Your Directors have pleasure in presenting the 13^th Annual Report and the Audited Financial Statements for the Financial Year ended
on 31^st March, 2025.

Financial Highlights

in Crores)

PERFORMANCE HIGHLIGHTS

• CNG volumes grew by 12% annually achieving highest volumes of 3.06 mmscmd in FY'2024-25 on the back of investments in
CNG station infrastructure coupled with favourable government policies.

• Company achieved a total volume of 9.62 mmscmd in FY 2024-25

• During FY 2024-25, Company has connected further —1.51 lakhs homes through piped natural gas; crossed 22.6 Lacs
Domestic connections. During the year, company has commissioned 20 CNG stations, aggregating to 828 CNG stations.

• Gujarat Gas had launched Full Dealer Owned Dealer Operated (FDODO) scheme for fast track development of CNG stations
infrastructure. GGL as a plan to expand its footprint in CNG Business has executed —60 CNG FDODO Agreements.

• During the year FY 2024-25, CRISIL, India Ratings and Care Ratings have reaffirmed rating on long term bank facilities of
Company to AAA/Stable, after announcement of Scheme of Arrangement.

• Company has been conferred the prestigious "SKOCH ESG Award 2024 in City Gas Distribution (CGD) Project for Green
Hydrogen blending.

• Company won the Asian Oil & Gas awards 2024 in two categories viz. "ESG Initiative of the year - India” and "Downstream
Project of the year - India.”

DIVIDEND

Your Directors recommend for consideration of the Shareholders at the 13^th Annual General Meeting, the Dividend of ' 5.82/- per fully
paid up Equity Share of ' 2/- each (291%) on 68,83,90,125 Equity Shares for the Financial Year 2024-25. This is 2.83 % higher than
FY 2023-24, wherein, dividend payout was ' 5.66/- per share. The weblink for Dividend Distribution Policy is available at
https://www.guiaratgas.com/resources/downloads/dividend-distribution-policv-w-e-f-10th-mav-2023.pdf.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

Your Company does not have any subsidiary and joint venture. Guj Info Petro Limited is the Associate of your Company and the
statement containing salient features of financial statements of Guj Info Petro Limited under Section 129(3) of the Companies Act,
2013 in prescribed Form AOC - 1 is enclosed herewith as Annexure - 5.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company represents consolidation of Financial Statements of Guj Info Petro Limited
(GIPL), the Associate Company, in accordance with IND AS. The Audited Consolidated Financial Statements are provided in the Annual
Report.

DEPOSITS

During the year under review, your Company 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

The details of Loans, Guarantees, Securities and Investments, if any 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

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. A statement giving details of all Related Party Transactions is placed before the Audit Committee for approval/
ratification on a quarterly basis, as the case may be. The policy on Materiality of Related Party Transactions and dealing with Related
Party Transactions as approved by the Board is uploaded on the Company's Website. None of the Directors has any pecuniary
relationships or transactions vis-a-vis the Company. The 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
herewith as Annexure - 4 to this Report.

Disclosures of transactions of the Company with person or entity belonging to the Promoter/Promoter Group which
hold(s) 10% or more shareholding in the Company

(' in Crores)

All transactions amount disclosed above are inclusive of tax.

STATEMENT ON COMPLIANCES OF APPLICABLE SECRETARIAL STANDARDS

Your Directors hereby confirm that during the year, the Company has been compliant with the applicable mandatory Secretarial
Standards issued by the Institute of Company Secretaries of India.

CORPORATE SOCIAL RESPONSIBILITY

The Company 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, as amended. Pursuant to provisions of Section
135 of the Companies Act, 2013, the Company has also formulated a Corporate Social Responsibility Policy which is available on the
website of the Company at https://www.guiaratgas.com/resources/downloads/corporate-social-responsibilitv-policv-wef-1st-
june-2021.pdf. The details of the initiatives taken during the Financial Year 2024-25 in various areas in accordance with the
Corporate Social Responsibility Policy of GGL is provided in the Annual Report on CSR. The Annual Report on CSR activities as required
under the Companies (Corporate Social Responsibility Policy) Rules, as amended is enclosed herewith as Annexure - 2 to this Report.
Further as required by Rule 8 of Companies (Corporate Social Responsibility Policy) Rules, 2014, Executive Summary of Impact
Assessment Report for eligible CSR Project issued by Independent Agency had been placed before the Board of Directors at its
meeting held on 5^th August, 2025 and is being also attached to the Annual Report at Annexure - 2-A.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appointment and Resignation of Directors

Since last Board's Report, Shri Raj Kumar, IAS (Retd.) ceased to be the Chairman of GGL consequent to resignation from the Board due
to superannuation.

Your Directors wish to place on record appreciation for the services rendered by Shri Raj Kumar, IAS (Retd.) as Chairman of GGL.
Further, based on the recommendation of Nomination and Remuneration Committee, the Board had appointed Shri Pankaj Joshi, IAS,
Chief Secretary, Government of Gujarat as Additional Director & Chairman w.e.f. 7^th February, 2025. It is proposed to regularize his
appointment at the ensuing 13^th Annual General Meeting.

Shri S J Haider, IAS, Director will retire by rotation and it is proposed to reappoint him as the Director of the Company in the ensuing
13^th Annual General Meeting.

A brief resume of the Directors to be appointed at the ensuing Annual General Meeting, nature of expertise in specific functional areas
and details regarding the Companies in which the Directorship is held together with the Membership / Chairmanship of Committees
of the Board along with other statutory details will be given in the Explanatory Statement forming part of the Notice of the 13^th Annual
General Meeting.

DIRECTORS INDEPENDENCE

Pursuant to the applicable provisions of Section 149 (6) of the Companies Act, 2013, the Independent Directors of the Company
have given confirmation/declaration to the Board that they meet with the criteria of Independence and are Independent in terms of
applicable provisions of Section 149 (6) of the Companies Act, 2013. Further, they have also given the confirmations on
independence as per provisions of Regulation 16(1)(b) and 25 (8) of the Listing Regulations.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013, the performance evaluation of the Board, Committees and individual
Directors for Financial Year 2024-25 was carried out as per the terms and conditions of their appointment based on various
parameters.

MEETINGS OF THE BOARD OF DIRECTORS

The Board meets at regular intervals to discuss and decide on Company / business policy and strategy apart from other Board
business. The Board / Committee Meetings are pre-scheduled to enable the Directors to plan their schedule and to ensure meaningful
participation in the Meetings. However, in case of a special and urgent business need, 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 period from 1^st April, 2024 to 31^st March, 2025, 6 (Six) Board Meetings were convened and held, the details of which are
given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the
Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ANNUAL ACCOUNTS

The Audit Committee at its Meeting held on 19^th May, 2025, approved the Financial Statements for the Financial Year ended on
31^st March, 2025 and recommended the same for approval of the Board. The same have been subsequently approved by the Board of
Directors at its meeting held on 19^th May, 2025.

