chennai petroleum corporation ltd Directors report

To the family of CPCL Shareowners,

On behalf of the Board of Directors of your Company, I am pleased to present the 57^th Annual Report and the 1^st Integrated Annual Report on the working of your Company, together with the Audited Statement of Standalone and Consolidated Accounts, Auditors Report and the Report ofthe Comptroller & Auditor General of India on the Standalone and Consolidated Accounts for the year ended March 31, 2023.

PERFORMANCE REVIEW

Financials (Standalone and Consolidated)

The summary ofthe Standalone and Consolidated Financial Statements are as under:

	Standalone		Consolidated
	2022-23 :	2021-22 :	2022-23 :	2021-22
Gross Turnover	90801	60402	90801	60402
Profit Before Finance Cost, Depreciation and Tax	5712	2748	5703	2741
Finance Cost	330	412	330	412
Depreciation, Amortisation and Impairment	573	504	573	504
Profit Before Tax ( before Share of Profit of Joint Ventures)	4809	1832	4800	1825
Share of Profit of Joint Ventures	-	-	6	16
Profit Before tax	4809	1832	4806	1841
Tax Provision	1275	490	1275	489
Profit After tax	3534	1342	3531	1352

Analysis of Profitability

The Company posted the highest ever Profit Before Tax of Rs.4809 Crore (higher by 162%) and Profit After Tax (PAT) of Rs.3534 Crore.

This excellent financial performance is due to stellar operating performance with highest ever Crude throughput of 11.316 MMT and focussed improvement on reliability coupled with feed optimization which enabled secondary unit to surpass the previous best. This was also supported by robust margin which prevailed in the international market during the FY 2022-23.

The GRMs thereby increased from US $8.85/bbI in 2021-22 to US$ 11.91/bbl in 2022-23.

Highlights

During the FY 2022-23 your Company recorded an all-time high turnover of Rs.90801 Crore. Profit Before Tax (PBT) of Rs.4809 Crore and Profit After Tax (PAT) of Rs.3534 Crore.

Recommended highest ever dividend of 270% on the paid up Equity Share Capital of the company.

Nil comments from C&AG for FY 2022-23 - 19^th year in

succession

Issue of securities / change in share capital

During the year 2022-23, there is no change in the share capital of the company. No securities were issued during the year.

Dividend

Article 114 of the Articles of Association and Guidelines on Capital Restructuring of Central Public Sector Enterprises dated 27^th May, 2016 issued by the Ministry of Finance, Department of Investment and Public Asset Management (DIPAM), Government of India together constitute the Dividend Distribution Policy of the Company and the same is hosted on the website ofthe Company under the link https:// www.cpcl.co.in/Policies/2018/dividend%20distribution%20 policy.pdf

Our Board has recommended a Dividend of 6.65% on the paid up outstanding preference share capital ofthe Company, representing Rs.0.665 per preference share amounting to Rs.33.25 crore for the year 2022-23. Considering the all-time high profits earned by the company during FY 2022-23, the Board has recommended a dividend of 270% on paid-up Equity Share Capital ofthe Company amounting to Rs.27/- per share as on 31.03.2023 amounting to Rs.402 Crore.

Book Value and Reserves and Surplus

There has been significant accretion to the reserves of the Company due to enhanced profitability. The reserves and surplus as on 31^st March, 2023 more than doubled to Rs.6132.05 crore as compared to Rs.2641.32 crore as on 31^st March, 2022.

The bookvalue per share ofyourCompanyas on 31.03.2023 increased significantly to Rs.421.79 as compared to Rs.187.38 as on 31^st March, 2022.

Value Addition

The value addition during the year 2022-23 witnessed a steep increase at Rs.6797 Crore as compared to Rs.3835 Crore in the previous year.

Digital India Initiatives

Your company has achieved 100% digital transactions during the financial year 2022-23.

Contribution to Exchequer

Your Company has been regularly contributing to both State and Central Exchequers in the form of duties and taxes. The details are as under:

(Rs Crore)

Particulars	2022-23	2021-22
Central Exchequer	16453	18124
State Exchequer	1275	798
Total	17728	18922

Capex

Your Company has incurred Capital Expenditure of Rs.654.06 crore for the year 2022-23 as compared to Rs.647.77 crore in the previous year 2021-22.

Public Deposit Scheme

Your Company has not accepted any public deposit during the year 2022-23 and no public deposit was outstanding as on 31^st March, 2023.

Credit Rating

The companys financial prudence is reflected in the strong credit ratings assigned by the Credit Rating agencies. The details of Credit Ratings are as under:

INSTRUMENT	RATING AGENCY	RATING
Short term borrowings /	CRISIL & ICRA	AAA
PCFC (including BG)
Commercial Papers	CRISIL & ICRA	A1 +
Debentures	CRISIL & ICRA	AAA

Transfer of Unclaimed Dividend to IEPF

No dividend amount / shares is required to be transferred to the Investor Education & Protection Fund (IEPF) as per Section-124 ofthe Companies Act, 2013 during the year 2022-23, as no dividend was declared in view ofthe losses for the FY 2014-15.

OPERATIONAL PERFORMANCE: PHYSICAL:

CRUDE OIL throughput (in Thousand Metric Tonnes(TMT) :	2022-23	2021-22
Imported	9373	7208
Indigenous	1943	1832
Total Throughput	11316	9040
PRODUCTION (in TMT)
Light Ends	2587	2178
Middle Distillates	6217	4842
Lube Base Stock	236	195
Wax	28	23
Heavy Ends	1487	1134
Intermediates differential	(19)	88
Other Inputs	(270)	(328)
Fuel & Loss	1049	909
Total Output	11316	9040
Distillate Yield	76.0	74.9
Fuel and Loss (%)	9.06	9.71

Operational Performance

Your Company achieved a throughput of 11.316 MMT in 2022-23 as against MoU target of 10.73 MMT and surpassed Name plate capacity of 10.5 MMTPA for the first time and achieved the highest ever crude processing as against the previous best of 10.289 MMTPA in 2017-18. The distillates yield achieved for 2022-23 was 76.0% as compared to 74.9% in 2021-22.

