Your Directors have pleasure in presenting the Twenty-sixth Annual Report and the Company's audited financial statements for the
Financial Year ended March 31, 2025.

Physical Performance

During the year, the Company recorded sales as under:

Shri. Vinai Kumar Saxena, Lt. Governor of Delhi, receiving interim dividend cheque of FY 2024-25 from Mr. Kamal Kishore Chatiwal, Managing Director and
Mr. Mohit Bhatia, Director (Commercial), on behalf of Govt. of NCT of Delhi, which holds 5% equity stake in IGL

Financial Results

The Company's financial performance for the year ended March 31, 2025 is summarised below:

Financial Reviews

During the year, the gross turnover of the Company has increased from Rs. 15,403.13 Crores in FY 2023-24 to Rs. 16,399.70 Crores
in FY 2024-25 showing an increase of 6.47%. The Profit After Tax (PAT) decreased by 16.05% from Rs. 1748.08 Crores in FY 2023-24
to Rs. 1467.59 Crores in FY 2024-25.

Mr. Kamal Kishore Chatiwal, Managing Director and Mr. Mohit Bhatia, Director (Commercial) inaugurating Knowledge Park III CNG station of IGL located
in Greater Noida, Uttar Pradesh

The Company has prepared the Consolidated Financial Statements which includes Company's share in net profit/loss of the
Subsidiary and also includes the Company's share of profit in its Associates combined on an equity method in accordance with
Ind AS 28 - "Investment in Associates and Joint Ventures”. The Consolidated PAT during FY 2024-25 is Rs. 1713.01 Crores against
Rs. 1983.40 Crores in the previous year.

Dividend

Your Company is pleased to recommend a final dividend of 75%
(Rs. 1.5/- per share - Post Bonus issue). The proposed dividend
would absorb Rs. 210 Crores.

Your Company had also declared interim dividend of 275%
i.e. (Rs. 5.50/- per share - Pre Bonus Issue) paid during
financial year 2024-25.

The Company has Dividend Distribution Policy in terms
of the requirement of SEBI (Listing Obligations Disclosure
Requirements) Regulations, 2015. The Policy is available on
the website of the Company under the web-link: https://www.
iglonline.net/detailPage/policies

Performance Highlights

Compressed Natural Gas Business

During the year, your Company augmented CNG infrastructure
in its Geographical Areas. The Company achieved a new
milestone by setting up 954th CNG station in FY 2024-25. In
FY 2024-25, 72 new CNG stations were commissioned. CNG
capacity enhancement/ upgradation was done at 08 numbers
CNG stations and 15 stations were converted from Daughter
Booster to Online in FY 2024-25. With these achievements, the
Company has achieved total compression capacity of 109.44
lacs kgs per day and is catering to around 21 Lacs vehicles.

Your Company provides prepaid card facility for its CNG
customers in order to promote digital payments. Till now more
than 195000 prepaid cards are under circulation catering to
approx. 2 lacs vehicles. In line with Digital India, Company
has done forecourt payment automation at its CNG stations
which will increase the customer satisfaction and transparency
in CNG billing. Company has taken more initiatives in Digital
Payments at CNG stations for the benefit of customers,
wherein UPI payment can be made at CNG stations through

wallet payments mode. The Company has also tied up with
Bhim UPI for enabling UPI payments collection from all modes
of payment. The combined effort towards digital payment
collection has helped in a growth of 12% in digital payment
collection this year vis-a-vis last year.

Your Company has conducted joint promotion activities with
Maruti Suzuki India Limited, Tata Motors, Bajaj, Mahindra and
Hyundai at the CNG stations. Due to constant interactions
with the car manufacturers, they have launched company
fitted CNG variants, which are becoming popular among the
customers and thus boosting the sales of CNG.

Consistent follow-ups with State Transport Units (STU's) have
yielded positive results, with UPSRTC & UTC added 100 new
CNG buses in FY 2024-25.

Piped Natural Gas Business

PNG - Domestic Connections

PNG continued to be focus area of the Company during FY 2024¬
25. The Company provided more than 3.70 lacs new connections
during the year 2024-25. In order to create the PNG awareness
further amongst target customers, a successful campaign was
run during the year. A significant growth of 27.5 MMSCM i.e.
around 12% in PNG domestic sale have been achieved in FY
2024-25, resulting in total sale of 255.03 MMSCM in FY 2024¬
25 as against total sale of 227.48 MMSCM in FY 2023-24.

Your Company increased its steel pipeline network from 2054
kms in FY 2023-24 to 2347 kms in FY 2024-25 and its MDPE
network from 23,565 kms in FY 2023-24 to 27,399 in FY 2024-25.

