Petronet LNG Limited Regd. Office: World Trade Centre, Babar Road, Barakhamba Lane, New Delhi – 110001

Phone: 011-23411411, Fax: 011- 23472550, CIN: L74899DL1998PLC093073 Email: investors@petronetlng.com, Company’s website: www.petronetlng.com

PAN: AAACP8148D GST: 07AAACP8148D1ZI  

 

  CS/PLL/Listing/2020 29th June, 2020  The Manager BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001

The Manager National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai – 400 051

  Sub: Audited Financial Results along with Auditor’s Report for the quarter and year ended 31st March, 2020 and recommendation of Final Dividend for the financial year 2019-20

 Dear Sir/Madam, Pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform the following:

i) The Board of Directors of the Company, in its Meeting held on 29th June, 2020 at New Delhi – 110001 has, inter-alia, approved the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended 31st March, 2020, a copy of which is enclosed herewith.

ii) The Auditors Report on the Audited Financial Results with unmodified opinion (without any qualification) and a declaration from Chief Financial Officer of the Company that Statutory Auditors have given the Audit Report with Unmodified opinion (both Standalone and Consolidated) is also enclosed herewith.

iii) The Board of Directors of the Company in its above said meeting has also, inter-alia, recommended final dividend of Rs. 7 (Seven Rupees only) per share (on the face value of Rs. 10/- each) on the equity shares of the Company for the financial year 2019-20. The final dividend is subject to approval of shareholders in the forthcoming Annual General Meeting.

The above said meeting of the Board of Directors commenced at 5.15 p.m. and concluded at 10.00 p.m.

This is for information and records please. Thanking you.

Yours faithfully

Sd/- (Rajan Kapur)

Encl: as above CGM & VP-Company Secretary

Dahej LNG Terminal: GIDC Industrial Estate, Plot No. 7/A, Dahej Taluka Vagra, Distt. Bharuch - 392130 (Gujarat) Tel.: 02641-257249 Faxꞏ 02641-257252

Kochi LNG Terminal: Survey No. 347, Puthuvypu P.O. 682508, Kochi Tel.ꞏ 0484-2502268

PETAONET

LIMITED

Petronet LNG Limited World Trade Centre, 1st Floor, Babar Road,

Barakhamba Lane, New Delhi - 110 001 (INDIA) Tel.: 23411411 . 23472525 Fax: 23709114

Website: www petronetlng.com CIN: L74899DL1998PLC093073

29th June, 2020 Declaration from CFO

In terms of Regulation 33 of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, we

hereby declare that M/s TR Chadha & Co., the Statuary Auditors of the Company have given the audit

report with unmodified opinion on the financial results of the Company for the period ended on 31st

March, 2020 (both standalone and consolidated).

For Petronet LNG Limited

Vinod Kumar Mishra

Director (Finance) & CFO

Dahej LNG Terminal: Kochi LNG Terminal: ---,@IB lndt:rstriat Estat , Pio N . ¥, , atT1f.-----------------c:::ffR"l'lS'l'l''ffl'i'i~ !f'1"",-a11it1Wmvpn'fi""--

Taluka Vagra, Distt. Bharuch - 392130 (Gujarat) P.O. 682508, Kochi Tel.: 02641-257249 Fax: 02641-257252 Tel. : 0484-2502268

Petronet LNG Limited Corporate Identity Number: L 74899DLI 998PLC093073

First Floor, World Trade Center, Babar Road, Barakhamba Lane, New Delhi 110001

Consolidated Financial Results for quarter and year ended 31st March 2020 (All amounts are Ruoees in lac, unless 01/ru,wise stated)

Consolidated Consolidated

Quarter Ended Year Ended Particulars

31-Mar-20 31-Dec-19 31-Mar-19 31-Mar-20 31-Mar-19

Audited Un-audited Audited Audited Audited

a. Revenue Revenue from operations 8,56,715 8,91,023 8,38,320 35,45,200 38,39,543

Other income 8,648 8,416 15,139 36,357 44,579

Tota l Revenue 8,65,363 8,99,439 8,53,459 35,81,557 38,84,122

b. E xpenses Cost of materials consumed 7,43,597 7,61,889 7,53,866 30,49,594 34,41,695

Employee benefits expense 2,891 4,072 3,396 12,576 12,587

Finance costs 10,353 9,402 2,252 40,320 9,892

Depreciation and amotization expense 19,422 19,600 10,160 77,613 41,124

Other expenses 40,475 14,305 18,334 84,083 55,916

Total Expenses 8,16,738 8,09,268 7,88,008 32,64,186 35,61,214

C. Profit before Share of Joint Ventures, exceptional items and tax (a-b) 48,625 90,171 65,451 3,17,371 3,22,908

d. Share of profit of equity-accounted investees(JV), net of tax 1,418 404 2,518 1,475 7,963

e. Profit before exceptional items and tax (c+d) 50,043 90,575 67,969 3,18,846 3,30,871 f Exceptional Items - - - 7,206 -g. Profit/ (loss) before tax (e-t) 50,043 90,575 67,969 3,11,640 3,30,871 h. Tax expense:

Current tax 16,500 21,500 21,575 86,000 78,949

Deferred tax (3,777) 1,153 (144) (44,695) 28,866

Total tax expense 12,723 22,653 21,431 41,305 1,07,815

A Profit/ (loss) for the period {e-h) 37,320 67,922 46,538 2,70,335 2,23,056 - .

Other comprehensive income Items that will not be reclassified to profit or loss Remeasurement of defined benefit plans (317) - (230) (317) (230)

Income tax relateing to remeasurement of defined benefit plans 80 - 80 80 80

Equity-accounted investce.~(JV)- share of OCI (41) (2) (54) (46) (53) B Total other comprehensive income for the period (B) (278) (2) {204) (283) (203)

C Tota.I comprehensive income for the ueriod (A+ B) 37,042 67,920 46.334 2,70,052 2,22,853

Paid-up Share Capital 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000

Other Equity 9,62,092 9,25,051 8,73,058 9,62,092 8,73,058

Net Worth 11,12,092 10,75,051 10,23,058 11,12,092 10,23,058

Earnings per equity share (Face value of Rs. 10/- each) Basic (Rs.) 2.49 4.53 llO 18.02 14.87

Diluted (Rs.) 2.49 4.53 3.10 18.02 14.87

( not annualised) (annualised)

Balance sheet as at 31st M_arc.h, 2020 (All amounts are R11pees in lac, unless otheni•ise stated)

