PETRONET LNG LTD. — Annual Report 2021

Jun 8, 2021

Rcgd. Onice: World Tnidc Ccntrtc, Bahar Road, Barakliamha Lane, New Dclbi-110001 Phone: 0! l-23411411, Fax: 011- 23472550, CIN: L74899])J,1998PLC093073 Em:iil: inYc..¾_1~onctlng.com, Company's website: www.pct1:(metlng.mm l'AN: AAACP8148D GST: 07AAACP8148DIZI

ND/PLL/SECTT/REG. 33/2021

8th June 2021

The Manager	The Manager
The Bombay Stock Exchange Ltd.	National Stock Exchange oflndia Ltd.
Phiroze Jccjeehhoy ·rowers	Exchange Plan>, Bandra Kurla Complex
Dalal Street, Mumbai - 400 001	Bandra East, Mumbai - 400 051

Sub: - (1) Audited Financial Results (standalone and consolidated) along with Independent Auditors' Report for the quarter and year ended 3P1 March 2021 and

(2) Recommendation of Final Dividend for the financial year 2020-21

Dear Sir/Madam __

Pursuant to the provisions of SEI3I (I,isting Obligations and Disclosure Requirements) Regulations, 2015, we hereby infonn the following:

• i) The Board of Directors of the Company has, in its Meeting held on 8111 June, 2021, inter-alia, approved the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended 31st March 2021, a copy of which is enclosed herewith.
• ii) The Independent Auditors' Report on the Audited Financial Results with unmodified opinion (without any qualification) and a declaration from ChiefFinaneial Officer of the Company that Statutory Auditors have given the Audit Report with Unmodified opinion (both Standalone and Consolidated) is also enclosed herewith.
• iii) The Board of Directors of the Company in its above said meeting has also, inter-alia, recommended final dividend of Rs. 3.50 (Three Rupees Fifty Paise only) per share (on the face value of Rs. 10/- each) on the equity shares of the Company for the financial year 2020-21. The final dividend is subject to approval of shareholders in the forth corning Annual General Meeting.

The above said meeting of the Board of Directors commenced at 5.00 p.m. and concluded at 8:40 p.m.

This is f0r information and records please.

Yours fait lly, (Z :,_ C '(s = . ~ Rajan Kapur) CGM& VP-CompanySecrctary

Encl: as aboYc

Dahcj LNG Tcr~inal: Ci I DC Industrial Estate, Plot No. 7/A, Dahej Talub Vagrn, Di,u. miaruch - 392130 (Gujaial) Tel.· 02641-257249 h1x · 02641-257252

Ko~hi L'.'.G Terminal: Snrvey No. 347, Puthuvypn P.O. 682508, Kochi Tel.· 0484-2502268

Hegd. Office: World Trade Centre . .l:labar Road, Ilarakhainha Lane, Nc\v Delhi - 11000 l Phone: 0 I l-2341141 I, fiax: 011- 23472550, CIN: L 74899DL1998PLC093073 F:mail: iDvcstors,'ii~petronctlng.com, Company's website: \VIV\V.pdrone.l)I!g_com PAN" AAACP8148D GST 07AAAC1'8148D!Zl

Declaration from CFO

In terms or Regulation 33 of SEI3J (Listing obligations and Disclosure Requirements) Regulations, 2015, we hereby declare that Mis TR Chadha & Co., the Statutory Auditors of the Company have given the audit report with unmodified opinion on both standalone and consolidated Financial Results orthe Company for the period ended on 31 st March 2021.

For Petronct LNG Limited

Vinod Kumar Mishra Director (Finance) & CFO

Place: New Delhi Dated: 08.06.2021

Dahej LNG Terminal: Kod1i Li\G 1'ei"minal; (i]])C Industrial fatalf. Plot No. 7/A, J)ahcJ Survey N\. 347, Puthuvypu Ta!uka Vagrn, l)istt. Blwruch - 392130 (Gujarat} P.O. (,82508, Kochi Tel.' 02641-257249 Fax· 02641-257252 Tel. 0484-2502268

T R Chadha & Co LLP

Chartered Accountants

fodependcnt Auditor's Report on Quarterly and Year to Date Standalone Financial Results of Petronet LNG Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

'l'o The Board of Directors Pcttonct LNG Limited

Opinion

\Xie have audited the accompanying Statement of Standalone l'inancial Results of Petronct LNG Limited (the Company) for tlie quarter and year ended March 31, 2021 ("the statement"), attached herewith, being submittC'd by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disdosme Requirements) Regulations, 2015, as amended ("the l .isti.ng Regulations")

In our opinion and to the best of our infom1alion and according to according ro the expla1utions given to us, the Statement:

• (i) is j)resented m accordance with the requirements of Regulation :,3 or the Listing Regularions in this regard; and
• (ii) give a trne and fau: vie,v in confomlity with the recognition and measurement principles laid down in the applicable Accounting Standard and other accounting principles generally accepted in India, of the net profit· and total comprehensive Income and other financial information of the Company for the quarter and year ended March 31, 202J.