Your Company has truly embraced innovation to drive PNG
adoption, deploying a comprehensive strategy that spans low-
cost promotional campaigns and e-rickshaw promotions for
urban villages, engaging women's meets, utilizing modern
channels like QR codes on promotional boards in residential

Mr. Kamal Kishore Chatiwal, Managing Director and Mr. Mohit Bhatia,
Director (Commercial), inaugurating the first Commercial PNG
connection in Banda district of Uttar Pradesh

societies, bulk messaging and WhatsApp group advertisements
to reach potential customers. To further encourage conversion,
your Company also promotes easy registration via its website
and call-centres, and critically, offers customer-centric financial
schemes such as the Fixed Daily Charges (FDC) Scheme, where
customers pay a nominal daily charge instead of an upfront
installation security deposit, and the Equated Monthly Instalment
(EMI) Scheme, which allows customers to pay the refundable
security deposit in convenient bi-monthly instalments. These
initiatives collectively demonstrate IGL's commitment to making
PNG accessible and appealing across diverse customer segments.

In new GAs like Ajmer, Pali, Karnal, Kaithal, Muzaffarnagar,
Meerut, Kanpur, Fatehpur, etc. an overall growth of approx.
45% in new billable customers have been registered so far
as on 31.03.2025. Spot billing has been fully implemented in
Muzaffarnagar GA, enabling 100% accurate retail bill generation
in real time with immediate hand-to-hand delivery leading to a
notable improvement in reading output, rising from 60% to 80%.
Keeping in pace with digitalization and to use the social media
platforms effectively, your Company is promoting self-billing
option through conveniently designed short videos. These
short videos are sent along with the PNG bills sent on SMS/
WhatsApp to educate customers on self- billing, empowering
customers to generate accurate bills at their convenience.

Your Company has also started the digital transformation
by launching a WhatsApp Chatbot, providing 24/7 instant
customer interaction, service request handling, bill delivery,
and payment collection, all through the same platform for
added convenience. Your Company yet again surpassed the
milestone of 1.35 million electronic bill delivery subscribers
and 2.5 lakhs WhatsApp subscribers demonstrating the
commitment to embracing modern platforms. With consistent
and firm efforts an average of 88% to 90% monthly actual/retail
meter reading collection have been achieved during FY 2024-

25 with 100% billing of all moved-in PNG-Domestic customers.
The remarkable 97% adoption rate for online payments clearly
demonstrates the convenience and ease of IGL's digital payment
options. This high engagement reflects a strong customer
preference for seamless, online transactions, underscoring the
success of the company's efforts in promoting and facilitating
digital payments for its services in Delhi. Also, your Company
has expanded and strengthened cash collection infrastructure
in rural areas by partnering with Common Service Centres
(CSCs), significantly improving accessibility and convenience
for customers in remote locations. IGL's commitment to
operational excellence and customer satisfaction is evident in
its impressive service metrics. Beyond the 97% online payment
adoption rate, the Company also achieved a 96% success rate
in hardcopy bill delivery for approximately 2.5 lakh customers.
These accomplishments collectively underscore IGL's
dedication to leveraging technology and customer-centric
solutions, ensuring an exceptional and seamless experience for
its valued customers.

The Company had a total of more than 30.7 Lakhs connections
in Delhi & other geographical areas as on March 31, 2025.

PNG - Commercial & Industrial

During the year, your Company continued its thrust on the
Commercial & Industrial segment which is one of the potential
growth areas in the upcoming years. In Industrial Segment,
your Company achieved sales volume growth of around 10%
i.e. from 294.10 MMSCM in FY 2023-24 to 322.53 MMSCM
in FY 2024-25 and in Commercial segment, your Company
achieved a growth of around 8% in sales volume i.e. from 82.20
MMSCM in FY 2023-24 to 88.43 MMSCM in FY 2024-25. In
terms of number of customers, the industrial customer base
increased from 4693 in March 2024 to 5265 in March 2025
and commercial customer base increased from 5904 in March
2024 to 6876 in March 2025.

In Delhi, Delhi Pollution Control Committee (DPCC) has
banned all other industrial fuels except PNG and has advised all
industrial customers (wherever PNG is available) to switchover
to PNG. The Commission for Air Quality Management (CAQM)
has also directed switching over of DG sets to PNG and Dual
fuel (PNG and Diesel) mode in Delhi and NCR. Your Company
has efficiently co-ordinated to implement the mandate given
by DPCC and the CAQM by facilitating customers for smooth
switchover to PNG supply. In this regard, your Company has
been able to convert all polluting industries located in NCT
of Delhi to PNG supply. In order to curb down air-pollution
levels and to increase natural gas volumes, your Company
has targeted power generation, manufacturing etc. wherein
PNG is replacing usage of polluting fuels. IGL's PNG network
is widely available among various Industrial & Commercial
clusters of Delhi and NCR towns of Ghaziabad, Gautam Budh
Nagar, Hapur, Muzzaffarnagar, Gurugram, Rewari, Karnal.
Your Company is working with a focused approach to further
expand/ strengthen pipeline network by providing last mile
connectivity to the Industrial & Commercial establishments

in existing areas where pipeline grid is available and expand
pipeline network to cater to other industrial areas.

