To,
Members
Gujarat State Petronet Limited
The Directors take pleasure in presenting the 26th Annual Report and
Audited Accounts of Gujarat State Petronet Limited ("GSPL") for the year ended
31st March, 2024.
FINANCIAL HIGHLIGHTS
Your Company has been demonstrating stable performance parameters.
Major Highlights of the Company are summarized below:
(Rs in Crore)
| Particulars (Standalone Accounts) |
FY 2023-24 |
FY 2022-23 |
| Total Income |
2,366.59 |
1,930.21 |
| Employee Benefit Expenses |
80.26 |
72.22 |
| Other Expenses |
447.19 |
430.96 |
| Total Expenses |
527.45 |
503.18 |
| PBDITA |
1,839.14 |
1,427.03 |
| Finance Cost |
4.93 |
4.62 |
| Depreciation & Amortisation |
192.01 |
193.86 |
| Profit Before Tax |
1,642.20 |
1,228.55 |
| Tax including Deferred Tax |
357.56 |
283.60 |
| Profit from continuing operations after tax |
1,284.64 |
944.95 |
| Profit from discontinued operations after tax |
- |
- |
| Profit for the year after Tax |
1,284.64 |
944.95 |
| EPS for the year (?) |
22.77 |
16.75 |
| Appropriations |
|
|
| Transfer to General Reserves |
NIL |
NIL |
PERFORMANCE HIGHLIGHTS
• GSPL has successfully extended the gas grid up to 2706
kilometre.
• 100% Pipeline grid availability and "accident free"
year of operations.
• During FY 2023-24, Total Income stood at Rs 2,366.59 Crore, as
compared to Rs 1,930.21 Crore and PBT was Rs 1,642.20 Crore as compared to Rs 1,228.55
Crore over Previous Year.
• The Profit After Tax for FY 2023-24 is Rs 1,284.64 Crores
vis-a-vis Rs 944.95 Crores for FY 2022-23.
DIVIDEND
As per the provisions of the Regulation 43 (A) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("Listing Regulations"), GSPL adopted a Dividend Policy which has been
amended w.e.f. 11th May, 2023. The Policy is available on the website of GSPL at
https://gspcgronp.com/docnments/pagecontent/DDPGSPL.pd f. Keeping in view
the various factors including the fund requirements for expansion of projects and
subsidiaries, Government of Gujarat Guidelines as mentioned in the Policy, the Board of
Directors of GSPL is pleased to recommend Dividend of Rs 5 (i.e. @ 50%) per Equity Share
of the face value of Rs 10 each for the Financial Year 2023 - 24 subject to the approval
of Shareholders in the ensuing Annual General Meeting. The total cash outflow on account
of the proposed Dividend for the Financial Year 2023 - 24 would be approx. Rs 282.11
Crores.
GAS GRID PROJECT
Government of Gujarat has always played a pro-active role in the
development of the energy value chain in the State. Gujarat is the first State to plan and
execute a State-wide Gas Grid on an Open Access principle.
The pipeline grid has been designed as per the highest international
standards with inbuilt flexibility to cater to varying loads.
The pipeline grid map of GSPL for Gujarat is enclosed herewith as
Annexure - IX.
The map showing the Cross-Country Natural Gas Transmission Pipelines
being implemented through special purpose vehicles is enclosed herewith as Annexure - X.
Projects commissioned
During the year under review, your Company has successfully connected
total 11 Nos. of customer locations in Bharuch, Anand, Dahod, Gandhinagar, Vapi,
Banaskanta, Kutch (West) and Ahmedabad District including connection to CGD entities. The
grid operations account for approx 2706 Kms as on 31" March, 2024. Gas is flowing
from Mundra / Hazira / Dahej / Vapi to various industries and City Gas Distribution
("CGD") Networks located in various Districts of Gujarat including Surat,
Bharuch, Narmada, Baroda, Anand, Ahmedabad, Dahod, Gandhinagar, Sabarkantha, Panchamahal,
Patan, Bhavnagar, Mehsana, Banaskantha, Surendranagar, Botad, Rajkot, Morbi, Jamnagar,
Navsari, Kutch, Kheda, Valsad, Amreli, Gir & Somnath.
