Audited Annual Financial Statement (IFRS): FY 2023 - 2024

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of Great Eastern Energy Corporation Limited

Report on the Audit of Special Purpose Financial Statements (IFRS)

Opinion

We have audited the accompanying special purpose financial statements of Great Eastern Energy Corporation Limited ("the Company"), which comprise the statement of financial position as at 31 March, 2024, and the statement of profit or loss and statement of other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the special purpose financial statements, including a summary of significant accounting policies (collectively known as "Special Purpose Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the accompanying Special Purpose Financial Statements have been prepared, in all material respect and give a true and fair view in accordance with the basis of preparation set out in note 2.1 (which includes that the financial statements have been prepared for overseas investors in accordance with International Financial Reporting Standards ("IFRSs") as issued by International Accounting Standards Board ("IASB")) of accompanying Special Purpose Financial Statements.

Basis for Opinion

We conducted our audit of Special Purpose Financial Statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 ("Act"). Our responsibilities under those SAs are further described in the 'Auditor's Responsibilities for the Audit of the special purpose 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, together with the ethical requirements that are relevant to our audit of the Special Purpose Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on Special Purpose Financial Statements.

Basis of Accounting

We draw attention to Note 2.1 of the Special Purpose Financial Statements, which describes purpose and basis of preparation (which include that the financial statements have been prepared for overseas investors in accordance with IFRS as issued by IASB). The Special Purpose Financial Statements are prepared by management solely for overseas investors. As a result, the Special Purpose Financial Statements may not be suitable for another purpose.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the special purpose financial statements of the current period. These matters were addressed in the context of our audit of the special purpose financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For matter below, our description of how our audit addressed the matter is provided in that context.

Key audit matters	How our audit addressed the key audit matter
Estimation of Gas Reserves (as described in note 2.2 (i) of the special purpose financial statements)
The estimation of gas reserves and resources	Our work included following procedures:
is a significant area of judgement due to the	• We have assessed the competence and objectivity of
technical uncertainty in assessing quantities.	the experts that they were qualified to carry out the
Reserves and resources are key inputs for	volume's estimation.
calculation of depreciation and also, it's a	• Through inquiries and reading of reports, we have
fundamental indicator of the future potential of	understood that the guidelines and methodology used
the Company's performance.	by the expert to estimate the reserves with the
	relevant industry practices.
	• We assessed that the updated reserves and
	resources estimates were included in the Company's
	consideration of impairment assessment and in
	accounting for depletion, depreciation and
	amortisation.
	• Assessed the adequacy of disclosure made by the
	Company in the financial statements.

Management's responsibility for the Special Purpose Financial Statements

S.N. Dhawan & CO LLP is registered with limited liability with identification number AAH-1125 and its registered office is 108, Mercantile House, 15, Kasturba Gandh Marg, New Delhi 110001, India

The Board of Directors of GEECL (referred to as "Management") is responsible for the preparation and presentation of the Special Purpose Financial Statements that give a true and fair view in accordance with the basis of preparation set out in note 2.1 (which includes that the financial statements have been prepared for overseas investors in accordance with IFRS as issued by IASB) of the accompanying notes to the Special Purpose Financial Statements. This includes design, implementation and maintenance of internal controls relevant to the preparation and presentation of the Special Purpose Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Special Purpose Financial Statements, the 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.

Auditor's Responsibilities for the Audit of the Special Purpose Financial Statements

Our objectives are to obtain reasonable assurance about whether the Special Purpose 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 Special Purpose Financial Statements.

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 Special Purpose 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.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
  Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting in preparation of Special Purpose Financial Statements 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 Special Purpose 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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings that we identify during the 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, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the 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

The Company has also prepared financial statements in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India and we have issued an audit report of even date on the same.

Our opinion is not modified in respect of these matters.

