Directors take pleasure in presenting the 26^th Annual Report and Audited Accounts of Gujarat State Petronet Limited (“GSPL”) for the year ended 31^st March, 2024.

FINANCIAL HIGHLIGHTS

Your Company has been demonstrating stable performance parameters.

Major Highlights of the Company are summarized below:

(' in Crore)

PERFORMANCE HIGHLIGHTS

• GSPL has successfully extended the gas grid up to 2706 kilometre.

• 100% Pipeline grid availability and “accident free” year of operations.

• During FY 2023-24, Total Income stood at ' 2,366.59 Crore, as compared to ' 1,930.21 Crore and PBT was ' 1,642.20 Crore as compared to ' 1,228.55 Crore over Previous Year.

• ^e Profit After Tax for FY 2023-24 is ' 1,284.64 Crores vis-a-vis ' 944.95 Crores for FY 2022-23.

DIVIDEND

As per the provisions of the Regulation 43 (A) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), GSPL adopted a Dividend Policy which has been amended w.e.f. 11^th May, 2023. ^e Policy is available on the website of GSPL at https://gspcgronp.com/docnments/ pagecontent/DDPGSPL.pdf. Keeping in view the various factors including the fund requirements for expansion of projects and

subsidiaries, Government of Gujarat Guidelines as mentioned in the Policy, the Board of Directors of GSPL is pleased to recommend Dividend of ' 5 (i.e. @ 50%) per Equity Share of the face value of ' 10 each for the Financial Year 2023 - 24 subject to the approval of Shareholders in the ensuing Annual General Meeting. ^e total cash outflow on account of the proposed Dividend for the Financial Year 2023 - 24 would be approx. ' 282.11 Crores.

GAS GRID PROJECT

Government of Gujarat has always played a pro-active role in the development of the energy value chain in the State. Gujarat is the first State to plan and execute a State-wide Gas Grid on an Open Access principle.

^e pipeline grid has been designed as per the highest international standards with inbuilt flexibility to cater to varying loads.

^e pipeline grid map of GSPL for Gujarat is enclosed herewith as Annexure - IX.

^e map showing the Cross-Country Natural Gas Transmission Pipelines being implemented through special purpose vehicles is enclosed herewith as Annexure - X.

Projects commissioned

During the year under review, your Company has successfully connected total 11 Nos. of customer locations in Bharuch, Anand, Dahod, Gandhinagar, Vapi, Banaskanta, Kutch (West) and Ahmedabad District including connection to CGD entities. ^e grid operations account for approx 2706 Kms as on 31” March, 2024. Gas is flowing from Mundra / Hazira / Dahej / Vapi to various industries and City Gas Distribution (“CGD”) Networks located in various Districts of Gujarat including Surat, Bharuch, Narmada, Baroda, Anand, Ahmedabad, Dahod, Gandhinagar, Sabarkantha, Panchamahal, Patan, Bhavnagar, Mehsana, Banaskantha, Surendranagar, Botad, Rajkot, Morbi, Jamnagar, Navsari, Kutch, Kheda, Valsad, Amreli, Gir & Somnath.

Projects under execution

Your Directors are pleased to inform that GSPL continues to develop additional Pipeline infrastructure in the State of Gujarat. Your Company is currently implementing 2 source connectivity projects in Amreli and Gir Somnath districts viz., Swan FSRU connectivity (3 Km Approx- completed) and Chhara LNG Connectivity pipeline (90 Km Approx.), CGD Connectivity for Geographical areas, Rural-Ahemdabad, Patan District and Customer connectivity in Silvassa and in Rural Ahmedabad. Your Company also received authorisation from PNGRB for developing Jamnagar-Dwarka pipeline in Gujarat. Several customers in many industrial regions across Gujarat, including Dahej SEZ are receiving gas through Company’s network with more getting connected on a regular basis.

WIND POWER PROJECT

Your Company being committed to promote clean and green energy has set up Wind Power Project of 52.5 MW in the areas of Maliya Miyana, Rajkot and Gorsar & Adodar, Porbandar. During the year, GSPL has sold 9,12,88,306 KWH of electricity generated through Windmill.

FUTURE PLANS

Your Company is working on future expansion projects based on the demand in various regions around the gas grid, including expanding towards other States. Your Company is also gearing up its pipeline by developing connectivity with new terminals that are being developed in Gujarat to ensure connectivity with all sources in Gujarat

OPERATION & MAINTENANCE ACTIVITIES

GSPL has transported 11159 MMSCM of gas during the Financial Year 2023 - 24 (Previous year: 9253 MMSCM).