In Industrial & Commercial segment 1726 new registrations were
completed during the FY 2024-25 and pipeline laying was started
in new areas like Hapur, YEIDA in Uttar Pradesh, Chandni Chowk
& Paharganj in Delhi. Your Company is also expanding its network
to new Geographical Areas (GAs) like Muzzaffarnagar, Meerut &
Shamli, Kanpur (other than area already authorized), Fatehpur &
Hamirpur, Ajmer, Rajsamand & Pali and Banda & Chitrakoot to
cater the demand of Industrial & Commercial segment.

Natural gas is a vital component of modern industry and
commerce, offering a clean-burning, efficient, and reliable
source of energy. Industrial and commercial connections to
natural gas networks enable businesses to harness this valuable
resource, driving growth, productivity, and sustainability. Your
Company is also working in a collaborative and participatory
approach with UPSIDA, NEA, Udyog Bandhu, YEIDA so
as to work out an action plan to convert all industrial and
commercial units to PNG (wherever IGL's PNG network is
available). To further expand its footprint, your Company has
been able to execute Gas Sale Agreements (GSA) with Industrial
& Commercial Customers in Muzzaffarnagar, Jewar industrial
area, Hapur, Rewari, Kanpur, Pali & Ajmer Geographical Areas
(GAs) and also started supplying PNG which would facilitate
increase in consumption of Natural Gas (NG) volumes.

Associate Companies

Central U. P. Gas Limited (CUGL)

CUGL is engaged in City Gas Distribution in the cities of Kanpur,
Bareilly, Jhansi and Unnao in Uttar Pradesh. Your Company
holds 50% of the paid-up equity share capital of CUGL.

CUGL achieved a gross turnover of Rs. 708.46 Crores and Profit After
Tax of Rs. 70.03 Crores for the financial year ended March 31, 2025.

Maharashtra Natural Gas Limited (MNGL)

MNGL is in City Gas Distribution business in Pune, Pimpri,
Chinchwad, Chakan, Talegaon and Hinjewadi, Nasik GA
(Nasik, Dhule & part of Valsad), Sindhudurg GA in the state of
Maharashtra and Ramanagara GA in the state of Karnataka. Your
Company holds 50% of paid-up equity share capital of MNGL.

MNGL achieved a gross turnover of Rs. 3,603.70 Crores and
Profit After Tax of Rs. 652.53 Crores for the financial year ended
March 31, 2025.

The statement containing the salient features of the financial
statements of Company's Associates and Subsidiary pursuant to
the first proviso to sub-section (3) of Section 129, is appended
as Annexure 1 to this Report.

Future Outlook

In line with its mission and vision, your Company is actively
pursuing strategic initiatives to strengthen its position in an
increasingly dynamic and competitive environment. The growth
strategy includes both organic and inorganic approaches, with a
focus on enhancing the core City Gas Distribution (CGD) business
while also diversifying into new areas beyond the core business.

Renewable Space

Your Company is exploring usage of Renewable Energy (RE) in
place of conventional grid power, which will be a step towards
carbon emission reduction and net zero. Your Company is in
process of short-term procurement of RE power for two (02)
nos. of identified CNG stations in Delhi under Green Energy
Open Access of Delhi Electricity Regulatory Commission
(DERC). Upgradation of electrical infrastructure for this pilot
project is under discussions with concerned electricity DISCOM.

Your Company has entered into a Memorandum of
Understanding with the State Government of Rajasthan for
setting up a greenfield Solar power plant of 500 MWp capacity
through a joint venture (JV) with Rajasthan Vidyut Utpadan
Nigam Limited (RVUNL) with an estimated equity investment of
Rs. 382 Crores. For the execution of definitive agreement with
RVUNL, terms and conditions precedent for the formation of JV
and proposed investment are under discussion for finalization.

Your Company is also in the process of setting up Agro-solar
plant of ~20 MW capacity under Group Net Metering scheme
with two different DISCOMs for meeting its captive power
requirement in Delhi.

Your Company has plans to install Solar panels at the canopy
of selected CNG Stations. An in-principle approval from PESO
has been received in this regard & implementation of this pilot
project is in progress.

Your Company has a target of achieving a total of 2 GWp
capacity of Renewable Energy in the near future.

Additionally, a 100 TPD Municipal Solid Waste (MSW)-based
CBG plant is under construction at Ghoga Dairy, Narela, New
Delhi, as part of your Company's plan to invest in 10 CBG plants
based on various feed stocks.

Shri Pankaj Jain, IAS, Secretary, Ministry of Petroleum & Natural
Gas inaugurating IGL Genie- the WhatsApp chatbot for IGL
Customers at IGL Pavilion during India Energy Week 2025
held in Yashobhoomi, Dwarka, New Delhi in the presence of
Mr Mohit Bhatia, Director (Commercial) and other IGL officials

EV Infrastructure & EV landscape

As part of its diversification efforts, your Company is developing
Electric Vehicle (EV) charging infrastructure, including
installations at IGL CNG stations. Your Company aims to
commission at least 50 fixed EV chargers in the NCT of Delhi,
out of which 33 EV chargers have already been commissioned.