Basis of Opinion

"Ve conducred our audit in accordance with the Standards 011 Auditii1g (SA) specified under Section 143(10) of the Companies .Act 2013 as amended ("the 1\ct"). Our responsibilities under rhose Standards are further described in "Auditor's ResJJonsibilities for the audit Standalone Fi11ancial Results" sectmn of the report below. \X-'e are mdependent of tbe Company 111 accordance with the Code of Ethics issued by the Institute of Chartered Accountants of lt1dia ("the ICAI") togerher with the ethical 1n1uirenwnls that arc relevant to our audit of the Standalone Financial Results under the prnv1s1ons of the .Act and the rules made thereunder, and we have fulfilled our other ctlucal responsibilities in accordance with these regum·rnent~ and the lCi\J's Code of Etbics. \Ve believe that die audit c.:1dencc obtained by us is sufficient and appmp1iate to pmvide a basis for our audit opmion

Management's Responsibility for the Standalone Financial Results

This Statement, has been prepared on the basis of Standalone Annual fiinancial Sratemenl. The Company's Board of Directors arc responsible for preparatio11 and presentation of the s\atement that give a rruc and fair Yiew of tl1e 1wt profit and other co111J)rehensive mcome and other fi11ancial information in accordance with the recognition and measurement pr111opks Lnd down in the Indian Accounting Standards prescribed under Section ']3_"', of the £\ct read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliann .. with the Listing Regulations. ·n1is re~ponsibility also includes maintenance of adequate accounung records lfl accordance with 1he pnw1sions of the Act for safeguarding the assets of t·hc Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; makmg judgments and esti.tnates that are reasonable and prudent; and the design, irnplementa11011 and maintenance of adequate m1emal financial conriub that were opemting

TR Chadha & Co., a porlnership firm converted into TR ct1adI1a & Co !.LP (A limilod l1abilily partnersh;p with L.LP !dentificalion No. AAF-3926) with effect from 28'" December, 2015

T R Chadha & Co LLP Chartered Accountants

P,

effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor's Responsibility for the Audit of Standalone Financial Results

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

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

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concem.

T R Chadha & Co., a partnership firm converted into T R Chadha & Co LLP (A limited liability partnership with LLP Identification No. AAF-3926) with effect from 28th December, 2015

T R Chadha & Co LLP Chartered Accountants

• Evaluate the overall prcscnla(mn, structure and content of the StatL11w11t, including the disdosurcs, and whether the Statement rcpreRcnt 1he underlyi.t1g transactions and events in a manner tha1 achieves fair presentation.

\ie communicate with those charged with governance rcgatding, among other matters, the planned scope and riming of the audit and significant· audit findi.ngs, including any significant· dcficirncics LI.1 internal control that we identify drn:ing our amlil.

\Vc also provide those charged with governance with a statement that we have complied wi1h relevant ethical requirements regarding independence, and to commumcate ,vith them all relationships and ot·hcr matters that may reasonably be thought to bear on our mdepcndence, and \vherc applicable, related safeguards.

Other Matters

The state111enr mcludes the results for the quarter ended 3'1 st .tvlarch 2021 being the balancing figure bet\veen audited figun:'S in respect of full -financial year ended 3·1" March 2021 and the published year to date figures \lj) to the third quarter of the currC'nt financial yc-ar\vhicb were subject to limited revie\v by us, as required under the Listing Regulations.

For T R Chadha & Co LLP

Chartered Accountants

Film Regn. No. 00671 lN / N500028

Hitesh Garg (Partner) lvlembership No 502955 UDJN- 21502955AAAADG5695 Date: 8th J unc 2021 Place: New Delhi

TR Chadha & Co., a partnership firm conve,ted into TR Chadho & Co Ll.P (A limited liability partnership with LI.P ldcnt1fication No, r,AF-3926) w,lh effect from 28"' December, 2015

Corporate Identity Number: L74899DL1998PLC093073 First Floor, World Trade Center, Babar Road, Barakhamba Lane,

New Delhi 110001

Statement of Audited standalone financial results for quarter and year ended 31st March, 2021

(All amounts are Rupees in lac, unless otherwise stated)

∛

	zin amazuna are napodo in iste, aniquo onter nua marchyParticulars	Quarter Ended		Year Ended
		31-Mar-21	31-Dec-20	31-Mar-20	$31 - Max - 21$	31-Mar-20
		Audited	Un-audited	Audited	Audited	Audited
a.	Revenue
	Revenue from operations	7,57,532	7,32,823	8,56.715	26,02,290	35,45,200
	Other income	4.915	11.106	8,648	38,815	37,257
	Total Revenue	7,62,447	7,43,929	8,65,363	26,41,105	35,82,457
b.	Expenses
	Cost of materials consumed	6,28,167	5.84,337	7.43,597	20.68.150	30,49,594
	Employee benefits expense	4,295	3,433	2.891	14,711	12.576
	Finance costs	8,129	8,150	10,353	33,595	40,320
	Depreciation and amotization expense	20,283	19,249	19,422	78,409	77.613
	Other expenses	15,961	11,524	40,475	49,475	84,083
	Total Expenses	6,76,835	6,26,693	8,16,738	22,44,340	32,64,186
		85,612	1,17,236	48,625	3,96,765	3,18,271
c.d.	Profit before exceptional items and tax (a-b)					7,206
	Exceptional Items
e.Ŧ.	Profit/ (loss) before tax (c-d)	85,612	1,17,236	48,625	3,96,765	3,11,065
	Tax expense:	23.400		16.500
	Current tax		29,600		1,02,500	86,000
	Deferred tax	(125)	(211)	(3,777)	(672)	(44,695)
	Total tax expense	23,275	29,389	12,723	1,01,828	41,305
lA.	Profit/ (loss) for the period (e-f)	62,337	87,847	35,902	2,94,937	2,69,760
	Other comprehensive income
	Items that will not be reclassified to profit or loss
	Remeasurement of defined benefit plans	(380)		(317)	(380)	(317)
	Income tax relating to remeasurement of defined benefit plans	96		80	96	80
B	Total other comprehensive income for the period	(284)	$\hat{\phantom{a}}$	(237)	(284)	(237)
C	Total comprehensive income for the period $(A + B)$	62,053	87,847	35,665	2,94,653	2,69,523
	Paid-up Share Capital	1,50,000	1,50,000	1,50,000	1.50.000	1,50.000
	Other Equity	10.14,950	9,52,897	9,45,297	10.14,950	9,45.297
	Net Worth	11,64,950	11,02,897	10.95,297	11,64,950	10,95,297
	Earnings per equity share (Face value of Rs. 10/- cach)
	Basic (Rs.)	4.16	5.86	2.39	19.66	17.98
	Diluted (Rs.)	4.16	5.86	2.39	19.66	17.98
			(not annualised)		(annualised)