To safeguard pipeline assets and optimize utilization of the pipeline system, GSPL is giving utmost importance to efficient operations and preventive maintenance.

SUBSIDIARY, ASSOCIATE &

JOINT VENTURE COMPANIES

Subsidiary Companies

Your Company has following three Subsidiary companies within the meaning of the Section 2(87) of the Companies Act, 2013:

1) GSPL India Gasnet Limited (GIGL) for development of Mehsana - Bhatinda and Bhatinda - Gurdaspur Pipeline Projects.

2) GSPL India Transco Limited (GITL) for development of Mallavaram - Bhopal - Bhilwara - Vijaipur Pipeline Project.

3) Gujarat Gas Limited (GGL) is India's largest city gas distribution player with presence spread across 44 Districts in the State of Gujarat, Punjab, Rajasthan, Haryana, Madhya Pradesh, Maharashtra and Union Territory of Dadra and Nagar Haveli.

Associate Company

As on 31^st March, 2024, GSPL has one Associate Company viz. Sabarmati Gas Limited.

To avoid duplication between the Boards’ Report and Management Discussion and Analysis Report, the performance highlights/summary of the Subsidiary companies/Joint Venture companies /Associate companies of GSPL is given in Management Discussion & Analysis Report.

Accounts of Subsidiary, Associate & Joint Venture Companies: Pursuant to notification dated 16^th February, 2015 of Ministry of Corporate Affairs notifying the Companies (Indian Accounting Standard) Rules, 2015, GSPL, its Associate, Subsidiary and Joint Venture Companies have adopted Ind AS w.e.f. 1^st April, 2016.

Consequently, though as per provision of Section 2 (87) (ii) of the Companies Act 2013, GSPL India Gasnet Limited (GIGL) and GSPL India Transco Limited (GITL) fall within the meaning of Subsidiary Company, as per guidance of Indian Accounting Standards [Ind AS], GIGL and GITL fall within the criteria of Joint Venture and accordingly they have been considered as Joint Venture for the purpose of disclosures and compliances in relation to the Financial Statements of GSPL for the Financial Year 2023 - 24.

Pursuant to provisions of Section 129 (3) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, a separate statement in prescribed Form AOC - 1 containing salient features of the financial statement of Subsidiary, Associate & Joint Venture Companies is provided in the Annual Report. Further, the audited annual accounts and related information of GIGL, GITL and GGL will be made available to any Member upon request. ^e annual accounts of GIGL, GITL and GGL will also be available for inspection by members in electronic mode. ^e same are also available on the website of GSPL viz. www.gspcgroup.com.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Ind AS - 28 on Investment in Associates and Joint Ventures read with Ind AS - 110 on Consolidated Financial Statements and Ind AS - 111 on Joint Arrangement, the Audited Consolidated Financial Statements are provided in the Annual Report.

HEALTH, SAFETY AND ENVIRONMENT

GSPL, in order to fulfil its commitment towards Health, Safety and Environment, has taken active steps towards establishment of Safety Management Systems. Environment and safety features have been integrated into design, construction and O&M operations of GSPL for ensuring utmost safety for the facilities, local community and the environment. *tte same is also being reflected in the QHSE policy of GSPL. It is expanding and managing its operations in a manner which is safe and environmentally sustainable.

For developing effectiveness of Safety Management Systems, training of all employees across GSPL is ensured through various training programs. *tte same is being monitored through internal audit teams and delegation of safety management up to the local level. Contractors’ adherence to Company’s QHSE policy is also assured through regular site visits and external audits. Regular site visits ensure the enhancement of safety culture which also facilitates safe commissioning of the new projects. GSPL is proud to maintain its target of ‘zero accident’ year with full commitment of its employees and management.

Your Company is re-certified to integrated Management Systems (ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018) with validity till 9^th November 2026. Effectiveness of these certifications is being assured through planned audits of the system. Continuous improvement is visible in various O&M systems. Preventive Maintenance schedules are being adhered to with updating of records. Further, Emergency Response and Disaster Management Plan (ERDMP) of GSPL was reaccredited as per the requirement of ERDMP Regulations, 2010 and the amendment 2020 under PNGRB Act, 2006. ERDMP is being reviewed and updated regularly. All conditions of Accreditation are being adhered to. Effectiveness of ERDMP is verified through regular mock drills as per specified intervals as identified by respective work bases.

