(C) Provisions

The timing of recognition and quantification of the
liability (including litigations) requires the application
of judgement to existing facts and circumstances,
which can be subject to change. The carrying amounts
of provisions and liabilities are reviewed regularly
and revised to take account of changing facts
and circumstances.

(D) Impairment of Financial and Non-Financial
Assets

The impairment provisions for Financial Assets are based
on assumptions about risk of default and expected cash
loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment
calculation, based on Company's past history, existing
market conditions as well as forward-looking estimates
at the end of each reporting period.

In case of non-financial assets, assessment of
impairment indicators involves consideration of future
risks. Further, the Company estimates asset's recoverable
amount, which is higher of an asset's or Cash Generating
Units (CGU's) fair value less costs of disposal and its
value in use.

In assessing value in use, the estimated future cash
flows are discounted to their present value using pre-tax
discount rate that reflects current market assessments
of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal,
recent market transactions are taken into account, if
no such transactions can be identified, an appropriate
valuation model is used.

(E) Fair Value Measurement

For estimates relating to fair value of financial
instruments Refer Note 36 of financial statements.

1.1 Right-of-Use (Land) includes:

i) C 6,923 crore (Previous Year C 6,923 crore) towards investment in preference shares representing right to hold and use all the
immovable properties of the investee entity.

1.2 Buildings include:

i) Cost of shares in Co-operative Societies of C 2,69,200 (Previous Year C 2,69,200).

ii) C 88 crore (Previous Year C 88 crore) in shares of Companies / Societies with right to hold and use certain area of Buildings.

1.3 Capital work-in-Progress and Intangible Assets Under Development include:

i) C 7,927 crore (Previous Year C 7,987 crore) on account of Project Development Expenditure.

ii) C 14,398 crore (Previous Year C 6,709 crore) on account of cost of construction materials at site.

1.4 Additions in Property, Plant & Equipment, Intangible Assets, Capital work-in-progress and Intangible assets under Development
include C 606 crore (net loss) [Previous Year C 251 crore (net loss)] on account of exchange rate difference during the Year.

13.5 Pursuant to 'Reliance Industries Limited Employees' Stock Option Scheme 2017' (ESOS-2017), options granted and
remaining to be vested as at the end of the year is 66,088.

13.6 Rights, preferences and restrictions attached to shares:

The Company has only one class of equity shares having face value of H 10 each. The holder of the equity share is entitled to
dividend right and voting right in the same proportion as the capital paid-up on such equity share bears to the total paid-up
equity share capital of the Company. The dividend proposed by Board of Directors is subject to approval of the shareholders in
the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the Company in the same proportion as the capital paid-up on the equity shares held by them
bears to the total paid-up equity share capital of the Company.

13.7 Issue of shares under rights issue:

The Company had issued 42,26,26,894 equity shares of face value of H 10/- each on right basis ('Rights Equity Shares').

In accordance with the terms of issue, H 314.25 i.e. 25% of the Issue Price per Rights Equity Share, was received from the
concerned allottees on application and shares were allotted. The Board had made First call of H 314.25 per Rights Equity
Share (including a premium of H 311.75 per share) in May, 2021 and Second and Final call of H 628.50 per Rights Equity Share
(including a premium of H 623.50 per share) in November, 2021. During the year under review, 2,74,853 partly paid up shares
became fully paid up shares and 1,42,565 shares, on which an amount of H 4,31,315 was paid-up, were forfeited and cancelled.

13.8 Bonus shares issued during the current financial year:

On October 29, 2024, the Company had allotted 676,61,86,449 bonus equity shares of H 10/- each (fully paid up) in the
proportion of 1 bonus equity share for every 1 fully paid up equity share to eligible shareholders whose names appeared in
the Register of Members / Register of Beneficial Owner as on October 28, 2024, being the record date fixed for this purpose,
in accordance with approval received from the Members by way of postal ballot, result of which was declared on October 16,
2024. The said bonus equity shares rank pari passu in all respects with the existing equity shares of the Company. As a result
of the bonus issue, the paid-up capital of the Company increased to H 13,532 crore from H 6,766 crore. The paid-up capital on
account of bonus issue of H 6,766 crore has been appropriated from securities premium.

20.1 Working Capital Loans from Banks of H 7,371 crore (Previous Year H 5,798 crore) are secured by hypothecation of present
and future stock of raw materials, work-in-progress, finished goods, stores and spares (not relating to plant and machinery),
book debts, outstanding monies, receivables, claims, bills, materials in transit, fixed deposit etc. save and except stock and
receivables of Oil & Gas segment (Refer Note 9).

