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Date: May 30, 2019

BSE Limited Listing Department, 1st Floor, Phiroze Jeejeebhoy Towers, Dalai Street, Fort Mumbai — 400001

Corporate Office: Unit 804, 8th Floor, A Wing, One BKC, Plot C- 66, G Block, Bandra Kuria Complex, Bandra (E), Mumbai — 400 051. Tel : +91 22 6600 0700 Fax : +91 22 6600 0777

Reference: Pipeline Infrastructure Limited (SCRIP Code: 958751)

Subject: Submission of Audited Financial Results for the financial year ended March 31, 2019 under Regulation 52 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations")

Dear Sir,

Kindly note that Pipeline Infrastructure Limited (name changed from Pipeline Infrastructure Private Limited consequent upon conversion w.e.f April 25, 2019) ('the Company)' had issued 64520 - 8.9508% Secured, Rated, Listed, Redeemable Non-convertible Debentures ('NCDs') in the denomination of Rs. 10,00,000 each aggregating to Rs. 6452 Crores on April 23, 2019 and had listed the same with BSE Limited w.e.f April 26, 2019.

Pursuant to Regulation 52 of the Listing Regulations, we wish to inform that the Board of Directors of the Company at its Meeting held today i.e May 30, 2019 have approved the Audited Financial Results of the Company for the year ended March 31, 2019.

In this regard, please find enclosed herewith the following:

• Audited Financial Results of the Company for the year ended March 31, 2019.

• Audit Report issued by the Statutory Auditors of the Company on the Audited Financial

Results.

• Declaration in respect of Audit Report with unmodified opinion for the financial year ended

March 31, 2019.

We request you to kindly take the above on record.

Thanking you,

For Pipeline Infrastructure Limited (formerly Pipeline Infrastructure Private Limited)

Mihir Nerurkar Director DIN: 02038842

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CC: IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballord Estate, Mumbai-400 001

Pipeline Infrastructure Limited (Formerly known as Pipeline Infrastructure Private Limited)

•CIN: U60300MH2018PLC308292 Registered Office: Maker Maxity, 4th North Avenue, 2nd Floor, Kala Nagar, BKC, Mumbai, Maharashtra - 400 051, India

Tel No.: +91 22 3555 4000

Pipeline Infrastructure Limited (Formerly Pipeline Infrastructure Pnvate Linuted)

Registered Office : Maker Maxity, 4th North Avenue. 2nd Floor, Kala Nagar, BKC, Mumbai, Maharashtra - 400 051. India

Phone : 022 355541100, Entail : poja tandon@pealdnfra_com, CIN U60300MH2018PLC308292

AUDITED FINANCIAL RESULTS FOR THE PERIOD 20th APRIL, 2018 TO 31st MARCH, 2019 (Rs. in crore, except per share data)

Sr. No.

I 2 3 4

(a) (b) (c) (d) (e) (1)

5 6

7 8

(a) i it

(b) i ii

9 10

Particulars

INCOME Revenue from Operations Other Income Total Income (1+2) EXPENSES Employee Benefits Expense Finance Costs Depreciation and Amortisation Expense Transmission Charges Acquisition related expenses Other Expenses Total Expenses Profit f (L0,3) before tax (3-4) Tax Expense Current Tax Deferred Tax Total MC Expense Net Profit/(Loss) for the Period (5.6) Other Comprehensive Income (OCI) Hun that will not be reclassified to Statement of Profit and Loss Income tax relating to items that will not be reclassified to Statement of Profit and Loss Item that will be reclassified to Statement of Profit and Loss Income tax relating to items that will be reclassified to Statement of Profit and bass Other Comprehensive Income 'Total Comprehensive Income for the Period (7+8) Earnings per Equity Share of face value of Rs. 10/-each - annualised

- Basic (in Rupees) - Diluted (in Rupees)

Period ended 31st March, 2019

1,05838 9.35

1,067.73

12.14 37.19

652.63 452.26 225.00 128.99

1,508.21 (440.48)

-700.81 700.81

(1,141.29)

0.07 -

-0.07

(1,141.22)

(934.90) (934.90)

11 Paid-up Equity Share Capital of Rs. 10/- each mho 12 Other Equity 2,903.95 13 Net Worth (Refer Note 16) 2,953.88 14 Paid-up Debt Capital 12,950.00 15 Capital Redemption Reserve end Debenture Redemption Reserve -16 Debt Equity Ratio (Refer Note 16) 4.38 17 Debt Service Coverage Ratio (DSCR) (Refer Note 16) (0.02) 18 Interest Service Coverage Ratio (ISCR) (Refer Note 16) (10.85)

