as applicable. Please refer to the
Note Number 34 to the Standalone Financial
Statements.

vi) Based on our examination, which included test checks,
the Company has used accounting software for
maintaining its books of account for the financial year
ended 31^st March 2025 which has a feature of
recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant
transactions recorded in the software. Further, during
the course of our audit we did not come across any
instance of the audit trail feature being tampered with.

3. In terms of section 143 (5) of the Act, we give our report in
“Annexure - C” by taking into consideration the
information, explanations and written representations
received from the management on the matters specified in the
directions and sub-directions issued under the aforesaid
section by the Comptroller and Auditor General of India..

Place: Ahmedabad For B P BANG & CO.

Date: 22^nd May, 2025 Chartered Accountants

Firm Registration No. 010621C

(ANURAG BANG)

Partner

Membership No. 434060
UDIN: 25434060BMJFZS8979