Oil India Ltd Auditor Reports

TO THE MEMBERS OF OIL INDIA LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS Financial Statements of OIL INDIA LIMITED (“the Company”), which comprises the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including Statement of Other Comprehensive Income), the Statement of Changes in Equity, the Statement of Cash Flows for the year ended on that date, and notes to the Financial Statements including a summary of Material Accounting Policies and other explanatory information (hereinafter referred to as the “Standalone Ind AS Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2025 and its profit, total comprehensive income, changes in equity, and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS Financial Statements in accordance with the Standards on Auditing (“SA”s) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Ind AS Financial Statements under the provisions of the Companies Act, 2013 and the Rules made thereunder, and we have fulfilledour other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we haveobtainedissufficientand appropriate to provide a basis for our audit opinion on the Standalone Ind AS Financial statements.

Emphasis of Matter

We draw attention to the following matters in the notes to the Standalone Ind AS Financial Statements. a) Note No. 58.8 regarding provision towards Service Tax / GST liability on royalty on Crude Oil and Natural Gas, under the Oil Fields (Regulation & Development) Act, 1948 provided for the quarter ended March 2025 amounting to 204.41 crore which includes an interest of 75.33 crore (809.32 crore including interest of 269.46 crore for the year ended 31st March 2025). The total amount provided on account of disputed service tax/GST on royalty till 31st March 2025 is 3,888.65 crore. Further, an amount of 2,362.72 crore shown as an exceptional item during FY 2023-24 represents the amount of service tax/GST on royalty (including interest 80.04 crore) till March 2023.

Our opinion on the Standalone Ind AS Financial Statements respect of this not modified in matter

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most audit of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS Financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described Auditors responsibilities for the audit of the Standalone Ind AS Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Standalone Ind AS Financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Standalone Ind AS Financial Statements.

Sl. No. Key Audit Matter	Audit Response on Key Audit Matter
1. Valuation of investments in certain Equity/ Joint Controlled Interest of Unlisted Companies.	Our procedure in relation to managements valuation of the investments include:
The investment as on 31st March 2025 has been valued by an expert consultant. With reference to the valuation, management had estimated the fair value of the investment. The valuation involved providing significant data and management judgement and accordingly, the valuation of the investment was considered one of the key audit matters.	Evaluating the independent professional valuer competence, capabilities and objectivity
The fair value was determined based on the discounted cash flow model.	Assessing the valuation methodology used by the independent professional valuer to estimate the fair value of the investments.
The valuation involved significant judgement including crude oil/ natural gas reserves, future business growth, and future product selling price and production costs to the investee.	Checking on a sample basis, the input data provided by the management to the independent valuer.
Refer Note 6 to the Standalone Ind AS Financial Statements.	Assessing the reasonableness of cash flow procedures on managements assumptions, such as crude oil reserves, future business plan/ growth, future product selling prices and production costs, discount rates by comparing the assumptions to historical results and published market and industry data.
	Discussed with the management to understand and assess if there was any inconsistency in the assumptions used in the cash flow projections.
	Based on the audit procedures involved, we found the assumptions made by the management in relation to the valuation were reasonable.

 

2. Impairment of Loans to Subsidiaries, Associates and Joint Ventures.	Our procedure in relation to managements evaluation of the loans include:
The Company has evaluated the recoverability of loans to its Subsidiaries, Associates and Joint Ventures based on the valuation by an expert consultant and with reference to the valuation, management has estimated the fair value of the loans at projections and audit flow 1.92 Crores at year end.	Evaluating the independent professional valuer competence, capabilities and objectivity
The impairment study involved significant management judgement.	Assessing the valuation methodology used by the independent professional valuer to estimate the fair value of the loans. Checking on a sample basis, the input data provided by the management to the independent valuer.
Accordingly, the impairment of loan was considered one of the key audit matters.	Assessing there as on ableness of cash procedures on managements assumptions, such as crude oil reserves, future business plan/ growth, future product selling prices and production costs, discount rates by comparing the assumptions to historical results and published market and industry data.
Refer Note 8 to the Standalone Ind AS Financial Statements.	Discussed with the management to understand and assess if there was any inconsistency in the assumptions used in the cash flow projections.
	Based on the audit procedures involved, we found the assumptions made by the management in relation to the valuation were reasonable.