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Pipeline Infrastructure Limited (Formerly Pipeline Infrastructure Private Limited)

Registered Office . Maker Maxity. 4th North Avenue, 2nd Floor, Kala Nagar. MCC Mumbat, tvlaharaabtra - 400 051, Phone : 022-35554000, Email puja %Mon @peakintra.com, CIN: U60300MH2018PLC308292

AUDITED BALANCE SHEET AS AT 31ST MARCH 2019 (Rs. ut croft)

Particulars

•

As at 31st March 2019

ASSETS Non-Current Assets Property. Plant and Equipment 14,605.38 Capital Work-in-Progress 9.37 Goodwill 252.00 Intangible Assets 1,50939 Financial Assets

Security Deposits 1.45 Deferred Tax Assets (Net) • Other Non-current assetsTotal Non-Current Assets 16,408.19 Current Assets Inventories 190.48 Financial Assets

Investments 2.00 Trade Receivables 144.43 Cash and Cash Equivalents 63.29 Other EanIcBalances 69.99 Other Financial Assets 8.50

Current Tax Assets (Net) 13.13 Other Current Assets 82.54 Total Current Assets 574.36 Total Assets 16,982.55

EQUITY & LIABILITIES Equity Equity Share Capital 50.00 Other Equity 2,903.95 Total Equity 2,953.95 Liabilities Non-Current Liabilities Financial Liabilities

Borrowings 12,711.72 Other Financial Liabilities 4.83

Other Non-Current Liabilides 75.21 Deterred Tax Liabilities (Net) 700.81 Total Non-Current Liabilities 13,492.57 Current Liabilities Financial Liabilities

Trade Payable-s due to Micro and Small Enterprise 0.31

- Other than Micro and Small Enterprise 127.49 Other Financial Liabilities 261.37

•Other CunentLiabilities 145.98 Provisions 0.88 Total Current Liabilities 536.03 Total Liabilities 14,028.60 Total Equity and Liabilities 16,982.55

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NOTES: 1 The above audited financial midis arc in compliance with Indian Aceniniting Struidarrli (IND AS) Teethed under section 133 of die Conraanies Act,

2013, read with Regulation 52 of the SE131 circular No. CIRAMD/DFIf6912016 dated August 10, 2016 and have been subjected to audit by the Statutory Auditors

2 Pipehne lufrasoractuie Unsaid ('the Company') was incorporated on April 20. 2018 as 'Pipeline Init./titmouse Nutt Limited'. The Company has convened hue a public company and consequently been renamed as 'Pipeline Infrastructure Limited' w of April 25.2019.

3 The audited financial results have been approved by the Board of Dimmers of the. Company suits meeting held on May 30, 2019.

4 During the last financial period, the Company has aliened following securities; - 50,000 equity shams of Rs 10 each aggregating to Rs. 5 Lakh as initial subscription - 14,50,000 equity shares of Rs. 10 each aggregating to Rs. 1.45 Come on tights basis on October 24, 2018 - 4,85.00000 equity shares of Rs. to each aggregating to Rs 48.50 Crete oa rights basis on January 9, 2019 - 0.1% Compulsorily Convertibk Profereace Manes (C'CPS) - 400 Crone CCPS of face value of Rs. 104 tench aggregating to Its 4,000 Crete on March 22, 2019, - 0.1% Redeemable Prekrence Shams (RPS) -5 Gore RPS of face value Rs 11:11- each aggregating to Rs SO Cram on March 22, 2019. - 12,95 Crete secured, unlisted, redeemable, 004-coirmrtible debentures of Rs. 1000 each aggregating to Rs. 12950 Qom on Match 22, 2019.

5 On April 23, 2019, the Company issued 64,520 Secured, Rated, Listed, Redeemable Non-convertible Debentures ('NCDs') in the denaMmation of Rs 10,00,000 each aggregating to Rs. 4,452 Cram These NCDs catty n fixed interest G 8.9508% p.a. payable quarterly. The NCDs are listed on Debt Segment of BSE Ltd w.c.f April 26, 2019.

6 On April 23, 2019, the Company redeemed 6,45,20,000 Now Convertible Debentures (NCDs) of Rs 1,000 each out of total NCDs issued on March 22, 2019.

7 The Company has obtained credit ratings of "CRISIL AAA/Stable' from CRISIL Limited (CRISIL) and "CARE AAA; Stable' from CARE Ratings Limited for its listed Non-Convertible Debenoses issued on April 23, 2019.

