CONFIDENCE PETROLEUM INDIA LTD.

REG OFF: 701, Shivai Plaza Premises Chs Ltd, Plot No. 79, Marol Industrial Estate,
Nr. Mahalaxmi Hotel, Andheri East, Mumbai, Maharashtra, 400059
Corp. Off: Confidence Tower, 34A, Central Bazar Road, Ramdaspeth, Nagpur-440010
Ph. 8956276739
Email: [email protected] website: www.confidencegroup.co
CIN: L40200MH1994PLC079766

Date: 02/06/2024
To,
National Stock Exchange of India Limited The Bombay Stock Exchange,
Listing Department, Department of Corporate Services
Exchange Plaza, Bandra Kurla Complex, 25th Floor, P.J. Towers,
Bandra (E) Mumbai-400051 Dalal Street, Mumbai- 400001

Subject: Outcome of Board meeting held on 30th May, 2024

Ref: Regulation 30 & 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015

Dear sir,
With reference to the captioned subject and pursuant to Regulation 30 read with Part A of
Schedule Ill, Regulation 33 and other regulations of the SEBI (Listing Obligations & Disclosure
Requirements) 2015, and with reference to the intimation made for Continution of Meeting of
the Board of Directors of the Company at commenced on Thursday, May 30, 2024 and concluded
on today 02 nd June, 2024 has considered and approved the followings :-

1) Approved Audited Financial Results (Standalone and Consolidated) for the quarter and year
ended on March 31, 2024.

Pursuant to Regulation 33 (3) (d) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations,2015 we confirm that the Statutory Auditors have given Audit Reports with
modified opinion on the Financial Results of the Company for the quarter and Year ende d on
31st March, 2024. The Impact of qualified/modified opinion attached herewith.

2) Recommended a Final Dividend of 10% i.e 0.10 per equity share on the Face value of Rs.1/-
each for the financial year 2023-24 subject to approval of shareholders at the ensuing Annual
General Meeting.

3) Submission of details of Outstanding Qualified Borrowings and Incremental Qualified Borrowings with
reference to SEBI Circular No. SEBI/HO/DDHS/DDHSRACPOD1/ P/CIR/2023/172) dated October 19,
2023. We hereby confirm that Confidence Petroleum India Limited is not a Large Corporate (LC) as per
the applicability criteria given in aforesaid circular.
The board meeting were commenced on 30th May,2024 at 5:00 P.M and concluded on 02 nd June
,2024 03:10 AM.

Kindly take the same on record and facilitate.

Yours truly,
For Confidence Petroleum India Limited
NITIN PUNAMCHAND Digitally signed by NITIN
PUNAMCHAND KHARA
KHARA Date: 2024.06.02 03:31:01 +05'30'

Nitin Khara
Managing Director
DIN-01670977

Encl- 1. Audited Financial Results (Standalone and Consolidated)

2. Audit Report on Financial Results (Standalone and Consolidated)
3. Impact of Audit Qualification
4. Submission of details of Outstanding Qualified and Incremental Qualified Borrowings
 L N J & Associates Singhi & Co.
Chartered Accountants Chartered Accountants
Shreejee Apartments, Flat No. 6, B2-402B, Marathon Innova,
Tikekar Road, Ganapatrao Kadam Marg,
Dhantoli Lower Parel,
Nagpur - 440 012 Mumbai 400 013

Independent Auditor’s Report on the Quarterly and Year to Date Audited Financial Results of
the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended

To
The Board of Directors of
Confidence Petroleum India Limited

Report on the audit of the Standalone Financial Results

Qualified Opinion

1. We have audited the accompanying statement of quarterly and year to date standalone financial
results of Confidence Petroleum India Limited (the “Company”) for the quarter and year ended
March 31, 2024 (“Statement”), attached herewith, being submitted by the Company pursuant to
the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (the “Listing Regulations”) and has been initialed by us for
identification purpose.

2. In our opinion and to the best of our information and according to the explanations given to us,
except for the impact of matter stated in “Basis of Qualified opinion” para below, the Statement:
i. is presented in accordance with the requirements of the Regulations 33 of the Listing
Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other
accounting principles generally accepted in India, of the net profit (including other
comprehensive income) state of affairs of the Company as at March 31, 2024, its net profit
including other comprehensive income and other financial information for the quarter and year
ended March 31, 2024.