 

Sl. No. Key Audit Matter	Audit Response on Key Audit Matter
3. Evaluation of uncertain tax positions	Our audit procedures include:
The Company has material uncertain tax positions including matters under dispute which involves significant judgement to determine the possible outcome of these disputes.	Evaluated the design and implementation of controls in respect of provision for current tax and the recognition and recoverability of deferred tax assets.
	Considered managements assessment of the validity and adequacy of provisions for uncertain tax positions, evaluating the basis of assessments and reviewing relevant correspondence and legal advice where available including any information regarding similar cases with the relevant tax authority.
	Assessed the appropriateness of managements assumptions and estimates including the likelihood of generating sufficient future taxable income to support deferred tax assets.
	Assessed and reviewed the presentation and disclosures in the standalone financial statements.
	Based on the procedure performed above, we obtained sufficientaudit evidence to corroborate managements estimates regarding current and deferred tax balances and provision for uncertain tax positions.

 

4. Contingent Liabilities against litigation and claims	We have obtained an understanding of the companys internal instructions and procedures in respect of estimation and disclosure of contingent liabilities and adopted the following audit procedures:
There are a number of litigations pending before various forums against the company and the managements judgement is required for estimating the amount to be disclosed as contingent liability.	Understood and tested the design and operating effectiveness of controls as established by the management for obtaining all relevant information for pending litigation cases.
We identified this as a key audit matter because the estimates on which these amounts are based involve a significant degree of management judgement in interpreting the cases and accounting estimates involving high estimation uncertainty.	Discussed with the management any material developments and latest status of legal matters.
Refer Note 51 to the Standalone Ind AS Financial Statements.	Read various correspondences and related documents pertaining to litigation cases and relevant external legal opinions obtained by the management and performed substantive procedures on calculation supporting the disclosure of contingent liabilities. Examined managements judgements and assessments as to whether provisions are required.
	Considered the management assessments on those matters that are not disclosed as the probability of material outflow is considered to be remote.
	Reviewed the adequacy and completeness of disclosures.
	Based on the above procedures performed, the estimation and disclosures of contingent liabilities are considered to be adequate and reasonable.

Information Other than the Standalone Ind AS Financial Statements and Auditors Report thereon

The Companys Board of Directors is responsible for the preparation of other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Corporate Governance and Shareholders Information, but does not include the Standalone Ind AS Financial Statements, Consolidated Ind AS Financial Statements and our Auditors Report thereon.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS Financial Statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we have obtained prior to the date of Auditors Report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the other information, which we will obtain after the date of Auditors Report and if we conclude that there is material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions necessitated by the circumstance and the applicable laws and regulations.

Managements Responsibility for the Standalone Ind AS Financial Statements:

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 with respect to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial Other Comprehensive Income, cash flows and change in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements:

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions taken on the basis of these Standalone Ind AS Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: position, financial performance including 1. Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

4. Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Ind AS Financial Statements may be influenced. We qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Ind AS Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

a) The Standalone Ind AS Financial Statements and other financial information include Companys proportionate share in joint ventures/operations in respect of assets 998.63 crore, liabilities 366.08 crore, expenses 399.85 crore, income 263.27 crore and the elements making up the Statement of Cash Flow and related disclosures as at 31st March 2025 which is based on 33 audited 63 unaudited statementsfromtheoperatorandcertifiedby the management.

b) We have also placed reliance on technical/ commercial evaluation by the management in respect of categorization of wells as exploratory, development, producing and dry well, allocation of cost incurred on them, impairment, liability for decommissioning cost, liability under New Exploration Licensing Policy (NELP)/ Hydrocarbon Exploration and Licensing Policy ("HELP"), and nominated blocks for under performance against quantitative agreed Minimum Work Programme. materiality and

c) The Standalone Ind AS Financial Statement for the year ended 31st March 2025 includes comparative cial information for the year ended 31 finanst March 2024. The Financial Statements for the year ended 31st March 2024 have been audited by the joint auditors of the Company, one of them was the predecessor audit firm, where they had expressed an unmodified opinion on such Standalone Ind AS Financial Statement on 20th day of May 2024. Our opinion on the Standalone Ind AS Financial Statements is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of The Companies Act 2013, and on the basis of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we give in the “Annexure-A”, a statement on the matters 3 and 4 of the Order to the specified extent applicable.