ÿ

Statement of Assets and Liabilities as on 31st March, 2021

$\ddot{\phantom{a}}$

禾

	(All amounts are Rupees in lac, unless otherwise stated)
			Standaloue
	Particulars	As at 31March 2021	As at 31March 2020
		Audited	Audited
	ASSETS
	ΛINon-current assets
	Property, plant and equipment	7,28,078	7.69.647
	Capital work-in-progress	2,548	468
	Other intangible assets	22	20
	Right to Use assets	3,03,214	3,49,152
	Investments in Joint Ventures	16,438	16,438
	Financial assets
	(i) Investments	0.13	0.13
	(ii) Loans	2,122	2,231
	(iii) Other non-current financial assets	451	5,437
	Non Current tax assets (net)	10,053	13,065
	Other non-current assets	14,149	8,555
	Total Non-Current Assets (A)	10,77,075	11,65,013
B	Current assets		48,089
	InventoriesFinancial assets	33,718
	(i) Investment	1,38,519	18,467
	(ii) Trade receivables	1.87,453	1,60,257
	(iii) Cash and cash equivalents	84,933	97,602
	(iv) Other bank balances	3,49,301	3,45,599
	(v) Other current financial assets	18,639	30,852
	Other current assets	3,626	4,016
	Total Current Assets (B)	8,16,189	7,04,882
	Total Assets (A+B)	18,93,264	18,69,895
	EQUITY AND LIABILITIES
$\mathbf C$	Equity
	Equity share capital	1,50,000	1,50.000
	Other equity	10,14,950	9,45,297
	Total Equity (C)	11,64,950	10,95,297
	D Liabilities
	Non-current liabilities
	Financial liabilities
	(i) Borrowings	2,300	6,439
	(ii) Lease liability	3,32,165	3,58,851
	Long-term provisions	3,088	1,486
	Deferred tax liabilities (net)	88,059	88,829
	Other non-current liabilities	95,258	1,01,581
	Total Non-Current Liabilities (D)	5,20,870	5,57,186
E.	Current liabilities
	Financial liabilities
	(i) Trade payables
	- total outstanding dues of micro enterprise and small enterprises (MSME's)	865
	- total outstanding dues of creditors other than micro enterprise and small enterprises	1,02,680	1,16,607
	(ii) Other financial liabilities	39,618	48.179
	Other current liabilities	57,538	50,814
	Short-term provisions	6,743	1,812
	Total Current Liabilities (E)	2,07,444	2,17,412
F	Total Liabilities (F=D+E)	7,28,314	7,74,598
	Total Equity and Liabilities (C+F)	18,93,264	18,69,895

$\widehat{MS}$ Aejieo Á $\mathcal{W}_{\mathcal{G}(\mathcal{C})\mathcal{G}(\mathcal{C})}$

Notes:

• The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 8th June 2021. The Statutory auditors of the Company have carried out audit of the aforesaid results.
• $\overline{2}$ The Company primarily operates in the business of import and processing of liquified natural gas. Accordingly, there is only one Reportable Segment i.e. "Natural Gas Business", hence no specific disclosure has been made w.r.t. operating segments.
• In view of expected increase in capacity utilisation at Kochi terminal, the customers of the Company are asking for lower regasification tariff for Kochi Terminal $\overline{3}$ w.e.f. 1st April 2019. The Company is in discussion with its customers for volumes tied up with respect to the said terminal and pending the finalisation of tariff the Company has recognised revenue on the basis of offered regasification tariff. The impact of the same, if any, including the possible impact on impairment of Kochi Plant, cannot be determined at this stage.
• The Company has invoiced Rs. 19844 lac (excluding GST) as "Use of Pay charges" to its 3 customers, over a period of 4 years, for under utilisation of $\boldsymbol{A}$ committed regasification facility at Dahej Plant, as per the terms of long-term regasification agreement and booked the same as income in respective years. Till $3$ lst March 2021, total amount of Rs. 14392 lac (excluding GST) has been withheld and Rs. 5452 lac (excluding GST) has been paid under protest. The Company is in discussion with respective customers for resolution of the issue. The company is confident that issue will be resolved in due course and no material adjustment is expected on settlement.
• The operations of the Company were not materially interrupted during the lockdown due to outbreak of COVID-19, as natural gas is declared as one of the 5 essential commodities by the Government of India. The Company has evaluated the possible effects on the carrying amounts of property, plant and equipment, inventory, loans, receivables and debt covenants basis the internal and external sources of information and determined, exercising reasonable estimates and lindgements, that the carrying amounts of these assets are recoverable. Considering the above, and the Company's healthy liquidity position, there is no uncertainty on the going concern of the Company and the Company will be able to meet its financial obligations over the foreseeable future.
• The Board of Directors have recommended final dividend of Rs 3.5 per share of Rs 10 each on paid up capital of Rs 1500 Cr for FY 2020-21 subject to the 6 approval of shareholders.
• 7 Previous year/period figures have been regrouped and rearranged to make them comparable with current period figures.