For S.N. Dhawan & Co LLP

Chartered Accountants

Firm Registration No.: 000050N/N500045

Manish Surana

Partner

Membership No.: 503812

UDIN : 24503812BKFMUK7501

Place: Gurugram

Date: 24th June 2024

Great Eastern Energy Corporation Limited

(All amounts in US dollars unless otherwise stated)

Statement of financial position
		As at
	Note	31 March 2024	31 March 2023
ASSETS
Non-current assets
Property, plant and equipment	4.1	102,212,283	111,420,235
Right-of-use asset	4.2	991,635	1,074,889
Capital work-in-progress (including Wells in progress)	5	5,312,945	5,553,664
Intangible assets	6	61,712	69,873
Prepayments	7	132,622	49,969
Trade and other receivables	8	237,644	213,303
Deposits with bank	9b	-	16,050
Tax assets (net)		565,799	423,922
Total non-current assets		109,514,640	118,821,905
Current assets
Inventories	8a	1,358,087	1,507,706
Trade and other receivables	8	1,523,052	1,329,364
Liquid investments	9a	10,281,782	10,179,160
Prepayments	7	63,726	88,514
Deposits with bank	9b	6,194,610	1,696,837
Cash and cash equivalents	10	747,691	37,986
Total current assets		20,168,948	14,839,567
Total assets		129,683,588	133,661,472
Equity
Issued capital	11	13,306,007	13,306,007
Share premium		91,006,858	91,006,858
Reserves		(46,356,668)	(45,004,130)
Retained earnings		29,076,886	25,733,614
Total equity attributable to equity holders of the Company	87,033,083	85,042,349
Non-current Liabilities
Interest bearing loans and borrowings	12	27,614,783	36,947,924
Trade and other payables	14	28,601	1,517
Employee benefit liabilities	13	3,537,486	1,261,278
Deferred tax liabilities (net)	16	1,344,779	161,394
Provisions	15	264,235	259,803
Total non-current liabilities		32,789,884	38,631,916
Interest bearing loans and borrowings	12	5,925,876	5,887,057
Trade and other payables	14	2,923,856	3,191,471
Employee benefit liabilities	13	1,010,889	908,679
Total current liabilities		9,860,621	9,987,207
Total liabilities		42,650,505	48,619,123
Total equity and liabilities		129,683,588	133,661,472

The accompanying notes form an integral part of the financial statements.

On behalf of Board of Directors

Yogendra Kr. Modi	Prashant Modi
Executive Chairman	Managing Director & Chief Executive Officer
Jitender Kumar	Jasmeet Singh Chandhok
Company Secretary	Chief Financial Officer & Sr. Vice President- Finance & Accounts
Place: Gurugram	Place: Gurugram
Date: 24 June 2024	Date: 24 June 2024
	1

Great Eastern Energy Corporation Limited

(All amounts in US dollars unless otherwise stated)

Statement of profit or loss
		For the year ended
		31 March	31 March
	Note	2024	2023
Revenue from operations	27	34,836,124	29,783,577
Other income	17	1,151,543	581,521
		35,987,667	30,365,098
Employee benefit expenses	18	(7,219,937)	(4,656,753)
Other expenses	19	(10,930,647)	(9,981,246)
Finance income	20	462,330	102,751
Finance costs	21	(4,601,789)	(4,623,842)
Depletion, depreciation and amortisation	4,6, 2.3 (f)	(8,220,738)	(5,646,454)
Exchange fluctuation gain / (loss) (net)		(111,529)	(997,724)
		(30,622,310)	(25,803,268)
Profit before tax		5,365,357	4,561,830
Income tax expense
Current tax	16	(924,813)	(792,286)
Income tax for earlier years	16	7,293	-
Deferred tax (expense)/income	16	(1,193,917)	(607,996)
Profit for the year		3,253,920	3,161,548
Profit attributable to:
Equity holders of the Company		3,253,920	3,161,548
Earnings per share
Basic earnings per share	22	0.05	0.05
Diluted earnings per share	22	0.05	0.05

The accompanying notes form an integral part of the financial statements.