2. As required by Comptroller and Auditor General of India (C&AG) through directions and additional directions issued under Section 143 (5) of the Companies Act 2013, on the basis of our examination of books and records of the Company carried out in accordance with generally accepted auditing practice in India and according to the information, explanation and written representation received from the management, we give our report on the matter specified inthe “Annexure B” and “Annexure C” statement on the matter specified in directions and additional directions of C&AG respectively.

3. As required by section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

b. In our opinion proper books of account as cial required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, Statement of Profit and Loss (including Statement of Other Comprehensive Income), Statement of Change in Equity, and Statement of Cash Flows dealt with by this Report are in agreement with the books of account;

d. In our opinion the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards (Ind AS) specified section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015 as amended;

e. Pursuant to the Notification No. GSR 463(E) dated 5th June 2015 issued by the Ministry of Corporate Affairs, Government of India, provisions of sub-section (2) of Section 164 of the Companies Act, 2013 regarding the disqualification of directors, are not applicable to the Company, being a Government Company;

f. With respect to the adequacy of the internal financial control over financial reporting of the Company and the operating effectiveness of such control, as required under section 143(3)(i) of the Act, refer to our separate report in “Annexure D” to this report. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting;

g. Pursuant to the Notification No. GSR 463(E) dated 5th June 2015 issued by the Ministry of Corporate Affairs, Government of India, provisions of Section 197 of the Companies Act, 2013 regarding remuneration to directors, are not applicable to the Company, being a Government Company; and

h. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its eferNote51totheStandalone Ind AS Financial Statements finanstatements;R

ii. The Company had not entered into any long-term contracts including derivative contracts for which there would have been any material foreseeable losses;

iii. There has been no delay in transferring the amount which was required to be transferred to the Investor Education and Protection Fund by the Company;

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. As stated in Note 21.3 to the Standalone Ind AS Financial Statement:

a. The final dividend paid by the Company during the year in respect of the same declared for the previous year is in compliance with section 123 of the Act to the extent it applies to payment of dividends.

b. The interim dividend declared and paid by the Company during the year and until the date of this report is in compliance with Section 123 of the Act.

c. The Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination which included test checks, the Company has used accounting software system for maintaining its books of account for the financial year ended March 31, 2025, which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software system. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For GOPAL SHARMA & CO.	For RKP ASSOCIATES
Chartered Accountants	Chartered Accountants
Firm Regn. No: 002803C	Firm Regn. No: 322473E
Sd/-	Sd/-
CA. Gautam Sharma	CA. (Dr.) Kamal Mour
Partner	Partner
Membership No.: 079225	Membership No.: 067544
UDIN: 25079225BMMJFC8478	UDIN: 25067544BMLGYC2757
Place: Noida
Date:21st May 2025

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

Referred to in Paragraph 1 to “Report on Other legal and regulatory requirements” of the Independent Auditors Report of even date to the members of OIL INDIA LIMITED on the Standalone Ind AS Financial Statements for the year ended 31st March 2025 To the best of our information and according to the explanation provided to us by the Company and the books of accounts and records examined by us in normal course of audit, we state that:

i) (a) A. The Company has maintained proper records showing full particulars,including tion of inventory quantitative details and situation of its Property, Plant and Equipment and Right-of-Use Assets.

B. The Company has maintained proper records showing full particulars of Intangible assets.

(b) Physical verification of the property, plant and equipment (except Oil & Gas Assets, Leased Assets and PPE items given to employees as per the policy of the Company) is carried out by the Company in a phased manner to cover all the items over a period of three years. In accordance with this program, certain Property, PlantandEquipmentwere verified by the Company during the year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such

(c) The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favor of the lessee) disclosed in the Standalone Financial Statements are held in the name of the company except as stated in the Appendix ‘A.

(d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible assets or both during the year ended March 31, 2025.