DEPOSITS

During the year, GSPL has not accepted Deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

PARTICULARS OF LOANS,

GUARANTEES OR INVESTMENTS

Pursuant to Section 186 (11) of the Companies Act, 2013, loans made, guarantees given or securities provided or investment made by a company providing infrastructure facilities are exempted from compliance with Section 186 of the Companies Act, 2013 except sub Section (1). Accordingly, your Company being engaged in the Gas Transportation business is exempted from aforesaid compliance. However, the details of Loans, Guarantees, Securities and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188 (1) OF THE COMPANIES ACT, 2013

All Related Party Transactions that were entered into during the Financial Year were on an arm’s length basis and were in the ordinary course of business.

Prior omnibus approval of the Audit Committee is obtained on a yearly basis for the transactions which are of a foreseeable and repetitive nature and further would be executed on arm’s length basis and in the ordinary course of business. Further, a statement giving details of all Transactions executed with Related Parties is placed before the Audit Committee on a quarterly basis for its approval/ ratification as the case may be.

^e Policy on Materiality of Related Party Transactions and Dealing with Related Party Transactions as approved by the Board is uploaded on GSPL’s Website.

None of the Directors has any pecuniary relationships or transactions vis-a-vis GSPL.

^e particulars of contracts or arrangements with Related Parties referred to in Section 188 (1) of the Companies Act, 2013, as prescribed in Form AOC - 2 of the Companies (Accounts) Rules, 2014 is enclosed as Annexure - III to this Report.

CORPORATE SOCIAL RESPONSIBILITY

GSPL has constituted a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014. Pursuant to provisions of Section 135 of the Companies Act, 2013, GSPL has also formulated a Corporate Social Responsibility Policy which is available on the website of GSPL at https://gspcgronp.com/GSPL/csr.

Your Company being committed in fulfilling its Corporate Social Responsibility has been engaged in various social initiatives through its intervention in the areas of education, promoting healthcare/preventive healthcare, eradication of hunger, poverty & malnutrition etc. in accordance with the Corporate Social Responsibility Policy of GSPL.

^e Annual Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is enclosed herewith as Annexure - IV to this Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Since last Boards’ Report, Smt. Shridevi Shukla has ceased to be Woman Independent Director of GSPL consequent to completion of her term as Woman Independent Director and Smt. Mamta Verma, IAS ceased to be Director upon resignation from the Board on account of transfer as Principal Secretary, Industries and Mines Department, Govt. of Gujarat and on relinquishing the charge of the post of Principal Secretary, Energy & Petrochemicals Department, Govt. of Gujarat.

Your Directors wish to place on record appreciation for the services rendered by Smt. Shridevi Shukla as Woman Independent Director of GSPL and Smt. Mamta Verma, IAS as Director of GSPL.

Further, based on the recommendation of Nomination and Remuneration Committee, the Board vide its Circular Resolution has appointed Ms. Vanaja N. Sarna, IRS (Retd.), as Additional Director and Woman Independent Director w.e.f. 24th June, 2024.It is proposed to regularize her appointment in the 26th Annual General Meeting.

Pursuant to the provisions of Section 152 of the Companies Act, 2013, Shri Raj Kumar, IAS, Chairman and Managing Director of GSPL shall retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment as Director liable to retire by rotation.

A brief resume of the Directors retiring by rotation/seeking appointment/re- appointment at the ensuing Annual General Meeting, nature of their expertise in specific functional areas and details regarding the companies in which they hold directorship, membership/chairmanship of committees of the Board is annexed to the Notice.

Directors' Independence:

Pursuant to the provisions of Section 149 (6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors of GSPL have given confirmation/ declaration to the Board that they meet with the criteria of Independence and are Independent in terms of Section 149 (6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the Govt. of Gujarat and the Board of Directors, the Independent Directors, fulfill the conditions of independence specified in Section 149 (6) of the Companies Act, 2013 and Regulation 16 (1) (b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Evaluation:

Pursuant to the provisions of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors have carried out annual performance evaluation of Chairman, Non-Independent Directors and the Board as a whole. Further, the Board has carried out annual performance evaluation of the Independent Directors and the evaluation of the working of the various Committees of Directors of GSPL.

^e performance evaluation of individual Directors was carried out based on the various parameters after taking into consideration inputs received from the Directors and also parameters set out in the Policy for Evaluation of Performance of Directors, Committees & Board such as active participation & contributions in the Meetings, balance of knowledge, expertise and experience, safeguarding the interest of GSPL and its Stakeholders etc. ^e performance evaluation of the Board as a whole and various Committees of Directors of GSPL was carried out considering various parameters such as adequacy of the composition of the Board and its Committees, discharge of key functions and responsibilities prescribed under law, corporate governance practice etc. and the overall performance assessment was discussed in detail by the Board members.