Projects under execution
Your Directors are pleased to inform that GSPL continues to develop
additional Pipeline infrastructure in the State of Gujarat. Your Company is currently
implementing 2 source connectivity projects in Amreli and Gir Somnath districts viz., Swan
FSRU connectivity (3 Km Approx- completed) and Chhara LNG Connectivity pipeline (90 Km
Approx.), CGD Connectivity for Geographical areas, Rural-Ahemdabad, Patan District and
Customer connectivity in Silvassa and in Rural Ahmedabad. Your Company also received
authorisation from PNGRB for developing Jamnagar-Dwarka pipeline in Gujarat. Several
customers in many industrial regions across Gujarat, including Dahej SEZ are receiving gas
through Company's network with more getting connected on a regular basis.
WIND POWER PROJECT
Your Company being committed to promote clean and green energy has set
up Wind Power Project of 52.5 MW in the areas of Maliya Miyana, Rajkot and Gorsar &
Adodar, Porbandar. During the year, GSPL has sold 9,12,88,306 KWH of electricity generated
through Windmill.
FUTURE PLANS
Your Company is working on future expansion projects based on the
demand in various regions around the gas grid, including expanding towards other States.
Your Company is also gearing up its pipeline by developing connectivity with new terminals
that are being developed in Gujarat to ensure connectivity with all sources in Gujarat
OPERATION & MAINTENANCE ACTIVITIES
GSPL has transported 11159 MMSCM of gas during the Financial Year 2023
- 24 (Previous year: 9253 MMSCM).
To safeguard pipeline assets and optimize utilization of the pipeline
system, GSPL is giving utmost importance to efficient operations and preventive
maintenance.
SUBSIDIARY, ASSOCIATE & JOINT VENTURE COMPANIES
Subsidiary Companies
Your Company has following three Subsidiary companies within the
meaning of the Section 2(87) of the Companies Act, 2013:
1) GSPL India Gasnet Limited (GIGL) for development of Mehsana -
Bhatinda and Bhatinda - Gurdaspur Pipeline Projects.
2) GSPL India Transco Limited (GITL) for development of Mallavaram -
Bhopal - Bhilwara - Vijaipur Pipeline Project.
3) Gujarat Gas Limited (GGL) is India's largest city gas distribution
player with presence spread across 44 Districts in the State of Gujarat, Punjab,
Rajasthan, Haryana, Madhya Pradesh, Maharashtra and Union Territory of Dadra and Nagar
Haveli.
Associate Company
As on 31st March, 2024, GSPL has one Associate Company viz. Sabarmati
Gas Limited.
To avoid duplication between the Boards' Report and Management
Discussion and Analysis Report, the performance highlights/summary of the Subsidiary
companies/Joint Venture companies /Associate companies of GSPL is given in Management
Discussion & Analysis Report.
Accounts of Subsidiary, Associate & Joint Venture Companies:
Pursuant to notification dated 16th February, 2015 of Ministry of
Corporate Affairs notifying the Companies (Indian Accounting Standard) Rules, 2015, GSPL,
its Associate, Subsidiary and Joint Venture Companies have adopted Ind AS w.e.f. 1st
April, 2016.
Consequently, though as per provision of Section 2 (87) (ii) of the
Companies Act 2013, GSPL India Gasnet Limited (GIGL) and GSPL India Transco Limited (GITL)
fall within the meaning of Subsidiary Company, as per guidance of Indian Accounting
Standards [Ind AS], GIGL and GITL fall within the criteria of Joint Venture and
accordingly they have been considered as Joint Venture for the purpose of disclosures and
compliances in relation to the Financial Statements of GSPL for the Financial Year 2023 -
24.
Pursuant to provisions of Section 129 (3) of the Companies Act, 2013
read with the Companies (Accounts) Rules, 2014, a separate statement in prescribed Form
AOC - 1 containing salient features of the financial statement of Subsidiary, Associate
& Joint Venture Companies is provided in the Annual Report. Further, the audited
annual accounts and related information of GIGL, GITL and GGL will be made available to
any Member upon request. The annual accounts of GIGL, GITL and GGL will also be available
for inspection by members in electronic mode. The same are also available on the website
of GSPL viz. www.gspcgroup.com .