The Energy Intensity Index (Ell) recorded was the lowest ever at 89.2 against the previous best of 96.2 in the year 2021-22. The specific energy consumption recorded was the lowest ever at 74.2 against the previous lowest of 81.4 in the year 2019-20 and achieved Perform Achieve and Trade (PAT) cycle -VI target of 76.8. The operational availability during the year was 98.9% against the target of 97%. Fuel & Loss was lower at 9.06 % as compared to 9.71% in the previous year.

Your Company clocked the highest ever Once Through Hydro Cracker Unit (OHCU) throughput of 2,372 TMT against the previous best of 2,307 TMT in 2019-20. Delayed Coker unit (DCU) achieved highest ever throughput of 1975 TMT surpassing previous best of 1405 TMT in 2019-20.

Your Company clocked the highest ever production and dispatch in respect of the following:

Product	Production Quantity in 2022-23	Production in TMT Previous best Quantity	Previous best year	Despatch Quantity in 2022-23	Despatch in TMT Previous best Quantity	Previous best year
Naphtha	976	815	2019-20	1015	856	2019-20
Hexane	28.4	26.7	2021-22	27.8	26.6	2021-22
Motor Spirit (MS)	1142	1107	2017-18	1150	1121	2016-17
Mineral Turpentine Oil (MTO)	31.4	8.1	2021-22	31.4	8.1	2021-22
Aviation Turbine Fuel (ATF)	1039	1016	2019-20	1023	996	2019-20
High Speed Diesel (HSD)	5041	4677	2018-19	5065	4404	2018-19
Petcoke	539	414	2019-20	562	409	2019-20
Sulphur	129	99	2019-20	128	99	2019-20

Some of the other highlights of Operational Performance

during the year are as under:

Successfully processed five new crudes viz., Tupi from Brazil; Kole from Cameroon; Urals from Russia; Sokol from Russia and ESPO from Russia.

Highest ever monthly Mineral Turpentine Oil (MTO) dispatch of 5.8 TMT in Jan23 surpassing the previous best of 4.8TMT (Sep22).

Highest ever monthly Fluidised Catalytic Cracking Unit (FCCU) throughput of 96.6 TMT in Jan23 surpassing the previous best of 95.8 TMT in Mar22.

Highest ever Lube Oil Base Stock (LOBS) production and dispatch of 236 TMT and 241 TMT respectively, in the last ten years.

Highest ever monthly Once Through Hydro Cracker Unit (OHCU) throughput at 227 TMT in May22 which surpassing the previous best of 222 TMT (Mar22).

Highest ever monthly throughput of Delayed Coker Unit (DCU) at 198 TMT in May22 surpassing the previous best of 183 TMT (Mar22).

Highest ever Hexane production and dispatch at 3.1 TMT in Apr22 surpassing the previous best of 2.8 TMT (J uly 21).

Successfully produced and supplied 39.7 MT of JP-7(Jet Fuel) to Defence Research and Development Organisation (DRDO) during Oct22.

Successfully produced and dispatched new product LSHS (Premium) during Feb23.

First time export of Naphtha co-loading with Paradip Refinery during Jun22.

Exported higher parcel size of Naphtha (55 TMT parcel) directly from Chennai port during Jul22 (Double berthing).

Successfully completed HSD Export parcel of 40 TMT to M/s. Ceypetco, Sri Lanka in May22.

MOU PERFORMANCE

Your Company has received "Excellent" rating for its performance during FY2021-22 with respect to the MoU signed with its holding Company, Indian Oil Corporation Limited (IOCL). Further, your company had signed MoU with IOCL for FY 2022-23, as per the guidelines issued by the Department of Public Enterprises (DPE), which shall be evaluated in due course oftime.

MARKETING

Indian Oil Corporation Ltd., the holding company, markets a majority of fuel products and Petroleum, Oil and Lubricants (POL) produced by your Company.

Apart from the above, the details of sale of products through direct marketing by your company during 2022-23 as compared to the previous year 2021-2022 are given below;

PRODUCT	SALE QTY (IN MT)
	2022-23 :	2021-22
A; Downstream Products
Linear Alkyl Benzene Feed Stock (LABFS)	68065	77141
Butene +Methyl Ethyl Ketone Feed Stock (MEKFS)	19325	19802
Propylene	34706	34068
Poly Butene Feed Stock (PBFS) +Lean PBFS	10311	11695
B; Other Products
Paraffin Wax	28909	23494
Hexane	22762	21876
Sulphur	125168	81125
Pet-Coke	562308	349349
Mineral Turpentine Oil (MTO)	31390	8159
Furnace Oil	4007	4030
TOTAL	906951	630739

During the year, your company achieved substantial growth in the sale of products like Propylene, Paraffin wax, FG Hexane, MTO through proactive marketing initiatives and also achieved highest ever sale of FG Hexane, MTO & Sulphur during 2022-23. Direct sale of products recorded an increase of about 44 %, from 631 TMT in 2021-2022 to 907 TMT during 2022-2023.

RESEARCH & DEVELOPMENT (R&D)

Your Companys R&D plays a pivotal role in providing support to refinery operations.

During the year various studies were carried out as under:

Evaluation of lube potential for various crude mixes (3 Nos.) through pilot plant aromatic extraction studies and lab scale dewaxing studies

Hydro-treatment of Heavy Coker Gas Oil (HCGO) to evaluate its suitability as feedstock for Fluidised Catalytic Cracking Unit (FCCU)

Evaluation of FCC GDS units suitability for processing of Heavy Naphtha

Feasibility of paint grade MTO production out of syn. Naphtha from Diesel Hydro-Treating Unit (DHDT).

PROJECTS

Your Company achieved a capex of Rs.654.06 crore, during

the year.

Union Minister of State for Petroleum & Natural Gas and Labour & Employment visited CPCLs Manali Refinery and kickstarted commissioning activities of BS SRU Block

MAJOR COMPLETED PROJECTS

Fuel Quality Upgradation Project:

During the year, as part of Fuel Quality Upgradation project, your company had commissioned the new Sulphur Recovery Block consisting of SWS (Sour Water Stripper), ARU (Amine Regeneration Unit) and SRU (Sulphur Recovery Unit).

OTHER COMPLETED PROJECTS

I. Roof Top Solar System in Plant & Non-Plant Area Buildings

Installation of Rooftop solar system in plant and non-plant area buildings with total capacity of 915 KW completed and commissioned in all locations.