Meetings:

^e Board meets at regular intervals to discuss and decide on Company/ business policy and strategy apart from other Board business. ^e Board/ Committee Meetings are pre-scheduled and a tentative annual calendar of the Board and Committee Meetings is circulated to the Directors in advance to facilitate them to plan their schedule and to ensure meaningful participation in the Meetings. However, in case of a special and urgent business need, the approval is taken by passing resolutions through circulation to the Directors, as permitted by law, which are noted in the subsequent Board/Committee Meetings.

During the year, four (4) Board Meetings were convened and held, the details of which are given in the Corporate Governance Report. ^e intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

AUDIT COMMITTEE

Audit Committee of Directors of GSPL at its Meeting held on 8^th May, 2024 approved the Annual Accounts for the Financial Year ended on 31^st March, 2024 and recommended the same for approval of the Board.

AUDITORS

Statutory & C&AG Audit:

As your Company is a Government Company, the Statutory Auditors are appointed by the Comptroller & Auditor General of India (C&AG). Accordingly, the C&AG has appointed M/s B P Bang & Co., Chartered Accountants as Statutory Auditors of GSPL for the Financial Year 2023 - 24.

^e C&AG has given NIL Comment Reports on the Standalone and Consolidated Financial Statements of GSPL for the Financial Year 2023 - 24. ^e NIL Comment Reports have been provided before the Standalone & Consolidated Financial Statements respectively.

Secretarial Auditors:

Pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of GSPL has appointed M/s SPANJ & Associates, Practicing Company Secretaries, to conduct the secretarial Audit of GSPL for the Financial Year 2023 - 24.

^e Report of Secretarial Auditor on Company’s Secretarial Audit for the Financial Year 2023 - 24 is enclosed herewith as Annexure - V to this Report.

Secretarial Audit of Material Unlisted Indian Subsidiary:

For Financial Year 2023 - 24, GSPL India Gasnet Limited is the Material Unlisted subsidiary of GSPL. As per Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Secretarial Audit of the Material subsidiary mentioned above has been conducted for the Financial Year 2023-24 by Practicing Company Secretaries.

^e Secretarial Audit Report of GSPL India Gasnet Limited for the Financial Year ended 31^st March, 2024 is enclosed herewith as Annexure - VI to this Report.

Cost Auditors:

Your Company is required to get the Cost Audit carried out for “Gas Transportation” business as well as “Generation of Electricity through Windmill” business pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014. GSPL is maintaining the Cost Accounts and Records as specified by the Central Government under sub section (1) of Section 148 of the Companies Act, 2013. Accordingly, your Company has got the Cost Audit carried out for the said business for the Financial Year 2023 - 24 through the Cost Auditor M/s Kailash Sankhlecha and Associates. ^e Cost Audit Report 2023 - 24 will be submitted to the Central Government in the prescribed format within stipulated time period. Further, the Board upon the recommendation of the Audit Committee, appointed M/s R. K. Patel & Co., Cost Accountants as Cost Auditor to audit the cost accounts of GSPL for the Financial Year 2024 - 2025 on a remuneration of

' 49,999/- plus applicable taxes and reimbursement of out of pocket expenses incurred by them during the course of Audit. As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a General Meeting for their ratification. Accordingly, a Resolution seeking Member’s ratification for the remuneration payable to M/s R. K. Patel & Co., Cost Auditors for the Financial Year 2024 - 2025 is included in the Notice convening the Annual General Meeting.

RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM

Risk Management:

Your Company has a well-defined risk management framework. ^e Board of Directors of GSPL has adopted a Risk Management Policy.

Internal Control System:

Your Company has a proper and adequate system of Internal Controls commensurate with its size of operations and nature of business. ^ese are routinely tested and certified by Statutory as well as Internal Auditors. Significant audit observations and follow up actions thereon are reported to the Audit Committee. ^e details about the identification of elements of Risk and Internal Control Systems are provided in detail in the Management Discussion & Analysis Report forming part of this Board’s Report.

VIGIL MECHANISM

Your Company has established a Vigil Mechanism for Directors and Employees to report their genuine concerns, details of which have been given in the Corporate Governance Report forming part of this Board's Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013:

a. that in the preparation of the Annual Financial Statements for the year ended 31^st March, 2024, the applicable accounting standards have been followed and no material departures have been made from the same;

b. that accounting policies have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31^st March, 2024 and of the profit & loss of the Company for the year ended on that date;

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for

safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. that the Annual Financial Statements have been prepared on a going concern basis;

e. that proper Internal Financial Controls were in place and that the financial controls were adequate and were operating effectively;

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

MANAGEMENT DISUSSION AND ANALYSIS

^is Annual Report contains a separate Section (Annexure-I) on the Management Discussion and Analysis, which forms part of this Board’s Report.