AUDITORS

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 had appointed M/s. Ashok Chhajed & Associates, Chartered Accountants as the Statutory Auditors
of the Company for the Financial Year 2024-25. Auditors' Report for Financial Year 2024-25 of M/s. Ashok Chhajed & Associates,
Chartered Accountants are self-explanatory in nature and forms part of financial statements of the Company.

C&AG has carried out supplementary audit of the Financial Statements of your Company for the Financial Year 2024 - 25 pursuant
to provisions of Section 143 (6) (a) of the Companies Act, 2013. The C&AG has issued Nil Comment Report on Financial Statements
of the Company for the Financial Year 2024 - 25 which forms part of financial statements of the Company.

SECRETARIAL AUDITOR

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 the Company had appointed M/s. K K Patel & Associates, Practicing
Company Secretaries to conduct the Secretarial Audit of the Company for the Financial Year 2024-25. The Report of Secretarial
Auditor on Company's Secretarial Audit for the Financial Year 2024-25 is enclosed herewith as Annexure - 3 to this Report. The
Secretarial Audit Report is self- explanatory in nature.

In terms of Regulation 24A of the Listing Regulations, with effect from 1^st April 2025, your Company is required to appoint a
Practicing Company Secretary for not more than one term of five consecutive years or a firm of Practicing Company Secretaries for
not more than two terms of five consecutive years, as a Secretarial Auditor, with the approval of the members at its AGM and such
Secretarial Auditor must be a peer reviewed company secretary and should not have incurred any of the disqualifications as specified
under the Listing Regulations. Further, as per the said Regulation, any association of the individual or the firm as the Secretarial
Auditors of the Company before 31^st March, 2025 shall not be considered for the purpose of calculating the tenure of the Secretarial
Auditors.

Taking into account the above requirements, the Board of Directors has approved the appointment of M/s K K Patel & Associates,
Practicing Company Secretaries (Firm Registration No. S2004GJ071900, PR Certificate No.: 1636/2021) as Secretarial Auditors of
the Company for a period of 5 years commencing from 1^st April, 2025 upto 31^st March, 2030, subject to approval of Shareholders at
the ensuing Annual General Meeting.

M/s. K K Patel & Associates have confirmed they are not disqualified from being appointed as the Secretarial Auditors of the Company
and satisfy the prescribed eligibility criteria.

Accordingly, resolution seeking Member's approval for appointment of Secretarial Auditor for a period of 5 years commencing from
1^st April, 2025 upto 31^st March, 2030 is included in the Notice convening the 13^th Annual General Meeting.

COST AUDITOR

Your Company is required to carry out Cost Audit pursuant to Section 148 of the Companies Act, 2013, read with the Companies
(Cost Records and Audit) Rules, 2014.

Your Company had appointed M/s Kailash Sankhlecha & Associates, Cost Accountants as Cost Auditors for the Financial Year
2024-25. Accordingly, Cost Audit has been carried out for the Financial Year 2024-25. The Cost Audit Report for Financial Year
2024-25 will be submitted to the Central Government in the prescribed format within stipulated time period.

Further, the Board of Directors upon recommendation of the Audit Committee, appointed M/s Kailash Sankhlecha & Associates, Cost
Accountants as Cost Auditor to audit the cost accounts of GGL for the Financial Year 2025 - 2026 on a remuneration of
' 1,18,000/- 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
General Meeting for their ratification. Accordingly, a Resolution seeking Member's ratification for the remuneration payable to M/s
Kailash Sankhlecha & Associates, Cost Auditors for the Financial Year 2025 - 2026 is included in the Notice convening the
13^th Annual General Meeting.

RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM
Risk Management

The Company has a well-defined Risk Management Framework for reviewing the major Risks and has adopted a Business Risk
Management Policy. Further, pursuant to the requirement of Regulation 21 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has constituted a Risk Management Committee inter-alia to monitor the Risk
Management Plan of the Company.

Internal Control System

The Company has a proper and adequate system of Internal Controls commensurate with its size of operations and nature of
business. These are regularly tested and certified by Auditors. Significant audit observations of audit team and follow up actions
thereon are reported to the Audit Committee. The 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.

INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls, with reference to financial statement. The internal financial controls
have been documented in the business processes. Such controls have been assessed during the year under review and were
operating effectively.

VIGIL MECHANISM

The Company has established a Vigil Mechanism to report genuine concerns, details of which have been given in the
Corporate Governance Report forming part of this Boards' Report. There was no complain received under Vigil Mechanism during
Financial Year 2024-25.

HEALTH, SAFETY AND ENVIRONMENT (HSE)

Health, Safety and Environment (HSE) is a core value in GGL. GGL recognizes that the health and safety of all those involved in its
operation and public along with protection of the environment is the prime responsibility of the company and its management at
every level.

GGL believes that outstanding business performance requires outstanding HSE performance. We aim to assure the integrity and safe
operation of our assets, protect the health and safety of our employees, contractors & their staff, customers and general public in our
operation area and to minimize the environmental impact associated with our business processes.

GGL operations are driven by the goal of zero injuries and while pledging to perform at the best standards feasible in terms of
environmental compliance, practices, and stewardship. We seek to encourage a culture of excellence and drive forward for continual
improvement in HSE performance.

QHSE commitment & Certification:

GGL is committed that its QHSE management system complies with all applicable legal requirements including Acts, Regulations,
National & International Standards, Guidelines and code of practices for Health Safety & Environment (including directives issued by
legal, statutory or regulatory bodies) and follows best industrial practices. GGL aims to continue as an industry leader in City Gas
Distribution business through its QHSE performance.

GGL integrated management system was first certified by certification body M/s. DNV GL in 2018, re-certified by M/s. ICS in 2021
and now for the third time certified by M/s Bureau Veritas in February, 2025. GGL ensures that all management decisions reflect its
Quality, Health, Safety & Environment (QHSE) intentions.

The three certifications received by GGL are:

• Management System Certificate for Quality Management System standard ISO 9001:2015

• Management System Certificate for Environmental Management System Standard ISO 14001:2015

• Management System Certificate for Occupational Health & Safety Management System Standard ISO 45001:2018

ISO audit & certifications demonstrate that the Integrated QHSE management system of the organization has been measured
against the requirements of relevant standards and found compliant. Verification & certification by a third-party certification body
validates GGL commitment to continual improvement in QHSE management building a sustainable business performance.

GGL has more than 190 Standard Operating Procedures and Guidelines for seamless and safe functioning of various aspects of
business.

