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

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

Basis for Opinion

We conducted our audit of the standalone Ind AS
Financial Statements in accordance with the Standards
on Auditing ("SA"s) specified under section 143(10) of
the Companies Act, 2013. Our responsibilities under
those Standards are further described in the Auditor's
Responsibilities for the Audit of the standalone Ind AS
Financial Statements section of our report. We are
independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered
Accountants of India ("ICAI") together with the ethical
requirements that are relevant to our audit of the
Standalone Ind AS Financial Statements under the
provisions of the Companies Act, 2013 and the Rules
made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements
and the ICAI's Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate

to provide a basis for our audit opinion on the Standalone
Ind AS Financial statements.

Emphasis of Matter

We draw attention to the following matters in the notes
to the Standalone Ind AS Financial Statements.

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

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

Key Audit Matters

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

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

Information Other than the Standalone Ind AS Financial
Statements and Auditor's Report thereon

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

Our opinion on the Standalone Ind AS Financial
Statements does not cover the other information and
we do not express any form of assurance conclusion
thereon.

In connection with our audit of the Standalone Ind AS
Financial Statements, our responsibility is to read the
other information identified above when it becomes
available and, in doing so, consider whether the other
information is materiallyinconsistent withtheStandalone
Ind AS Financial Statements, or our knowledge obtained
during the course of our audit or otherwise appears to be
materially misstated.

If, based on the work we have performed on the other
information that we have obtained prior to the date of
Auditor's Report, we conclude that there is a material
misstatement of this other information, we are required
to report that fact. We have nothing to report in this
regard.

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

Management's Responsibility for the Standalone Ind AS
Financial Statements:

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

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

In preparing the Standalone Ind AS Financial Statements,
management is responsible for assessing the 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
management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to
do so.

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

Auditor's Responsibilities for the Audit of the
Standalone Ind AS Financial Statements:

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

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

1. Identify and assess the risks of material
misstatement of the Standalone Ind AS Financial
Statements, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion.

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

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

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

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

5. Evaluate the overall presentation, structure
and content of the Standalone Ind AS Financial
Statements, including the disclosures, and whether
the Standalone Ind AS Financial Statements
represent the underlying transactions and events
in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in
the Standalone Ind AS Financial Statements that,
individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user
of the Standalone Ind AS Financial Statements may be
influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in
the Standalone Ind AS Financial Statements.

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

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

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

Other Matters

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

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

c) The Standalone Ind AS Financial Statement for the
year ended 31^st March 2025 includes comparative
financial information for the year ended 31^st March'

2024. The Financial Statements for the year ended
31^st March' 2024 have been audited by the joint
auditors of the Company, one of them was the
predecessor audit firm, where they had expressed
an unmodified opinion on such Standalone Ind AS
Financial Statement on 20^th day of May 2024.

Our opinion on the Standalone Ind AS Financial

Statements is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

c. The Balance Sheet, Statement of Profit
and Loss (including Statement of Other
Comprehensive Income), Statement of Change

in Equity, and Statement of Cash Flows dealt
with by this Report are in agreement with the
books of account;

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

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

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

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

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

i. The Company has disclosed the impact of
pending litigations on its financial position in
its Standalone Ind AS Financial Statements -
Refer Note 51 to the financial statements;

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

iii. There has been no delay in transferring the
amount which was required to be transferred

to the Investor Education and Protection Fund
by the Company;

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

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

(c) Based on the audit procedures that have been
considered reasonable and appropriate in
the circumstances, nothing has come to our

notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of
Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.

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

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

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

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

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

For GOPAL SHARMA & CO. For RKP ASSOCIATES

Chartered Accountants Chartered Accountants

Firm Regn. No: 002803C Firm Regn. No: 322473E

Sd/- Sd/-

CA. Gautam Sharma CA. (Dr.) Kamal Mour

Partner Partner

Membership No.: 079225 Membership No.: 067544

UDIN: 25079225BMMJFC8478 UDIN: 25067544BMLGYC2757

Place: Noida
Date:21^st May' 2025