Place: New DelhiDate: 8 June 2021	By grder of the BoardLNGAnal Country Co.Elion Celしふっかり$\widetilde{\mathcal{E}}$Vinod Kumar MishraDirector (Finance)œ۰O۰DIN: 08125144
	Cow Dell'

Standalone Statement of Cash flows for the year ended 31 March 2021

(All amounts are in Rupees lac, 1111/ess otherwise slalecO

	Fo1· the year ended31 March 2021	For the year ended31 March 2020
A. Cash flow from operating activities
Net Profit before tax	3,96,765	3,11,065
Adjustment for:
Depreciation	78,409	77,613
Loss on the sale of fixed asset	58	5
Profit on sale /fair valuation of current Investment	(4,193)	(5,942)
Interest Expense	33.595	40,320
Foreign exchange (gain)/ loss on restatement of financial liabilities	(8.420)	27,645
lntercst Income	(20,275)	(27,614)
Dividend Income	(2,907)	(900)
Excess provision written back	( 158)	( 487)
Operating profit before ,,,orking capitlll changes·	4,72,874	4,21,705
Movements in working capital :-
(Increase)/ Decrease in loans	109	261
(lncrcase)/ Decrease in inventories	14,371	8,854
{lncrease)/ Decrease in trade r~ccivablcs	(27,196)	(22,012)
(Increase)/ Decrease in other financial assets	, 6,247	(9,449)
(Increase)/ Decrease in Other assets	(4,804)	(550)
Increase/ (Decrease) in trnde payables	(13,064)	(12,430)
Increase/ (Decrease) in other financial liabilities	161	401
Increase/ (Decrease) in provisions	6,3 ! I	198
Increase/ (Decrease) in other liabilities	401	(4,913)
Cash Generated from/ (used in) operations	4,55.411	3,82,066
Less: Income Tax Paid (net ofref'unds)	{99,488)	(47,448)
Net Cash generated from /(used in) operating activities (A)	3,55,923	3,34,618
Cash flow from investing activitiesB.
Net proceeds/ (pu~chase) of property, plant and equipment and	(7,279)	(8,889)
capital work in progress
Net proceeds/ (purchase) of intangible assets	(25)
Dividend Received	2,907	900
Net proceeds/ (purchase) of investments	(1,15,859)	(32,725)
Interest received	26,227	27,614
Net movement in fixed deposits	1,298	(19,077)
Net Cash Generated from I (Used in) Investing Activities (B)	(92,731)	(32,178)
C.Cash Flow from Financing Activities
Net procceds/(Repa/mcrn) ' of] ,ong Tenn Borrowings	(3,680)	(1,380)
Interest Expense Paid	(33,596)	(17,850)
Dividend paid	{2,24,518)	(81,375)
Lease Liability paid	(14,067)	(2,789)
Net Cash generated from/ (used in) Financing Activities (C)	(2,75,861)	(l,03,394)
Net Increase/(Dccrease) in Cash and Cash Equivalents (A+B+C)	(12,669)	1,99,046
Balance at the beginning of the year
Cash and cash equivalents at the beginning of the year	97,602	22,658
Balance at the end of the year	84,933	2,21,704

T R Chadha & Co LLP

Chartered Accountants

Independent Auditor's Report on Quarterly and Year to Date Consolidated Financial Results of Petronet LNG Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors Petronct LNG Limilcd

Opinion

\Ve have audited the accompanying Statement· of ConsolidatC'd Financial Results of Petronet LNG Limited (the Parent) and its share of the profit of its joint ventures (the parmt and its joint venture together referred a~ "the group'') for the quarter and year c11dt·d I\hrch 31, 2021 ("the statement''), a!"tachcd herewith, being submitted by the company pursuant to the tcyuircment of Regulation 33 of the SEBl (Listing Obligations and Disclosure Reyuiremenls) Regulations, 2015, ;1s amended ("the J_isting Regulations")

In our opinion and tu the best of our info1111ation and according to according to the expla111itions given to us iind based on the consideration of the report of other auditors on separate audited financial statement of joint ventures referred to 111 Other Matter secti()n below, the Starcment:

• (i) include the financial result of the followmgJointly controlled entitic's:
  • Adani Peri-<me( (Dahcj) Port Pvl. l.,im_ited
  • India LNC; 'li:ansport (4) Private Company Limited
• (ii) is pres en led in accordance with the requirements of Regulation 33 of the l .isti.t1g Regulations in tlus regard; mid
• (iii) give a true and fair vie\v in confot1Tllty \V:ith the recognition and measurement principles latd down in the applicabk Accounting Standard and other accounting prmcipks generally accepted i11 India, of the net profit and total comprehensi\·e Income and otlwr financial mformation of the Company for the quarler and year ended lVlarch 31, 2021,

Basis of Opinion

\Ve conducted our audit 111 accordance with 1.he Standards on Auditing (SA) specific'd under Section 143(10) of the Companies Act 2013 as amended ("the Act"). Om responsibilities under those Standards arc further describl'd in "Audito1:'s Responsibilities for the audir Consolidated Fit1ancial Results" section of the report below. \Xie are independenr of the (;roup in accordance with 1he Code of Ethics issned by die Institute of Chal"tered Accountants of India ("the JCAl") togetl1er \Vith the ethical requirements that are relevant to our audit of the Consolidated Pinanc1al Results under the provisions of tlw Act and the rules made thereunder, and we have fulfilled our other ethical re-"ponsibilities in accordance with these' requirements and the JCAI's Code ofEthics. \Xie belil've tlrnt the audit evidence obtained by us is suffinent and appropriate to provide' a basis for our audit OJ)inion