Particulars Consolidated

As at 31 March As at 31 2020 March 2019

ASSETS A Non-current assets

Property, plant and equipment 7,69,647 7,66,403 Capital work-in-progress 468 34,821 Other intangible assets 20 105 Right to Use assets 3,49,152 -Investments in Joint Ventures 33,233 32,889 Financial assets

(i) Investments 0.1 0.1 (ii) Loans 2,231 2,492 (iii) Other non-current financial assets 5,437 81 ,403

Non Current tax assets (net) 13,065 3,310 Other non-current assets 8,555 7,331

Total Non-Current Assets (Al 11,81,808 9,28,754

B Current assets Inventories 48,089 56,944 Financial assets

(i) Investment 18,467 82,489 (ii) Trade receivables 1,60,257 1,38,245 (iii) Cash and cash equivalents 97,602 22,658 (iv) Bank balances other than (iii) above 3,45,599 2,73,370 (v) Other current financial assets 30,852 17,365

Other current assets 4,0 16 5, 109

Total Current Assets (B) 7,04,882 5,96,180

Tota l Assets (A+B) J.8,86,690 15,24,934

EQUITY AND LIABILITIES C Equity

Equity share capital 1,50,000 1,50,000 Other equity 9,62,092 8,73,058

Total Eouitv (Cl 1J U,092 10,23,058

D Liabilities Non-current liabilities Financial liabilities

(i) Borrowings 6,439 10,120 (ii) Lease Liability 3,33,902 -

Long-term provisions 1,486 1,108 Deferred tax liabilities (net) 88,829 1,33,603 Other non-current liabilities 1,01 ,581 l,08,609

Total Non-Current Liabilities (D) 5,32,237 2,53,440

E Current liabilities Financial liabilities

(i) Trade payables

- total outstanding dues of micro enterprise and small enterprises - -- totril ou1standing dues of creditors other than micro enterprise and small enterprises 1,16,607 1,29,524

(ii) Other fman.cial liabilities 73,128 68,536 Other current liabilities 50,814 48,701 Short-term provisions 1, 812 1,675

Total Current Liabilities (E) 2,42,361 2,48,436

F Total Liabilities (F:=D+E) 7,74.598 5,01,876

Total Eouitv and Liabilities (C+Fl 18,86,690 15,24,934

Consolidated Statements of Cash Flows for the year ended 31 March 2020 (All amounts are in Rupees lac, unless otherwise stated) Particulars For the year For the year

ended ended 31 March 2020 31 March 2019

A. Cash flow from operating activities Net Profit before tax 3,11,640 3,30,871

Adjustment for:

Depreciation 77,613 41,124

Loss on the sale of fixed asset 5 76 Profit on sale /fair valuation of current Investment (5,942) (18,370)

Interest Expense 40,320 9,892

Foreign exchange gain/ loss on restatement of financial liabilities 27,645 (9,950)

Fair value losses on derivatives not designated as hedges - 9,573

Share of Profit of JV (1,475) (7,963)

Interest Income (27,614) (14,552)

Excess provision written back (487) (5)

Operating profit before working ca pitaJ changes 4,21,705 3,40,696 Movements in working capital :-

(Increase)/ Decrease in loans 261 (197) (Increase)/ Decrease in inventories 8,855 (7,834) (Increase)/ Decrease in trade receivables (22,012) 21,833 (Increase)/ Decrease in other financial assets (9,448) (12,314) (Increase)/ Decrease in Other assets (549) (240) Increase / (Decrease) in trade payables (12,430) (27,466) Increase / (Decrease) in other financial liabilities 401 (3,840) Increase/ (Decrease) in provisions 198 561 Increase / (Decrease) in other liabilities (4,915) (15,730)

Cash Generated from/ (used in) operations 3,82,066 2,95,469 Less: Income Tax Paid (net of refunds) (95,755) (81,327)

Net Cnsh generntcd from /(used in) operating activities (A) 2,86,311 2,14,142

B. Cash now from investing activities

Net proceeds/ (purchase) of property, plant and equipment and capital work in progress (4,078) (16,273) Net proceeds / (purchase) of intangible assets - (4) Net proceeds/ (purchase) of equity accounted investees 900 450 Net proceeds/ (purchase) of investments 69,964 3,31,665 Interest received 24,341 14,557 Net movement in fixed deposits 2,971 (3,37,548)

Net Cash Generated from/ (Used in) Investing Activities (B) 94,098 (7 ,153)

C. Cas'h Flow from Financing Activities

Net proceeds/(Repayment) of Long Term Borrowings (63,220) (62,015)

Interest Expense Paid (42,649) (11,913) Lease Liability Paid (18,763) -Dividend paid (1,80,833) (1,80,833)

Net Cash gcner:1tcd from/ (used in) Financing Activities (C) (3,05,465) (2,54,761)

Net [ncrcasc/(Dccrcasc) in Cash and Cash Eq ujvalcnts (A+B+C) 74,944 (47,772)

Balance at the beginning of the year Cash and cash equivalents at the beginning of the year 22,658 70,430

Balance at the end of the year 97,602 22,658

Notes: I The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 29 June 2020. The

Statutory auditors of the Company have carried out audit of the aforesaid results.

2 The Company primarily operates in the business of import and processing of liquified natural gas. Accordingly, there is only one Reportable Segment i.e. "Natural Gas

Business", hence no specific disclosure has been made w.r.t. operating segments.

3 In accordance with IND AS 116 "Leases" adopted by the Company with effect from 1st April 2019, the Company has recognized the 'Right to Use Assets' and corresponding 'Lease Liability' of Rs. 3829 Crore as on lst April 2019. As per IND AS 116, ' Depreciation' and 'Finance Cost' expenses have been recognised on leases which were classified under 'Cost of the Goods Sold' or 'Rent Expenses', as the case may be, in the profit and loss account. Accounting application of Ind AS 116 has resulted into decrease in profit before tax of the current quarter and year ended 31st March 2020 by Rs. 238 Crore and Rs. 500 Crore respectively as compared to accounting under previous standard.

4 The Company has elected to exercise the option of lower tax rate of 25 , 17% under Sec ! I 5BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the tax provision for the current year has been made at such lower rate and further deferred tax liabilities (net) (DTL) as at 3 1st March 2019 has been remeasured at the new applicable rate and resultant impact of Rs 374 Crore on DTL has been recognised in the current financial year.

5 In view of expected increase in capacity utilisation at Kochi terminal, the customers of the Company are asking for lower regasification tariff for Kochi Terminal w.c. r. 1st April 2019. The Company is in discussion with its customers for volumes tied up with respect to the said terminal and pending the finalisation of tariff the C0tnpany has recognised revenue on the basis of offered regasification tariff. The management is confident that revised price will not be materially different from the offered tariff and there will not be any material financial impact on the Company on account of revision ofregasification tariff for Kochi Terminal.