GGL has also initiated a Comprehensive Review of all its SOPs & Guidelines in terms of coverage, ERP system interface, process
digitization, process performance indicators, monitoring mechanism, review and escalation etc. involving Ground teams,
Management Team and external competent experts. The updated Standard Operating Procedures (SOPs), will reflect best industry
practices and aid in faster decision making in this ever evolving business dynamics, operational requirements. This will also enhance
the quality, safety & operational efficiency with an aim of continual improvement of the management systems at GGL. The
standardization in the process would also help in accelerating digital transformation process being undertaken at GGL.

Project execution with highest level of Safety & Risk levels at ALARP in new Charge Areas:

GGL has entered into new charge areas within its authorized Geographical areas. New areas are being supplied gas through either by
traditional gas pipeline extension to these areas or using fairly new concepts of Virtual Pipeline network through either Steel pipeline
pack or decompression of CNG or regasification of LNG, in areas where pipeline laying project may take significant time. GGL takes
extra HSE precautions for all such new projects. Risk assessment by utilizing industry recognized tools of Safety Engineering Studies
has been at the fore-front of all such projects such as Hazard Operability (HAZOP), Quantitative Risk assessment (QRA), Escape
Muster Evacuation & Rescue Analysis (EMERA) and Hazardous Area Classification (HAC) for all types of Gas installations at the
planning stage itself and compliance to recommendations of these studies so that risks can be mitigated. GGL assets have been
designed, constructed, commissioned, operated and maintained, such that the risks to personnel & public / society are reduced to
As Low As Reasonably Practicable (ALARP).

GGL carries out Environmental Impact Assessment (EIA) for pipeline projects passing through environmental/ecological sensitive
areas/zones. In FY 2024-25 GGL has initiated EIA study for pipeline project in Union Territory of Dadra & Nagar Haveli GA to
determine the potential environmental, social effects of the proposed project. The results of these study along with mitigation plan
will be presented to Expert Advisory Committee (EAC) as part of application for Environmental Clearance from Ministry of
Environment, Forest & Climate Change.

GGL this year also continued with special focus on safety aspects at projects in new charge areas with implementation of HSE
management system in these areas relevant to project requirement, trainings, visits & meetings by management team members
focusing on safety requirements.

First of its kind Projects with focused Risk assessment & comprehensive testing - Green H2 blending:

GGL along with M/s NTPC had commissioned India's first Green H₂ blending (5%) which was further increased to 8% in PNG
distribution network at Kawas, Hazira. This pilot project supplies blended gas to domestic & commercial connections of NTPC
Township. The project is supporting to verify the feasibility assumptions and impact related to hydrogen blending such as safety, asset
health/integrity, blending homogeneity, combustion and odorization etc. in PNG network. In FY 2024-25 GGL also carried out
Quantitative risk assessment (desktop study) for PNG pipeline network with up to 15% H₂ blending to understand the risks involved
due to higher blending levels for which the results were found within ALARP (As Low As Reasonably Practicable) levels. GGL also
carried out thorough Material testing of various network assets (PE pipeline, fittings, GI piping and related fitting, burner, rubber
components etc.) involving third party M/s Gujarat Energy Research & Management Institute to establish any deteriorating effects
on network health due to blended hydrogen exposure. All test results were satisfactory and same was also presented to industry
regulator.

Quality & Safety at fore-front as GGL starts multiple CBG offtake in its PNG/CNG system:

GGL in collaboration with Bio-gas manufacturers, has kick-started the operation of off-taking supply of Biogas into GGL PNG/CNG
system at three new locations, taking the total tally of bio-gas off-take to seven:

• Indore (UDI GA): Started off-take from Bio-gas producer - M/s Indore Clean Energy Pvt Ltd through cascades.

• Gurdaspur (H&G GA): Started off-take from Bio-gas producer - M/s MEPL through injecting CBG into GGL Medium pressure PE
pipeline

• Hoshiarpur (H&G GA): Started off-take from Bio-gas producer - M/s Reliance Chemicals and Materials Limited through
cascades.

GGL and Bio-gas manufacturers together took Safety & quality requirement as the highest priority. Remote Gas Quality monitoring,
odorization and automatic shut-off systems are the key things focused during these projects to ensure highest level of quality, safety
& customer satisfaction while using Bio-gas which helps in significant contributions to issues related to waste management, air
pollution and countries' dependency on imported fuel.

HSE Compliance Assurance & Audits:

GGL conducts its business in a safe and responsible manner and ensures compliance with the all legal and regulatory requirements.
Compliance assurance is confirmed through audits / inspections with respect to all applicable PNGRB regulations and other standards
covering all geographical areas of GGL every year including this financial year.

GGL has successfully conducted compliance audits & applicable recertification audits with respect to below listed PNGRB regulations
through PNGRB empaneled Third Party Inspection Agency (TPIA) for Geographical Areas.

• ERDMP Periodic Certification Audits: Successfully completed for Dahod Geographical Area in line with PNGRB Codes of
Practices for Emergency Response and Disaster Management Plan, Regulations in Financial Year 2024-25.

• T4S & IMS Certification Audits: Successfully completed T4S & IMS periodic audits for One (1) Transmission Natural gas
pipeline (Hazira Ankleshwar pipeline) and Fourteen (14) Geographical Areas - Palghar district & Thane Rural GA, Amritsar GA,
Valsad GA, Dadra & Nagar Haveli GA, Surendranagar GA, Gandhinagar GA, Bhavnagar GA, Jamnagar GA, Navsari GA, Surat,
Ankleshwar and Bharuch (SAB) GA, Hazira GA, Rajkot (including Morbi) GA, Nadiad GA & Dahej GA as per the defined periodicity
of TPIA audits, in line with PNGRB Technical Standards and Specifications including Safety Standards (T4S), Regulations and
PNGRB Integrity Management System (IMS), Regulations, in Financial Year 2024-25.

No major non-compliances were observed during above mentioned audits, most of the observations arising out of these audits
are being addressed on priority basis. Compliance report of all these audits have been submitted to regulatory board as well.

Key Safety Index

The safe delivery of projects and safe operations of assets is a critical success factor for the company's business. GGL sets HSE
targets and closely monitors it to achieve continual improvement in QHSE performance.

GGL recognizes that leadership commitment is fundamental for continual improvement in HSE performance. GGL management team
members review HSE performance on regular basis.

At GGL, Health Safety & Environment performance is measured through HSE Scorecard. The scorecards include various Key
Performance Indicator (KPIs), both leading as well as lagging indicators defined internally focusing on various aspects of HSE such as
Leadership, Management system, Risk management, Incidents etc.

Monthly monitoring of these KPIs against pre-defined targets helps to assess the effectiveness of HSE performance. In Financial Year
2024-25, GGL has achieved an average of around 90% compliance to its HSE scorecard.