On behalf of Board of Directors

Yogendra Kr. Modi	Prashant Modi
Executive Chairman	Managing Director & Chief Executive Officer

Jitender Kumar	Jasmeet Singh Chandhok
Company Secretary	Chief Financial Officer &
	Sr. Vice President- Finance & Accounts
Place: Gurugram	Place: Gurugram
Date: 24 June 2024	Date: 24 June 2024

2

Great Eastern Energy Corporation Limited

(All amounts in US dollars unless otherwise stated)

Statement of other comprehensive income
	For the year ended
	31 March	31 March
	2024	2023
Profit for the year	3,253,920	3,161,548
Other comprehensive income/ (loss)

1. items not to be reclassified to statement of profit or loss in subsequent periods:

Remeasurements gains/ (losses) on defined benefit plan

Tax on remeasurement gains/ (losses) on defined benefit plan

1. items to be reclassified to statement of profit or loss in subsequent periods:
   Foreign currency translation adjustment

(67,953)	(77,988)
19,788	22,710
(1,215,021)	(7,027,045)

Net other comprehensive income/ (loss) (net of tax):	(1,263,186)	(7,082,323)
Total comprehensive income/ (loss) for the year, net of tax	1,990,734	(3,920,775)
Total comprehensive income/ (loss) attributable to:
Equity holders of the Company	1,990,734	(3,920,775)

The accompanying notes form an integral part of the financial statements.

On behalf of Board of Directors

Yogendra Kr. Modi	Prashant Modi
Executive Chairman	Managing Director & Chief Executive Officer

Jitender Kumar	Jasmeet Singh Chandhok
Company Secretary	Chief Financial Officer &
	Sr. Vice President- Finance & Accounts
Place: Gurugram	Place: Gurugram
Date: 24 June 2024	Date: 24 June 2024

3

Great Eastern Energy Corporation Limited

(All amounts in US dollars unless otherwise stated)

Statement of Changes in Equity
For the year ended 31 March 2024		Attributable to equity shareholders of the Company
	Issued	Securities	Retained	Foreign	Debenture	Total
	capital	premium	Earnings	currency	redemption	equity
				translation	reserve
				reserve
Balance as at 1 April 2023	13,306,007	91,006,858	25,733,614	(45,938,805)	934,675	85,042,349
Total comprehensive income/ (loss) for the year
Profit for the year	-	-	3,253,920	-	-	3,253,920
Other comprehensive income/(loss)	-	-	(48,165)	(1,215,021)	-	(1,263,186)
Total comprehensive income/(loss) for the year	-	-	3,205,755	(1,215,021)	-	1,990,734
Transfer from / (to) retained earnings		-	137,517	-	(137,517)	-
Balance as at 31 March 2024	13,306,007	91,006,858	29,076,886	(47,153,826)	797,158	87,033,083

The accompanying notes form an integral part of the financial statements.

On behalf of Board of Directors

Yogendra Kr. Modi	Prashant Modi
Executive Chairman	Managing Director & Chief Executive Officer

Jitender Kumar	Jasmeet Singh Chandhok
Company Secretary	Chief Financial Officer &
	Sr. Vice President- Finance & Accounts
Place: Gurugram	Place: Gurugram
Date: 24 June 2024	Date: 24 June 2024
	4

Great Eastern Energy Corporation Limited

(All amounts in US dollars unless otherwise stated)

Statement of Changes in Equity
For the year ended 31 March 2023		Attributable to equity shareholders of the Company
	Issued	Securities	Retained	Foreign	Debenture	Total
	capital	premium	Earnings	currency	redemption	equity
				translation	reserve
				reserve
Balance as at 1 April 2022	13,306,007	91,006,858	22,536,677	(38,911,760)	1,025,342	88,963,124
Total comprehensive income/ (loss) for the year
Profit for the year	-	-	3,161,548	-	-	3,161,548
Other comprehensive income/(loss)	-	-	(55,278)	(7,027,045)	-	(7,082,323)
Total comprehensive income/(loss) for the year	-	-	3,106,270	(7,027,045)	-	(3,920,775)
Transfer from / (to) retained earnings		-	90,667	-	(90,667)	-
Balance as at 31 March 2023	13,306,007	91,006,858	25,733,614	(45,938,805)	934,675	85,042,349

The accompanying notes form an integral part of the financial statements.