(e) There were no proceedings initiated during the year or are pending against the Company as at 31st March 2025 for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

ii) (a) Thephysical store and spare items (excluding materials in-transit) is carried out by the Company in a phased manner to cover all the items. Stores and Spares items of high and medium value year whereas are physically verified items carrying low value are physically verified over a period of 3 years and no discrepancies were noticed between the physical stocks and the book records that were 10% or more in the aggregate for each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks on the basis of security of current assets. In our opinion, the quarterly returns or statements filed with such banks are in agreement with the books of account of the Company.

iii) During the year, the Company has not made investment in, provided any guarantee or security or granted any loans or advances in the nature of . loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or any other parties except investment made in subsidiaries and joint ventures.

a. The Company has not provided any loans or advances in the nature of loans or stood guarantee or provided security to any other entity during the year except guarantee provided to the following entity:

Particulars	Guarantees	Security	Loan	Advances in nature of loans
Aggregate amount granted / provided during the year
Subsidiary	-	-	1.85 Cr.	-
Joint Venture	92 Cr	-	-	-
Balance outstanding as at balance sheet date in respect of above cases
Subsidiary	-	-	1.92 Cr.	-
Joint Venture	224 Cr.	-	-	-

b. During the year the investments made, guarantees provided, security given and the terms and conditions of the grant of all loans and advances in the nature of loans, investments and guarantees to companies, firms, any other parties are not prejudicial to the Companys interest.

c. According to the information and explanations given to us and on the basis of our examination of the books and records of the Company, in the case of loans given, the repayment of principal and payment of interest has been stipulated and the repayments or receipts have been generally regular as per stipulation apart from one Subsidiary and a Joint Venture Company.

d. According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no overdue amount for more than ninety days in respect of loans given except in respect of loan granted to a Subsidiary and a Joint Venture company amounting to 113.88 crore (US$ 13.20 millions) and interest amounting to 476.82 crore (US$ 55.27 millions) up to 31st March, 2025 and reasonable steps have been taken by the company to recover the same.

e. According to the information and explanations given to us and on the basis of our examination of the books and records of the Company, there is no loan given falling due during the year, which has been renewed or extended or fresh loans given to settle the overdue of existing loans given to the same party.

f. According to the information and explanations given to us and on the basis of our examination of the books and records of the Company, the Company has not granted any loans or advances in the nature of loans, either Limitedrepayableondemandorwithoutspecifying any Liability Partnerships or terms or period of repayment to companies, firms, Limited Liability Partnerships or any other parties.

iv) The Company has complied with the provisions as specified under Sections 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security.

v) The Company has not accepted any deposits from the public during the year within the meaning of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordingly, the provisions of the clause 3(v) of the Order are not applicable to the Company.

vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

vii) (a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, GST and any other statutory dues, to the extent applicable with the appropriate authorities.

No undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, ESI, Income-Tax, Duty of Customs, GST, Cess and other statutory dues were in arrears as at March 31, 2025 for a period of more than six months from the date they became payable.

(b) There are no material dues of Income Tax, Provident Fund, ESI, Duty of Customs, GST, Cess and any other statutory dues which have not been deposited with the appropriate authorities on account of any dispute except the details mentioned in Appendix ‘B.

viii) There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. Accordingly, the provisions of Clause 3(viii) of the Order are not applicable to the Company.

ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to the lender.

(b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(c) The term loans were applied for the purpose for which the loans were obtained.

(d) On the basis of overall examination of the balance sheet of the Company, we report that no funds raised on short term basis have been utilized for long term investment by the Company.