Management's Responsibility for the Consolidated Financial Results

Tlus Statenwnr, has been prepared on the basis of Consolidated Annual l'inancrnl Staternent. The Parent Company's Board of Directors ate responsible for preparation and presc11tation of thl' statemen1 that give a true and fair view of the net prqfit and other comprehensive mcomc and other financial information 111 accordance \vitl1 the recog11irion and measurement principles laid dow1.1 m the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thc'rctmder a11d otlicr accounting principles gu1ernlly accepted 111 T ndia and in compliance with

TR Chadtrn & Co., a partnership firm converted mlo TR Chatlha & Co LLP (A lim,led l1ab1lily pa,tnGrship with LLP )denltf1cation No. AAl'-3926) with effect from 281" December, 2015

T R Chadha & Co LLP Chartered Accountants

th(:' Listing Regulations. "l11e respective Board of Directors of Comp,mies included m the Group arc responsible for maintenance of mleguatc accounting records in accordance \Vith the prnYis1ons of the Act for safeguarding the assers of the Group and for preventing and detecting frauds and other incgularitics; selection and application of appropriate accounting policies; making judgments and estimates that arc reasonable and prudent; and die design, implementation and maintenance of adequate int·emal linannal controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant lo the preparation ;wd presentation of the Consolidated Pinancial Results that give a !me and fair Vl('W and is free from matt:r:ial nUs-statemcnt, whether due to fraud or error, which ha,•!c been used for the purpose of preparation of the S1atcnwnl by the Directors of rhc Parent Company, as aforesaid

ln preparing the Statement, the rcspec1ivc Board of Directors of Companies included in Group arc responsible for ass(•ssing the (;roup's ability, to continue as a going concern, disclosing, as applicable, matters related to gomg concern and using the going concern basis of accounting unless the respective Board ofDirecton either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the Company included io group arc also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibility for the Audit of Consolidated Financial Results

Our objectives arc to obta111 reasonable assurance about whether the Statement as a whole arc free from matcnal nusstatement, whether due to fraud or error, and to issue an auditor's report that includes our opmion. Reasonable assurance is a high level of assurance, but is not a guanmtcc thal an audit conducted in accordance with S.As will always detect a matenal nusstaremctlt \vlien it exists. I:vfisstatements can arise from fraud or t'rror and are considered matcnal if, individually or in the aggregate, they could reasonably be expected to inllucnct' the economic <lecfoions of un'rs taken on tlw basis of the Statement.

1\s part of an audit in accordance \Vith SAs, we exercise professional judgment and maintain professional skepticism throughout the audit Y(le also:

• Identify and assess the r1~ks of material nusstatemcnt of the Statement, whether due 10 fraud or t'lTOt, design and perform audit procedures responsive to those nsks, and obtain audir evidence that 1s wfficic11t and appropriate to provide a basis for our opinion. The risk of no\ detecting a material misstatcm!cnt 1-csulting from fraud 1s higher than for one rcsuhmg from error, as fraud may involve collusion, forgery, mtentional omissions, misreprescnt;1tions, or the override of internal control.
• Obtai.11 an understandi11g of internal control relevant to the amlil in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we arc also responsible for expressing our opmion through a separate report on the complete ser of llnancial statements 011 whether rhe company has adequate mtemal financial controls with reference to financial statements in place and the operating effectiveness of uch control.
• Evaluate the appropriateness of acconnting policies used and the reasonableness of accounting estimates andrdared Clisdosun:s m the standalone financial results made by the I'vlanagemcnl and Board of Directors

T R Chadlia & Cc,., a partnership firm rnnverled into T R Chadha & Co l.LP (A l1<111ted liab1l1ty partnership with LLP !dE'nt1f,cal1011 No. AAF·3926) with effect from 28"' December, ~015

T R Chadha & Co LLP Chartered Accountants

• Conclude on the appropriatc11css of the Ivfanagcrnent and Board of Directors use of the going concern basis of accounting nnd, bas(.'d on the audit evidence obtained, whether a material uncertainty exists relMed to events or conditions that may cast significant doubt on the appropriateness of this assumption. If v,?c conclude that a material uncertainty nos ts, we are required to draw artentioo in our auditor's report to the related disclosures in the Statement or, if sucb disclosures arc inadequate, lo modify our opinio11. Our conclustons are ba~ed on the audit evidence obtained up lO t·he date of our audiror's repotl. l lowever, future events or conditions may cause the Group to cease lo continue as a going conccm.
• Evaluate 1hc overall presentation, slrncture and content of the Statement, mduding the disclosures, a11d whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
• ObtaU1 sufficient approp1iatc audit evidence regarding the financrnl re:::uhs of the entities w1t·hin the Group of which we arc the auditor to express an opmion on the Statement. "Xie arc respomible for the d1rec(1on, supervision and performance of the audit of the fmancial information of such entities included in the Statement of which we arc the mdcpmdent auditors. For the other entities mdudcd in the Statement, which ha,•e bec11 audited by other auditors, such other auditors remain responsible for the direction, supenriston and ped011nance of the audits earned oul by them. '\Xie remain wkly tesponsible for our audit opmion

\/e commtmicate with those drnrged with governance of the Parent Entity, among other matters, the planned scope and timing of the audit and significant audi1 findings, mduding any sigmficant deficiencies in internal control that we identi(v during our audi1.