On behalf of Board of Directors

Yogendra Kr. Modi	Prashant Modi
Executive Chairman	Managing Director & Chief Executive Officer

Jitender Kumar	Jasmeet Singh Chandhok
Company Secretary	Chief Financial Officer &
	Sr. Vice President- Finance & Accounts
Place: Gurugram	Place: Gurugram
Date: 24 June 2024	Date: 24 June 2024
	5

Great Eastern Energy Corporation Limited

(All amounts in US dollars unless otherwise stated)

Statement of Cash Flows

For the year ended

31 March

31 March

1. Cash flow from operating activities Profit before tax
   Adjustments for:- Finance cost Finance income
   Net gain on financial instruments measured at fair value through profit or loss Provisions/ liabilities no longer required written back
   Provision for inventory
   Unrealised foreign exchange difference (net)
   Loss/ (profit) on disposal of property, plant and equipments Depletion, depreciation & amortisation
   Changes in:
   (Increase) / Decrease in Trade and other receivables
   (Increase) / Decrease in prepayments
   (Increase) / Decrease in inventories
   Increase / (Decrease) in Trade and other payables
   Cash generated from operating activities Income tax paid
   Net cash from operating activities (A)
2. Cash flow from investing activities
   Purchase of property, plant and equipments / capital work in progress/ intangible assets
   Proceeds from sale of property, plant and equipment Purchases of liquid investments (mutual funds) Proceeds from sale of liquid investments (mutual funds) Deposits made during the year
   Deposits matured during the year Interest received
   Net cash from investing activities (B)
3. Cash flow from financing activities Proceeds from short term borrowings Repayment of long term borrowings Interest paid
   Net cash (used in) financing activities (C)
   Net decrease in cash and cash equivalents (A+B+C)
   Cash and cash equivalents at 1 April
   Cash and cash equivalents at 31 March (refer note 10)

20242023

5,365,356 4,561,830

4,575,357 4,612,628

(462,330) (102,751)

(832,981) (424,290)

(160,384) (98,923)

• (72,855)
  113,939995,609
  19,921(5,687)

8,220,738 5,646,454

89,106	(66,086)
(60,194)	57,620
129,725	(162,611)
2,640,429	448,003
19,638,682	15,388,941
(1,066,278)	(837,889)
18,572,404	14,551,052
(614,391)	(315,643)
2,346	25,509
(36,198,093)	(37,127,350)
36,786,339	32,452,940
(7,006,119)	(2,304,095)
2,453,265	2,115,298
157,762	94,719
(4,418,891)	(5,058,622)
12,344	-
(9,048,247)	(5,065,605)
(4,407,905)	(4,410,811)
(13,443,808)	(9,476,416)
709,705	16,014
37,986	21,972
747,691	37,986

6

Great Eastern Energy Corporation Limited

(All amounts in US dollars unless otherwise stated)

Changes in liabilities arising from financing activities

	Interest bearing loans and borrowings
Particulars	Long Term	Short Term	Long Term	Short Term
	For the year ended	For the year ended
	31 March 2024	31 March 2023
As at April 1	41,740,357	1,094,624	49,393,133	1,187,178
Cash flow (net)	(9,048,247)	12,344	(5,065,606)	-
Transaction costs impact	152,900	-	190,313	-
Accrued Interest	28,695	-	23,083	-
Exchange difference	(424,829)	(15,185)	(2,800,566)	(92,554)
As at March 31	32,448,876	1,091,783	41,740,357	1,094,624

The accompanying notes form an integral part of the financial statements.

On behalf of Board of Directors

Yogendra Kr. Modi	Prashant Modi
Executive Chairman	Managing Director & Chief Executive Officer

Jitender Kumar	Jasmeet Singh Chandhok
Company Secretary	Chief Financial Officer &
	Sr. Vice President- Finance & Accounts
Place: Gurugram	Place: Gurugram
Date: 24 June 2024	Date: 24 June 2024

7