GGL is committed to protect Safety, Health and Well-being of people working for the organization. Lost Time Injury Frequency (LTIF)
is the industry standard key indicator which is used to measure GGL's occupational safety performance.

• GGL has achieved Lost Time Injury Frequency of 0.122 for the Financial Year 2024-25.

• Total man-hours of GGL in Financial Year 2024-25 is 32.76 Million.

Asset Integrity Index:

Asset Integrity (AI) in CGD (City Gas Distribution) is the management of the physical condition of gas assets to ensure that they are fit
for purpose over their life cycle and do not pose a risk to personnel, public, property and environment. Asset Integrity management is
thus critical for safe operation of our facilities and to ensure suitable and sufficient measures are in place to prevent a major accident.
At GGL, Asset Integrity is paramount to ensure the safety and reliability of operations and its key performance is measured through AI
Scorecard. The AI scorecards include various Key Performance Indicator (KPIs), both leading as well as lagging indicators defined
based on industry standard to emphasize attention upon matters related to AI Management system. AI KPIs include process
measures, operational measures & direct integrity measures and are essential tools for managing asset integrity risks.

The regular monitoring of these KPIs against pre-defined targets helps to assess the effectiveness of asset performance. In Financial
Year 2024-25, GGL has achieved an average of around 94% compliance to its AI scorecard.

Mock-drills:

GGL has a well-developed and certified Emergency Response and Disaster Management Plan through PNGRB approved Third Party
Inspection agency (TPIA) for each of its operational Geographical Areas. GGL conducts mock-drills at defined intervals to check
adequacy of preparedness against various anticipated emergency scenarios across all locations. Debriefing sessions are conducted
after every mock-drill and recommendations are compiled in time-bound manner.

In Financial Year 2024-25, GGL carried out more than 190 mock-drills. Break-up of the same is as below:

• Level-1 Mock-drills - 110 numbers

• Level-2 Mock-drills involving local emergency services/mutual aid partners - 52 numbers

• Level-3 Mock-drills including participation in the offsite mock drills organized by District authorities - 32 numbers
GGL Lifesaver Rules & Compliances:

GGL has well-defined 10 Lifesavers Rules for work related to safety critical areas such as Safe Systems of Work, Excavation-HDD-
Boring, Working at Height, Lifting, Confined Space Entry, Driving, Gas Escape Handling, Electrical, CNG Handling & LNG Handling.

All critical activities are covered under these defined 10 lifesaver areas which are monitored throughout the year using Work place
inspection checklists defined based on lifesaver rules. In Financial Year 2024-25, GGL has achieved ~ 95% compliance to lifesavers rules.
HSE Initiatives:

To improve HSE performance, various HSE initiatives and programs are undertaken as part of HSE improvement plan such as
Awareness sessions with frontline workers and supervisors on various aspects of Safety, Utility coordination meetings, Safety
awareness workshops at local schools, campaign activities related to lifesaver areas, Hazard hunt activities, special drives to check
compliance in defined focus areas, etc. across operations. In Financial Year 2024-25, GGL has achieved 100% compliance to its HSE
improvement plan.

GGL encourages participation and involvement of its employees and contractor staff in HSE related activities through monthly HSE
committee meetings, Hazard and Near miss reporting, monthly quiz, risk assessment, work place inspections, various campaigns and
celebration of HSE events and numerous safety awareness programs.

GGL has also established a system for evaluating contractor performance on monthly basis. Quality & HSE performance has been
made an essential part of this performance evaluation with pre-defined key indicators.

HSE Awareness & Trainings:

GGL always ensures that safety training and awareness programs are conducted periodically for employees and contractor staff. In
Financial Year 2024-25:

• 1766 numbers of Safety & Technical Competency Training programs have been conducted which includes Basic Safety, Practical
Fire-fighting, First Aid Treatment, Defensive Driving, Working at height and other Technical Competency trainings in various
areas such as GI Plumbing, CNG filling, Welding, CGD O&M, LCNG O&M etc.

• 1286 numbers of Safety Awareness Programs have been conducted for employees and contractors.

• GGL also organizes various safety awareness programs on Natural Gas related safety for its customers, general public. In
Financial Year 2024-25:

• 1135 numbers of Natural Gas safety awareness program have been conducted for general public, customers.

GGL also conducted various Social Media Campaigns for awareness & engagement with customers & public at large, on various
Health, Safety & Environmental aspects related to PNG & CNG and its uses during: National Nutrition Week, World Environment Day,
PNG & CNG Awareness Quiz campaign.

GGL has collaborated with M/s. Aspire Disruptive Skill (ADS) Foundation for executing one of its CSR activity of conducting skill
development programs. The objective of the training is empowering the needy and unemployed youth through industry responsive
skill development and enhance their livelihood. More than 350 youth have been trained in these Skill development trainings and out of
them 68 candidates have already been placed in oil & gas & other sectors.

GGL also educates and influences various third-party utility companies and their contractor's workforce, machine operators etc. who
undertake digging/excavation/drilling activities on or near the underground GGL gas pipeline network through coordination
meetings, site sessions, including giving away of utilizable gifts such as water bottles, key chains etc. with GGL contact numbers for
Dial before Dig/Emergency. These sessions are done to focus on the critical safety risks and environmental impact caused due to
damage of natural gas pipelines while digging/excavation/drilling operations. In Financial year 2024-25 GGL has conducted 1597
numbers of Utility coordination & Natural Gas safety awareness programs & briefings for various utility companies, their contractors
& its workforce.

GGL has extensively implemented usage of 'Call before you Dig' application which has been developed by Department of Telecom,
Government of India with an intention to increase coordination between digger and Utility agencies so as reduce damages to
underground utilities including gas pipelines during excavation activities. GGL contractors have registered on this application and raise
requests in CBUD app before starting digging activities and we are also urging third parties to use this app / dial in/ inform directly to
GGL prior to starting any digging so that damage to Natural gas pipeline network can be prevented.

Celebrating HSE Events at GGL

GGL, being a prudent organization, celebrates various HSE related events like National Safety Week, National Road Safety Month and
World Environment Day.

GGL celebrated 54^th National Safety Week in March 2025, focusing on this year's theme "Safety and Well-being crucial for Viksit
Bharat”. Below mentioned activities & competitions were accomplished across all locations of GGL.