Additionally, your Company has set up 8 standalone EV
charging stations equipped with a total of 10 chargers at sites
allotted by land-owning agencies. Six more locations are under
construction and will become operational shortly.

Your Company is also exploring investments across the
EV value chain, including EV component manufacturing,
battery recycling etc.

LNG/LCNG

Currently, one LNG/LCNG station is operational in Ajmer. Two
additional stations, one each in Rewari and Greater Noida along
the Golden Quadrilateral highway are under construction.

The first LNG facility for Container Corporation of India
(CONCOR) at it's terminal in Dadri is in advanced stages of
development and will be commissioned shortly, under an
MoU signed by your Company with CONCOR to set up LNG
infrastructure at various terminals across India.

Compressed Biogas (CBG)

Your Company is actively contributing to the SATAT (Sustainable
Alternative Towards Affordable Transportation) and CBG-CGD
Synchronization initiatives by the Ministry of Petroleum and
Natural Gas. At present, your Company is off taking CBG from
six plants, including direct pipeline injection from two of them.

Shri Sandeep Kumar Gupta, CMD, GAIL(India) Ltd. and
Shri Krishnakumar Gopalan, then CMD, BPCL, inaugurating
the IGL Pavilion at India Energy Week 2025 in the presence
of Mr. Kamal Kishore Chatiwal, Managing Director, and
Mr. Mohit Bhatia, Director (Commercial) and senior
IGL officials

Allied equipment manufacturing

Under a MoU with Bharat Heavy Electricals Limited (BHEL),
a joint working group is developing plans for a manufacturing
facility for Type IV lightweight cylinders for CNG and hydrogen
applications. The group is currently finalizing the technology
and financial model.

Joint Venture

The meter manufacturing facility under the Joint Venture
Company between IGL and Genesis, named IGL Genesis
Technologies Limited, is nearing completion. The facility is
located at an industrial shed in Sector 145, Noida, taken on
a long-term lease. Commissioning of the plant is underway
and commercial production of gas meters is expected to
commence by September, 2025.

Acquisition and Investment in other companies

We continue to explore potential acquisitions of complementary
CGD companies and assess strategic investment opportunities
as they emerge in the market.

Information Technology

Your Company has been witnessing sustainable and all
round growth in terms of business expansion across various
geographical areas which is supported by a robust, advanced
and latest technological landscape composed of multiple

customer and business applications. ERP & IT department
as business enablers works jointly and closely with business
leaders to identify and adopt right technology and adopt
innovations to support and realize the digital vision of IGL and
emerge as a technology leader in the CGD domain.

Your Company has always considered customer centricity
as the focal point of organization's vision which has been
confidently relying on the technology platforms driving the
application landscape broadly comprising of SAP ERP and
other portal applications. With an objective of revolutionizing
the customer interaction program, WhatsApp chatbot
platform as one of the most popular channel of engaging with
customers has been rolled out, fully endowed with latest menu
driven service options and leveraging latest AI features. The
same chatbot shall also be made available for other modes of
customer engagement viz. Website and IGL Connect app.

Your Company has already processed and finalized the tender
for the implementation of cloud based Advanced CRM solution
which would significantly uplift the customer interaction
process through rendering an omni-channel platform for all
the customer services. Your Company has leveraged enterprise
cloud services of Microsoft Azure as hyperscaler for hosting
our customer mobile app, IGL Connect, Meter reading portal
and Safety Work Permit app for enhanced availability, reliability
and performance. The IGL Connect App has been successful
in living up to the expectations of the customers and has
now crossed more than 1 million customer registrations. Your
company has optimized the process of commercial customer's
registration process through automatic system generated
proposal. On the PNG front, there has been improvisation and
enhancement of ownership transfer process through adopting
automation of processes.

Your Company has always emphasized on the concept of
continuous improvement and optimization in internal processes
which included completion of major development in HR TA/
DA processes wherein earlier mobile enablement of creation
and approval of leave request along with OTP based alternate

authentication was introduced. Further, your Company has
also promoted efficient storage and retrieval of documents
for better traceability and security of confidential official
documents for which pilot project of Document Management
System (DMS) leveraging existing OpenText environment was
completed utilizing in-house competency and resources. The
project shall soon be rolled out across the organization. Your

Mr. Kamal Kishore Chatiwal, Managing Director and
Mr. Mohit Bhatia, Director (Commercial), inaugurating the
PNG supply in the first domestic kitchen of Rajsamand
district in Rajasthan

company has also developed a portal for the automation of
CNG station allocation process which would not only help
streamlining but also bring in much needed ease, convenience
along with visibility and transparency in the existing process.
Existing CNG O&M application was integrated with SAP ERP
for efficient complaint handling, scheduling maintenance of
equipment, tracking status of inventory along with purchase
order delivery status.