8 A Scheme of Arrangement between Fast West Pipeline limited ('EWPL') and Pipeline Infrasmiettre Ciliated rIL) and their respective shareholders and coeditors (hereinafter referred as 'the Scheme') under Sections 230 to 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgumtioos) Rides, 2016, and otter applicable provisions. If any, of the Compsnies Act, 2013, as amended from time to time was filed for the transfer to. and vesting in, PIE, with effect from July 01, 2018 (Appointed Date), the business of owning and operating class-country pipelines between Kaldnada in Andhra Pradesh and Bbaruch in Gujarat for transportation of natural gas (hereinafter reamed as 'Pipeline Business') of EWPL as n going comer. Pursuant to sanction of the Selene of Arrangement received from Ahmedabad and Mumbai Noche. of lion'ble National Company Law Tribunal (sICLP) vide their orders dared Noventer 12, 2018 and December 21. 2018 respectively, the Pipet= Business of EWPL has been trareferted to PIPL The orders were filed with the Registrar of Companies on January 68, 2019.

EWPL and PIC was 100% stbsidiaries of Reliance Industries Holding Private Limited at the time of transfer of pipeline businasa of EWPL to PR-making a tramaction under common control as per Appendix. C of Ind AS 103 'Business Combinations' However, as required by the Selene of Arrangement 'moved by the benches of NCLT the assets were accounted by PIL at their fair value aid the !abilities et their carrying value . Further, as per the order the acquisition dote has been considered as July 01, 2018. being die Appointed Bate. The assets and liabilities we recognised by PIC on the following basis: (I) Property, Plant and Equipment focusing a pert of the pipeline business have been recorded at their fair value of Rs 15,200 mom determined by an independent engineering firm (ii) Our of the balance of Rs 1830 emu, 1568 more has been assigned to intangible asset including Pipeline Authorisation based one valuation by an independent accounting firm and nernaining value an. Rs 282 more has been !assigned to goodwill, (iil Borrowings have been at carrying value of Its 16,400 mom (iv) The net consideration for stet transfer is settled by (a) payment of Rs. 600 CIVIC and (b) issue and allotment of 5,00,00,000. 0.1% Redeemable Prekterce Shares of bee value of Rs. HY- each aggregating to Rs. 50 Crom, by PIL to EWP1.-

Sinte the initial accounting for a business combination is incomplete by the end of the reporting period, the company has repotted provisional amounts for the property plant and equipment, intangthk assets including Pipeline Authorisation and goodwill for which the accounting it incomplete. These provisional amounts will he adjusted during the measurement period,(i a up to December 2019) or additional assets or liabilities will be recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement shall not exceed one year from die acquisition date

9 Debenture Redemption Reserve: In teams of provisions of Section 71 of the Companies Act, 2013 read with Rule 18(7) of The Companies (Share Capital and Debentuts) Rulea. 2014. the Company is requited to provide for Debenture Redemption Reserve (DRR) However in view of the loss for the period no amount has been provided for DAR_

10 The unlisted secured, redeemable non comettible debentures of the company aggregating to Rs. 12,950 Cnirc. outsanding as on March 31, 2019, are securell by way of first mortgage/ dame on the company's certain properties and the asset cover thereof exceeds hundred pereentof the principal amtuat of the said deberMares

The Company's activities compare of transportation of natural gas to certain states in India Based on the guiding principles given in Ind AS 108 on "Segment Reporting", this activity fells within a single business and geographical segment.

12 Details of unlisted Nan-Convertible Debestures issued on March 22, 2019 ate as, follows •

Sr. Na

Previous Due Date Next Due Date -Principal Interest Principal Interest Redemption Amt

(in Its. Croce) interest (m Rs. Croce)

1 April 15, 2019 April IS, 2019 July 15,7019 July 15, 2019 346.53 1,973.41

Principal and interest due an April 5, 2019 has been paid on due date.

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13 Details of listed Non Convertible Debentures isnied on April 23, 2019 at as follows.

Sr. No.

Previous Due Date Nest Doe Date Principal Interest Principal Interest Redemption Alai

(in Rs. Crone) Interest (in Rs. Croce)

- - Mareb 22, 20'24 July 01, 2019 (neat woriting day

considering June 30, 2019 is a Sunday}

6,452.00 107 59

14 Derails of Outstanding Redeemable Preference Share as no March 31 2019 Sr. No.

Pruitt-den No. of RPS Amount (lo Rs. Crones)

1 17.1% Redeemable Prefmeoce Shores MPS)

5,00,00,000 50

15 The ecrrent koanoal summents have bees prepared for a period front April 20. 2018, date of mcarporanon to Much 31, 2019. Renee, this being the first financial statements, previous year( half year figures are not applicable.