\Ve also provide those charged \r:ith governance with a statement dut we have complied with rdevant ethical 1u1uiremcnts regarding independence, and to communicate wi1h them all relationships and other matters that may reasonably be thought (o btar on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. C1R./CPD/Ct:V1D1/44/20'J9 dated J\farch 29, 2019 issued by the Securitie~ Exchange Board offodia under Regulation 33 (8) of the l .isting Regulations, to the extent applicable

Other Matters

The consolidated fo1ancial remits include the group's share of net profil of Rs. 18.52 crores (including Other Comprehensive Income) for the year t·nded 31,L March 2021, as comidered in the consolidated financial results, in respect of its two joint venture namely Adani Pctronet (Dabej) Port Pvt. Ltd. (APPPL) and India LNG Transport Co No (4) Pvt. I.rd (ILT4), whose financial ~ta1ements/financial information have not been audited by m.

The financial statements of 1\PPPL and ILT4 ha'e lxcn audited by other auditors whose reports have been furnished to us by the management and our opinion. m so far as it relates to the affairs of such Joint venture entity ts based solely on the report of such other auditot.

Our opinion on thl' statement is not modified in 11:spect of the above matter., with regard 10 our reliance on the work done and report of the other auditor.

TR Chadha & Co., a partnership firm converted into TR ct1adha & Co LLP (A limited l,ability partnership with LLP ldenllf1cation No. AAF-3926) with effect from 28th December, 2015

TR Chadha & Co LLP Chartered Accountants

The s1atcrnmt includes the results for the quarkr ended _)1 st IVfarch 2021 bcmg the baL1ncing fignre between audited figures in rc~pect of full financial year ended 31 "' March 2021 and the published year to date f.tgun"s up to the third quarter of the currc'nt financial year ,vhich were rnbject to limited revie,v by us, as required under the Listing Regulations.

Por T R Chadha & Co LLP Chartered Account.ants Finn Regn. No. 006711N / N500028

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Hitesh Garg (Partner) Membership No. 502955 UDIN - 21502955AAAADH3759 Date: 8th June 2021 Place: New Ddhi

TR Chadha & Co., a parlnership f,rm corwerl~d into TR Chadl1a & Co LLP (A larrnted liabil1ly partnership with LLP Identificalion No. AAF·3926) with effect from 28'" December, 2015

Petronet LNG Limited Corporate Identity Number: L74899DL1998PLC093073 First Floor, World Trade Center, Babar Road, Barakhamba Lane,

New Delhi 110001

Statement of Audited consolidated financial results for quarter and year ended 31st March, 2021(All amounts are Rupees in lac. unless otherwise stated)

l,

	Particulars		Quarter Ended		Year ended
		31-Mar-21	31-Dec-20	31-Mar-20	$31-Mar-21$	31-Mar-20
		Audited	Un-audited	Audited	Audited	Audited
la.	Revenue
	Revenue from operations	7,57,532	7,32,823	8,56,715	26,02,290	35,45,200
	Other income	4,915	9,967	8,648	35,908	36,357
	Total Revenue	7,62,447	7,42,790	8,65,363	26,38,198	35,81,557
b.	Expenses
	Cost of materials consumed	6,28,167	5,84,337A	7,43,597	20,68,150	30,49,594
	Employee benefits expense	4,295	3,433	2,891	14,711	12,576
	Finance costs	8,129	8,150	10,353	33,595	40,320
	Depreciation and amotization expense	20,283	19,249	19,422	78,409	77,613
	Other expenses	15,961	11,524	40,475	49,475	84,083
	Total Expenses	6,76,835	6,26,693	8,16,738	22,44,340	32,64,186
ŀc.	Profit before exceptional items and tax (a-b)	85,612	1,16,097	48,625	3,93,858	3,17,371
la.	Share of profit of equity-accounted investees(JV), net of tax	1,455	1.497	1,418	1,893	1,475
ŀc.	Profit before exceptional items and tax (e+d)	87,067	1,17,594	50,043	3,95,751	3,18,846
r.	Exceptional Items					7,206
g	Profit/ (loss) before tax (e-f)	87,067	1,17,594	50,043	3,95,751	3,11,640
h.	Tax expense:
	Current tax	23,400	29,600	16,500	1,02,500	86,000
	Deferred tax	(125)	(211)	(3,777)	(672)	(44, 695)
	Total tax expense	23,275	29,389	12,723	1,01,828	41,305
A		63,792	88,205	37,320	2,93,923	2,70,335
	Profit/ (loss) for the period (g-h)
	Other comprehensive income
	Items that will not be reclassified to profit or loss
	Remeasurement of defined benefit plans	(380)		(317)	(380)	(317)
	Income tax relating to remeasurement of defined benefit plans	96		80.	96	80
	Equity-accounted investees(JV) - share of OCI	(41)		(41)	(41)	(46)
B	Total other comprehensive income for the period (B)	(325)	$\frac{1}{2}$	(278)	(325)	(283)
C	Total comprehensive income for the period $(A + B)$	63,467	88,205	37,042	2,93,598	2,70,052
	Paid-up Share Capital	1,50,000	1.50,000	1,50,000	1,50,000	1,50,000
	Other Equity	10,30,690	9,67,223	9,62,092	10,30,690	9,62,092
	Net Worth	11,80,690	11, 17, 223	11, 12, 092	11,80,690	11,12,092
	Earnings per equity share (Face value of Rs. 10/- each)
	Basic (Rs.)	4.25	5.88	2.49	19.59	18.02
	Diluted (Rs.)	4.25	5.88	2.49	19.59	18.02
			(not annualised)			(annualised)

$\frac{1}{2} \mathbb{S}^2$

Consolidated Balance Sheet as at 31st March, 2021

J.