PROJECTS UNDER IMPLEMENTATION:

Pharma Grade Hexane Production at Manali Refinery:

Your company is envisaging production of Pharma Grade Hexane in the Isomerization Unit. The objective of the revamp is to replace existing conventional column internals with Divided Wall Column (DWC) Trays and internals followed by Benzene saturation reactor for production of 35000 MTPA Pharma Grade Hexane.

The estimated cost of the project is Rs.67.15 Cr (net of GST Credit) and is expected to be completed in FY 2023-24.

Cauvery Basin Refinery & Petrochemicals Ltd. (CBRPL) Project:

Your company along with Indian Oil Corporation Limited (IOCL) in Joint Venture Mode is setting up a new grass root refinery of 9 MMTPA capacity with petrochemical facilities at Nagapattinam, Tamil Nadu. The new refinery will be set up in an area of about 1300 acres, out of which 618 acres is already owned by your company and the balance land is under advanced stage of acquisition. This new refinery will produce Petrol and Diesel of Bharat Stage-VI specifications and Polypropylene as a value added product.

Joint Venture CompanyfJVC), Cauvery Basin Refinery and Petrochemicals Limited (CBRPL) was incorporated on 06-Jan- 2023 between IOCL, CPCL & other seed equity investors.

Signing of Joint Venture Agreement for CBRPL

Contract had been awarded to all 4 EPCM consultants. M/s KPMG was also lined up as Owners Project Management Consultant (OPMC). Engineering and Procurement activities are in progress. Tenders for all Lump Sum Turn Key (LSTK) and Build Own & Operate (BOO) contracts are ready for award and tenders for all critical equipment were already floated. Site enabling works viz.. Site grading, Construction power & Construction water works are gathering momentum at site.

Roadshows were conducted at site pertaining to opportunities that are available for all major Stakeholders of the Project. Roadshows also acted as a channel to reach out to the broader local community, spreading a message of possible socio-economic benefits emanating from the project. Local suppliers of land, utilities, soil, sand, aggregates, and other materials also attended the event to gain insight into potentia opportunities. The event saw massive participation not only from large partners and multinational companies across India but also from local and regional players.

Digital Control Tower (DCT) for effective project monitoring of the project was installed at both Corporate office and project site. DCT can be accessed through mobile application & desktop.

FUTURE PROJECTS

Group ll/lll LOBS Projects

Your company is planning to implement a project for production of Group ll/lll Lube Oil Base Stocks. First stage approval for the project has been received. Pre-project activities such as preparation of BDEP for Process Units and Detailed Feasibility Report (DFR) have been completed. Application for obtaining Environment Clearance has been filed with MoEFCC.

HEALTH, SAFETY AND ENVIRONMENT

Health

Your Company strives to achieve highest standards of excellence in providing health care to its employees including contract workers by ensuring a safe work environment and effective monitoring of various hazards in the refinery.

Various health promotion programs were conducted for the wellbeing ofthe employees, as under:

INFORMATION TECHNOLOGY

Your Company has undertaken the following initiatives

during the year:

Implemented the first of its kind Bulk Voice Messaging system to Emergency Fire Coordinators.

Critical perimeter firewall replaced with best-in-class appliance with next Generation features.

Endpoint Detection and Response (EDR) agent installed in all desktops for Artificial Intelligence (Al) based threat detection and response.

IT security Audit of all critical IT assets carried outthrough CERT-ln empanelled agency.

Webinar on Healthy Lungs and Common Gynecological

Issues

Health talkon HazardsofTobacco/smoking and Healthy Heart - Healthy Life.

Six training programs on "First Aid and Occupational Hazards"

2 Free eye screening camps wherein 400 persons were examined and 24 persons were diagnosed with cataract and were taken to Sankara Nethralaya eye Hospital for surgery. Free spectacles were distributed for deserving.

Voluntary Blood Donation Camp held at Occupational Health Services at CPCL in coordination with Government Hospital, Chennai. 175 of our employees had the noble deed of Blood Donation on this occasion.

Safety

Your Company adheres to the highest standards of safety while carrying out its operations.

Total Accident free days and fire free days achieved as on 31.03.2023 are 1281 and 1153 respectively. The significant safety initiatives undertaken during the year include the following

Onsite Emergency Mock Drills including rescue from height scenario and a Night Hour Onsite Mock Drill conducted at Manali Refinery as per Emergency Response and Disaster Management Plan.

Monthly Mock drills with different scenarios to check the preparedness of systems and healthiness of the equipments.

As a part of Behaviour Based Safety implementation, training programs were arranged.

Emergency Voice Call facility was developed to intimate all Coordinators and Top Management aboutthe Emergency in the plant, if any.

Offsite Emergency Mock drill conducted at Madras Fertilizers Limited on 22^nd June 2022 on behalf of Manali cluster of industries , under the Chairmanship of Thiru M.Sivaguru Prabakaran, IAS, Regional Dy. Commissioner (North), Greater Chennai Corporation. Your Company played a major role in the activities related to Offsite mock drill.

Near Miss Incidents (NMI) Liquidation Committees were formed for follow up and ensure closure of pending NMIs and for suggesting mitigation measures for the pending

NMIs. Number of Fire Incidents and Injuries have come down drastically due to the focus given on liquidation of Critical NMIs in particular.

Inherent Fire Retardant (IFR) suits were made compulsory for all Employees and workers before entering into plant. IFR suits are issued to eligible employees in this regard.

Pressure Fed Fuel Fire Training (PFFFT) was imparted to 5 batches of Airports Authority of India (AAI) employees covering 103 personnel.

Live Fire Drill Trainings for IOCL Employees - 97 Employees were covered in the three programs that were conducted in June22, Sep22, and Mar23.

Safety Audits conducted during the yearwere as under:

11^th External Safety Audit (ESA) by OISD in October 2022

Internal Safety Audit in September 2022.

Pre Commissioning Safety Audit of BS-VI SRU between 04.08.22 & 05.08.22 by OISD.

Safety audit by the PESO approved third party agency viz., M/s. Hubert Enviro Care Systems Pvt Ltd (HECS) as per PESO guidelines in Mar23.

The recommendations of both internal and external safety audits are being implemented in time bound manner with regular monitoring during the monthly Central Safety Committee meeting.