• Safety Pledge at GGL Offices & Safety Message dissemination to employees by Management

• Photobooth set-up for clicking photographs with motto "Safety First for Safe India" to create awareness about safety week theme

• "QR enabled Safety Quiz" for GGL employees, Outsourced staff & Contractor Staff with GA-wise rewards for lucky winners

• Team Competition on "Risk Assessment" for defined safety critical activities at GGL with zone-wise rewards for best Team
performance

• Competition on Capturing Best Safe Site, with GA-wise rewards for winners

• Team Competition on "Hazard Hunt" at project sites, Gas installation facilities

• Level-1 Mock drill for GGL offices - fire scenario including evacuation to review Emergency Preparedness

• Contractor Engagement Session at Site - Safety pledge, Brief about NSW theme, importance of compliance to safety norms,
HSE Reporting, Recent incident sharing.

GGL observed National Road Safety Month in the month of January 2025, playing part in making our roads safer for everyone. Below
mentioned activities were planned and completed across all locations of GGL as part of this celebrating this event:

• Group gathering at GGL Offices & Road Safety message to employees by Management

• Awareness on Road Safety through "QR enabled Quiz" for GGL employee, Outsourced Employees & Contractor Staff with GA-
wise rewards for lucky winners

• Road Safety Initiative considering kite festival - Installation of protector rod on two-wheelers and Distribution of crash helmet
to Outsourced and Office staff using two-wheeler for office commute

• Photobooth set-up for clicking photographs with "I Pledge to Drive Safe" to instil commitment for road safety and awareness
about the event

• Eye check-up camp for CNG MCV drivers / LNG Tanker Drivers /Hired vehicle drivers /Emergency & Maintenance vehicle drivers

• Defensive Driving Training for GGL Employees, Outsourced employees, MCV/LNG tanker/Emergency O&M vehicle /Hired office
vehicle drivers & Two-wheeler Patrolmen etc.

• Vehicle safety inspection drive covering all office vehicles, O&M Emergency vehicle, CNG MCVs and LNG Tankers

• Poster making competition on 'Distractions while driving' for Children of GGL & Outsourced Employees and rewarding children
with best poster under different age categories

• Team Competition - "Skit/Naatak Video on Driving Lifesavers" with zone-wise rewards for best Team performance

• Rewarding/Appreciation for Best driver (Amongst contractor drivers of MCV/LNG Tanker/Hired vehicle/EMV) based on past
performance

• Awareness Session on Driving Safety focusing on "Dealing with various type of distraction" for MCV/LNG tanker driver,
Patrolmen, Meter readers, O&M team etc.

GGL celebrated 51^st World Environment Day to encourage awareness and implement actions for protection of our environment.
Following activities carried out as part of celebration plan.

• More than 3800 sapling/tree plantation, distributed across all GGL locations

• Display of custom Environment Day banners & Group gathering at GGL Offices

• Poster competition - World Environment Day 2024 theme "Land restoration, Desertification & Drought resilience" for Children
of GGL and Out Source Employees

• Spot Quiz - GGL Employees and Contractor Staff

All of these activities were done with an aim to involve employees, contractors, society at large and enhance their awareness
regarding significance of Health Safety & Environment aspects and related best practices.

HSE Rewards & Recognition at GGL:

With an intention to motivate and foster a positive HSE culture and step-up HSE-AI compliance and performance, GGL has put in
place HSE reward and recognition scheme to acknowledge significant HSE contribution of employees and contractor staff and to
boost their confidence. Under this scheme:

• HSE contributor of the month among employees and contractor staff are identified on monthly basis at each geographical area
and are rewarded during monthly HSE committee meeting.

• Monthly Best Hazard & Best Near miss carefully selected based on quality and safety criticality and rewarded

• Best HSE Performer of the quarter for each Zone

GGL also conducted monthly online HSE-AI Quiz based on HSE and Asset Integrity focus areas to raise awareness amongst
employees across GGL & winners of this quiz identified through draw system are awarded each month.

Step up with Environmental, Social and Governance - ESG system:

ESG is a system to measure the sustainability of a company or investment in three specific categories: Environmental, Social and
Governance. With intentions to grow & reduce costs in the long run and forge a sense of trust amongst consumers & stakeholders,
GGL is in continuous endeavor to integrate ESG into GGL business & Corporate Strategies.

Gujarat Gas Limited won the “Asian Oil & Gas Awards 2024" in following two Categories for its ESG projects & Natural Gas
distribution project respectively

• Environmental Social Governance (ESG) initiative of the year - India

• Downstream project of the year - India

The Award recognizes the most outstanding players in Asia's oil and gas sector.

GGL won the “SKOCH ESG Award 2024" for its pilot project on Green H₂ blending in CGD network. The project has created wide
positive Environmental, impact. GGL was adjudged the winner for the coveted honor of SKOCH ESG Award second year in a row, after
extensive scrutiny for completion, veracity of the nomination and rounds of evaluation presentations scored by expert jury & peers
and popular voting.

MANAGEMENT DISCUSSION & ANALYSIS

The Management Discussion & Analysis is as under:

1. INDUSTRY STRUCTURE AND DEVELOPMENTS

Natural gas is considered a relatively clean-burning fossil fuel compared to coal and oil, producing fewer emissions of air pollutants
and carbon dioxide (CO₂) when burned to produce an equal amount of energy.

Natural Gas is the cleanest and most efficient of the fossil fuels and is a smart energy choice. Not only does it supplement renewable
energy, such as wind and solar, but it also has a smaller carbon footprint than other fossil fuels.

Natural Gas is used as a feedstock in several industries like fertilizers, plastics and other commercially important organic chemicals
and used as a fuel for electricity generation, heating purpose in industrial and commercial units. Natural gas is also used for cooking in
domestic households and as a transportation fuel for vehicles.

Escalating conflict in the Middle East and Russia's continued war in Ukraine have global attention sharply focused on some of the
world's most important energy-producing regions. While some of the acute impacts of the global energy crisis have receded,
geopolitical uncertainty is exposing the underlying fragilities of the global energy system, regardless of technology or geography.
Energy infrastructure is also facing increasing risks from extreme weather events that are becoming an all too common aspect of life
for people around the world.¹

Currently, natural gas's share in India's energy mix is around 6%. The government aims to increase this share to 15% by 2030. This is
part of a broader plan to transition to a cleaner energy system and reduce reliance on polluting fossil fuels. The government is pursuing
several initiatives to boost natural gas consumption, including expanding the National Gas Grid, expanding the City Gas Distribution
(CGD) network, setting up Liquefied Natural Gas (LNG) terminals, promoting Compressed Natural Gas (CNG) and Piped Natural Gas
(PNG). The Government has also set the target to achieve net-zero emissions by 2070. India also aims to raise its non-fossil energy
capacity to 500 GW by 2030 while meeting 50 per cent of its energy demand through renewables. India has also committed to
reducing 1 billion tonnes of projected emissions from now till 2030 and achieving carbon intensity reduction of 45 per cent over
2005 levels by 2030.²

¹1nternational Energy Agency | World Energy Outlook 2024

²https://www.ceew.in/news/cop-26-ceew-unpacks-indias-2070-net-zero-target-and-other-dimate-mitigation-measures

India's natural gas consumption is forecast to increase by nearly 60% by 2030, driven by robust growth in city gas distribution,
industrial demand and power generation. Targeted strategies and policy interventions could boost gas consumption beyond the
forecasted trajectory to around 120 bcm/yr by 2030, close to the current gas consumption of the entire continent of South America.
Inter-fuel competition is particularly strong in India, with natural gas vying against coal, oil and renewables in several gas-consuming
sectors. This means that even small changes in global gas prices can significantly impact domestic consumption patterns. This price
sensitivity underscores the need for competitive pricing to enable natural gas adoption.