CORPORATE GOVERNANCE

Corporate Governance denotes the framework for companies to conduct their business in an ethical and responsible manner. It is determined primarily by the approach that a Company has towards its stakeholders as well as to the environment in which it operates. It stems from the belief and realization that corporate citizenship has a set of responsibilities, which must be fulfilled for a Company to progress and succeed over the long term.

GSPL believes that good governance alone can deliver continuous good business performance. A Report on Corporate Governance as required under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is incorporated as a part of this Board’s Report (Annexure - II). ^e Compliance Certificate by the Practising Company Secretary is also attached to this Board’s Report.

COMPLIANCE OF SECRETARIAL STANDARDS

Your Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2).

ANNUAL RETURN

^e draft Annual Return of GSPL for the Financial Year 2023 -24 in the Form of MGT — 7 is available on the website of GSPL at http://www.gspcgroup.com/GSPI ,/a.nnua.l-returns

PARTICULARS OF EMPLOYEES

Your Company being a Government Company is exempted from disclosing the information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of the employees of GSPL pursuant to Ministry of Corporate Affairs Notification dated 5^th June, 2015.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Your Company has always believed that appropriate standard of conduct should be maintained by the employees in their conduct and that there should be a safe, in-discriminatory and harassment free (including sexual harassment) work environment for every individual working in GSPL. Your Company has in place a Policy on Prevention of Sexual Harassment at workplace as a part of its Human Resource Policy. It aims at prevention of harassment of employees and lays down the guidelines for reporting and prevention of sexual harassment. GSPL has constituted an Internal Complaints Committee (ICC) as required under the Act which is responsible for redressal of complaints related to sexual harassment.

^e details of complaints filed/disposed/pending in relation to the Sexual Harassment of Woman at Workplace as on 31^st March, 2024 is provided below:

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,

FOREIGN EXCHANGE EARNINGS AND OUTGO

Information required to be disclosed pursuant to provisions of the Companies Act, 2013 read with Rules thereto with respect to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo are furnished in Annexure - VIII to this Report.

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT

Your Company has always given the highest importance to the environment, health and safety. ^e same is also reflected in the business practices of the Company e.g. GSPL has implemented practices towards preservation of natural resources, Green Gas emission reduction, lowering costs, etc over these years. GSPL is also conscious of its responsibility towards its various stakeholders and is determined to increase its contribution to the society to bring positive social impact.

Pursuant to amendment in the SEBI Listing Regulations, 2015, top 1,000 listed entities based on market capitalisation are required to submit a Business Responsibility & Sustainability Report (‘BRSR’) with effect from the FY 2022 - 23.

^e BRSR indicates the Company’s performance against the principles of the ‘National Guidelines on Responsible Business Conduct’. ^is would enable the Members to have an insight

into Environmental, Social and Governance initiatives of the Company.

^e Business Responsibility & Sustainability Report in the prescribed format describing the initiatives taken by GSPL from an environmental, social and governance perspective among other things is enclosed as Annexure - VII to this Report.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF GSPL

PNGRB vide its tariff order dated 19.04.2024 has w.e.f. 1^st May 2024, revised GSPL’s Gujarat High Pressure Gas Grid transportation tariff to ' 18.10/MMBTU from earlier approved tariff of ' 34 / MMBTU (as determined in 2018). *tte Company has filed appeal against the said tariff order before the appellate authority viz. APTEL, since the said tariff order affects the right of GSPL as the Authorized Entity to recover the capital expenditure and operational expenditure being incurred by GSPL and obtain the stipulated reasonable rate of return thereto.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

'ttere are no significant material orders passed by the Regulators / Courts which would impact the going concern status of GSPL and its future operations during the year.

ACKNOWLEDGEMENTS

^e Directors appreciate the continued support received from the valued customers and look forward to this mutually supportive relationship in future.

^e Directors place on record their deep appreciation to employees of GSPL at all levels for their hard work, dedication and commitment without whose contribution the excellent performance of GSPL would not have been possible.

^e Directors are extremely grateful for all the support given by the Government of Gujarat at all levels. 'tteir guidance, encouragement and moral support have enabled GSPL to expand the pipeline network in a professional manner.

^e Directors also wish to place on record the sincere thanks to PNGRB and other regulatory authorities at Central and State level for the continuous support extended to GSPL.

^e Directors place on record their sincere thanks to the Promoters, Shareholders and Lenders for their valuable support, trust and confidence reposed in GSPL.

For and on behalf of the Board of Directors, Raj Kumar, IAS

Chairman & Managing Director

Date: 8t^h August, 2024 Place: Gandhinagar