Your Company has been continuously focussing on keeping
pace with the fast changing global technologies to combat
the prevalent cyber threats across the globe. Multiple initiatives
have been taken to enhance the cyber security posture of the
organization to complement earlier initiatives which includes
annual security audits, cyber security trainings and simulation
etc. Your Company has also recently on-boarded consultants
for developing strategy for data protection in line with Digital
Personal Data Protection Act, 2023 along with data discovery
and classification.

Human Resources

Your Company realizes that the challenges of the future can
be best met with competent and motivated human resources.

Your Company is taking various HR initiatives to add value to its
pool of human talent and integration of individual goals with
that of Company. The Company reviews from time to time
HR Policies/ benefits of its employees to make them more
competitive and aligned with best industry practices. Employee
wellness is being given highest priority, accordingly, Mediclaim
insurance coverage amount was increased for each employee.

Learning and Development of employees forms an integral part
of the Company's Policy towards accomplishing organizational
goal. The continual imparting of training, both technical and non¬
technical, is necessary for the growth of employees, personally
as well as professionally. During the year, our employees were
provided with the best of technical trainings like Burckhardt
Compressor Training, Gas Engine Training, Coriolis Mass Flow
Meters & Diagnosis etc. Outbound team building exercise was
undertaken during the financial year. Various Management
Development Programs at premier IIMs were attended by Senior
executives. Many impactful IT, Behavioral and soft skills trainings
were also imparted during the financial year.

IGL being the leading organisation in the CGD sector has always
taken initiatives for overall development of its employees and
the community. In the Financial Year 2024-25, several key
initiatives over the past year, focusing on enhancing employee
morale, well-being, and a sense of professional pride. These
initiatives have contributed significantly to strengthening our
values of empowerment, engagement, and inclusivity.

During the year, your Company organized various sports
events, viz. cricket, badminton, table tennis, carom, chess
etc. Your Company also hosted the prestigious PSPB Squash
Tournament at Jaipur, facilitated employees participation in
multiple PSPB tournaments across disciplines throughout the
year, encouraging interaction with national-level peers in the
Oil & Gas sector, promoting physical fitness and team unity.

During the year, your Company introduced new uniforms for
field staff, instilling a strong sense of belonging for the critical
role played by our frontline workforce, launched the bimonthly
HR Connect Magazine - a dynamic platform connecting all the
employees, proudly celebrated IGL Foundation Day, an event
that brought together employees and their families to affirm
the sense of oneness among them.

During the year, Your Company inducted various young talented
professionals from prestigious Indian Institute of Technology,
Delhi at GET level and reputed Govt. Polytechnic Colleges at
Junior Engineer level to infuse knowledge and talent in the

professional sphere. The comprehensive Induction Trainings
has also been imparted to these new entry-level professionals.
Your Company has maintained harmonious, cordial and healthy
relations among its employees.

Your Company recognizes the contribution of its employees
in its growth.

Health Safety and Environment (HSE)

Your Company has achieved significant milestones in Health,
Safety, and Environment (HSE) over the past year, demonstrating
a profound commitment to cultivating a robust safety culture
and ensuring operational excellence.

To embed safety as a core organizational value, your company
has instituted a dedicated monthly Safety Day, observed on
the 11th of each month across all Geographical Areas (GAs)
including Corporate Office of IGL. The monthly Safety Day
serves as a crucial platform where each GA and Location in¬
charges actively engage employees by meticulously reviewing
their respective area's safety performance, reinforce the critical
importance of safety through ongoing awareness initiatives,
ensure strict compliance with established safety standards, and
proactively recommend further safety enhancements.

Furthermore, your Company conducted a comprehensive
Behaviour-Based Safety (BBS) training program for all
employees, including senior management, to enhance the
overall safety culture within the organization. To empower
employees with life-saving skills, first-aid training programs
were conducted through St. John Ambulance Brigade
(Indian Red Cross Society). For enhancement and upskill
of competencies, employees have undergone various
training programs organised by National Safety Council and
Hydrocarbon Sector Skill Council.

The safety of our frontline contractual workers remains
paramount. Consequently, all contractual workforce has to
undergo Safety & Technical Competency training prior to
deployment at sites. While Standard Operating Procedures
(SOPs) are rigorously adhered to for all routine tasks, all non¬
routine and critical activities are meticulously monitored and
executed through an app-based Safety Work Permit system.

Your Company's commitment to safety is underscored by its
rigorous preparedness protocols. To assess the efficacy of its
Emergency Response and Disaster Management Plan (ERDMP),
a total of 433 mock drills were conducted throughout FY
2024-25. These included participation in 5 off-site mock drills
organized in coordination with district authorities, showcasing
robust collaboration with external agencies.