The Parliamentary Committee visited your Manali Refinery in Sept22 to review the Emergency Response and Disaster Management Plan (ERDMP) in CPCL and appreciated the efforts taken by the CPCL team.

Parliamentary Committee on Sub-ordinate Legislation, Rajya Sabha under the Chairmanship of Honble Member of Parliament Mr.Akhilesh Prasad visited CPCLs Manali Refinery on September 13, 2022 to review the Emergency Response and Disaster Management Plan (ERDMP) in CPCL.

Environment

Your Company is committed to protect the environment in which it operates and is complying all the statutory requirements with respect to Environment such as Environment Protection Act, MINAS, NAAQM standards, etc.

Several Environmental initiatives undertaken during the year are as under:

Azadi Ka Amrit Mahotsav (AKAM) was celebrated with Tree Plantation drive on 08.06.2022. 500 saplings were planted in Amullaivoyal area near Manali where Green Belt is already developed.

Towards creating awareness among publicto avoid single use plastic, distribution of cotton bags to Tamilnadu Government was carried out.

World Environment Day (WED) was celebrated with the theme "Solutions to Plastic Pollution" on 5^th June 2023.

500 Nos of Miyawaki saplings planted in LPG Plant covering 0.05 acre of land in August 2022.

Leak Detection and Repair Programme (LDAR) was conducted in December 2022

915.3 KW solar panel installed in Manali Refinery during FY 2022-23

Your company has been certified for Energy Management System (ISO 50001) in March 2023.

In recognition of efforts taken bythe company, your company was awarded the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) GmbH award for excellence in Industrial Disaster Risk Management in Feb-2023 by Federation of Indian chambers of Commerce (FICCI).

ENERGY CONSERVATION

Your company lays utmost emphasis on optimum usage of energy by implementing several energy conservation measures.

During the year, your company achieved an Specific Energy Consumption (MBN) and Energy Intensity Index (Ell) of 74.2 and 89.2 (Best achieved) respectively as against 82.6 and 96.5 in 2021-22. 28 numbers of energy conservation measures were implemented successfully during the year 2022-23. This resulted in energy savings of 14516 Standard Refinery Fuel Tonne (SRFT) per annum which is approximately 0.13% reduction in F&L. The details of energy conservation measures are given in Annexure I. Furnace Efficiency Audit was conducted by CHT External Auditors as part of SAKSHAM 2023. Furnace efficiency has increased to 84.7% in 2023 survey from 78.9% in 2020 survey.

Oil & Gas Conservation Fortnight (SAKSHAM 2023) with the theme "Energy Conservation towards Net Zero" was observed from 24^th April to 8^th May 2023 as per the directives of Ministry of Petroleum and Natural Gas (MoP&NG)to create awareness among the masses about conservation of Oil and Gas.

Cyclothon was conducted for Chennai Public at CPCL Polytechnic College at Manali.

RELIABILITY IMPROVEMENT INITIATIVES

Your company has taken several measures to ensure reliability of its refinery operations which are as under:

Cyber Security

To reinforce the Operational Technology (OT) system. M/s E&Y (Ernst & Young LLC) was awarded the contract for OT

Cyber security audit. Audit commenced since April 2023 and is under progress.

Procurement of Hardware and Software for OT cyber security (Dedicated OT Network creation) initiated.

To ensure reliable operation of power system. Cogen and Captive Power Plants (CPP) Programmable Logic Controller (PLC) are being replaced with state-of-art PLC Control systems.

HUMAN RESOURCES

Your Company believes that human resource pool has to play an important role in the emerging competitive scenario. Accordingly, several initiatives have been taken forthe growth and development of employees to face future challenges.

Manpower Details:

The committed workforce of 1466 continued to perform their duties, despite challenges posed by COVID-19 to fuel the country. The total number of employees as on 31^st March. 2023 was 1466 comprising of 753 Executives and 713 Non- executives.

New Initiatives:

The following initiatives were taken up by your Company during the year 2022-23

Competency Development Program was conducted for our employees in Grade D and above by premier institute viz. XLRI, Jamshedpur on all eight competencies (Operational. Customer. Content. Talent. Relationship. Business Result. Change and Strategic) and Mentorship.

The Company provides comprehensive welfare facilities to its employees to take care of their health, efficiency, economic betterment, etc., and to enable them to give their best at the workplace. The Company supports participative culture in the management of the enterprise and has adopted a consultative approach with collectives, establishing a harmonious relationship for industrial peace, thereby leading to higher productivity.

The Company engaged apprentices under various categories like Trade/ Technician/ Graduate. The apprentices were imparted practical inputs with a structured monitoring and assessment methodology.

Learning & Development:

During the year 2022-23, your company has achieved 3.21 Average Training Man-Days against the target of 2.5 Man- Days. 259 Training programmes have been conducted and 1236 employees have attended the training.

Other initiatives in the areas of training are as under:

Core Course Module I Training on "Refinery Operations" conducted for 15 Supervisory Employees from 23^rd May 2022 to 27^th May 2022 at Refinery Engineering School of Training (RESOT).

11 days Mid-Career training for Officers with experience of more than 10 years conducted from 29^th September

2022 to 11^th October 2022, covering 10 Supervisory employees.

Behavior Based Safety Training Programme conducted for 108 employees on 30^th January 2023 and 31^st January

2023 at RESOT & HRD Centre.

Strategic Leadership Competency Development Program (CDP), Business Result Leadership CDP and Mentorship Programs were conducted for employees in Grade D, E, F & G for six days by XLRI at RESOT. 24 Supervisory employees have attended the training.

Core Course Module III Training on "Instrumentation and Electrical Maintenance" was conducted for 18 Supervisory Employees.

Competency Development and Mentorship programs conducted for employees in Grade C & D. 17 Supervisory employees attended the training.

Following activities are completed under the Learning Management System (LMS):

- Training Need Assessment conducted for Supervisory Employees. 664 Employees attended the assessment in LMS platform.

- Individual Development Plan (IDP) prepared for the Supervisory Employees based on their performance in Training Need Assessment.

- Training Calendar prepared forthe Financial Year April 2023 to March 2024.

Reservation in respect of SC/ST/OBC/PWD:

Your Company is complying with the Presidential Directives and various instructions of the Government relating to the welfare of the SC / ST / OBC / PwBD (Persons with Benchmark Disabilities) / Ex-Servicemen / EWS (Economically Weaker Section). Rosters are maintained as perthe directives and are regularly inspected by the Liaison Officer(s) of the Company as well as the Liaison Officer of the Government of India to ensure proper compliance.