(e) We report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures except for the following:

Nature of Fund Taken	Name of Lender	Amount Involved	Name of Subsidiary, Joint Venture & Associate	Relation	Nature of transaction for which fund utilised
External Commercial Borrowing	State Bank of India (New York) The Shanghai Commercial & Savings Bank UCO Bank, Singapore Sumitomo Mitsui Banking Corporation Singapore	1940.93 crore (USD 225 Million) outstanding as on 31.03.2025	Beas Rovuma Mozambique Energy Ltd. (BREML)	Joint Venture	Investment in BREML for Mozambique project
External Commercial Borrowing	State Bank of India (New York)	687.88 crore (USD 80 Million) outstanding as on 31.03.2025	Beas Rovuma Mozambique Energy Ltd. (BREML)	Joint Venture	Investment in BREML for Mozambique project
Foreign Currency Bonds	Various Bondholders (Agent Citi Bank NA)	4721.21 crore (USD 550 Million) outstanding as on 31.03.2025	Beas Rovuma Mozambique Energy Ltd. (BREML)	Joint Venture	Investment in BREML for Mozambique project
External Commercial Borrowing	Bank of Baroda IFSC Banking Unit, Gift City	4721.53 crore (USD 550 Million) outstanding as on 31.03.2025	Beas Rovuma Mozambique Energy Ltd. (BREML)	Joint Venture	Repayment of foreign currency bonds of USD 500 Mn and Investment in BREML for Mozambique project

**During the year company has availed USD 550 Mn External Commercial Borrowing for the repayment of USD 500 Mn Foreign Currency Bonds on maturity and investment in BREML for Mozambique project.

(f) The Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. Accordingly, the provisions of Clause 3(ix)(f) of the Order are not applicable.

x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or private placement of shares / fully or partially or optionally convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

xi) (a) No fraud by the Company or on the Company has been noticed or reported during the financial year.

(b) Based on examination of the books and records of the Company and according to the information and explanations given to us no report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

(c) No whistleblower complaints received during the year by the Company.

xii) The Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii) of the Order is not applicable to the Company.

xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the Standalone Ind AS Financial Statements, as required by the applicable Indian accounting standards.

xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.

(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.

xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company.

(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on clause 3(xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) There is no Core Investment Company as a part of the Group, hence, the requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company.

xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. Accordingly, the provisions of clause 3(xvii) are not applicable to the Company.

xviii) There has been no resignation of the Statutory Auditors during the year and accordingly the requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements, our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.

xx) (a) In our opinion and according to the information and explanations given to us, in respect to “other than ongoing projects”, there are no unspent amounts that are required to be transferred to the Funds specified in Schedule VII to the Companies Act, 2013 within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year.

(b) In our opinion and according to the information and explanations given to us, with respect to “ongoing projects”, there are no unspent amounts that are required to be transferred to a special account, within a period of thirty days from the end of the financial year in compliance with section 135(6) of the said Act. Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable for the year.

xxi) As the Company is also preparing its consolidated financial statement, reporting under Para 3 Clause (xxi) is given in the Consolidated Audit Report.

For GOPAL SHARMA & CO.	For RKP ASSOCIATES
Chartered Accountants	Chartered Accountants
Firm Regn. No: 002803C	Firm Regn. No: 322473E
Sd/-	Sd/-
CA. Gautam Sharma	CA. (Dr.) Kamal Mour
Partner	Partner
Membership No.: 079225	Membership No.: 067544
UDIN: 25079225BMMJFC8478	UDIN: 25067544BMLGYC2757
Place: Noida
Date:21st May 2025

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

Report Pursuant to Directions issued by the office of C & AG under sub-section 5 of Section 143 of the Companies Act, 2013 (‘the Act)

The Annexure referred to in Paragraph 2 to “Report on Other legal and regulatory requirements” in the Independent Auditors Report to the members of the OIL INDIA LIMITED (“the Company”) on the Standalone Ind AS financial statements for the year ended 31st March 2025, we report that:

Sl. No. Directions	Reply	Impact on FS
I Whether the company has system in place to process all the accounting transactions through IT system? If yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications, if any, may be stated.	The Company maintains its Books of Account on IT System - SAP, which is an ERP system for processing accounting transactions. Based on the audit procedures carried out and as per the information and explanations given to us, no accounting transactions have been processed / carried outside the IT system. Accordingly, there are no implications on the integrity of the accounts.	NIL
2 Whether there is any restructuring of an existing loan or cases of waiver/write off of debts /loans/interest etc. made by a lender to the company due to the Companys inability to repay the loan? If yes, the financial impact may be stated. Whether such cases are properly accounted for? (In case, lender is a government company, then this direction is also applicable for statutory auditor of lender company).	Based on our verification and as per the information and explanations obtained from the management, there were no such restructuring of any existing loans or cases of waiver / write off of debts / loans / interest etc. made by the lender to the Company during the financial year 2024-25. Further, there were no cases of restructuring of any existing loans or cases of waiver / write off of debts / loans / interest etc. made by the company to the lender during the F.Y 2024-25.	NIL
3 Whether funds (grants/subsidy etc.) received/ receivable for specific schemes from Central/ State Government or its agencies were properly accounted for/ utilized as per its terms and conditions? List the cases of deviation.	During the year under review, funds (grants/ subsidy) received / receivableforspecificschemes from Central / State agencies were properly accounted for / utilised as per its terms and conditions.	NIL