India's LNG imports are set to more than double between 2023 and 2030, driven by steady demand growth and a much slower rise in
domestic production. Between 2013 and 2023, India's LNG imports increased by 70%, and reached 36 bcm in 2024, matching the
previous record set in 2020 and cementing the country's position as the fourth-largest LNG importer globally. Looking ahead, India's
LNG demand is projected to grow steadily, reaching 64 bcm/yr by 2030. This represents an annual average growth rate of 11% for
the 2023-2030 period, twice the average rate observed in the previous ten years.³

Consumption of Natural Gas (including internal consumption) with a volume of 72.293 BCM (billion cubic meters) during the Financial
Year 2024-25 registered more than 7% growth year-on year basis over the volume of 67.512 BCM during Financial Year 2023-24.
During the FY 24-25, consumption of Natural Gas (NG) was driven by fertilizer (29%) followed by CGD (21%), Power (12%) Refinery
(8%), Petrochemicals (5%). Miscellaneous sectors occupied a share of 25%. Fertilizer sector occupied the highest share for the
Consumption of Natural Gas at 29%. The CGD sector share has remained steady at 21%, power sector has slightly reduced from
13% to 12%.⁴

During the FY 2024-25 crude oil prices had shown declining trend and has seen low of $72.02 per barrel in March 2025 and high of
$89.44 per barrel in April 2024, a decline of almost 24% with >$17 per barrel downward movement for Indian basket. By the end of
financial year the prices had decline to $72.02 with year average of $78.56.⁵

2. OPPORTUNITIES AND THREATS

The Indian government is promoting natural gas usage through various initiatives, including expanding the National Gas Grid Pipeline,
City Gas Distribution (CGD) network and Liquid Natural Gas (LNG) Terminals. The government also provides subsidies to encourage
natural gas consumption and has implemented policies to increase domestic production and ensure affordable gas prices for key
sectors like transportation and domestic use.

A scheme has also been launched to develop pipeline infrastructure for the injection of Compressed Biogas (CBG) into the CG D network,
facilitating the use of renewable biogas in the gas grid. Government has announced phase wise mandatory selling of CBG in CNG (T) and
PNG (D) segment of CG D network to promote the production and utilization of CBG. As per CBG Obligation (CBO) is presently voluntary
till FY 2024-2025 and mandatory selling obligation would start from FY 2025-26. CBO shall be kept as 1%, 3% and 4% of total
CNG/PNG consumption for FY 2025-26, 2026-27 and 2027-28 respectively. From 2028-29 onwards CBO will be 5%.

Further, to cater the growing demand of CGD sector and to protect the common people from price volatility, the Government has
released new CGD sector Gas allocation Guidelines wherein the allocation of PNG (Domestic) segment was increased (i.e. 105% of
PNG (Domestic) consumption in the previous quarter) and balance available volume to be supplied to CNG (T) segment on
prorate basis.

The revised methodology has been helpful for the CGD entity as the lag between the allocation and reference period has been
reduced from average of 6 months to average of 3 months which reflects a more realistic consumption data.

With the declining natural gas production from aging fields of Oil and Natural Gas Corporation (ONGC), a cut in Administered Pricing
Mechanism (APM) gas supplies by up to 20%, effective from April 16, 2025 was notified. ONGC is offsetting the natural gas decline in
output from ageing gas fields by drilling new wells. However, gas from these new wells is sold at a higher price to cover the
added costs.

As per the recent media reports, allocation will also now include New Well Gas (NWG) from nomination fields of the two state
explorers, ONGC, and Oil India (OIL), with auction-based allocation for New Well Gas being replaced with a quarterly pro-rata
allocation, to ensure timely and reliable supply.

With both Administered Pricing Mechanism gas and New Well Gas prices linked to Indian crude basket prices, which are calculated
monthly, the government sees the allocation of domestic gas to make natural gas more affordable for CNG (T) and PNG (Domestic)
consumers after recent decline in crude prices. Gas from new wells drilled by ONGC in the same nomination fields is priced at 12 per
cent of the Indian crude oil basket.

Similar to any other business, the Company faces challenges in the form of stiff competition from other fuels due to accessibility and
availability. The fuel also faces risk in the form of disparity in the tax structure compared to alternate fuels as PNG and CNG (T) are still
out of GST ambit. In FY 24-25, the Indian City Gas Distribution (CGD) sector faced challenges primarily related to gas availability and
pricing, particularly due to declining APM gas allocations and rising import dependence. Infrastructure constraints, including pipeline
expansion and secure pricing, also hindered the growth. The availability of cheaper APM gas had decreased during FY 2024-25,
impacting CGD company margins. This has led to a shift towards more expensive HPHT (High Pressure High Temperature) gas, New
Well Gas and RLNG.

The reduced APM gas allocations had put greater reliance on imported LNG, making the sector more susceptible to price volatility and
higher costs. The rising costs of imported gas and reduction in APM gas had forced the CGD companies to pass on some of the
increased costs through increase in CNG (T) prices. The comparison to alternate fuel price may limit the CGD entities to pass on any
further increase in gas costs.

During the year, the Spot LNG (West India Marker) prices have fluctuated from a low of $8 per mmbtu to $17% per mmbtu. The high
fluctuations has led to uncertainty in prices to Industrial customers thereby impacting volumes during the year. The reduction in crude
prices shall immediately lower the alternate fuel prices thereby affecting volumes in the short term. However, in the medium term, as
the NG prices have a lag of 3-6 months to crude prices, the price differential between NG and alternate fuel is expected to reduce
considerably.

Notwithstanding these, your Company shall continue to focus placing environmentally clean Natural Gas to affordable markets for
sustainable growth.

Further, PNGRB had also issued a Public Notice in January 2025 pertaining to declaration of 71 CGD networks as Common Carrier
or Contract Carrier out of which 19 GAs are authorized to your Company. This was webhosted pursuant to the hearing held in
December 2024 at PNGRB office. Your Company has responded to the PNGRB Public Notice and views shared by other stakeholders
in the said matter.