Out of the total manpower, there were 300 SC employees and 50 ST employees as on 31^st March, 2023, constituting 20.46% and 3.41% of the total manpower respectively.

In accordance with the Presidential Directive, the details of representation of SCs/STs/OBCs in the prescribed proforma are attached as Annexure II.

Your Company is implementing the provisions ofthe Rights of Persons with Disabilities Act, 2016 byway of 4% reservation for physically challenged and disabled persons. In addition, various concessions and relaxations are being extended to physically challenged persons in the recruitment process in line with the Government guidelines.

Compliance with Prevention of Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013.

Your Company is committed to prevention of sexual harassment of women at the workplace and takes prompt action in the event of reporting of such incidents. In this regard, an Internal Complaints Committee has been constituted to deal with sexual harassment complaints and conduct enquiries, if any. Further, a hand-book on Prevention of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 released by the Ministry ofWomen and Child Development, Government of India, has been uploaded on the intranet to sensitize all employees about the provisions ofthe Act. Regular workshops were organized, especially for women employees to bring awareness about their rights and facilities at the workplace emphasizing the provisions of the Act. There were no complaints of sexual harassment during the year.

Women Empowerment:

Your Company is committed to diversity and inclusiveness and focusses on women development & gender equality. As on 31^st March, 2023, 76 women employees are on the rolls ofthe Company, of whom 61 are in the supervisory cadre and 15 are in non-supervisory cadre, constituting 8.10% of the total supervisory employees and 2.10% ofthe total non- supervisory employees.

Management has conducted meeting with the representatives of Women Cell to encourage the well-being of women employees.

International Womens Day was celebrated on 08.03.2023. Special Invitee Dr.A.Sadhana Rajkumar, spoke on the importance of nutrition and proper diet for better health and mental and physical development ofwomen.

Corporate Social Responsibility (CSR) & Sustainable Development (SD):

Your Company continuously undertakes Corporate Social Responsibility initiatives that caterto the urgent and essential needs ofthe local community.

As per your companys Corporate Social Responsibility (CSR) Vision "Strive for Educated, Healthy, Economically Developed and Environmentally Protected community around the Refineries", the CSR activities are carried out in

thethrust areas which includes providing safe drinking water, health care, sanitation, education, employment, enhancing vocational skills, empowerment ofwomen and environmental sustainability.

To achieve your companys CSR vision, CSR projects are designed with the aim to positively impact economic and social conditions ofthe communities in which it operates, to make efforts towards self-sustainability of CSR projects and to take initiatives on environmental sustainability.

The CSR Policy ofthe Company can be accessed on the website of the Company under the link https://www.cpcl. co.in/policies

As the average of Net Profits for the preceding three financial years was negative, there was no mandate to spend amount towards CSR for the year 2022-23. Despite this, to sustain the ongoing CSR projects, your company had spent a sum of Rs. 604.13 Lakhs.

A detailed report on CSR activities as per the provisions of Companies Act 2013 along with CSR highlights during the year is attached (Annexure-lll).

Corporate Environment Responsibility (CER):

During the year, the following activity was carried out under CER:

Contributed forGreen Tamil Nadu Mission, to Government ofTamilnadu for planting trees to increase the green cover in the State from 24% to 33%.

VIGILANCE

The vigilance department of your company continues to pursue and lay great emphasis on preventive vigilance measures.

During the year, various system improvement measures, such as "Alert generation from SAP system about pending returnable materials to higher authorities to ensure return of outstanding materials, "Elimination of restrictive conditions in PQ (Pre-Qualification) Criteria to increase competition" etc., have been incorporated.

In line with CVCs guidelines, notice inviting tenders, tender documents and details of purchase orders and contracts awarded, including those awarded on nomination basis are hosted on the Companys Website.

As per the guidelines of Central Vigilance Commission a separate audit on "Integrity of Automated Systems" in the Organization was done by a duly constituted Committee and the areas vulnerable for cybercrimes/frauds and other malpractices were identified. The recommendations given by the Committee to overcome the vulnerability have been implemented.

Your Company is committed to redress the Vigilance complaints in time and a provision is made available in CPCLs website to lodge online complaints with Vigilance.

Your company has implemented the Integrity Pact (IP) as per the guidelines of the Central Vigilance Commission. Periodical meetings with Independent External Monitors (lEMs) are also being held by the Management once in every Quarter to review Integrity Pact implementation status and other relevant issues.

To increase Vigilance awareness, training programs on "Preventive Vigilance & PIDPI Complaint Handling System" for newly joined Engineers and for the serving employees who have completed more than 15 years of service were organized.

Vigilance Awareness Week 2022 was observed from 31 ¹ October, 2022 to 6^th November, 2022 with the theme - "Corruption Free India for a Developed Nation".

Managing Director administrating Integrity Pledge

There were no pending disciplinary proceedings or prosecution cases as on 31^st March, 2023

PUBLIC GRIEVANCES

Your Company is committed to redress the public grievances on time. Contact details of Public Grievance Officer are displayed on the website of the Company under the link https://www.cpcl.co.in/connect/citizen-charter/public- grievance. During the year 2022-23, 14 public grievances were received and disposed of in time.

CORPORATE GOVERNANCE

A separate section on Corporate Governance forms part of this Integrated Annual Report, in line with the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations 2015 and DPE Guidelines on Corporate Governance.

The certificate received from the Auditors of the Company regarding compliance of conditions of corporate governance, as required under SEBI (LODR) Regulations 2015 as well as compliance with the guidelines on corporate governance issued bythe Department of Public Enterprises, Government of India, is annexed and forms part of this Report (Annexure- IV).

MANAGEMENTS DISCUSSION AND ANALYSIS REPORT

As required under SEBI (LODR) Regulations 2015, Managements Discussion and Analysis Report is annexed and forms part of the Integrated Annual Report (Annexure-V).

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

In accordance with SEBI (LODR) Regulations 2015, the Business Responsibility and Sustainability Report, forms part of the Integrated Annual Report and is being hosted in the website ofthe company.