6 To secure against future escalation in lease rent for the Kochi LNG Terminal and also to settle ongoing litigations with the Cochin Port Trust (CPT), the Company had entered into one-time settlement of lease rent to CPT (for the period from 2010 to 2039). In accordance with the onetime settlement, expense of Rs 72 Cr (amount up to 31st March, 2019) has been recognised during the current year as an exceptional item.

7 Tho operations of the Company were uninterrupted during the lockdown due to outbreak of COVID-19, as natural gas is declared as one of the essential commodities by the Government of India. The Company has evaluated the possible effects on the carrying amounts of property, plant and equipment, goodwill, inventory, lonns, receivables and debt covenants on the basis of internal and external sources of information and determined, exercising reasonable estimates and judgements, that Uie carrying amounts of these assets are recoverable. Considering the above, and the Company's healthy liquidity position, there is no uncertainty in the going concern of the Company and the Company will be able to meet its financial obligations over the foreseeable future.

8 The Company is in compliance with the requirements of SEBI circular dated 26.11 .2018 applicable to Large Corporate. The Initial Disclosure for the year 2020-2021

and Annual Disclosure for the year 2019-2020 submitted to Stock Exchanges are attached herewith as Annexure-lA & lB.

9 The Board has recommended final dividend on current paid up capital of Rs. 1,500 Crore at Rs. 7 per equity share of Rs. 10 each for the year 2019-20 subject to the

approval of shareholders.

l O Previous year/period figures have been regrouped and rearranged to make them comparable with current year/ period figures .

Place: New Delhi Date : 29 June 2020

~~ard

Vinod Kumar Mishra Director (Finance) DIN: 08125144

PETRONET Llf',l!<G.. LIMITID

Petronet LNG Limited Regd. Office: World Trade Centre, Bahar Road, Barakharnba Lane, New Delhi - I 10001

Phone: 011-23411411, Fax: 011- 23472550, CIN: L 74899DLI 998PLC093073 Email: i11vestors1a!pel ronetlng.com, Company's website: www.pctmnctln!! .com

CS/PLL/Listing/2020

The Manager

22nd May 2020

The Manager BSE Limited Phiroze Jeejee bhoy Towers Dalal Street, Mumbai - 400 001

National Stock Exchange oflndia Ltd. Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai - 400 051

Sub: Annual Disclosure for Financial Year 2019-20 Ref: SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018

Dear Sir,

Pursuant to SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, please find below the details of the Annual Disclosure:

1. Name of the Company 2. CIN 3. Report filed for FY 4. Details of the borrowings (all figures in Rs crore)

S.No. Particulars i. Incremental borrowing done in FY

(a)

: Petronet LNG Limited : L 7 4899DL 1998PLC093073 : 2019-20

Details Nil

ii. Mandatory borrowing to be done through issuance of debt N.A. securities (b) = (25% of a)

iii . Actual borrowings done through debt securities in FY Nil (c)

iv. Shortfall in the mandatory borrowing through debt Nil securities, if any (d) = (b) - (c) {If the calculated value is zero or ne2ative, write "nil"}

V. Reasons for short fall , if any, in mandatory borrowings N.A. through debt securities

Sd/-(Rajan Kapur) CGM & VP - Company Secretary investorsc@ petronctlng.com

Sd/-(Vinod Kumar Mishra) Director (Finance) & CFO dir.fin@petronetlng.com

Petronet LNG Limited PETAONET ll_lf"'1!!c;;;. L I II I T l D

Regd. Office: World Trade Centre, Babar Road, Barakharnba Lane, New Delhi - 11000 I Phone: 011-23411411, Fax: 011- 23472550, CIN: L74899DL1998PLC093073

Email: jnvcs tors@pctrn11 cll11e.com, Company's website: Wl\'}\'.pe1rn11 .:1.l11g.co111

CS/PLL/Listing/2020

The Manager

22nd May 2020

The Manager BSE Limited Phiroze Jeejee bhoy Towers Dalal Street, Mumbai - 400 001

National Stock Exchange oflndia Ltd. Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai - 400 051

Sub: Initial Disclosure for Financial Year 2020-21 Ref: SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018

Dear Sir/Madam,

We hereby confirm that we are not a large corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. Please find below the details of initial disclosure :-

Sr. Particulars Details No.

1. Name of the Company Petronet LNG Limited 2. CIN L 7 4899DL 1998PLC093073

3. Outstanding borrowing of company as on 31 st Nil March, 2020 (in Rs Crore)*

4. Highest Credit Rating During the previous FY Domestic Rating along with name of the Credit Rating Agency AAA by ICRA, CRISIL

International Rating Baa2 by MOODY

5. Name of Stock Exchange in which the fine shall National Stock Exchange of India be paid, in case of shortfall in the required Ltd. (NSE) borrowing under the framework

*excluding interest accrued but not due, external commercial borrowings and inter-corporate borrowings between a parent and subsidiary.

Sd/-(Rajan Kapur) CGM & VP - Company Secretary investor ·@,petronetlug.com

Sd/-(Vinod Kumar Mishra) Director (Finance) & CFO dir.fin@petronetlng.com

T R Chadha & Co LLP Chartered Accountants

l11depemlc111 Amlitor'H He port on Quarterly ant.I Year to Date Cowwlldated Jli11a11cial Results of Petrone! LNG Limited Purs uant to the Heg11latio11 33 of the SEBI (LiHtl11g Obligations and Disclosure Hcq11ire111e11ts) Heg11latio11H, 2015

To The Board of Directors Petrone! LNG Limited

Opinion

\X'e h:we audited the accompanying Stalemcnt of Consoli<lated Fimncia l Res ulls uf Petron et LNG Limited (the Parent) and its share of the profit of it s joint ventures (rile parent and its joint venture together rcfcrrcd as " the group") for the quarter and year ended rvlarch 3 I , 2020 ("1hc s tatcmcnt") , :lttachcd herewith, being submitted by the cotnp:111y pursuant to the re<1uircrncn1 of Regulation 33 of the SEIJI (Listing Obligations and Disclosure llct11tiremcnts) Regulations, 20 I 5, as amended ("the Listing Regulations")

In our opinion and to the best of our infomutio n and according to according to the explanations given to us and based on the consideration of the report of other auditors on scparntc audited financial statement of joint ventures referred to in Other Malter section below, the Staterncnt:

(i) include the financial result of the following Jointly controllcd entities:

• i\dani Petrone! (Dahej) Port Pvt. Limited

• India LNG ·rransport (4) Private Company Limited. (ii) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations

in this regard; and (iii) give a true and fair view in conformity with the recognition and m easurement principles laid

down in the applicable Accounting Standard and other accounting principles generally accepted in India, of the net profit and total comprehensive Income and o ther financial information o f the Company for the guarter and year ended March 31, 2020.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) o f the Companies 1\ct 2013 as amended ("the Act"). Our responsibilities under those Standards arc further described in "Auditor's Responsibilities for the audit Consolidated Financial Results" section of the report below. We arc incl<:pcndent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the lCAI") together with the ethical rcguiremcnts that arc relevant to our audit of the Consolidated Financial Results under the provisions of the 1\ct and the rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the I CAi's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for o ur audit opinion

Management's Responsibility for the Consolidated Financial Results

This Statement, has been prepared on the ba~is of Consolidated Annual Financial Statement. The Parent Company's Board of Directors are responsible for preparation and presentation of th.~---statement that give a true and fair view of the net profit and other comprehensive income and a & c

0

financial information in accordance with the recognition and measurement principles laid d ~~nt · ~ TR Chadha & Co., a partnership firm converted Into T R Chadha & Co LLP ~ N *

(A limited liability partnership with LLP Identification No. AAF-3926) with effect from 28th December, 2015 * D I -!:' C ~

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Phone : 43259900, Fax : 43259930, E-mail : dt lhl@t1f hftllhil,~m · "' ·.

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T R Chadha & Co LLP Chartered Accountc1nts

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As part of :in :rndit in :iccorc!:tncc with Si\s, we exercise professional judgment :ind m:iint:i.in profcssio n:il skepticism througho ut the :iudit. \Ve :ilso:

• Identify :ind assess the risks of materi:il misst:itement of the St:itement, whether due to fraud o r error, Jesign anJ perform auJi, procedurl's responsi\'e 10 thost· risks, and obtain :iudit l'l'idencl' th:11 is su fticienl :in<l appropriate 10 prol'i<le :i b:isis for our opinion. The risk of not <ll'lectin~ a m:iteri:il m iss1:1tement resulting from fraud is higher than for Olll' resulling from error, :is fraud may inl'olvc collusion, forgery, intention:il omissions, misreprest·nt:itio ns, or thl' m ·nride of internal con1rol.

•

•

Obt:iin :in understanding of intern:il control rdc\·:1n1 to the :iu<lit in o rder to design :iudit procedures that :ire :ippropriatc in the circumst:mces. Undn Sl·ctio n 143(3) (i) of thl' 1\ c1, we :ire also rcsp onsiLle for expressing our opinion th rough a scp:iratc report on the complete set of fin:incial st:i ternents o n whether the comp:inr l1:1s ade{1uatc in1nnal financi:il co ntrols \\it\1 reference to fin:inci:il statements in pbcc and the opl'rating cffrctil'eness of such contro ls.

El':iluatc the :ippropri~tcncss of ~ccounting po licies use~ :ind the rl·:ison:iblcness of acc~6

· estimates :ind rcbted d1sclosures In the stamblo ne fin:1nc1al results m:ide by tht· l\bn:igc t'<l} · Bo ard of Directors ~

.... T R Chadha & Co., a partnership fi rm converted Into T R Chadha & Co LLP

(A ttml ted llablllty partnership with LLP ldent lflcatlon No. AAF•3926) with effect from 28" December, 20 \ -. c::-

1, i" Corporate & Regd. Office: B-30, Connaught Place, Kuthlala Building, Now Delhi - 110001 '-'red ActO~

Phone : 43259900, Fax : 43259930. E-mail : t1@1t\l¢ 11t hildhil ll@m

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T R Chadha & Co LLP Chnrtcrcd Accountants

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\X 'c comrnunic:111: with tho,e ch:trgl·d wi1h gn\'crnancc of d11· P.m·nt Entity, :1mo ng other rn:1111:r~. the pbntll'd scope :ind timing of the :1udit :ind significa nt :iudit find ing~. including any significan t d cfi cicnci1:s in intcnul control th:11 we identify during our :111<li1.

\X'c :tlrn provide those ch:irgnl with go\'crn:tnce with :1 st:ttement th:it we h:wc complied ,,ith rcle,·:tnt c1hic:1l rc<iuiremenrs reg-:i r<ling independence, :ind 10 communic:itc with 1hem :ill rcbtiomhips :ind other nuttns th:it rn:iy re:ison:iulr be thought to bc:ir on our indepemkncc, :ind where :ipplic:ible. rebtt:d s:1fcgu:1r<ls.

\Ve also performed procr;:dures in :iccord:ince with the Circubr No. CIR/CFD/C~tDl / 4-1/ ::!019 d ated r-.1:trch 29, 2019 issued by the Securities Exch:ingc Bo:ucl of lndi:i under Regubtio n 33 (8) of the I i s ting Reguhtio ns, to the extent :tpplic:ible

O ther Matters

The consolidated financial results include thl' group's share of net profit of Rs. 14.30 crorcs (including O ther Comprehrnsi,·e Income) for the year ended 3 I" M:irch 2020. :ts considered in the consolidated financial results, in respect of its two joint n nturc namely Adani Petrone! (Dahej) Port P\'t. Ltd. (APPJ>L) and India I.NC Tr:1nsport Co No (4) PYt. Ltd (11.T -t), whose fin:1-nci:1\ st:1teme111s/financial inform:1tion ha\'e no t been audited by us.

The fi nancial statements of AJ>PPI . :iml 11 .T-t ha\'e been :iudited by other auditors whose reports h:1,·e been furnis hed to us by the management and our opinion, in so fa r :is it relates to the affairs of such Joint venture entity is based solely on the report of such other :iuditor.

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T R Chadha & Co LLP Chartered Accountants

The slalrnH.'1ll i11cludl's ll1l' rl'suh~ for tli l' q11ar1cr rnd('d .1 1" i\l:1rd1 21J2!1 lu·ing tli l' l>al:111cing fi1:11rl' h<·twt'c11 auditnl ligml'S in f"l'SJ)l'Ct of full linancial yea r l'1tdcd 3 1° i\larr h 202() and tla· p111Jli~l1cd yc:i r to date ligun:s up to Ilic third q11:1rtn !If th!' c111'rl'11t linanci:il y1·a r wliir.11 wnl' s11lijcc1 tu lir11i1cd review l>y us, as rc<1uin:d under the Listing ltl'gulat ions.