Your Company has completed the Minimum Work Program (MWP) targets as applicable viz. PNG (Domestic) connections, Pipeline
Inch- km laid, Compression Capacity and CNG Stations in the Geographical Areas (GA) of Surat-Bharuch-Ankleshwar, Valsad, Union
Territory of Dadra and Nagar Haveli, Dahej-Vagra Taluka, Anand District (excluding areas already authorized), Panchmahal District,
Amritsar, Navsari, Narmada (Rajpipla) District, Palghar District & Thane Rural, Ahmedabad District (excluding areas already
authorized) and Amreli District. Further as per the provision of the regulations, for the GA of Dahej-Vagra Taluka, the sectoral
regulator has reduced the PBG by 60% on account of achievement of MWP.

3. SALES AND MARKET PERFORMANCE

Your Company as on date has total 27 CGD licenses and operates in 44 Districts across six States and one Union Territory (UT) and
also has one transportation pipeline license.

Your Company has an expanse of around 1,75,700 square kilometers of licensed area under its umbrella and continues to hold the
position among the largest CGD Company in Country. Your Company supplies natural gas to more than 22.6 lakh residential
consumers, over 15,600 commercial customer and has erected/commissioned 828 CNG stations for vehicular consumers and
provides clean energy solutions to over 4,400 industrial units through its wide spread operations with more than 42,600 kilometers
of Natural Gas pipeline network.

During the year, your Company has achieved a growth of 12.5%, 5.4% and 4.6% in CNG (T), PNG (Domestic) and PNG (Commercial)
sales respectively compared to previous year. Your Company has continued its focused efforts for developing and growing PNG and
CNG (T) business. Your Company has connected more than 1,51,000 PNG (Domestic) customers and commercialized 20 new CNG
(T) stations during the year.

4. OUTLOOK

The future outlook for natural gas in India depends on the growth in demand, the evolution of the pricing regime and the pace of gas
infrastructure expansion. The demand will steadily rise with adoption of natural gas in new emerging Geographical Areas.

Your Company has already adopted digitization of its critical processes and going forward also, your Company shall leverage its
endeavors for more digitization and aims to set benchmark in the CGD industry for complete E-Office, benefiting all the stakeholders
viz. consumers, vendors, suppliers and employees. Your Company is also exploring newer technologies viz. Hydrogen blending in
GGL's existing CGD network, injecting Compressed Bio- Gas (CBG) in CGD distribution network, pilot project on Captive CNG
application for residential complex, dedicated satellite LNG station, sourcing electricity generated from renewable sources i.e. Solar/
wind plants for running GGL COCO CNG stations.

India s Natural Gas supply and demand outlook is changing. Ihe Government of India (GoI) wants to make India a gas-based economy
by boosting domestic production. India has set a target to raise the share of gas in its primary energy mix to 15% by 2030 from about
current level of 6%. To improve the share of Natural Gas and promote a gas-based and clean fuel economy, the GoI has adopted a
systematic approach to focus on all aspects of the gas sector viz upstream, midstream and downstream including CGD network
development.

Your Company has been continuously growing and expanding its horizon by venturing into new geographic areas and is committed to
reach every possible Natural Gas user across its licensed expanse of around 1,75,700 square kilometers through its ever-growing
pipeline network spread across 44 Districts in six States and one UT. Your Company shall continue to focus on growing the
penetration in the current operating areas by increasing the PNG connections and additional CNG stations while tapping the untapped
potential by expeditious rollout of distribution network in its operating Areas. With this focused endeavor, your Company shall
continue its efforts in providing clean fuel solutions across all operational area to augment an energetic top-line and bottom-line in
coming years.

5. RISKS AND CONCERNS

As per EIA Short-Term Energy Outlook (STEO) May 2025 report, the Brent crude oil spot price averaged $68 per barrel (b) in April.
The rising inventories will result in the Brent price averaging $62/b in the second half of this year and falling to $59/b next year.

The evolving tariff policy has added uncertainty around expectations for global oil demand growth, concerns about which had
persistently weighed on oil prices over the last year. On the supply side, any potential ceasefire in the Russia-Ukraine conflict could
add Russian oil volumes back into the market. Lastly, continued supply growth from producers outside of the OPEC agreement,
primarily in North and South America, adds additional downward pressure to the price forecast in 2026.

Higher forecast summer prices are offset by lower prices during the first half of the year, owing to market concerns over potential
macroeconomic weakness and OPEC supply additions.

It is forecasted that by the end of this year rising oil supply will mean more oil is being produced globally than is being consumed,
leading to inventory accumulation and downward pressure on prices. As a result, it is forecasted that the Brent crude oil price is
expected to average at $59/b in 2026.

On the domestic front the evolving geo-political situation between India and Pakistan may have some impact in the short to medium
term on the demand side.

INTERNAL CONTROL SYSTEM AND ADEQUACY

The Company has a proper and adequate system of Internal Controls commensurate with its size of operations and nature of
business. The Company's Internal Control Systems are further supplemented by extensive programs of audits, i.e. Internal Audit,
Proprietary Audit by the Comptroller & Auditor General of India (C&AG) and Statutory Audit by Statutory Auditors appointed by the
C&AG. The Internal Control System is designed to ensure that all financial and other records are reliable for preparing financial
statements and other data and for maintaining accountability of assets and compliance with statutory requirements. The Company
has mapped a number of business processes on to SAP system, thereby leading to significantly improved controls & transparency.
Your Company also continues to invest in Information Technology to support various business processes and automating controls.
FINANCIAL AND OPERATIONAL PERFORMANCE

The standalone net profit after tax (Total comprehensive income) for the current financial year 2024-25 increased to ' 1,154.02
Crores from ' 1,151.43 Crores in the previous year. The Company had a healthy net cash inflow from operations of ' 1,805.86 Crores
during the Financial Year 2024-25. There is no outstanding loan as on 31^st March, 2025.

Investments were made in extension of pipeline network to reach new areas and in reinforcements and upgradation of existing
network as required. Investments were also made to connect residential customers and augmenting the CNG infrastructure.
Investments were also made to upgrade the IT infrastructure and integrate SAP to enhance reliability and enable scalability. No
amount has been transferred to the General Reserve during the year.

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key
financial ratios, along with detailed explanations therefore, including:

• Previous year's ratios have been reclassified wherever necessary to confirm to the current period's presentation.

HUMAN RELATIONS AND PARTICULARS OF EMPLOYEES

Your Company employed 953 employees as on 31^st March, 2025.

Your Company is dedicated to enhancing the capabilities and competencies of its employees. We believe that continuous training and
development are essential for creating an environment where individuals can fully leverage their technical skills and innate potential,
contributing to the Company's ability to capitalize on emerging business opportunities. Throughout the year, employees participated
in various training programs and seminars to expand their knowledge and skill sets. Additionally, they utilized an online training
platform to further enhance their knowledge.