Your Company actively promotes natural gas safety awareness.
Over 400 safety camps were conducted directly at customer
locations for PNG consumers and at CNG stations for CNG
customers, reinforcing consumer safety as a fundamental value.
Beyond direct engagement, safety messages are disseminated
to the broader community via FM radio and across various
digital and social media platforms.

To further enhance awareness among CNG Transport
Associations and CNG Retro Fitment Centres, your company
conducted dedicated Safety Awareness sessions. These sessions
focused on the CNG Cylinder hydrostatic testing procedure
and its associated benefits for enhancing safety at our CNG
stations. Similarly, to ensure the integrity of the gas pipeline
network, various workshops on the "Dial Before Dig" safety
campaign were conducted with diverse agencies, including
district authorities. A specialized safety awareness session was
also held for officials of the State Fire Service to apprise them
of safety aspects pertinent to the city gas distribution business.

Your Company's unwavering dedication to Health, Safety, and
Environment (HSE) has been recognized as we were honoured to
receive the prestigious Transform HSE Leadership & Excellence
Award at the Transform HSE Conference 2025 in Yashobhoomi,
Delhi. This accolade firmly solidifies your Company's
commitment to fostering a safe and healthy work environment.

Your Company's dedication to continuous improvement is
further evidenced by its comprehensive ISO certifications: ISO
45001:2018 (Occupational Health & Safety), ISO 9001:2015
(Quality Management), ISO 14001:2015 (Environmental
Management), and ISO 50001:2018 (Energy Management).

These certifications collectively demonstrate your company's
steadfast commitment to safety and ensures operational
excellence through world-class safety practices that
consistently far exceeds the legal and statutory requirements.

Corporate Social Responsibility

Your Company remains steadfast in its dedication to Corporate
Social Responsibility (CSR), channelling its efforts towards
creating a meaningful and positive impact on society. For
the fiscal year 2024-25, we have strategically expanded our
initiatives, focusing on core pillars: Health & Sanitation, Skill
Development & Livelihood Enhancement (with a special
emphasis on Women Empowerment), and Education &
Community Infrastructure Development.

In the realm of Health & Sanitation, our commitment is
exemplified by a large-scale eye care initiative designed to
provide free eye check-up's and surgeries to underprivileged
communities. This project aims to conduct health check¬
up camps across Muzaffarnagar, Shamli, Meerut in U. P. ,
and Rewari, Gurugram in Haryana, delivering free cataract
surgeries, spectacles, and eye care medicines. Further
enhancing healthcare access, our "Swasthya Karwan” project
deploys a mobile medical unit for comprehensive healthcare
outreach to drivers and marginalized communities. We
are also extending critical support through projects for the
treatment of children with heart disease and "Project Cancer
Mukt Dilli,” a comprehensive cancer treatment program for
the underprivileged. Additionally, we are improving sanitation
and hygiene by constructing and upgrading school toilets at
schools in Rajsamand and Pali Rajasthan.

Skill Development, Livelihood Enhancement, and Women
Empowerment continue to be pivotal to our CSR strategy.
We have launched the Advance Sewing Machine Operator
(ASMO) program in Noida, training underprivileged women
with a blend of theoretical and practical skills, further enriched
with modules on English, IT, and soft skills. Project IGL SETU
(Skilling, Empowering & Training the Underserved) is actively
creating pathways for youth to become qualified Allied Health
Professionals. In an innovative step towards empowering

rural women, we are providing Remote Drone Pilot Training
and Certification to women in Delhi, opening new frontiers
in technology. Furthering specialized skill development, we
are establishing a Perfume Lab at Hindu College, Delhi, and
continuing our Gas Plumbing & Piping Training at the IGL Gas
Plumbing Training Centre, ITI, Arab-Ki-Sarai, New Delhi.

Our focus on Education & Community Infrastructure
Development is demonstrated through significant interventions.
In Pali District, Rajasthan, we are enhancing infrastructure across
five schools, providing water and sports facilities, constructing
toilets, conducting sanitation & cleanliness awareness
programs, and undertaking plantation drives. To support
inclusive education, we are providing a "Braille Embosser” to
the All India Confederation of The Blind, facilitating access to
learning materials for visually impaired individuals.

Recognizing the importance of nurturing talent and national
pride, your Company is also supporting the training of 10
athletes in their preparation to participate in Olympics.

These initiatives underscore our profound commitment to
societal advancement and our sustained dedication to CSR, as
elaborated in the annual report on CSR activities appended as
Annexure 2 to this report.