For T R Chauha & Co LLP Chartered i\ccou11ta11t~

rinn No/ 71 IN/ N500028

lf1 . Hite , (J>:irtncr) i\kml>crship No. 512955

UDIN: r:>oSoc2 1S-S/J/J/l;1;4 Y5fo2t' Date: 291

" J unc 2020 Place: New Delhi

T R Chadha & Co., a partne~hlp firm converted Into T R Chadha & Co L,~P (A llmlted liability partne~hlp with LLP ldentif1catlon No. AAF•3926) with effect from 28 December, 2015

Corporate & Regd. Office: B-30, ConnauO,t Place, Kuthlala Building, New Deihl - 110001 Phone: 43259900, Fax : 43259930, E-mall : d~lhl~1t h11dhu,om

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Petronet LNG Limited Corporate Identity Number: L 74899DLI 998PLC093073

First Floor, World Trade Center, Bahar Road, Barakhamba Lane, New Delhi 110001

Financial Results for quarter and year ended 31st March 2020 I (A II amounts are Ruoees in lac, unless nlherwise statedJ

Standalone Standalone

Quarter Ended Year Ended Particulars 31-Mar-20 31-Dec-19 31-Mar-19 31-Mar-20 31-Mar-19

Audited Un-audited Audited Audited Audited

a. Revenue Revenue from operations 8,56,715 8,91,023 8,38,320 35,45,200 38,39,543

Other income 8,648 8,416 15,139 37,257 45,029

Total Revenue 8,65,363 8,99,439 8,53,459 35,82,457 38,84.572

b, Expenses Cost of materials consumed 7,43,597 7,61,889 7,53,866 30,49,594 34,41,695

Employee benefits expense 2,891 4,072 3,396 12,576 12,587

Finance costs 10,353 9,402 2,252 40,320 9,892

Depreciation and amotization expense 19,422 19,600 10,160 77,613 41,124

Other expenses 40,475 14,305 18,334 84,083 55,916

Total Expenses 8,16,738 8,09,268 7,88,008 32,64,186 35,61 ,214

c. Profit before exceptional items and tax (a-b) 48,625 90,171 65,451 3,18,271 3,23,358

d. Exceptional Items - - 7,206 -e. Prnfit/ (loss) before tax (c-d) 48,625 90,171 65,451 3,11,065 3,23,358

f. Tax expense: Current tax 16,500 21,500 21,575 86,000 78,949

Deferred tax (3,777) 1,153 (144) (44,695) 28,866

Total tax expense 12,723 22,653 21,431 41,305 1,07,815

A Profit/ (loss) for the period (e-0 35,902 67,518 44,020 2,69,760 2,15,543

Other comprehensive income Items that will not be reclassified to profit or loss Remeasurement of defined benefit plans (317) - (230) (317) (230)

Income tax relateing to remeasurement of defined benefit plans 80 - 80 80 80

B Total other comprehensive income for the period (8) (237) - (150) (237) (150)

C Total comnrehensive income for the period (A+ B) 35,665 67,518 43,870 2,69,523 2.15,393

Paid-up Share Capital 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000

Other Equity 9,45,297 9,09,633 8,56,607 9,45,297 8,56,607

Net Worth 10,95,297 10,59,633 10,06,607 10,95,297 10,06,607

Earnings per equity share (Face value of Rs. 10/- each) Basic (Rs.) 2.39 4.50 2.93 17.98 14.37

Diluted (Rs.) 2.39 4,50 2.93 17.98 14.37 not annualised) (annualised)

Balance sheet as at 31st March, 2020 (All amounts are Rupees in lac, unless otherwise slated)

Particulars Standalone As at 31 March As at 31 March

2020 2019

ASSETS A Non-current assets

Property, plant and equipment 7,69,647 7,66,403

Capital work-in-progress 468 34,821

Other intangible assets 20 105 Right to Use assets 3,49,152 -Investments in Joint Ventures 16,438 16,438

Financial assets (i) Investments 0.1 0.1

(ii) Loans 2,231 2,492

(iii) Other non-current financial assets 5,437 81,403

Non Current tax assets (net) 13,065 3,310

Other non-current assets 8,555 7,331

Total Non-Current Assets (A) 11,65,013 9,12,303

B Current assets Inventories 48,089 56,944

Financial assets (i) Investment 18,467 82,489

(ii) Trade receivables 1,60,257 1,38,245

(iii) Cash and cash equivalents 97,602 22,658

(iv) Bank balances other than (iii) above 3,45,599 2, 73,370

(v) Other current financial assets 30,852 17,365

Other current assets 4,016 5,109

Total Current Assets (B) 7,04,882 5,96,180

Total Assets (A+B) 18,69,895 15,08,483

EQUITY AND LIABILITIES C Equity

Equity share capital 1,50,000 1,50,000

Other equity 9.45,297 8.56.607 Total Equity (C) 10,95,297 10,06,607

D Liabilities Non-current liabilities Financial liabilities

(i) Borrowings 6,439 10,120

(ii) Lease liability 3,33,902 -Long-term provisions 1,486 1,108

Deferred tax liabilities (net) 88,829 1,33,603

Other non-current liabilities 1.01.581 1,08,609

Total Non-Current Liabilities (D) 5,32,237 2,53,440

E Current liabilities Financial liabilities (i) Trade payables

- total outstanding dues of micro enterprise and small enterprises - -- total outstanding dues of creditors other than micro enterprise and small enterprises 1,16,607 1,29,524

(ii) Other financial liabilities 73,128 68,536

Other current liabilities 50,814 48,701

Short-term provisions 1,812 1,675

Total Current Liabilities (E) 2,42,361 2,48,436

F Total Liabilities (F=D+E) 7,74,598 5,01,876

Total Eauitv and Liabilities <C+Fl 18,69,895 15,08,483

Standalone Statement of cash flows for the year ended 31 March 2020 (All amounts are in Rupees lac, unless otherwise slated) Particulars For the year For the year

ended ended 31 March 2020 31 March 2019

A. Cash flow from operating activities Net Profit before tax 3,11,065 3,23,358 Adjustment for: Depreciation 77,613 41,124 Loss on the sale of fixed asset 5 76 Profit on sale /fair valuation of current Investment (5,942) (18,370) Interest Expense 40,320 9,892 Foreign exchange gain/ loss on restatement of financial liabilities 27,645 (9,950) Fair value losses on derivatives not designated as hedges - 9,573 Dividend Income (900) (450) Interest Income (27,614) (14,552) Excess provision written back (487) (5)