The Company is also committed to automating all its policies and processes to improve efficiency. To encourage and reward employee
performance, Company has in place a policy of performance linked incentive.

There was no strike or lock-out during the year under review.

DISCLOSURES IN RELATION TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013

This disclosure is given in the Corporate Governance Report which forms part of Board's Report 2024 - 25.

STATEMENT ON COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961

Your Company has been complying with the provisions of the Maternity Benefit Act, 1961.

CORPORATE GOVERNANCE

The Company believes that good governance can deliver continuous good business performance. The particulars on Corporate
Governance as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is incorporated as a part of
this Board's Report at Annexure -1.

ANNUAL RETURN

The Annual Return of the Company in the Form MGT - 7 is available on the website of the Company at
https://www.gujaratgas.com/GGL/annual-return/

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The details about conservation of energy, technology absorption, foreign exchange earnings and outgo is attached at Annexure - 6.
Foreign Exchange Earnings and Outgo-

The Company has incurred expenditure in Foreign Exchange to the extent of ' 1.42 Crores during Financial Year 2024-25 (Previous
Financial Year 2023-24'0.38 Crores) and the Foreign Exchange Earnings during Financial Year 2024-25 were ' Nil (Previous
Financial Year 2023-24 ' Nil).

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the Regulators/Courts during the year, which would impact the going concern
status of the Company.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF GGL

During the year under review and up to the date of this Report, the following material events took place:

Composite Scheme of Arrangement and Amalgamation:

The Board of Directors of the Company at its Meeting held on 30^th August, 2024, approved the Composite Scheme of Arrangement
and Amalgamation amongst the Gujarat State Petroleum Corporation Limited ("GSPC"/ "Transferor Company 1"), Gujarat State
Petronet Limited ("GSPL"/ "Transferor Company 2"), GSPC Energy Limited ("GEL"/ "Transferor Company 3") (Transferor Company 1,
Transferor Company 2 and Transferor Company 3, collectively referred to as the "Transferor Companies”), Gujarat Gas Limited
("GGL"/ "Transferee Company"/ "Demerged Company") and GSPL Transmission Limited ("GTL"/ "Resulting Company") and their
respective shareholders ("Scheme”), on the terms and conditions as set out in the Scheme pursuant to the provisions of Sections 230
to 232 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder.

The Board has recommended following share exchange ratios on Amalgamation:

On Amalgamation of Transferor Company 1 with GGL: "10 (Ten) fully paid Equity Shares of ' 2/- (Rupees Two only) each of the
Transferee Company for every 305 (Three Hundred and Five) fully paid Equity Shares of ' 1/- (Rupees One only) each held by the
shareholders in the Transferor Company 1.”

On Amalgamation of Transferor Company 2 with GGL: "10 (Ten) fully paid Equity Shares of ' 2/- (Rupees Two only) each of the
Transferee Company for every 13 (Thirteen) fully paid Equity Shares of ' 10/- (Rupees Ten only) each held by the shareholders in the
Transferor Company 2.”

On Demerger of Gas Transmission Business Undertaking into GTL "1 (One) fully paid Equity Share of ' 10/- (Rupees Ten only) each of
the Resulting Company for every 3 (Three) fully paid Equity Shares of ' 2/- (Rupees Two only) each held by the shareholders in the
Demerged Company.”

The Company has received the Observation Letters from Stock Exchanges viz. BSE Limited and The National Stock Exchange of India
Limited conveying "No Objection” in terms of Regulation 37 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 to the proposed Scheme of Arrangement and Amalgamation.

The Company has filed an Application before Ministry of Corporate Affairs for necessary directions. The Scheme is subject to
approval from the Shareholders and other regulatory/governmental authorities.

Business Develpment:

Your Company, with a commitment of providing complete energy solutions that empower communities, businesses and industries
and with an aim to become a total energy solution provider, has decided to commence sourcing and sale of Propane / LPG to industrial
customers.

There have been no material changes and commitments, if any, affecting the financial position of GGL which have occurred between
the end of the Financial Year of GGL to which the Financial Statements relate and the date of this Report.

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT

Gujarat Gas Limited is dedicated towards fostering an atmosphere of transparency and accountability by working in partnership and
empowering our stakeholders. To protect and for the benefit of all our stakeholders, we strive to promote sustainable development.
GGL considers its responsibility towards sustainable development as an opportunity to succeed by taking actions which are
beneficial for society as a whole.

We applaud SEBI's introduction of the "Business Responsibility and Sustainability Reporting" ("BRSR") reporting structure, which
includes comprehensive Environmental, Social and Governance ("ESG") disclosures.

The third edition of our Business Responsibility and Sustainability Report (BRSR) forms part of the Annual Report, in which we
attempted to provide all non-financial disclosures in accordance with clause (f) of sub-regulation (2) of Regulation 34 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations”). The report provides all our stakeholders
with a comprehensive view and insight into our Company's contribution to the economy, the environment and society, which can be
utilized to showcase GGL's dedication towards long-term growth. In order to meet the expectations of our investors and other
stakeholders, we are improving the transparency of our report, as well as our strategic approaches to create value for our
stakeholders while minimizing risk in the external environment.

Pursuant to Regulation 34 of the Listing Regulations, 2015 and SEBI Circular dated 28^th March, 2025, GGL being among the top 250
listed entities (by market capitalization) is is required to undertake assessment or assurance of the BRSR Core for the Financial Year
2024 - 25 through a Third Party Assurance Provider having necessary expertise for undertaking such assessment or assurance.

In terms of SEBI Listing Regulations, the Company has obtained, BRSR Reasonable Assurance on BRSR Core Indicators from C N K &
Associates LLP.

Statement on ESG along with GGL Business Responsibility & Sustainability Report is attached at Annexure-7 of the Board's Report
and Assurance Report on BRSR Core for the Financial Year ended 31^st March, 2025 is attached at Annexure-7A.

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 accounts, financial statements for the year ended 31^st March, 2025, 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, 2025 and of the
profit 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.

ACKNOWLEDGEMENTS

The Directors place on record their deep appreciation to employees of the Company at all levels for their hard work, dedication and
commitment. The Directors are extremely grateful for all the support given by the Government of Gujarat at all levels. The Directors
place on record their sincere thanks to the Promoters, Shareholders, PNGRB, MOPNG, Suppliers, Lenders and Customers for their
valuable support, trust and confidence reposed in the Company.

For and on behalf of the Board of Directors

Date: 5^th August, 2025 Pankaj Joshi, IAS

Place : Gandhinagar Chairman