20.2 Working Capital Loans from Others is H NIL (Previous Year H 8,500 crore) are secured by Government Securities
(Refer Note 7).

20.3 Refer note 36 B (iv) for maturity profile.

20.4 The Company has satisfied all the covenants prescribed in terms of borrowings.

20.5 In respect of working capital loans, quarterly returns or statements of current assets filed by the Company with banks are in
agreement with the books of account.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority,
promotion and other relevant factors including supply and demand in the employment market. The above information is
certified by the actuary.

The Expected Rate of Return on Plan Assets is determined considering several applicable factors, mainly the composition
of Plan Assets held, assessed risks, historical results of return on Plan Assets and the Company's policy for Plan
Assets Management.

VII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with FY 2024-25.

33.3 The Government of India ("GoI"), disallowed certain costs which the Production Sharing Contract ("PSC"), relating to Block
KG-DWN-98/3 ("KG D6") entitles the Company to recover. The Company maintains that the Contractor is entitled to recover
all of its costs under the terms of the PSC and there are no provisions that entitle the GOI to disallow the recovery of any
Contract Cost. The Company referred the issue to arbitration with GOI for resolution of disputes. The matter is presently at the
stage of Final Hearing as part of arbitration proceedings. The demand from the GOI of $ 165 million (for C 1,407 crore) being
the Company's share (total demand $ 247 million - C 2,111 crore) towards additional Profit Petroleum has been considered as
contingent liability as on 31^st March 2025.

In supersession of the Ministry's Gazette notification no. 22011/3/2012-ONG.D.V. dated 10^th January 2014, the GOI notified
the New Domestic Natural Gas Pricing Guidelines, 2014 on 26^th October 2014. The GOI had directed the Company to instruct
customers to deposit differential revenue on gas sales from D1D3 field on account of the prices determined under the
guidelines converted to NCV basis and the prevailing price prior to 1^st November 2014 ($ 4.205 per MMBTU) to be credited to
the gas pool account maintained by GAIL (India) Limited. The amount so deposited by customer to Gas Pool Account is C 295
crore (net) as at 31^th March 2025. Revenue has been recognised at the GoI notified prices on GCV basis, in respect of gas
quantities sold from D1D3 field from 1^st November 2014. This amount in the Gas Pool Account has also been challenged under
cost recovery arbitration and is pending adjudication.

33.4 (a) Government of India ("GoI") sent a demand notice to the KG D6 block contractor (RIL, BP Exploration (Alpha) Limited

and Niko (NECO) Limited) (together "Contractor") on 3^rd November 2016, on account of production of gas allegedly
migrated from ONGC's blocks. RIL, as operator and on behalf of the Contractor, initiated arbitration proceedings against
the GoI. The Arbitral Tribunal vide its Final Award dated 24^th July 2018 ("Arbitration Award"), upheld Contractor's claims.
Vide Judgment dated 9^th May 2023, a single judge of the Hon'ble Delhi High Court upheld the Arbitration Award and
dismissed GoI's appeal challenging the award. On an appeal by GOI, vide judgment dated 14^th February 2025, the
Division Bench of the Hon'ble Delhi High Court allowed GoI's appeal and set aside the judgment of the single judge and
the Arbitration Award.

A demand letter dated 1^st March 2025 for payment of $ 2.81 billion (RIL share $ 1.87 billion) was sent by GoI to the
Contractor. RIL, on 17^th March 2025, responded that it is not liable to make any payment to GoI and that the demand
letter is without any factual or legal basis and is liable to be withdrawn. RIL will be filing an appeal against the judgement
of the Division Bench of the Hon'ble Delhi High Court.

(b) Arbitration was initiated by BG Exploration and Production India Limited and the Company (together the Claimants)
against GOI under the PSCs for Panna - Mukta and Tapti blocks due to difference in interpretation of certain

PSC provisions between Claimants and GOI. The Arbitration Tribunal has issued a number of final partial awards in this
matter, some of which have (in part) not been in Claimant's favour. The arbitration is ongoing and a final award is yet to be
issued. The arbitration has also led to satellite litigation in India (presently ongoing) and in the UK, which has resulted in
court judgements that have not always been entirely in RIL's favour.

(c) NTPC filed suit in 2006 for specific performance of contract for supply of natural gas of 132 trillion BTU annually for a
period of 17 years. This suit is still pending adjudication in the Bombay High Court and the Company's fact witnesses in
the suit are to be cross examined by NTPC. On 2^nd December 2024, an SLP was filed by RIL before the Supreme Court
against an Order of the Bombay High Court in the NTPC suit, directing redaction of certain portions of RIL's Affidavit. The
matter is presently sub-judice.