Operating profit before working capital changes 4,21,705 3,40,696 Movements in working capital :-(Increase)/ Decrease in loans 261 (196) (Increase)/ Decrease in inventories 8,855 (7,834) (Increase)/ Decrease in trade receivables (22,012) 21,833 (Increase)/ Decrease in other financial assets (9,449) (12,314) (Increase)/ Decrease in Other assets (550) (240) Increase / (Decrease) in trade payables (12,430) (27,465) Increase/ (Decrease) in other financial liabilities 401 (3,840) Increase/ (Decrease) in provisions 198 561 Increase/ (Decrease) in other liabilities (4,915) (15,730)

Cash Generated from/ (used in) operations 3,82,066 2,95,469 Less: Income Tax Paid (net ofrefunds) {95,755) (81 ,327) Net Cash generated from /(used in) operating activities (A) 2.86,311 2,14,142

B. Cash flow from in,rcsting activities

Net proceeds I (purchase) of property, plant and equipment and capital work in progress (4,078) (16,273) Net proceeds/ (purchase) of intangible assets . (4) Dividend Received 900 450 Net proceeds/ (purchase) of investments 69,964 3,31,665

Interest received 24,341 14,557 Net movement in fixed deposits 2,971 (3,37,548)

Net Cash Generated from/ (Used in) Investing Activities (B) 94,098 (7,153)

C. Cush Flow from Financing Activitici;

Net proceeds/(Repayment) of Long Term Borrowings (63,220) (62,015) Interest Expense Paid (42,649) (11,913) Lease Liability Paid (18,763) Dividend paid (1,80,833) (1,80,833)

Net Cash generated from/ (used in) Financing Activities (C) (3,05,465) (2,54,761)

Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 74,944 (47,772)

Balance at the beginning of the year Cash and cash equivalents at the beginning of the year 22,658 70,430

Balance at the end of the year 97,602 22,658

Notes: 1 The above resul ts have been reviewed by the Aud it Committee and approved by the Board of Directors of the Company nt the meeting held on 29 June 2020. The

Smturory auditors orthc Company have carried out audit of the aforesaid rcs11lts. 2 The Compnny primorily operntes in the business of impon nnd processing of liqu llicd natum.l gas . Accordingly, there is only bne Rcpon able Segment i.e. "Natural Gas

Business", he.nee no spec ific disclosure hns been made w.r.t . operating segments.

3 In nccordru1ce with fND AS 11 6 "Lenses" adopted by t'he Company with effect from 1st April 20 19, the Company has recognized the 'Right ro Use Assets' and corresponding 'Lease Liability' of Rs. 3,829 Crore as on !st April 2019. As per IND AS 116, 'Depreciation' and 'Finance Cost' expenses have been recognised on leases which were classified under 'Cost of the Goods Sold' or 'Rent Expenses', as the case may be, in the profit and loss account. Accounting application of Ind AS 116 has resulted into decrease in profit before tax of the current quarter and year ended 31st March 2020 by Rs . 238 Crore and Rs. 500 Crore respectively as compared to accounting under previous standard.

4 The Company has elected to exercise the option of lower tax rate of25.17% under Sec l 15BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the tax provision for the current year has been made at such lower rate and further deferred tax liabilities (net) (DTL) as at 31st March 2019 has been remeasured at the new applicable rate and resultant impact of Rs 374 Crore on DTL has been recognised in the current financial year

5 In view of expected increase in capacity utilisation at Kochi terminal, the customers of the Company are asking for lower regasification tariff for Kochi Terminal w.e.f. 1st April 2019. The Company is in discussion with its customers for volumes tied up with respect to the said terminal and pending the finalisation of tariff the Company has recognised revenue on the basis of offered regasification tariff The management is confident that revised price will not be materially different from the offered tariff and there will not be any material financial impact on the Company on account ofrevision ofreiiasification tariff for Kochi Terminal.

6 To secure against future escalation in lease rent for the Kochi LNG Terminal and also to settle ongoing litigations with the Cochin Port Trust (CPT), the Company had entered into one-time settlement of lease rent to CPT (for the period from 20 IO to 2039). In accordance with the onetime settlement, expense of Rs 72 Cr (amount up to 31st March, 2019) has been recognised during the current year as an exceptional item.

7 The operations of the Company were uninterrupted during the lockdown due to outbreak ofCOVID-19, as natural gas is declared as one of the essential commodities by the Government of India. The Company has evaluated the possible effects on the carrying amounts of property, plant and equipment, goodwill, inventory, loans, receivables and debt covenants on the basis of internal and external sources of information and determined, exercising reasonable estimates and judgements, that the carrying amounts of these assets are recoverable. Considering the above, and the Company's healthy liquidity position, there is no uncertainty in the going concern of the Company and the Company will be able to meet its financial obligations over the foreseeable future.

8 The Company is in compliance with the requirements of SEBI circular dated 26.11 .2018 applicable to Large Corporate. The Initial Disclosure for the year 2020-2021 and Annual Disclosure for the year 2019-2020 submitted to Stock Exchanges are attached herewith as Annexure-1 A & I B.

9 The Board has recommended final dividend on current paid up capital of Rs. 1,500 Crore at Rs. 7 per equity share of Rs. 10 each for the year 2019-20 subject to the approval of shareholders.

10 Previous year/period figures have been regrouped and rearranged to make them comparable with current year/ period figures.

Place : New Delhi Date : 29 June 2020

orderof~ard

inod Kumar Mishra Director (Finance) DIN: 08125144

PETRONET IL. ...... c;.. L I II I T I D

Petronet LNG Limited Regd. Office: World Trade Centre, Bahar Road, Barakhamba Lane, New Delhi - I 10001

Phone: 011-23411411, Fax: 011- 23472550, CIN: L 74899DL1998PLC093073 Email: invcs torsralpctrnm:tLng: .com, Company's website: www. p~1rone1lna .com

CS/PLL/Listing/2020

The Manager

22nd May 2020

The Manager BSE Limited Phiroze Jeejee bhoy Towers Dalal Street, Mumbai - 400 001

National Stock Exchange oflndia Ltd. Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai - 400 051

Sub: Annual Disclosure for Financial Year 2019-20 Ref: SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018

Dear Sir,

Pursuant to SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, please find below the details of the Annual Disclosure:

1. Name of the Company 2. CIN 3. Report filed for FY 4. Details of the borrowings (all figures in Rs crore)

S.No. Particulars i. Incremental borrowing done in FY

(a)

: Petronet LNG Limited : L74899DL1998PLC093073 : 2019-20

Details Nil

ii . Mandatory borrowing to be done through issuance of debt N.A. securities (b) = (25% of a)

