We have audited the accompanying standalone financial statements of Hindustan Oil Exploration Company Limited
(the "Company"), which comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Cash flows and the Statement of Changes in Equity for
the year ended on that date, and notes to the financial statements, including a summary of material accounting
policies and other explanatory information and which includes eight unincorporated joint ventures accounted on
proportionate basis.

In our opinion and to the best of our information and according to the explanations given to us, and based on the
consideration of reports of the other auditors on separate financial statements of the unincorporated joint ventures
referred to in the Other Matters section below, the aforesaid standalone 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, ("Ind AS") and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, and
its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
("SA"s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described
in the Auditor's Responsibility for the Audit of the Standalone 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 financial
statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit
evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to
in the Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion on the
standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the standalone financial statements of the current period. These matters were addressed in the context of our
audit of the standalone 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.

Information Other than the Financial Statements and Auditor’s Report Thereon

• The Company's Board of Directors is responsible for the other information. The other information comprises
the information included in the Board's Report, Corporate Governance Report, Management Discussion and
Analysis and Business Responsibility and Sustainability Report, but does not include the consolidated financial
statements, standalone financial statements and our auditor's report thereon. The Board's Report, Corporate
Governance Report, Management Discussion and Analysis and Business Responsibility and Sustainability
Report are expected to be made available to us after the date of this auditor's report.

• Our opinion on the standalone financial statements does not cover the other information and will not express
any form of assurance conclusion thereon.

• In connection with our audit of the standalone financial statements, our responsibility is to read the other
information identified above when it becomes available and, compare with the financial information of the
unincorporated joint ventures audited by the other auditors, to the extent it relates to these unincorporated
joint ventures and, in doing so, place reliance on the work of the other auditors, consider whether the other
information is materially inconsistent with the standalone financial statements or our knowledge obtained during
the course of our audit or otherwise appears to be materially misstated. Other information so far as it relates
to the unincorporated joint ventures, is traced from their financial statements audited by the other auditors.

• When we read the Board's Report, Corporate Governance Report, Management Discussion and Analysis and
Business Responsibility and Sustainability Report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance as required under
SA 720 'The Auditor's responsibilities Relating to Other Information.

Responsibilities of Management and Board of Directors for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect
to the preparation of these standalone financial statements that give a true and fair view of the financial position,
financial performance including other comprehensive income, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including Ind AS specified under section 133
of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 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 financial statements, management and Board of Directors are responsible for assessing
the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

The Company's Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 of users taken on the basis of these standalone financial statements.

As pant of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone 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.

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

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

• Conclude on the appropriateness of management's 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 the Company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
standalone 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 auditor's report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including
the disclosures, and whether the standalone financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the Company and
unincorporated joint ventures to express an opinion on the standalone financial statements. We are responsible
for the direction, supervision and performance of the audit of the financial statements of such entities
included in the standalone financial statements of which we are the independent auditors. For the other
entities included in the standalone financial statements, which have been audited by the other auditors, such
other auditors remain responsible for the direction, supervision and performance of the audits carried out by
them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial
statements may be influenced. We consider quantitative materiality and 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 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 financial controls
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 financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor's 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) We have placed reliance on the technical/commercial evaluation performed by the management in respect of
the categorization of wells as exploratory, development, producing and dry wells, allocation of costs incurred
on them, proved developed hydrocarbon reserves and depletion thereof on Oil and Gas assets, impairment and
liability for site restorations costs.

b) Management had performed year end physical verification of inventory of crude oil at offshore location. However,
we were not able to physically observe the verification of the inventory that was carried out by the Management
due to practical and safety considerations. Consequently, we have performed alternate procedures to audit
the existence and condition of inventory as per the guidance provided in SA 501 "Audit evidence - Specific
consideration for selected items" and have obtained sufficient appropriate audit evidence to issue our unmodified
opinion on these Standalone Financial Statements.

c) The Standalone Financial Statements includes comparative figures for the year ended March 31, 2024 of an
unincorporated joint venture consolidated on a proportionate basis, on account of a business combination of
entities under common control referred to in Note 47 of the standalone financial statements, which has been
audited by the other auditor, where they have expressed an unmodified opinion vide their report dated
May 28, 2025. These financial information have been restated applying the principles specified in Appendix C to
Ind AS 103 for Business combinations of entities under common control and included in this Standalone
Financial Statements.