AUDIT COMMITTEE

The composition ofthe Committee as on 31^st March, 2023 is as under:

Mr.Ravi Kumar Rungta- Independent Director - Chairman

Dr.C.K.Shivanna, Independent Director - Member

Mr.Deepak Srivastava - Government Nominee Director - Member

Director (Finance), CPCL is the permanent invitee.

The recommendations ofthe Audit Committee during the year were accepted bythe Board.

CODE OF CONDUCT

The Board of Directors of your Company has formulated a code of conduct for the Directors and Senior Management Personnel, which was circulated to all concerned and hosted on the Companys website. The code can be accessed at http://www.cpcl.co.in/codeofconduct. The Directors and Senior Management Personnel have affirmed compliance with the Code of conduct and the same was informed to the Board at the meeting held on 27.04.2023.

RISK MANAGEMENT

Your Company has a well-documented Risk Assessment and Management Policy and constituted a Risk Management Committee.

The composition of Risk Management Committee as on 31.03.2023 are as under:

Mr.Arvind Kumar, Managing Director - Chairman ofthe Committee

Mr.S.Krishnan, Director (Operations) - Member

Mr.H.Shankar, Director (Technical) - Member

Mr.Rohit Kumar Agrawala, Director (Finance) - Member

Mr.Ravi Kumar Rungta, Independent Director - Member

Ms.Sukla Mistry, Nominee Director, IOCL - Member

The Action Taken Report on the Risk Management Policy for the Financial Year 2022-23 containing the mitigation measures on various High, Medium and Low risks were reviewed bythe Risk Management Committee on 26.04.2023 and by Audit Committee and Board on 27.04.2023.

INTERNAL FINANCIAL CONTROLS

Your Company has put in place adequate systems of internal controls and documented procedures covering all financial and operating functions commensurate with the size of the Company and the nature of its businessto provide reasonable assurance with regard to maintaining proper accounting controls, monitoring economy & efficiency of operations, protecting assets from unauthorized use or losses and ensuring reliability of financial and operational information.

Your Company has an Internal Audit Department headed by a Deputy General Managerwith a mix ofqualified professionals to carry out extensive audits throughout the year. Internal audit plans are reviewed bythe Audit Committee.

The Statutory Auditors, in their report dated 27.04.2023, opined that the Company has in all material respects, adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31^st March, 2023 based on internal control over financial reporting criteria established by the Company, considering the essential components of internal control stated in the Guidance Note on Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

REMUNERATION TO AUDITORS

M/s. G.M.Kapadia & Co., Chartered Accountants, were appointed as Statutory Auditors of the Company for the financial year 2022-23 by the Comptroller and Auditor General of India. The Board of Directors of the Company fixed a remuneration of Rs.0.21 crore towards statutory audit fees in addition to out-of-pocket expenses, if any, and applicable GST.

There are no qualifications in the Statutory Auditors report dated 27.04.2023 on the annual accounts for the financial year 2022-23.

Comptroller and Auditor General of India (C&AG) Audit Supplementary Audit of Financial Statements:

The Standalone and Consolidated Financial Statement for the Financial Year ended March 31,2023, were submitted to the C&AG for supplementary audit. The C&AG have conducted supplementary audit. No action is pending w.r.t financial statements for FY 2022-23. CAG Report is forming part of Annual Report 22-23.

C&AG paras from other audits:

In addition to the supplementary audit of the financial statements mentioned above, the C&AG conducts audits of various nature including Compliance audit, Thematic audit, etc. As on March 31, 2023, there are 12 pending audit paras on various subjects, for which replies were furnished.

COST AUDITORS

M/s. Vivekanandan Unni & Associates, Cost Accountants, Chennai were appointed as the Cost Auditor of the Company for the Financial Year 2022-23 at the remuneration of Rs. 2,75,000/- plus applicable taxes and out of pocket expenses, if any, to conduct the audit of Cost Accounts maintained by the Company subject to ratification by the shareholders in the Annual General Meeting.

The cost audit for the year 2021-22 was carried out and the cost audit report was filed with the Ministry of Corporate Affairs in the prescribed form within the stipulated time period. The cost audit report for the year 2022-23 would also be filed within the stipulated time.

SECRETARIAL AUDIT

Your Company has appointed M/s. A.K. Jain & Associates as the Secretarial Auditors, for the year 2022-23.

The Secretarial Audit Report for the year 2022-23 confirms that the Company has complied with all the applicable provisions of the Companies Act 2013 and the rules made thereunder and other applicable acts, rules, guidelines, applicable secretarial standards, etc. and the findings are as under:

i) Non-appointment of minimum Independent Directors- Reg. 17.

ii) The Nomination and Remuneration Committee was not having 2/3^rd Independent Directors - Reg. 19.

iii) The Stakeholders Relationship Committee did not have an Independent Director as its member for the period 01.11.2022 till 30.03.2023 as required under Regulation 20 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

It is clarified as under:

1) CPCL being a Government Company under the administrative control of Ministry of Petroleum and Natural Gas, the power to appoint Directors, including independent Directors, vests with the Government of India. The appointment of additional Independent Directors is under the consideration of Government of India.

2) As and when additional independent directors are appointed by Government of India, the Nomination and Remuneration Committee will be reconstituted to ensure compliance with minimum 2/3^rd independent directors.

3) The Stakeholders Relationship Committee has been reconstituted with the induction of one independent director on 31.03.2023

The report, duly certified by a Practicing Company Secretary, is attached as Annexure-VI to this Report.

Your Company being a Government Company, the selection and appointment of Directors, their terms of appointment and the remuneration payable to them, are decided by the Government of India as per applicable guidelines and not by the Board of Directors.

In view thereof, the terms of reference of Nomination and Remuneration Committee do not include the terms provided under the Companies Act, 2013. The performance evaluation of all directors, excluding directors representing Naftiran Intertrade Company, one of the promoters of the company, is carried out by the Administrative Ministry (MoP&NG),

Government of India, as per applicable guidelines. The above is in line with the exemption provided to Government Companies by the Ministry of Corporate Affairs.