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Ind AS - 28 on Investment in Associates and
Joint Ventures read with Ind AS - 110 on Consolidated Financial Statements and Ind AS -
111 on Joint Arrangement, the Audited Consolidated Financial Statements are provided in
the Annual Report.
HEALTH, SAFETY AND ENVIRONMENT
GSPL, in order to fulfil its commitment towards Health, Safety and
Environment, has taken active steps towards establishment of Safety Management Systems.
Environment and safety features have been integrated into design, construction and O&M
operations of GSPL for ensuring utmost safety for the facilities, local community and the
environment. *tte same is also being reflected in the QHSE policy of GSPL. It is expanding
and managing its operations in a manner which is safe and environmentally sustainable.
For developing effectiveness of Safety Management Systems, training of
all employees across GSPL is ensured through various training programs. *tte same is being
monitored through internal audit teams and delegation of safety management up to the local
level. Contractors' adherence to Company's QHSE policy is also assured through
regular site visits and external audits. Regular site visits ensure the enhancement of
safety culture which also facilitates safe commissioning of the new projects. GSPL is
proud to maintain its target of ‘zero accident' year with full commitment of its
employees and management.
Your Company is re-certified to integrated Management Systems (ISO
9001:2015, ISO 14001:2015 & ISO 45001:2018) with validity till 9th November 2026.
Effectiveness of these certifications is being assured through planned audits of the
system. Continuous improvement is visible in various O&M systems. Preventive
Maintenance schedules are being adhered to with updating of records. Further, Emergency
Response and Disaster Management Plan (ERDMP) of GSPL was re- accredited as per the
requirement of ERDMP Regulations, 2010 and the amendment 2020 under PNGRB Act, 2006. ERDMP
is being reviewed and updated regularly. All conditions of Accreditation are being adhered
to. Effectiveness of ERDMP is verified through regular mock drills as per specified
intervals as identified by respective work bases.
DEPOSITS
During the year, GSPL has not accepted Deposits from the public falling
within the ambit of Section 73 of the Companies Act, 2013 read with Companies (Acceptance
of Deposits) Rules, 2014.
PARTICULARS OF LOANS,
GUARANTEES OR INVESTMENTS
Pursuant to Section 186 (11) of the Companies Act, 2013, loans made,
guarantees given or securities provided or investment made by a company providing
infrastructure facilities are exempted from compliance with Section 186 of the Companies
Act, 2013 except sub Section (1). Accordingly, your Company being engaged in the Gas
Transportation business is exempted from aforesaid compliance. However, the details of
Loans, Guarantees, Securities and Investments covered under the provisions of Section 186
of the Companies Act, 2013 are given in the notes to the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED
TO IN SECTION 188 (1) OF THE COMPANIES ACT, 2013
All Related Party Transactions that were entered into during the
Financial Year were on an arm's length basis and were in the ordinary course of
business.
Prior omnibus approval of the Audit Committee is obtained on a yearly
basis for the transactions which are of a foreseeable and repetitive nature and further
would be executed on arm's length basis and in the ordinary course of business.
Further, a statement giving details of all Transactions executed with Related Parties is
placed before the Audit Committee on a quarterly basis for its approval/ ratification as
the case may be.
The Policy on Materiality of Related Party Transactions and Dealing
with Related Party Transactions as approved by the Board is uploaded on GSPL's
Website.
None of the Directors has any pecuniary relationships or transactions
vis-a-vis GSPL.
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 as Annexure - III to this Report.
CORPORATE SOCIAL RESPONSIBILITY
GSPL has constituted a Corporate Social Responsibility (CSR) Committee
in accordance with Section 135 of the Companies Act, 2013 read with Companies (Corporate
Social Responsibility Policy) Rules, 2014. Pursuant to provisions of Section 135 of the
Companies Act, 2013, GSPL has also formulated a Corporate Social Responsibility Policy
which is available on the website of GSPL at https://gspcgronp.com/GSPL/csr .
Your Company being committed in fulfilling its Corporate Social
Responsibility has been engaged in various social initiatives through its intervention in
the areas of education, promoting healthcare/preventive healthcare, eradication of hunger,
poverty & malnutrition etc. in accordance with the Corporate Social Responsibility
Policy of GSPL.