Considering the complexity of above issues, the Company is of the view that any attempt for quantification of possible
exposure to the Company will have an effect of prejudicing Company's legal position in the ongoing arbitration/ litigations.
Moreover, the Company considers above demand/disputes as remote.

33.5 Exploration for and Evaluation of Oil and Gas Resources

The following financial information represents the amounts included in Intangible Assets under Development relating to
activity associated with the exploration for and evaluation of oil and gas resources.

(III) The Income-Tax Assessments of the Company have been completed up to Assessment Year 2021-22. The total outstanding
demand is H 387 crore as on date. Based on the decisions of the Appellate authorities and the interpretations of other relevant
provisions of the Income tax Act, 1961, the Company has been legally advised that the demand raised is likely to be either deleted or
substantially reduced and accordingly no provision is considered necessary.

(IV) On December 16, 2010, the Securities and Exchange Board of India (SEBI) issued a show cause notice ("SCN") inter alia to the
Company (RIL) in connection with the trades by RIL in the stock exchanges in 2007 in the shares of Reliance Petroleum Limited,
then a subsidiary of RIL. By an order dated March 24, 2017, the Whole Time Member ("WTM") passed directions: (i) prohibiting
inter alia RIL from dealing in equity derivatives in the 'Futures & Options' segment of stock exchanges, directly or indirectly, for a
period of one year from the date of the order; and (ii) to disgorge from RIL an amount of H 447 crore along with interest at the rate
of 12% per annum from November 29, 2007, till the date of payment On an appeal by RIL, Securities Appellate Tribunal ("SAT") by
a majority order (2:1), dismissed the appeal on November 5, 2020, and directed RIL to pay the disgorged amount within sixty days
from the date of the order. The appeal of RIL and others has been admitted by the Hon'ble Supreme Court of India. By its order
dated December 17, 2020, the Hon'ble Supreme Court of India directed RIL to deposit H 250 crore in the Investors' Protection Fund,
subject to the final result of the appeal and stayed the recovery of the balance, inclusive of interest, pending the appeal. RIL has
complied with the order dated December 17, 2020, of the Hon'ble Supreme Court of India.

In the above matter, the adjudicating officer of SEBI ("AO") while adjudicating the show cause notice dated November 21, 2017
issued, inter alia, to RIL passed an order on January 1, 2021 imposing a penalty of H 25 crore on RIL. In the appeal filed by RIL,
the Hon'ble Securities Appellate Tribunal vide order dated December 4, 2023, did not interfere with the order passed by the AO
since the matter was already covered by its earlier decision dated November 5, 2020, which is in appeal by RIL before the Hon'ble
Supreme Court. RIL has filed an appeal in the Hon'ble Supreme Court of India against Order dated December 4, 2023 of SAT. The
Company continues to consider the aforesaid liability as contingent.

35. Capital Management

The Company adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main
objectives are as follows:

a) Maintain AAA rating domestically and investment grade rating internationally.

b) Manage foreign exchange, interest rates and commodity price risk, and minimise the impact of market volatility on earnings.

c) Diversify sources of financing and spread the maturity across tenure buckets in order to manage liquidity risk.

d) Leverage optimally in order to maximise shareholder returns.

For current borrowings, the carrying amounts approximates fair value due to the short maturity of these instruments.

The financial instruments are categorised into three levels based on the inputs used to arrive at fair value measurements as

described below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly; and

Level 3: Inputs based on unobservable market data.

Valuation Methodology

All financial instruments are initially recognised and subsequently re-measured at fair value as described below:

a) The fair value of investment in quoted Equity Shares, Bonds, Government Securities, Treasury Bills, Certificate of Deposit and
Mutual Funds is measured at quoted price or NAV.

b) The fair value of Interest Rate Swaps is calculated as the present value of the estimated future cash flows based on observable
yield curves.

c) The fair value of Forward Foreign Exchange contracts and Currency Swaps is determined using observable forward exchange
rates and yield curves at the balance sheet date.

d) The fair value of over-the-counter Foreign Currency Option contracts is determined using the Black Scholes valuation model.

e) Commodity derivative contracts are valued using available information in markets and quotations from exchange, brokers and
price index developers.