16 Formulae tar computation of ream are as lotions

Debt-Emoity Ratio Muir/

Debt Service Coverage Ratio (matt): Lamiaileicae Interest and Tao (bmerest Expense + Principal Repayment of Boirovrings)

latter-It Service Coverage Ratio (ISCR): Lamar before lakozatood Tic (Interest Expense)

Net Worth: Total Equity excludIng other compreherohm income.

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MN: Nenukar Director DIN : 02038442 rin Rm, r

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Chaturvedi and Shah LI.P Chartered Accountants 714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai — 400 021 Tel.: +91 22 3021 8500 Fax: +91 22 3021 8595

INDEPENDENT Auditor's Report To The Board of Directors of Pipeline Infrastructure Limited (Formerly Pipeline Infrastructure Private Limited)

Deloitte Haskins & Sells 1.111Chartered Accountants Indiabulls Finance Centre Tower 3, 27th — 32nd Floor, Senapati Bapat Marg, lilphinstone Road (West) Mumbai 400 013 Maharashtra, India. Tel: +91 22 6185 4000 Fax: +91 22 6185 4001

1. We have audited the accompanying Statement of financial results of Pipeline Infrastructure Limited (Formerly Pipeline Infrastructure Private Limited) ("the Company") for the period from April 20, 2018 to March 31, 2019 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulation'), read with SEBI Circular No. CIR/IMD/DF1/69/2016 dated August 10, 2016 ('the Circular').

2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors of the Company, has been compiled from the related financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder (Ind AS') and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such financial statements.

3. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management and evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

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4. In our opinion and to the best of our information and according to the explanations given to us, the Statements:

(i) are presented in accordance with the requirements of the Regulation read with the Circular, in this regards; and

(ii) give a true and fair view in conformity with the aforesaid Ind As and other accounting principles generally accepted in India of the net loss, the total comprehensive loss and other financial information of the Company for the period from April 20, 2018 to March 31, 2019.

5. Attention is invited to Note 8 to the financial results regarding accounting for the Scheme considering the acquisition date as the appointed date of July 1, 2018 and recording of the transaction at fair value in accordance with the Scheme of Arrangement approved by the National Company Law Tribunal. Our opinion is not modified in respect of this matter.

For Chaturvedi & Shah LLP Chartered Accountants Firm Registration No.101720W/ W-100355

For Deloitte Haskins & Sells LLP Chartered Accountants Firm's Registration No. 117366W/W-100018

Sandesh Ladha Anjum . Q zi Partner Partner Membership No.: 047841 Membership No.: 104968

Place: Mumbai Date: May 30, 2019

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Date: May 30, 2019

BSE Limited Listing Department, 1st Floor, Phiroze Jeejeebhoy Towers, Dalai Street, Fort Mumbai — 400001

Corporate Office: Unit 804, 8`h Floor, A Wing, One BKC, Plot C- 66, G Block, Bandra Kuria Complex, Bandra (E), Mumbai — 400 051. Tel : +91 22 6600 0700 Fax : +91 22 6600 0777

Reference: Pipeline Infrastructure Limited (SCRIP Code: 958751)

Subject: Declaration pursuant to Regulation 52(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir,

This has reference to the 64520 - 8.9508% Secured, Rated, Listed, Redeemable Non-convertible Debentures ('NCDs') in the denomination of Rs. 10,00,000 each aggregating to Rs. 6452 Crores issued by the Company on April 23, 2019 and listed with BSE Limited w.e.f April 26, 2019.

Pursuant to Regulation 52(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we hereby state that the Audit Report in respect of the Audited Financial Results for the year ended March 31, 2019 is with unmodified opinion.

We request you to kindly take the above on record.

Thanking you, For Pipeline Infrastructure Limited (formerly Pipeline Infrastructure Privi "mited)

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Mihir Nerurkar Director DIN: 02038842

Mumbai

CC: IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400 001

Pipeline Infrastructure Limited (Formerly known as Pipeline Infrastructure Private Limited)

CIN: U60300MH2018PLC308292 Registered Office: Maker Maxity, 4'h North Avenue, 2nd Floor, Kala Nagar, BKC, Mumbai, Maharashtra - 400 051, India

Tel No.: +91 22 3555 4000