 

For GOPAL SHARMA & CO.	For RKP ASSOCIATES
Chartered Accountants	Chartered Accountants
Firm Regn. No: 002803C	Firm Regn. No: 322473E
Sd/-	Sd/-
CA. Gautam Sharma	CA. (Dr.) Kamal Mour
Partner	Partner
Membership No.: 079225	Membership No.: 067544
UDIN: 25079225BMMJFC8478	UDIN: 25067544BMLGYC2757
Place: Noida
Date:21st May 2025

ANNEXURE C TO THE INDEPENDENT AUDITORS REPORT

Report Pursuant to Additional Directions issued by the office of C & AG under sub-section 5 of Section 143 of the Companies Act, 2013 (the Act)

The Annexure referred to in Paragraph 2 to “Report on Other legal and regulatory requirements” in the Independent Auditors Report to the members of the OIL INDIA LIMITED (“the Company”) on the Standalone Ind AS financial statements for the year ended 31st March 2025, we report that:

Sl. No. Directions	Reply	Impact on FS
I The accounting treatment of income / expenditure and receivables/ liabilities arising from agreements/ contracts including JVs for exploration of Oil/ Gas may be examined to ensure that they are strictly in conformity with the terms and conditions of the respective Production Sharing Contracts (or similar arrangements including Joint Ventures).	The accounting treatment of income/ expenditure and receivables/ liabilities arising from agreements/ contracts including JVs for exploration of Oil/ Gas have been examined and found that they are strictly in conformity with the terms and conditions of the respective Production Sharing Contract (or similar arrangements including Joint Ventures) except in respect of non-accounting of interest on cash call for delay/ non-payment of the same.	NIL

 

For GOPAL SHARMA & CO.	For RKP ASSOCIATES
Chartered Accountants	Chartered Accountants
Firm Regn. No: 002803C	Firm Regn. No: 322473E
Sd/-	Sd/-
CA. Gautam Sharma	CA. (Dr.) Kamal Mour
Partner	Partner
Membership No.: 079225	Membership No.: 067544
UDIN: 25079225BMMJFC8478	UDIN: 25067544BMLGYC2757
Place: Noida
Date:21st May 2025

ANNEXURE D TO THE INDEPENDENT AUDITORS REPORT

(Referred to in Paragraph 3 (f) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date to the Members of Oil India Limited on the Standalone Ind AS Financial Statements for the year ended 31st March 2025) Report on the Internal Financial Controls under Clause(i) of sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act) We have audited the internal financial controls over financial reporting of OIL INDIA LIMITED (‘the Company) as of 31st March 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on the date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over and appropriate to criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the ‘Guidance Note) and the Standards on Auditing, as specified of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained provide a basis for our is reporting audit opinion on the Companys internal financial control systems over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal financial control over financial reporting is a process designed to provide reasonable conduct assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transaction and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the standalone Ind AS Financial Statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate Internal Financial Controls system over Financial Reporting and such Internal Financial Controls over Financial Reporting were operating effectively as at 31st March, 2025, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For GOPAL SHARMA & CO.	For RKP ASSOCIATES
Chartered Accountants	Chartered Accountants
Firm Regn. No: 002803C	Firm Regn. No: 322473E
Sd/-	Sd/-
CA. Gautam Sharma	CA. (Dr.) Kamal Mour
Partner	Partner
Membership No.: 079225	Membership No.: 067544
UDIN: 25079225BMMJFC8478	UDIN: 25067544BMLGYC2757
Place: Noida
Date:21st May 2025