$\sum_{n=1}^{\infty}$

	(All amounts are Rupees in lac, unless otherwise stated)
	Particulars		Consolidated
	Particulars	As at 31March 2021	As at 31 March2020
	ASSETS
A	Non-current assets
	Property, plant and equipment	7,28,078	7,69,647
	Capital work-in-progress	2,548	468
	Other intangible assets	22	20
	Right to Use assets	3,03,214	3,49,152
	Investments in Joint Ventures	32,178	33,233
	Financial assets
	(i) Investments	$\theta$	0.13
	(ii) Loans	2,122	2,231
	(iii) Other non-current financial assets	451	5,437
	Non Current tax assets (net)	10,053	13,065
	Other non-current assets	14,149	8,555
	Total Non-Current Assets (A)	10,92,814	11,81,808
B	Current assets
	Inventories	33,718	48,089
	Financial assets
	(i) Investment	1,38,519	18,467
	(ii) Trade receivables	1,87,453	1,60,257
	(iii) Cash and cash equivalents	84,933	97,602
	(iv) Other bank balances	3,49,301	3,45,599
	$(v)$ Other current financial assets	18,639	30,852
	Other current assets	3,626	4.016
	Total Current Assets (B)	8,16,189	7,04,882
	Total Assets (A+B)	19,09,003	18,86,690
	EQUITY AND LIABILITIES
${\bf C}$	Equity
	Equity share capital	1,50,000	1,50,000
	Other equity	10,30,690	9,62,092
	Total Equity (C)	11,80,690	11,12,092
D	Liabilities
	Non-current liabilities
	Financial liabilities
	(i) Borrowings	2,300	6,439
	(ii) Lease liability	3.32.165	3,58,851
	Long-term provisions	3,088	1,486
	Deferred tax liabilities (net)	88,059	88,829
	Other non-current liabilities	95,258	1,01,581
	Total Non-Current Liabilities (D)	5,20,870	5,57,186
Е.	Current liabilities
	Financial liabilities
	(i) Trade payables
	- total outstanding dues of micro enterprise and small enterprises (MSME's)	865
	- total outstanding dues of creditors other than micro enterprise and small enterprises	1,02,680	1,16,607
	(ii) Other financial liabilities	39,618	48,179
	Other current liabilities	57,537	50,814
	Short-term provisions	6,743	1,812
	Total Current Liabilities (É)	2,07,443	2,17,412
F	Total Liabilities (F=D+E)	7,28,313	7,74,598
	Total Equity and Liabilities (C+F)	19,09,003	18,86,690

Consolidated Statement of Cash flows for the year ended 31 March 2021

(At/ amounts arr: in Rupees lac, 1111/ess otherwise slatedi

	For the year ended31 March 202 I	For the ye~r ended31 March 2020
A. Cash flow from operating activities
Net Profit before tax	3,95,751	3, 11,64 I
Adjustment for:
Depreciation	78,409	77,613
Loss on the sale of fixed asset	58	5
Profit on sale /fair valuation of current Investment	(4,193)	(5,942)
Interest Expense	33,595	40,319
Foreign exchange (gain,)/ loss on restatement of financial liabilities	(8,420)	27,645
Share of Profit of JV	(1,893)	(1,475)
!merest Income	(20,275)	(27,614)
r~xcess provision written back	( 158)	(487)
Operating profit before working capital changes	4,72,874	4,21,705
Movements in working capital :-
(Increase)/ Decrease in loans	)09	261
(J ncreasc )/ Decrease in inventories	14,371	8,855
(Increase)/ Dccrease in trade receivables	(27,196)	(22,012)
(Increase)/ Decrease in other financial assets	6,247	(9,448)
(Increase)/ Decrease in Other assets	(4,804 l	(5.50)
Increase/ (Decrease) in trade payables	(13,064)	(!2,431)
Increase/ (Decrease) in other financial liabilities	161	401
Increase/ (Decrease) in provisions	6,311	198
Increase/ (Decrease) in other liabilities	401	(4,915)
Cash Generated from/ (used in) operations	4,55,41 I	3,82,065
Less: Income Tax Paid (net of refunds)	(99.488)	(95, 755')
Net Cash generated from /(used in) operating activities (A)	3,55,923	2,86,31 I
Cash flow from investing activitiesB.
Net proceeds/ (purchase) of properly, plant and equipment and	(7,279)	(4,079)
capital work in progress
Net proceeds/ (purchase) of intangible assets	(25)
Net proceeds/ {purchase) of equity accounted investees	2,907	900
Net proceeds/ (purchase) of investments	( I, 15,859)	69,964
Interest received	26,227	24,342
Net movement in fixed deposits	1,298	2,971
Net Cash Generated from/ (Used in) Investing Activities (B)	(92,731)	94,097
C.Cash Flow from Financing Activities
Net proceeds/(Repayment) of Long Term Borrowings	(3,680)	(63,220)
Interest Expense Paid	(33,596)	(42,648)
Dividend paid	(2,24,518)	(1,80,833)
Lease Liability paid	(14,067)	(18,763)
Net Cash generated from/ (used in) Financing Activities (C)	(2,75,861)	(3,05,464)
Net lncrcase/(Decrease) in Cash and Cash Equivalents (A+B+C)	(12,669)	74,944
Balance nt the beginning of the year
Cash and cash equiv<).lents at the beginning of the year	97,602	22,658
Balance at the end of the year	84,933	97,602