SEPARATE MEETING OF INDEPENDENT DIRECTORS

One separate meeting of Independent Directors (6^th) was held on 04.06.2022

REPORTING OF FRAUDS BY AUDITORS

The Auditors in their report for the year have not reported any instance of fraud committed by the officers/employees ofthe Company

PUBLIC PROCUREMENT POLICY FOR MSMEs

The details ofthe actual values of total procurements of materials and services (total value excluding Crude, Gas, Power & License Fee) by your company during the financia year 2022-23 as against the target fixed by the Government of India are given below:

S.N Details	Value of procurements Rs. Crore (excluding Crude, Gas, Power & License Fees)	% age target achieved	Target set by the Govt.
1 Total value of procurements	955.50
2 Procurements from MSEs (General, Reserved SC/ST & Women)	372.25	38.96%	25%
3 Procurements exclusively from Reserved SC/ST MSEs	57.83	6.05%	4%
4 Procurements exclusively from Women owned MSEs	2.11	0.22%	3%

During the year 2022-23, nine Vendor Development Programmes were conducted by CPCL for the benefit / development ofthe MSEs. Two exclusive programmes (development meets) were conducted by CPCL for the benefit of Reserved SC/ST MSEs and Women owned MSEs in association with the officials from the Cl I, MSME- Development Institute, National SC-ST Hub Office- Government of India. During these programmes, the procedure followed by CPCL for vendor registration, benefits and purchase preference extended to the MSEs, details of materials & services which can be procured from the MSEs were explained in detail to the MSMEs.

Your Company participated in the MSME Connect 2023 - a Vendor Development Program cum Exhibition of Products on 3^rd and 4^th March 2023 organized by MSME Development and Facilitation Office, Chennai and Facilitating MSMEs (FaME)TN, a MSME Department of Government of Tamil Nadu at Guindy Industrial Estate, Chennai. CPCL set up an exclusive stall to showcase the procurement requirements from MSE segment to the prospective vendors who participated in the meet.

Procurements through the GeM Platform:

The procurement through the GeM portal accounted for 57.57% (Rs.550.07 Crore) of the total procurements (Rs.955.50 Crore) during the year 2022-23.

MSEs procurements target for FY 2023-24:

Your Company has earmarked 25% of total procurements to be made from the MSEs for the FY:2023-24 in accordance to the PPPfor MSEs Order 2012 of the Government of India. Out of this 25% target, 4% is earmarked for procurements from

Reserved SC/ST MSEs and 3% is earmarked for procurements from Women owned MSEs.

Awards and Recognition:

In recognition ofyour Companys performance of exceeding the mandated targets with respect to procurement from MSMEs, your company has been awarded the MSME Ecosystem Awards under "Excellence in MSE Procurement category" instituted by FICCI-CMSME on 05.12.2022 and "Certificate of Appreciation" for highest procurement in SC/

ST Category MSEs from Ministry of MSME on 18.11.2022.

Your Company received the Certificate of Appreciation for the highest procurement amongst Mini Ratna Central Public Sector Enterprises (CPSEs) from SCSI category under Micro, Small, Enterprises (MSEs) during the financial year 2021-22 from the Ministry of MSME. The Certificate of Appreciation was presented at the CPSE Conclave on Public Procurement Policy at Vigyan Bhavan, New Delhi on 18.11.2022. The Conclave was inaugurated by Mr.Bhanu Pratap Singh Verma, Honble Minister of State for Micro Small Medium Enterprises.

JOINT VENTURES

Indian Additives Limited (IAL):

Your Company has a joint venture with Chevron Chemicals Company (now Chevron Oronite Company) in the year 1989 for manufacture of lube additives components and packages. The share capital of IAL is Rs.23.67 crore. CPCLand Chevron hold 50% each in the share capital of IAL.

The Revenue from Operations of IAL is Rs.1196 crore during the year 2022-23, as against Rs.866.74 crore in the previous year. The Profit after Tax for the year 2022-23 was lower at Rs.11.13 crore because of higher input cost as against Rs.31.70 crore in the previous year. No dividend was recommended by the Board of IAL for the financial year 2022-23.

National Aromatics and Petrochemicals Corporation Limited (AROCHEM):

Your Company has another Joint Venture with M/s. Southern Petrochemicals Industries Corporation Ltd. (SPIC) in the year 1989 for manufacture of PTA, Paraxylene, Orthoxylene and Benzene. The share capital of AROCHEM is Rs.0.05 crore. CPCL and SPIC hold 50% each in the share capital of AROCHEM. Since the JV is not operational, the investments have been fully provided for diminution in value.

Cauvery Basin Refinery and Petrochemicals Limited (CBRPL):

Cauvery Basin Refinery and Petrochemicals Limited (CBRPL) was incorporated on 06-Jan-23 between IOCL, CPCL & other seed equity investors., for implementing a new grass root refinery of 9 MMTPA capacity with petrochemical facilities at Nagapattinam, Tamil Nadu. The new refinery will be set up in an area of about 1300 acres, out of which 618 acres is already owned by your company and the balance land is under advanced stage of acquisition. This new refinery will produce Petrol and Diesel of Bharat Stage-VI specifications and Polypropylene as a value added product. Contract had been awarded to all 4 EPCM consultants. Site grading, Construction power & Construction water works are gathering momentum at site.

RELATED PARTY TRANSACTIONS (RPTs)

A policy on material RPTs was framed in line with the provisions of the Companies Act, 2013 and SEBI Listing Regulations 2015, which can be accessed on the Company website at the link https://www.cpcl.co.in/Policies. Your Company has undertaken transactions with related parties during the year, which are in the ordinary course of business. As perthe RPT Policy, approval of Audit Committee has been obtained for all RPTs. During the year, there were no material RPTs. The disclosures related to Related Party Transactions in accordance with applicable accounting standards are provided at Notes to the Annual Accounts.

The details of contracts or arrangements with related parties referred to under Section 188 (1) ofthe Companies Act, 2013 in the prescribed Form AOC-2 are attached as Annexure -VII ofthe Report.

REPORT ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

Statutory details on Energy Conservation and Technology Absorption, R&D Activities and Foreign Exchange Earnings and Outgo, as required underthe Companies Act, 2013 and the Rules prescribed thereunder are given in the Annexure-I and form part of this Report.

PARTICULARS OF EMPLOYEES

The provisions of Section 134(3)(e) of the Act are not applicable to a Government Company. Consequently, details on Companys policy on Directors appointment and other matters as required under Section 178 (3) ofthe Act, are not provided.