The Annual Report on CSR activities as required under the Companies
(Corporate Social Responsibility Policy) Rules, 2014 is enclosed herewith as Annexure -
IV to this Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Since last Boards' Report, Smt. Shridevi Shukla has ceased to be
Woman Independent Director of GSPL consequent to completion of her term as Woman
Independent Director and Smt. Mamta Verma, IAS ceased to be Director upon resignation from
the Board on account of transfer as Principal Secretary, Industries and Mines Department,
Govt. of Gujarat and on relinquishing the charge of the post of Principal Secretary,
Energy & Petrochemicals Department, Govt. of Gujarat.
Your Directors wish to place on record appreciation for the services
rendered by Smt. Shridevi Shukla as Woman Independent Director of GSPL and Smt. Mamta
Verma, IAS as Director of GSPL.
Further, based on the recommendation of Nomination and Remuneration
Committee, the Board vide its Circular Resolution has appointed Ms. Vanaja N. Sarna, IRS
(Retd.), as Additional Director and Woman Independent Director w.e.f. 24th June, 2024.It
is proposed to regularize her appointment in the 26th Annual General Meeting.
Pursuant to the provisions of Section 152 of the Companies Act, 2013,
Shri Raj Kumar, IAS, Chairman and Managing Director of GSPL shall retire by rotation at
the ensuing Annual General Meeting and being eligible, offers himself for re-appointment
as Director liable to retire by rotation.
A brief resume of the Directors retiring by rotation/seeking
appointment/re- appointment at the ensuing Annual General Meeting, nature of their
expertise in specific functional areas and details regarding the companies in which they
hold directorship, membership/chairmanship of committees of the Board is annexed to the
Notice.
Directors' Independence:
Pursuant to the provisions of Section 149 (6) of the Companies Act,
2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Independent Directors of GSPL have given confirmation/ declaration to the Board that they
meet with the criteria of Independence and are Independent in terms of Section 149 (6) of
the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. In the opinion of the Govt. of Gujarat and the Board of Directors, the
Independent Directors, fulfill the conditions of independence specified in Section 149 (6)
of the Companies Act, 2013 and Regulation 16 (1) (b) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and Regulation 25
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Independent Directors have carried out annual performance evaluation of Chairman,
Non-Independent Directors and the Board as a whole. Further, the Board has carried out
annual performance evaluation of the Independent Directors and the evaluation of the
working of the various Committees of Directors of GSPL.
The performance evaluation of individual Directors was carried out
based on the various parameters after taking into consideration inputs received from the
Directors and also parameters set out in the Policy for Evaluation of Performance of
Directors, Committees & Board such as active participation & contributions in the
Meetings, balance of knowledge, expertise and experience, safeguarding the interest of
GSPL and its Stakeholders etc. The performance evaluation of the Board as a whole and
various Committees of Directors of GSPL was carried out considering various parameters
such as adequacy of the composition of the Board and its Committees, discharge of key
functions and responsibilities prescribed under law, corporate governance practice etc.
and the overall performance assessment was discussed in detail by the Board members.
Meetings:
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 and a tentative annual calendar of the Board and Committee
Meetings is circulated to the Directors in advance to facilitate them to plan their
schedule and to ensure meaningful participation in the Meetings. However, in case of a
special and urgent business need, the approval is taken by passing resolutions through
circulation to the Directors, as permitted by law, which are noted in the subsequent
Board/Committee Meetings.
During the year, four (4) Board Meetings were convened and held, the
details of which are given in the Corporate Governance Report. The intervening gap between
the Meetings was within the period prescribed under the Companies Act, 2013 and Regulation
17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
AUDIT COMMITTEE
Audit Committee of Directors of GSPL at its Meeting held on 8th May,
2024 approved the Annual Accounts for the Financial Year ended on 31st March, 2024 and
recommended the same for approval of the Board.
AUDITORS
Statutory & C&AG Audit:
As your Company is a Government Company, the Statutory Auditors are
appointed by the Comptroller & Auditor General of India (C&AG). Accordingly, the
C&AG has appointed M/s B P Bang & Co., Chartered Accountants as Statutory Auditors
of GSPL for the Financial Year 2023 - 24.
The C&AG has given NIL Comment Reports on the Standalone and
Consolidated Financial Statements of GSPL for the Financial Year 2023 - 24. The NIL
Comment Reports have been provided before the Standalone & Consolidated Financial
Statements respectively.