Directors Responsibility Statement

Pursuant to the provisions of Section 134 (5) of the Companies
Act, 2013, your Directors hereby confirm that:

I. In the preparation of Annual Accounts for the financial
year ended March 31, 2025, the applicable accounting
standards have been followed;

II. They have selected such accounting policies and applied
them consistently except where otherwise stated in the
Notes to Accounts 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 financial year and of the profit of the Company
for that period;

III. They have taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

IV. They have prepared the Annual Accounts for the Financial
Year ended March 31, 2025 on a going concern basis;

V. They have laid down internal financial controls to be
followed by the Company and that such internal financial
controls are adequate and were operating effectively; and

VI. They had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such
systems were adequate and operating effectively.

Directors

Shri R.K. Jain ceased as Chairman and Director of the Company
w.e.f. January 14, 2025. Shri Sukhmal Kumar Jain, nominee
of BPCL, was appointed as a Director and Chairman of the
Company w.e.f. January 14, 2025. He ceased as a Chairman
and Director of the Company w.e.f. May 01, 2025. Shri Raj
Kumar Dubey, nominee of BPCL, was appointed as a Director
and Chairman of the Company w.e.f. May 01, 2025.

Shri Sanjay Kumar, nominee of GAIL, was appointed as a
Director of the Company w.e.f. January 14, 2025. Shri Prashant
Goyal, was appointed as a Director of the Company w.e.f.
October 01, 2024 and ceased as a Director w.e.f. August 19,
2025. Ms. Niharika Rai was appointed as an Additional Director
of the Company w.e.f. August 19, 2025. Shri Pankaj Kumar,
ceased as a Director of the Company w.e.f. January 14, 2025.

The Board takes this opportunity to place on record its
appreciation for valuable contribution made by Shri R.K. Jain,
Shri Sukhmal Kumar Jain, Shri Pankaj Kumar and Shri Prashant
Goyal, during their tenure as the Directors of the Company.

The Company has received declarations from all the
Independent Directors of the Company confirming that they
meet the criteria of independence as provided under Section
149(6) of the Companies Act, 2013 and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, (hereinafter
referred to as the "Listing Regulations”).

The details of programmes for familiarization of Independent
Directors with the Company are put up on the website of
the Company, i.e., https://www.iglonline.net/uploads/files/
Familiarization-Programmes-for-Independent-Directors.pdf

The Nomination & Remuneration Committee considers various
criteria such as Knowledge/skill required, experience, Minimum

The Company has followed the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India.

Business Responsibility and Sustainability Report

Detailed Report on Business Responsibility and Sustainability
Report is annexed as part of the Annual Report.

Deposits

During the financial year 2024-25, your Company has not
accepted any deposit within the meaning of Sections 73 and 74
of the Companies Act, 2013 read together with the Companies
(Acceptance of Deposits) Rules, 2014.

Increase in Authorised Share Capital

The Authorised Share Capital of the Company was increased
from Rs. 220 Crores to Rs. 1000 Crores pursuant to Shareholders
approval by way of Postal Ballot held during the FY 2024-25.

Issue of Bonus Shares

In February, 2025, your Company had issued and allotted Bonus
Shares to the shareholders in the ratio of one equity share of Rs.
2 each for every one equity share of Rs. 2 each of the Company
held on record date i.e. January 31, 2025. Accordingly, the Paid
up Equity Share Capital of the Company has increased from Rs.
140 Crores to Rs. 280 Crores.

Particulars of Loans, Guarantees or Investments

During the financial year 2024-25, your Company has
granted loans amounting to Rs. 15.29 Crores to IGL Genesis
Technologies Limited (Subsidiary Company). Further, your
Company has invested Rs. 15.59 Crores for allotment of
51% shares in IGL Genesis Technologies Limited (Subsidiary
Company) during FY 2024-25.

During the financial year 2024-25, your Company has not
given any guarantee.

Amount which the Company proposes to carry to
any Reserves, if any

For the financial year 2024-25, your Company has not
transferred any amount to the general reserve of the Company.

Number of Meetings of the Board and Audit
Committee

The details of the number of meetings of the Board and Audit
Committee held during the financial year ended March 31, 2025
and composition of Audit Committee are given in Corporate
Governance Report.

Related Party Transactions

Policy on materiality of Related Party Transactions and on
dealing with Related Party Transactions has been disclosed on
the website of the Company at:- https://www.iglonline.net/
detailPage/policies

Details of transactions with related parties are being
disclosed separately in the Annual Report. As per Regulation
23 of Listing Regulations, prior approval of Shareholders has
been taken for Material Related Party Transactions for the
Financial Year 2025-26.

Prevention of Sexual Harassment at Workplace

As per the requirement of The Sexual Harassment of Women
at Workplace (Prevention, Prohibition & Redressal) Act, 2013
and Rules made thereunder, your Company has constituted
Internal Complaints Committee (ICC) During the FY 2024-25,
status of complaints is as under:

1. Number of Sexual Harassment Complaints received - 02

2. Number of Sexual Harassment Complaints disposed
off - 02

3. Number of Sexual Harassment Complaints pending
beyond 90 days. - NIL

Risk Management and Internal Financial Control
Adequacy

Your Company has Risk Management System in place including
the Risk Policy & identification of the Risks which are reviewed
periodically. The Company has also Risk Management
Committee as per the requirement of the Listing Regulations.