d) We did not audit the financial information of seven unincorporated joint ventures included in the standalone
financial statements of the Company whose financial information reflect total assets of $ 5,008 Lakhs as at
March 31, 2025 and total revenues of $ Nil Lakhs for the year ended on that date, as considered in the
standalone financial statements. The financial information of these unincorporated joint ventures have been
audited by the other auditors whose reports have been furnished to us, and our opinion in so far as it relates
to the amounts and disclosures included in respect of these unincorporated joint ventures, and our report in
terms of subsection (3) of Section 143 of the act, in so far as it relates to these unincorporated joint
ventures, is solely based on the report of such other auditors.

e) We did not audit the financial information of one unincorporated joint venture included in the Standalone
Financial Statements, whose financial information reflect total assets of $ 486 lakhs as at March 31, 2025
and total revenues of $ Nil for the quarter and year ended March 31, 2025. The financial information of this
unincorporated joint venture is unaudited and have been furnished to us by the Management and our opinion
in so far as it relates to the amounts and disclosures included in respect of this unincorporated joint venture,
is based solely on such unaudited financial information. In our opinion and according to the information and
explanations given to us by the Management, this financial information is not material to the Company.

Our opinion on the standalone financial statements and our report on Other Legal and Regulatory Requirements

below is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the
other auditors on the separate financial statements of the unincorporated joint ventures, referred to in the
Other Matters section above we report, to the extent applicable 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 required by law have been kept by the Company and its
unincorporated joint ventures so far as it appears from our examination of those books and the reports
of the other auditors, except for not complying with the requirement of audit trail as stated in (i)(vi)
below.

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

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under
Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31,2025 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164(2) of the Act.

f) The modification relating to the maintenance of accounts and other matters connected therewith, are
as stated in paragraph (b) above.

g) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls with reference to standalone financial statements.

h) With respect to the other matters to be included in the Auditor's Report in accordance with the
requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information
and according to the explanations given to us, the remuneration paid by the Company to its directors
during the year is in accordance with the provisions of Section 197 of the Act.

i) With respect to the other matters to be included in the Auditor's 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 its financial position in its standalone
financial statements - Refer Note 45 to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses;

iii. There has been no delay in transferring amounts, 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, as disclosed in

the note 60 to the Standalone Financial Statements no funds 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(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, 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, as disclosed
in the note 61 to the financial statements, no funds have been received by the Company from
any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, 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 Beneficiaries.

(c) Based on the audit procedures performed 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. The Company has not declared or paid any dividend during the year and has not proposed final
dividend for the year.

vi. Based on our examination, which included test checks, the Company has used accounting software
systems for maintaining its books of account for the financial year ended March 31, 2025 which
have the feature of recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software systems except that:

a) The feature of recording audit trail (edit log) facility was not enabled at the database level to log
any direct data changes for the accounting software used by the Company.

b) In respect of a software operated by a third party software service provider, for maintaining
payroll records, based on the independent auditor's system and organization controls report
covering the requirement of audit trail, the Company has used a software which has a feature
of recording audit trail (edit log) facility and the same has operated during the period
April 1, 2024 till December 31, 2024 and no instance of audit trail feature being tampered
with has been reported in such independent auditor's report for the aforesaid period. In the
absence of an independent auditor's report covering the audit trail requirement for the remaining
period, we are unable to comment whether the audit trail feature of the said software was
enabled and operated from January 1, 2025 to March 31, 2025, for all relevant transactions
recorded in the software or whether there was any instance of the audit trail feature been
tampered with.

Further, during the course of our audit we did not come across any instance of the audit trail feature being
tampered with, in respect of accounting software for the period for which the audit trail feature was enabled
and operating.

Additionally, the audit trail that was enabled and operated for the year ended March 31, 2024, has been
preserved by the Company as per the statutory requirements for record retention, as stated in Note 68 to
the financial statements.

2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government
in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP
Chartered Accountants

(Firm's Registration No.117366W/W-100018)

C Manish Muralidhar

(Partner)

Place : Chennai (Membership No. 213649)

Date : May 28, 2025 (UDIN: 25213649BMOENQ8606)