The Company's liquidity is managed centrally with operating units forecasting their cash and liquidity requirements. Treasury
pools the cash surpluses from across the different operating units and then arranges to either fund the net deficit or invest the
net surplus in a range of short-dated, secure and liquid instruments including short-term bank deposits, money market funds,
reverse repos and similar instruments. The portfolio of these investments is diversified to avoid concentration risk in any one
instrument or counterparty.

ii) Commodity Price Risk

Commodity price risk arises due to fluctuation in prices of crude oil, other feed stock and products. The company has a risk
management framework aimed at prudently managing the risk arising from the volatility in commodity prices and freight costs.

The Company's commodity risk is managed centrally through well-established trading operations and control processes. In
accordance with the risk management policy, the Company enters into various transactions using derivatives and uses over-
the-counter as well as Exchange Traded Futures, Options and Swap contracts to hedge its commodity and freight exposure.

iii) Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due causing
financial loss to the Company. Credit risk arises from company's activities in investments, dealing in derivatives and receivables
from customers. The Company ensure that sales of products are made to customers with appropriate creditworthiness.
Investment and other market exposures are managed against counterparty exposure limits. Credit information is regularly
shared between businesses and finance function, with a framework in place to quickly identify and respond to cases of
credit deterioration.

The company has a prudent and conservative process for managing its credit risk arising in the course of its business activities.
Credit risk is actively managed through Letters of Credit, Bank Guarantees, Parent Company Guarantees, advance payments
and factoring & forfaiting without recourse to the Company to avoid concentration of risk. The company restricts its fixed
income investments to liquid securities carrying high credit rating.

iv) Liquidity Risk

Liquidity risk arises from the Company's inability to meet its cash flow commitments on the due date. The company maintains
sufficient stock of cash, marketable securities and committed credit facilities. The company accesses global and local financial
markets to meet its liquidity requirements. It uses a range of products and a mix of currencies to ensure efficient funding from
across well-diversified markets and investor pools. Treasury monitors rolling forecasts of the Company's cash flow position and
ensures that the Company is able to meet its financial obligation at all times including contingencies.

C. Hedge Accounting

The Company's business objective includes safe-guarding its earnings against adverse price movements of crude oil and other
feedstock, refined products, freight costs as well as foreign exchange and interest rates. The Company has adopted a structured
risk management policy to hedge all these risks within an acceptable risk limit and an approved hedge accounting framework which
allows for Fair Value and Cash Flow hedges. Hedging instruments include exchange traded futures and options, over-the-counter
swaps, forwards and options as well as non-derivative instruments to achieve this objective.

There is an economic relationship between the hedged items and the hedging instruments. The Company has established a hedge
ratio of 1:1 for the hedging relationships. To test the hedge effectiveness, the Company uses the hypothetical derivative method
and critical term matching method.

The hedge ineffectiveness can arise from:

- Differences in the timing of the cash flows.

- Different indexes (and accordingly different curves).

- The counterparties' credit risk differently impacting the fair value movements.

(ii) The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

(a) 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

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

(iii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) 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

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iv) The Company does not have any transaction which is not recorded in the books of account that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.

41. Events after the Reporting Period

The Board of Directors have recommended dividend of C 5.5/- per fully paid up equity share of C 10/- each for the financial
year 2024-25 aggregating C 7,443 crore.

42. The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make them
comparable.

43. Approval of Financial Statements

The financial statements were approved for issue by the Board of Directors on April 25, 2025.

As per our Report of even date For and on behalf of the Board

For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP Srikanth Venkatachari M.D. Ambani I rh' d

Chartered Accountants Chartered Accountants Chief Financial Officer DIN: 00001695 p .. ^{airrnan an}

(Registration No. (Registration No. a^naging

117366W/W-100018) 101720W/W-100355) ^Director

N.R. Meswani H.R. Meswani

DIN: 00001620 DIN: 00001623 Executive

Abhijit A. Damle Sandesh Ladha Savithri Parekh P.M.S. Prasad r Directors

Partner Partner Company Secretary DIN: 00012144

Membership No. 102912 Membership No. 047841

Date: April 25, 2025 Akash M. Ambani Isha M. Ambani

DIN: 06984194 DIN: 06984175

Anant M. Ambani Raminder Singh Gujral

DIN: 07945702 DIN: 07175393

Dr. Shumeet Banerji Arundhati Bhattacharya

DIN: 02787784 DIN: 02011213

Non-Executive

His Excellency Yasir Othman H. AI-Rumayyan Directors

DIN: 09245977

K.V. Chowdary K.V. Kamath

DIN: 08485334 DIN: 00043501

Haigreve Khaitan

DIN: 00005290