Your Company has laid down a set of standards, processes
and structure for internal financial control across the
organization and ensures that the same are adequate and
operating effectively.

Vigil Mechanism

The Company has a well-defined Vigilance framework which
provides a platform to the employees, directors, vendors, suppliers
and other stakeholders of the Company to come forward and
raise their genuine concerns without any fear of retaliation
and victimization. The details of the Whistle Blower Policy are
available on the website of the Company: www.iglonline.net.
Besides Whistle Blower Policy, the Company has also framed Vigil
Mechanism Policy. The stakeholders can lodge their complaint(s)
to Chief Ethics & Vigilance Officer of the Company.

Cost Auditors

Your Company had appointed M/s Ramanath Iyer & Co., New
Delhi as Cost Auditors for the FY 2024-25.

As per Section 148 read with Companies (Audit & Auditors)
Rules, 2014 and other applicable provisions, if any, of the
Companies Act, 2013, the Board of Directors of your Company
has re-appointed M/s Ramanath Iyer & Co., Cost Accountants,
as the Cost Auditors of the Company for the FY 2025-26.
The remuneration proposed to be paid to the Cost Auditors
is subject to the ratification by the members at the ensuing
Annual General Meeting of the Company.

Your Company is maintaining cost records as specified
by the Central Government under Section 148 of the
Companies Act, 2013.

Secretarial Auditors and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act, 2013, your
Company had appointed M/s Agarwal S. & Associates,
Practicing Company Secretaries, New Delhi, as its Secretarial
Auditors to conduct the Secretarial Audit of the Company for
the FY 2024-25. The Report of Secretarial Auditor for the FY
2024-25 is appended as Annexure 3 to this report.

Remarks referred to in the Secretarial Auditors' Report for FY
2024-25 of M/s Agarwal S. & Associates, Practicing Company
Secretaries are self-explanatory and do not call for any
further comments.

Disclosures Regarding Remuneration

Disclosures pertaining to remuneration and other details as
required under Section 197(12) of the Companies Act, 2013
read with Rule 5(1) and 5(2) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is
appended as Annexure 4 to this report.

Extract of Annual Return

The Annual Return of the Company as on March 31, 2025,
in Form MGT 7, in accordance with the Section 92 (3) of the
Companies Act, 2013 read with Companies (Management
and Administration) Rules, 2014 is available on the website
of the Company.

Statutory Auditors

In exercise of powers conferred by Section 139 of the
Companies Act, 2013, the Comptroller and Auditor General of
India (CAG) has to appoint Statutory Auditors of the Company
for the FY 2025-26.

The Notes on financial statements referred to in the Auditors'
Report for FY 2024-25 of M/s PKF Sridhar & Santhanam LLP,
Chartered Accountants are self-explanatory and do not call for
any further comments.

Supplementary Audit by CAG

Review and Comments of CAG, on Standalone and
Consolidated financial statements for the FY 2024-25 form part
of financial statements of the Company. CAG has commented
that the figure of Other Operating Revenues include an
amount of Rs.15.18 Crores on account of recovery of penalty
from customers for delay in payment. As the same is in nature
of finance income to the Company, it should have been
presented as other income instead of including under other
operating revenues.

In this regard, the Company has submitted to CAG that the
amount collected from the customers towards Late Payment
charges does not include any significant financing component,
and also, the same was related to the operations of business
which includes realization of customers' dues. Accordingly,
the same was included under "Other Operating Revenues”.
However, based on discussion with CAG, and also reviewing
industry practice in this regard, the Company has agreed to
reclassify the same under "Other Income” from Q1 of FY 2025-

26. The same is only reclassification matter, and do not have
any impact on the profitability of the Company.

Conservation of Energy and Technology Absorption,
Foreign Exchange Earnings and Outgo

The information in accordance with the provisions of Section
134 (3) (m) of the Companies Act, 2013 read with Rule (8) of the
Companies (Accounts) Rules, 2014 is appended as Annexure 5
to this report.

Acknowledgements

Your Directors express their gratitude to the Central Government,
State Governments of NCT of Delhi, Uttar Pradesh, Haryana
& Rajasthan, Ministry of Petroleum & Natural Gas, Petroleum
and Natural Gas Regulatory Board and Promoter Companies
(GAIL & BPCL) for their continuous guidance & support
throughout the year.

The Directors also acknowledge the support of all Statutory
& Local Authorities, Bankers, Media, Station Operators & their
employees, contractors, vendors and suppliers.

The Directors place on record their deep appreciation towards
IGL's valued customers for their continued patronage support
and look forward to the continuance of this relationship
in future also.

The Directors wish to express their gratitude to all the
shareholders for their continued trust and support.

The Directors also sincerely acknowledge the contributions
made by all the employees of IGL for their dedicated services
to the Company.

For and on behalf of Board of Directors

Sd/- Sd/-

Kamal Kishore Chatiwal Mohit Bhatia

Managing Director Director (Commercial)

Place: New Delhi
Date: August 19, 2025