Secretarial Auditors:
Pursuant to the provisions of section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board of Directors of GSPL has appointed M/s SPANJ & Associates, Practicing Company
Secretaries, to conduct the secretarial Audit of GSPL for the Financial Year 2023 - 24.
The Report of Secretarial Auditor on Company's Secretarial Audit
for the Financial Year 2023 - 24 is enclosed herewith as Annexure - V to this
Report.
Secretarial Audit of Material Unlisted Indian Subsidiary:
For Financial Year 2023 - 24, GSPL India Gasnet Limited is the Material
Unlisted subsidiary of GSPL. As per Regulation 24A of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Secretarial Audit of the Material
subsidiary mentioned above has been conducted for the Financial Year 2023-24 by Practicing
Company Secretaries.
The Secretarial Audit Report of GSPL India Gasnet Limited for the
Financial Year ended 31st March, 2024 is enclosed herewith as Annexure - VI to this
Report.
Cost Auditors:
Your Company is required to get the Cost Audit carried out for
"Gas Transportation" business as well as "Generation of Electricity through
Windmill" business pursuant to Section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014. GSPL is maintaining the Cost Accounts and
Records as specified by the Central Government under sub section (1) of Section 148 of the
Companies Act, 2013. Accordingly, your Company has got the Cost Audit carried out for the
said business for the Financial Year 2023 - 24 through the Cost Auditor M/s Kailash
Sankhlecha and Associates. The Cost Audit Report 2023 - 24 will be submitted to the
Central Government in the prescribed format within stipulated time period. Further, the
Board upon the recommendation of the Audit Committee, appointed M/s R. K. Patel & Co.,
Cost Accountants as Cost Auditor to audit the cost accounts of GSPL for the Financial Year
2024 - 2025 on a remuneration of Rs 49,999/- plus applicable taxes and reimbursement of
out of pocket expenses incurred by them during the course of Audit. As required under the
Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed
before the Members in a General Meeting for their ratification. Accordingly, a Resolution
seeking Member's ratification for the remuneration payable to M/s R. K. Patel &
Co., Cost Auditors for the Financial Year 2024 - 2025 is included in the Notice convening
the Annual General Meeting.
RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM
Risk Management:
Your Company has a well-defined risk management framework. The Board of
Directors of GSPL has adopted a Risk Management Policy.
Internal Control System:
Your Company has a proper and adequate system of Internal Controls
commensurate with its size of operations and nature of business. These are routinely
tested and certified by Statutory as well as Internal Auditors. Significant audit
observations and follow up actions thereon are reported to the Audit Committee. 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.
VIGIL MECHANISM
Your Company has established a Vigil Mechanism for Directors and
Employees to report their genuine concerns, details of which have been given in the
Corporate Governance Report forming part of this Board's Report.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the following
statements in terms of Section 134(3) (c) of the Companies Act, 2013:
a. that in the preparation of the Annual Financial Statements for the
year ended 31st March, 2024, the applicable accounting standards have been followed and no
material departures have been made from the same;
b. that accounting policies have been selected and applied consistently
and judgment and estimates have been made that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as at 31st March, 2024 and of
the profit & loss of the Company for the year ended on that date;
c. that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d. that the Annual Financial Statements have been prepared on a going
concern basis;
e. that proper Internal Financial Controls were in place and that the
financial controls were adequate and were operating effectively;
f. that systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating effectively.
MANAGEMENT DISUSSION AND ANALYSIS
This Annual Report contains a separate Section (Annexure-I) on
the Management Discussion and Analysis, which forms part of this Board's Report.
CORPORATE GOVERNANCE
Corporate Governance denotes the framework for companies to conduct
their business in an ethical and responsible manner. It is determined primarily by the
approach that a Company has towards its stakeholders as well as to the environment in
which it operates. It stems from the belief and realization that corporate citizenship has
a set of responsibilities, which must be fulfilled for a Company to progress and succeed
over the long term.
GSPL believes that good governance alone can deliver continuous good
business performance. A Report on Corporate Governance as required under Regulation 34 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
incorporated as a part of this Board's Report (Annexure - II). The Compliance
Certificate by the Practising Company Secretary is also attached to this Board's
Report.