II I. Actual borrowings done through debt securities in FY Nil (c)

IV . Shortfall in the mandatory borrowing through debt Nil securities, if any (d) = (b) - (c) {If the calculated value is zero or ne2ative, write "nil"}

V. Reasons for short fall, if any, in mandatory borrowings N.A. through debt securities

Sd/-(Rajan Kapur) CGM & VP - Company Secretary i 11vestors@ pch·onetlng.com

Sd/-(Vinod Kumar Mishra) Director (Finance) & CFO dir.fin@petronetlng.com

Petronet LNG Limited PETRONET ;i __ ~,c;;. LIMITID

Regd. Office: World Trade Centre, Babar Road, Barakhamba Lane, New Delhi -110001 Phone: 011-23411411 , Fax: 011- 23472550, CIN: L74899DLI 998PLC093073

Email: invc· torsl'iilpclroncll ng..cnm, Company's website: www.pctronctlng,com

CS/PLL/Listing/2020

The Manager

22nd May 2020

The Manager BSE Limited Phiroze Jeejee bhoy Towers Dalal Street, Mumbai -400 001

National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai - 400 051

Sub: Initial Disclosure for Financial Year 2020-21 Ref: SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018

Dear Sir/Madam,

We hereby confirm that we are not a large corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. Please find below the details of initial disclosure :-

Sr. Particulars Details No.

1. Name of the Company Petronet LNG Limited 2. CIN L 74899DL1998PLC093073

3. Outstanding borrowing of company as on 31 st Nil March, 2020 (in Rs Crore)*

4. Highest Credit Rating During the previous FY Domestic Rating along with name of the Credit Rating Agency AAA by ICRA, CRISIL

International Rating Baa2 by MOODY

5. Name of Stock Exchange in which the fine shall National Stock Exchange of India be paid, in case of shortfall in the required Ltd. (NSE) borrowing under the framework

*excluding interest accrued but not due, external commercial borrowings and inter-corporate borrowings between a parent and subsidiary.

Sd/-(Rajan Kapur) CGM & VP - Company Secretary iavestors@petrn11etlug.com

Sd/-(Vinod Kumar Mishra) Director (Finance) & CFO dir.fin@petronetlng.com

T R Chadha & Co LLP Chartered Accountants

Independent AmJitor's Heport 0 11 Quarterly a mJ Year to Date Stand alon e Fin an cial Hc-.ult -. o f Pe tronc l LNG Limi ted Purs u a nt 10 the He~ulation 33 o f the SEUI (Li1.1ing O hligations and Disclo"urc Rc quiremerw,) Reg ulatio ns, 2015, a,; amende d

To T h e Bo a rd o f Directors P etro nct LNG Limited

O pinion

\X'c h:w c au<li1ed th e acco m panying Statement of Standalone Financial Results o f P ctron c t LNG Limited (the Company) for the quart er and year ended ~brch 31, '.W~O (" the s1atemcnt'") , a tt:iche<l h cn:with , being submittc-d by the complll)' pum1ant to the req uirement o f Rcguhtion 33 o f che S f: 0 1 (Listi ng Obligations and D isclosure Rec1uirements) Regulatio ns, 201 5, a s amended (" chc I i s ting Rcgula tjons')

In o ur opinion and 10 the best of our in form:ition and according 10 according to the explana tions gin:n 10 us, che St.1tcmen1:

(i) is presented in accordance with the rec1uirements of Regulation 33 of the Lis ting Regulations in this regard; and

(ti) gfre a true and fair view in conformity with chc recognition and measurement principles laid d own in the applicable . ..\ccounting Scand:ird and o ther accoun ting principles generally accepted in India, of the net profit :ind coca I comprehcnsi\·e Inco me and o ther fimnciaJ information of the Company for the 9uartcr and year ended March 31, 2020.

Basis of Opinion

\X'e conducted our aurut in acco rdance with the Standards on Auruting (SAs) specified under Sectio n I 43(W) of the Companies Act 2013 as amended (" the Act"). Our responsibilities under tho se Staridards arc further described in "Audito r's Responsibilities for the audit St:1nd:1lonc f-in:rnciaJ Resul ts" sectio n o f the report bclov.·. \X'c arc independent of chc Company in :icco rdancc \\ith chc Code of E chics issued by the Ins titute o f Chartered 1\ccoumants o f India ("the ICA I") cogcther ,\ith the ethical requirements that arc rclevanc to our audit o f chc Standalo ne Fin:inci:tl Results under the pr<J\; sio ns of chc r\ ct and the rules made thereunder, and we ha\'C fulfilled our other ethical respo nsibilities in accorda nce ,,ich chcse rc9uircments :1nd the !CAi 's Code of Echics. \X 'c bclie\·e thac the audit c,...,;cJence obtained by us is sufficient and appro priate to prO\;dc a b:isis fo r our audjt opiruon

Managemen t's Responsibility for the Standalone Financial Results

This Starcmcnr, has been prepared on the b:isis o f S1andalone 1\nnu:11 Financial St:1tcmcn1. The Compan( 5 Board of Dirc:rnm an: rc'ipomibk for prcp:iration anti prcscn1:11ion of the statcmrnt that gh-e a true and fair \'icw o f 1he net p rofit and 0 1her comprehemin· inco me and ot her fin:incial inforrnatifJn tn accur<lance v.11h the recognition :ind rnc:1surcment principles laid down in the Indian A cco u11ung Standard~ pre\ cnbed under Section 133 o f che Act rl·:ul \\i th rcle\'ant rules issued 1hercur1dcr aml o rhc r acco unting principle, gener:1Uy accepll'd in India and in compliance ,,ith che I i s ti ng Rc.:gulari,,m. ·111i ~ re, po m iliility :tl<o include) rruintl·n:ince o f adn1u:11e :iccouncing records in accordance ~i1h tl1l' pr11v1~1,,m of the Ac1 fur safrguarJing the a~~ets .of the Company :1~ pren:ncing and derectin~ fraud~ :111d ocher irregularities; ~electio n and applicatio n o f apyJ ~

T R CN!llha & Co., II part/lC<Ylip n,m converted Into T R Chadria & Co LLP / ~ (A 1,m ted l,.s tr• ty p.artncrvi p w ith UP ldenur1c.auon tlo Mr•3926) w th ctTcct from 28'" December, 20µ, N \V

I J I Corpor;;m1 & Rcgd. Office: 8-30, Conrn,uc,t P1.,cc, Kuthlala Building, N- Deihl - 110001

PhOne : 43259900, raa : 43259930. E-mail : tto1 n1 trt l\!!11hi! com

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T R Chadha & Co LLP Chartered Accountants

accm1111i11g p11liril'~: 111:1ki11g 111dg1m·111 ~ and l·~1i111aln tl1a1 1ir t· rt•,,~1111al,lc and prudt'nt: aml the dc~ign,

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fr1•c fron t 111a1cri:1I 111i,~tat1·111t·11t, w hu lu.: r d11e to fr:u,d or err"r.