• $\overline{\bf N}$ otes : The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 8th June 2021. The Statutory auditors of the Company have carried out audit of the aforesaid results.
• The Company primarily operates in the business of import and processing of liquified natural gas. Accordingly, there is only one Reportable Segment i.e. "Natural $\overline{2}$ Gas Business", hence no specific disclosure has been made w.r.t. operating segments.
• In view of expected increase in capacity utilisation at Kochi terminal, the customers of the Company are asking for lower regasification tariff for Kochi Terminal $\mathbf{R}$ $w, \varepsilon$ . Ist April 2019. The Company is in discussion with its customers for volumes tied up with respect to the said terminal and pending the finalisation of tariff the Company has recognised revenue on the basis of offered regastiteation tariff. The impact of the same, if any, including the possible impact on impairment of Kochi Plant, cannot be determined at this stage
• The Company has invoiced Rs. 19844 lac (excluding GST) as "Use of Pay charges" to its 3 customers, over a period of 4 years, for under utilisation of $\overline{4}$ committed regasification facility at Dahej Plant, as per the terms of long-term regasification agreement and booked the same as income in respective years. Till 31st March 2021, total amount of Rs. 14392 lac (excluding GST) has been withheld and Rs. 5452 lac (excluding GST) has been paid under protest. The Company is in discussion with respective customers for resolution of the issue. The company is confident that issue will be resolved in due course and not material adjustment is expected on settlement.
• 5 The operations of the Company were not materially interrupted during the lockdown due to outbreak of COVID-19, as natural gas is declared as one of the essential commodities by the Government of India. The Company has evaluated the possible effects on the carrying amounts of property, plant and equipment, inventory, loans, receivables and debt covenants basis the internal and external sources of information and determined, exercising reasonable estimates and judgements, that the carrying amounts of these assets are recoverable. Considering the above, and the Company's healthy liquidity position, there is no uncertainty on the going concern of the Company and the Company will be able to meet its financial obligations over the foreseeable future.
• The Board of Directors have recommended final dividend of Rs 3.5 per share of Rs 10 each on paid up capital of Rs 1500 Cr for FY 2020-21 subject to the $\ddot{\theta}$ approval of shareholders.

Previous year/period figures have been regrouped and rearranged to make them comparable with current period figures.

By order of the Board LNG Place: New Delhi Vinod Kumar Mishra m Date: 8 June 2021 Director (Finance) DIN: 08125144

Regd. Office: World Trade Centre, Babar Road, Barakhamba Lane, New Delhi – 110001 Phone: 011-23411411, Fax: 011- 23472550, CIN: L74899DL1998PLC093073 Email: investors@petronetlng.com, Company's website: www.petronetlng.com PAN: AAACP8148D GST: 07AAACP8148D1ZI

CS/PLL/Listing/2021 28th April 2021

The Manager BSE Limited Phiroze Jeejee bhoy Towers Dalal Street, Mumbai – 400 001 The Manager National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai – 400 051

Sub: Initial Disclosure for the Financial Year 2021-22 Ref: SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018

Dear Sir/ Madam,

We hereby confirm that we are not a large corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. Please find below the details of initial disclosure for the financial year 2021-22:-

Sr. No.	Particulars	Details
1.	Name of the Company	Petronet LNG Limited
2.	CIN	L74899DL1998PLC093073
3.	Outstanding borrowing of company as on 31st March,2021 (in Rs Crore)	Nil
4.	Highest Credit Rating During the previous FY alongwith name of the Credit Rating Agency	Domestic RatingAAA by ICRA, CRISILInternational RatingBaa3by MOODY
5.	Name of Stock Exchange in which the fine shall be paid,in case of shortfall in the required borrowing under theframework	NA

Sd/- Sd/- (Rajan Kapur) (Vinod Kumar Mishra) CGM & VP – Company Secretary Director (Finance) & CFO investors@petronetlng.com dir.fin@petronetlng.com

Dahej LNG Terminal: GIDC Industrial Estate, Plot No. 7/A, Dahej Taluka Vagra*,* Distt. Bharuch - 392130 (Gujarat) Tel.: 02641-257249 Fax· 02641-257252

Kochi LNG Terminal: Survey No. 347, Puthuvypu P.O. 682508, Kochi Tel.· 0484-2502268

Regd. Office: World Trade Centre, Babar Road, Barakhamba Lane, New Delhi – 110001 Phone: 011-23411411, Fax: 011- 23472550, CIN: L74899DL1998PLC093073 Email: investors@petronetlng.com, Company's website: www.petronetlng.com PAN: AAACP8148D GST: 07AAACP8148D1ZI

CS/PLL/Listing/2021 28th April 2021

The Manager BSE Limited Phiroze Jeejee bhoy Towers Dalal Street, Mumbai – 400 001 The Manager National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai – 400 051

Sub: Annual Disclosure for the Financial Year 2020-21 Ref: SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018

Dear Sir,

Pursuant to SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, please find below the details of the Annual Disclosure for the financial year 2020-21:

• 1. Name of the Company : Petronet LNG Limited
• 1. CIN : L74899DL1998PLC093073
• 1. Report filed for FY : 2020-21
• 1. Details of the borrowings (all figures in Rs crore) :

S. No.	Particulars	Details
i.	Incremental borrowing done in FY	Nil
	(a)
ii.	Mandatory borrowing to be done through issuance of debt	N.A.
	securities
	(b) = (25% of a)
iii.	Actual borrowings done through debt securities in FY	Nil
	(c)
iv.	Shortfall in the mandatory borrowing through debt securities, if	Nil
	any
	(d) = (b) - (c)
	{If the calculated value is zero or negative, write "nil"}
v.	Reasons for short fall, if any, in mandatory borrowings through	N.A.
	debt securities

Sd/- Sd/- (Rajan Kapur) (Vinod Kumar Mishra) CGM & VP – Company Secretary Director (Finance) & CFO investors@petronetlng.com dir.fin@petronetlng.com

Kochi LNG Terminal: Survey No. 347, Puthuvypu P.O. 682508, Kochi Tel.· 0484-2502268