COMPLIANCE OF SECRETARIAL STANDARDS
Your Company has complied with Secretarial Standards issued by the
Institute of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and
General Meetings (SS-2).
ANNUAL RETURN
The draft Annual Return of GSPL for the Financial Year 2023 - 24 in the
Form of MGT — 7 is available on the website of GSPL at http://www.gspcgroup.com/GSPI
,/a.nnua.l-returns
PARTICULARS OF EMPLOYEES
Your Company being a Government Company is exempted from disclosing the
information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in
respect of the employees of GSPL pursuant to Ministry of Corporate Affairs Notification
dated 5th June, 2015.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Your Company has always believed that appropriate standard of conduct
should be maintained by the employees in their conduct and that there should be a safe,
in-discriminatory and harassment free (including sexual harassment) work environment for
every individual working in GSPL. Your Company has in place a Policy on Prevention of
Sexual Harassment at workplace as a part of its Human Resource Policy. It aims at
prevention of harassment of employees and lays down the guidelines for reporting and
prevention of sexual harassment. GSPL has constituted an Internal Complaints Committee
(ICC) as required under the Act which is responsible for redressal of complaints related
to sexual harassment.
The details of complaints filed/disposed/pending in relation to the
Sexual Harassment of Woman at Workplace as on 31st March, 2024 is provided below:
| Sr. Particulars |
No. of Complaints |
| 1. No. of Complaints filed during the year |
0 |
| 2. No. of Complaints disposed during the year |
0 |
| 3. No. of Complaints Pending at the end of the year |
0 |
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information required to be disclosed pursuant to provisions of the
Companies Act, 2013 read with Rules thereto with respect to Conservation of Energy,
Technology Absorption and Foreign Exchange Earnings & Outgo are furnished in Annexure
- VIII to this Report.
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
Your Company has always given the highest importance to the
environment, health and safety. The same is also reflected in the business practices of
the Company e.g. GSPL has implemented practices towards preservation of natural resources,
Green Gas emission reduction, lowering costs, etc over these years. GSPL is also conscious
of its responsibility towards its various stakeholders and is determined to increase its
contribution to the society to bring positive social impact.
Pursuant to amendment in the SEBI Listing Regulations, 2015, top 1,000
listed entities based on market capitalisation are required to submit a Business
Responsibility & Sustainability Report (‘BRSR') with effect from the FY 2022
- 23.
The BRSR indicates the Company's performance against the
principles of the ‘National Guidelines on Responsible Business Conduct'. This
would enable the Members to have an insight into Environmental, Social and Governance
initiatives of the Company.
The Business Responsibility & Sustainability Report in the
prescribed format describing the initiatives taken by GSPL from an environmental, social
and governance perspective among other things is enclosed as Annexure - VII to this
Report.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
GSPL
PNGRB vide its tariff order dated 19.04.2024 has w.e.f. 1st May 2024,
revised GSPL's Gujarat High Pressure Gas Grid transportation tariff to Rs 18.10/MMBTU
from earlier approved tariff of Rs 34 / MMBTU (as determined in 2018). *tte Company has
filed appeal against the said tariff order before the appellate authority viz. APTEL,
since the said tariff order affects the right of GSPL as the Authorized Entity to recover
the capital expenditure and operational expenditure being incurred by GSPL and obtain the
stipulated reasonable rate of return thereto.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of GSPL and its future operations
during the year.
ACKNOWLEDGEMENTS
The Directors appreciate the continued support received from the valued
customers and look forward to this mutually supportive relationship in future.
The Directors place on record their deep appreciation to employees of
GSPL at all levels for their hard work, dedication and commitment without whose
contribution the excellent performance of GSPL would not have been possible.
The Directors are extremely grateful for all the support given by the
Government of Gujarat at all levels. Their guidance, encouragement and moral support have
enabled GSPL to expand the pipeline network in a professional manner.
The Directors also wish to place on record the sincere thanks to PNGRB
and other regulatory authorities at Central and State level for the continuous support
extended to GSPL.
The Directors place on record their sincere thanks to the Promoters,
Shareholders and Lenders for their valuable support, trust and confidence reposed in GSPL.
| For and on behalf of the Board of Directors, |
|
| Date: 8th August, 2024 |
Raj Kumar, IAS |
| Place: Gandhinagar |
Chairman & Managing Director |