Appendix ‘B

Referred to in Clause vii (b) to “Annexure - A” to the Independent Auditors Report of even date to the members of OIL INDIA LIMITED on the Standalone Ind AS Financial Statements for the year ended 31st March 2025

Name of the Statute	Nature of Dues	Period to which the amount relates	Gross Amount involved	Amount paid under protest	Amount unpaid	Forum where Dispute is Pending
Finance Act, 1994	Service Tax	April2014 to March2015	7.08	-	7.08	CESTAT, Kolkata
		July2012 to March2017	260.92	-	260.92	CESTAT, Hyderabad
		April2017 to June2017	32.09	-	32.09	CESTAT, Hyderabad
		April 2014 to June 2017	36.89	8.00	28.89	CESTAT, Kolkata
		April 2016 to June 2017	255.69	255.69	-	Honble Gauhati High Court
		April 2016 to June 2017	3.98	1.44	2.54	Honble Rajasthan High Court, Jodhpur Bench
CGST Act,2017 & Assam GST Act,2017	GST on Royalty	July2017 to March2025	3,580.48	1,203.85	2,376.64	Honble Gauhati High Court
CGST Act, 2017 & Arunachal Pradesh GST Act,2017	GST on Royalty	July2017 to March2025	25.40	6.07	19.33	Honble Gauhati High Court
CGST Act, 2017 & Rajasthan GST Act,2017	GST on Royalty	July2017 to March2025	23.10	22.52	0.58	Honble Rajasthan High Court, Jodhpur Bench
CGST Act,2017 & Assam GST Act,2017	Availment of Tran I credit	July2017 to March2018	1.62	-	1.62	Appeal is Pending to be filed at GST Tribunal
CGST Act,2017 & Assam GST Act,2017	Availment of Tran I credit	July2017 to March2018	2.90	-	2.90	Appeal is Pending to be filed at GST Tribunal
Income Tax Act, 1961	Income Tax Matters	AY 2017-18, 2018-19 & 2020-21	241.85	241.85	-	CIT(Appeal)
Income Tax Act, 1961	Income Tax Matters	AY 2018-19	34.87	34.87	-	Pending rectification before AO u/s 154
Income Tax Act, 1961	Income Tax Matters	AY 2019-20	38.46	35.24	3.22	Appeal Pending at ITAT
Income Tax Act, 1961	Income Tax TDS Matters	AY 2012-13	3.87	-	3.87	CIT(Appeal)
The Assam Taxation (on Specified Lands) (Amendment Act), 2004/2021	Land Tax Surface	2005-2023	2,377.11	-	2,377.11	Honble Supreme Court of India
Petroleum and Natural Gas Rules, 1959	Rent for Leased Land	January 1996 to March 2025	11.83	-	11.83	Govt. of Rajasthan, Directorate of Petroleum
		(i) For the period from February, 2010 to September, 2011				Honble Gauhati High Court, WP(C) No. 2295/2018
ESIC Act, 1948	ESI	(ii) For the period from October, 2011 to December, 2024	2.45	-	2.45
ESIC Act, 1948	ESI	December, 2012 to December, 2014	0.05	-	0.05	Appeal filed by the ESIC, Guwahati / against the order of E.I. Court, Guwahati, in respect of ESIC Contribution of listed WCLs of Pipeline Head Quarter. M.F.A No. 06/2019; Employees
ESIC Act, 1948	ESI	May 2012 to November 2012	0.05	-	0.05	State Insurance Corporation v/s OIL & Others I A (Civil) No. 2470/2018 in MFA No. 98/2018 against the order dated 04.06.2018 passed by the ESIC

 

For GOPAL SHARMA & CO.	For RKP ASSOCIATES
Chartered Accountants	Chartered Accountants
Firm Regn. No: 002803C	Firm Regn. No: 322473E
Sd/-	Sd/-
CA. Gautam Sharma	CA. (Dr.) Kamal Mour
Partner	Partner
Membership No.: 079225	Membership No.: 067544
UDIN: 25079225BMMJFC8478	UDIN: 25067544BMLGYC2757
Place: Noida
Date:21st May 2025