Similarly, Section 197 of the Act is not applicable to a Government Company. Consequently, there is no requirement of disclosure ofthe ratio ofthe remuneration of each Director to the median employees remuneration and other such details, including the statement showing the names and other particulars of every employee ofthe Company, who if employed throughout / part of the financial year, was in receipt of remuneration in excess ofthe limits set out in the rules, are not provided in terms of Section 197 (12) ofthe Act read with Rule 5 (1)/ (2) ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

The following changes have occurred in the Board ofthe Company:

1) The tenure of Mr. Amitabh Mathur and Mr. Myneni Narayana Rao, Independent Directors were completed on 29.07.2022. The tenure of Mrs. Sobhana Surendran, independent Director was completed on 31.10.2022.

2) Mr. Rohit Kumar Agrawala has been appointed as Director (Finance) effective 01.03.2023 consequent to the superannuation of Mr. Rajeev Ailawadi on 28.02.2023.

3) Mr. K.Surendaran has been appointed as Independent Director effective 27.03.2023.

Opinion of the Board with regard to integrity, expertise and experience (including the proficiency) of the independent directors appointed during the year.

Your Company being a Government Company, the power to appoint Directors (including Independent Directors) vests with Government of India. The Directors are appointed by following a process as per laid down guidelines. In the opinion of the Board, the Independent Directors have requisite expertise and experience.

INDEPENDENT DIRECTORS

The Company received the Certificate of Independence from the Independent Directors confirming that they meet the criteria prescribed for Independent Directors under the provisions of the Companies Act, 2013, and SEBI (LODR). The Independent Directors were advised to register with the Database maintained bythe Institute of Corporate Affairs (IICA) under the Ministry of Corporate Affairs. The Company being a Government Company, the power to appoint Directors (including Independent Directors) vests with the Government of India.

A separate meeting of Independent Directors was held during the year as per the provisions of the Companies Act and SEBI LODR.

BOARD MEETINGS

During the year, Eight meetings of the Board of Directors were held. The details of the meetings attended by each Director are provided in the Corporate Governance Report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant or material orders were passed by the regulators or courts ortribunalsthat impactthe going concern status and the Companys operations in future.

PERFORMANCE EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

The provisions of Section 134(3)(p) of the Companies Act, 2013, require a listed entityto include a statement indicating the manner of formal evaluation of performance ofthe Board, its Committees and of individual Directors. However, the said provisions are exempt for Government Companies as the performance evaluation ofthe Directors is carried out bythe administrative ministry, i.e., Ministry of Petroleum and Natural Gas (MoP&NG), as per laid-down evaluation methodology.

DETAILS OF LOANS / INVESTMENTS / GUARANTEES

Your Company has not provided Loans/Guarantees/Security to any person, body corporate or joint venture during the year.

ANNUAL RETURN

As required under the provisions ofthe Companies Act, 2013, the Annual Return is being hosted on the Companys website and can be accessed fromthe link: https://cocl.co.in/ investors/financials/statutorv-disclosure/.

COMPLIANCE WITH SECRETARIAL STANDARDS

Your Company complies with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 134(5) the Companies Act, 2013 with respect to Directors Responsibility Statement, it is hereby confirmed that:

i) in the preparation ofthe annual accounts forthe financial year ended March 31, 2023, the applicable accounting standards have been followed and that there are no material departures from the same;

ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view ofthe state of affairs ofthe Company atthe end ofthe financial year and ofthe profit or loss ofthe Company for the year under review;

iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) the Directors have prepared the annual accounts for the financial year ended 31^st March, 2023, on a going concern basis;

v) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively.

vi) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

RIGHT TO INFORMATION

Your Company complies with The Right to Information Act, 2005. In accordance with the provisions ofthe RTI Act, necessary disclosures have been made on the website of the Company under the link https://www.cpcl.co.in/connect/ citizen-charter/riqht-to-information/.

During the year, a total of 160 requests were received and 148 requests were disposed off. The pending 12 requests were disposed off subsequently within time.

OFFICIAL LANGUAGE POLICY

Your Company complies with the directives issued by the Official Language Department, Ministry of Home Affairs, Government of India from time to time to increase the progressive use of Hindi.

The Official Language Implementation Committee meeting of your Company was conducted every quarter under the Chairmanship of the Managing Director to review the implementation of Official Language Policy in the Company.

The First Sub-Committee of Parliament on Official Language inspected your Company on 21.5.2022. The Committee held discussions on the implementation of Official Language Policy with our Managing Director. Director(Finance), Director(Technical), CVO and Hindi Officer attended the meeting. The Joint Secretary (Gen & Admin), MOP&NG and

Deputy Director, Official Language, MOP&NG participated on behalf of MOP&NG. The Committee appreciated the work done by your Company with regard to the implementation of Hindi in your Company and extended special thanks for organizing the committee meeting very well.

Your Company celebrated Hindi Day on 28.09.2022. As a part of the Celebration, Hindi Singing and Hindi Essay competitions were held for employees. Our Managing Director presided over the functions and distributed prizes to the winners of the competitions. The CVO, CGMs, GMs, DGMs, Officers and other Employees participated in the celebration.

Your Company received Third Prize for excellent implementation of Official Language for the year 2021-22 at a meeting of Town Official Language Implementation Committee (PSU) Chennai held on 07.12.2022.

ACKNOWLEDGEMENT

Your Board of Directors sincerely appreciate the co-operation and support of all the employees forthe stellar performance of the company during the year 2022-23.

Your Board of Directors extend their profound thanks to the Government of India, particularly the Ministry of Petroleum & Natural Gas, other ministries, the Government of Tamil Nadu, Indian Oil Corporation Ltd., Naftiran Intertrade Company Ltd., Petroleum Planning and Analysis Cell, Oil Industry Development Board, Oil Industry Safety Directorate, Centre for High Technology, and Other Regulatory and Statutory Authorities.

Your Directors express their gratitude to all the stakeholders for their support and confidence reposed by them on the Company.

Your Directors also place on record their appreciation of the valuable contributions made by Mr.Myneni Narayana Rao, Mr. Amitabh Mathur, Mrs.Sobhana Surendran and Mr. Rajeev Ailawadi during their tenure on the Board.

	For and on behalf of the Board
	(S.M.VAIDYA)
Place:Chennai	NON-EXECUTIVE CHAIRMAN
Date: 05.07.2023	DIN - 06995642