In prq1,1ri11g 1hr St:ilt'tlll' lll, tht· 1111:ird nf D irt:ctor~ an · rc, pomih ll' f"r a~~c,~ing the C1 11 np:11ty'~

:1hili1 y, 111 co11 1i 11111: :i~ :i goi11g cnncem, dtsclming, a, applical,le, 111:1ttcr, rcbted to g11i11g cor1cn11 a11d

m i11g the g11i11g ro11cem h .1~i~ of acc11u111ing unless the lloa rd of Director~ eithe r intend~ to li1 111id:irc

lite C11mpanr or to c e:1,c opcr:itin ns, or has 110 rcalis1ic :1lln11ative hu1 111 do ~o .

The Board o f Di rec tors arc :ilso respo nsible for m ·crsccing the fin :inci:il repo rting proccsc; of the

Company.

Auditor's R esp onsibility for th e Audit of Stand a lo ne Financ ial Res ults

Our ohjectin:s a rc w o btain reaso nable assurance about whether the s tatement as a w hole arc free from m aterial 111is~1ateme11t, whether dt1e to fraud o r error, :iml to is~ut· an auditor's repo rt tlwt includes 11ur opinion. llcaw n:iblc :issurancc is :i high lc\'l:l of ;i ~surancc, but is not a gt1aranrec tha_1 an

audit cnnducted in accordance with S1\ s will alw,1ys d etect a material misstatem e nt when ti exis ts.

t\ liss1:11cments can arise from fr:iud or error and arc considered m aterial if, in<lividually or in the aggrega te, they could reasonably bc expected to influence the economic decisions of users taken o n

the bas is of the Statement.

As part of a n audit in accordance with SAs, we exercise p rofessio nal judgm ent and maintain p rofessional skepticism through o ut the audit. \Y/e also:

• ldentifv :ind assess the risks of material misstatement of the S1:11cment, whether due 10 fraud o r error, design an<l perform au<lit procedures respo nsive 10 those risks, :ind obtain audit c\·idcncc that is sufficient and appropriate to provi<lc a basis for our o pinio n. The risk o f n o t detec ting a

material misstatement resulting from fraud is higher than for one resulting from error, as fraud may in\'olvc collusion, forgery, intentio nal omissions, misrepresentatio ns, or the O\'erride of intcrn:il co ntrol.

•

•

•

Obtain :in understanding of internal control rele\·ant to the audit in order to design audit procedures that :ire appropri:itc in the circumstances. Under Section 143(3) (i) of the Act, we :ire also responsible for expressing our opinion through a separate report on the complete set of financial s t:itemcnts o n whether the company has adequate internal financial controls with reference 10 financial s1:11ements in place and the operating cffccti\'encss of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the M:inagement and Board o f Dirnctors

Conclude on the :ippropriateness of the !\lanagcmcnt and Board of Directors use of the going concern basis of :iccounting and, b:ised on the audit C\'idcncc obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required 10 draw attention in our auditor's report to the related disclosures in the standaloJua-­annual financial results or, if such disclosures arc inadequate, 10 modify our opinio -~.w1.ll'--'

conclusions arc based on the :iudit c\·idcnce obtained up to the <late of our :iuditor' or!. TR Chadha & Co., a partnership firm converted Into T R Chadha & Co LLP

(A limited liability partnership with LLP Identification No. AAF-3926) with effect from 28'" December, 201

Corporate & Regd. Office: B-30, Connaught Place. Kuthlala Bulldlng, New Deihl - 110001 Phone: 43259900. Fax: 43259930, E-mail: d@lhlitlrt!hildlul,com

N DE

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r T R Chadha & Co LLP

•

Chartered Accountants

I lll\wn :r, ruture event~ or comlttiom llll)' c:111c;c the Company to ce:i~c r,, c11rui11ur :i~ :i going concern.

E,·:il11a1e the m·er:ill prcc;e111:11inn. ~tnrcrurc and conrc·nr or the Sr.11nmn1. inrlu<ling rhr <lic;clmurcc; , and \\ he thn tht Sratlmt nt reprec;cnt the 1111derly1ng tr.111c;act1onc; and events 111 a rn:11111cr that achicn·~ fai r p1ec;c11tat1C111

\'\°c communica te \\1th thme char~c<l \\ith go,·c11w1ce rcgardinj.!. among orhcr mJttcr, . the pb nned ~cope :iml urning of the :iudit :1ml c;ignilil .rnt :1ud1t fi ndin~ ... . includrng :my c;1gnific.1nt dtficicncicc; in intt rnal control that we identify durinh our audit.

\\·c :1lc;o prnviJc those charged with gO\·em:incc \\ith a s1:1ternent that we lrJ\·e complied with relcnnt ethical ret1uimnl'nt-. rq,,:ir<ling independence, :rnd to communic:uc \\ith them all rcbtionc;hips :111d o ther mattt:r:. that may rl·,1sonably lie thought to bear or1 our imlcpendrnce, and where applrc:ible, rcbted :-:1feguar<ls.

Other Matters

The s1:11cmcnt includes the results for the quarter ended 31 •• i\larch 2020 being the b:tl:rncing figure between au<lircd figu res in respect of full fin:incial ye:1r ended 31" i\l:1rch 2020 :ind the published yt-ar to date figures up to the third qu:irter of the current fin:incial year which were subject to limited rn;ew by us, as required under the Listing Regul:irions.

For T R Ch adha & Co LLP Chartered Accountants

firm Regn. NV. 671 IN/ N500028

t.li -----'

(Partner) l\lt:mbcrship No 502955

UDIN-~5"029 SS ;tJP rJAl-1 Xo.?l-15-=j-D atc: 29 June 2020 Place: New D elhi

T R Chadha & Co., a partnership nrm converted Into T R Chadha & Co LLP (A limited liability partnership with LLP ldentmcatlon No. M F-3926) with errect from 28"' December, 2015

Corporate & Regd. Office: B-30, ConnauCht Place, Kuthlala Bulldlng. N- Delhi - 110001 Phone : 43259900, Fax : 43259930, E-mail : ll~hl" rthil~llil tom

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