3. Basis for Qualified Opinion

We draw attention to –

a. As detailed in note no. 7 the profit for the quarter and year ended March 31, 2024, is lower
by Rs. 1384 lakhs as a result of re-computation and recognition of Right of Use Asset (“ROU”)
of Rs. 16777 lakhs, lease liabilities of Rs. 15909 lakhs and reduction in security deposit by
Rs. 869 lakhs. Such re-computation is done prospectively w.e.f. 1st April 2023 as against 1st
April 2019 which is deviation from requirement of Ind AS 116 – Lease. Further, we are unable
to comment on impact of such non-compliance on reported values of assets, liabilities and
retained earnings of earlier period which is not in compliance with requirements of Ind AS 8
 – Acounting Policies, Changes in Accounting Estimates and errors as the same are not
computed.

b. Note no. 8 of the result related to non- recognition of additional provident fund liability on
revised basic wages. This practice followed is not in compliance with ruling of Honourable
Supreme Court dated 28th February 2019 wherein definition of “wages” was clarified to be
inclusive of “Other allowances”. As the Company has not determined this liability from date
of ruling up to 31st March 2024 we are unable to ascertain the impact of the same on profit
for the year and earlier period and its consequential impact on retained earnings and
liabilities.

c. Gratuity expenses and related liability accounted by the Company is not on the basis of an
Actuarial Valuation report by an Actuary which is not in compliance with requirement of Ind
AS 19 – Employee benefit. We are unable to comment on the impact of such compliances
on results for the period and related assets and liabilities.

d. Note no. 9 indicating delay in compliance with regulation 33 of SEBI LODR.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under
those Standards are further described in the “Auditor’s Responsibilities for the Audit of the
Standalone Financial Results” 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 financial statements
under the provisions of the Act and the Rules 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 obtained by us is sufficient and appropriate to provide a basis for our qualified
opinion on the Standalone Financial Results.

Management’s Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The
Board of Directors of the Company are responsible for the preparation and presentation of the
Statement that gives a true and fair view of the net profit and other comprehensive income of the
Company and other financial information in accordance with the applicable accounting standards
prescribed under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations. 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 the
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 Statement that give a true and fair view and are 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 Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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
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 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 made by the Board of Directors.
• Conclude on the appropriateness of the 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 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 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 concern.
• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in a
manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user
of the Standalone Financial Results 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 Financial Results.

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.

Emphasis of Matter
Attention is invited to note no 11 regarding restatement made in the results in accordance with Ind
AS 8– Acounting Policies, Changes in Accounting Estimates and errors.
Our opinion is not modified in respect of this matter.

Other Matter
a) The Statement includes the results for the quarter ended March 31, 2024, being the balancing
figure between the audited figures in respect of the full financial year ended March 31, 2024 and
the published unaudited year-to-date figures up to the third quarter of the current financial year,
which were subjected to a limited review jointly by us, as required under the Listing Regulations.

b) The comparative financial information of the Company for the quarter and year ended 31st
March’2023 were jointly audited by L N J & Associates and Koshal & Associates, who had issued
qualified conclusion / opinion on those financial results vide their reports dated 29th May’2023.

Our opinion is not modified in respect of these matters

For L N J & Associates For Singhi & Co.

Chartered Accountants Chartered Accountants
Firm Reg. No. 135772W Firm Reg. No. 302049E
Digitally signed by Digitally signed by
SUMIT VIJAY SUMIT VIJAY LAHOTI Sameer Suhas Sameer Suhas Mahajan
LAHOTI Date: 2024.06.02
03:22:25 +05'30' Mahajan Date: 2024.06.02
03:26:56 +05'30'

Sumit V Lahoti Sameer Mahajan

Partner Partner
Membership no. 138908 Membership no. 123266
Date : June 2, 2024 Date : June 2, 2024
Place: Nagpur Place: Mumbai
UDIN: 24138908BKHKAU8544 UDIN: 24123266BKEXGR6546
 L N J & Associates Singhi & Co.
Chartered Accountants Chartered Accountants
Shreejee Apartments, Flat No. 6, B2-402B, Marathon Innova,
Tikekar Road, Ganapatrao Kadam Marg,
Dhantoli Lower Parel,
Nagpur - 440 012 Mumbai 400 013

Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial
Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended.

To
The Board of Directors of
Confidence Petroleum India Limited

Report on the audit of the Consolidated Financial Results

Qualified Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial
results of Confidence Petroleum India Limited (“Holding Company”) and its subsidiaries (together
referred to as “the Group”), for the quarter and year ended March 31, 2024 (“Statement”), attached
herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
(“Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, except
for the matter stated in “Basis of Qualified Opinion” para below and based on the consideration of
the reports of the other auditors on separate audited financial statements and the other financial
information of the subsidiaries the Statement:
i. includes the results of the entities as per Annexure 1
ii. is presented in accordance with the requirements of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the applicable accounting standards, and other
accounting principles generally accepted in India, of the consolidated net profit and other
comprehensive income and other financial information of the Group for the quarter and year ended
March 31, 2024

Basis for qualified opinion

a. As detailed in note no. 7 the profit for the quarter and year ended March 31, 2024, is lower
by Rs. 1384 lakhs as a result of re-computation and recognition of Right of Use Asset (“ROU”)
of Rs. 16777 lakhs, lease liabilities of Rs. 15909 lakhs and reduction in security deposit by
Rs. 869 lakhs. Such re-computation is done prospectively w.e.f. 1st April 2023 as against 1st
April 2019 which is deviation from requirement of Ind AS 116 – Lease. Further, we are unable
to comment on impact of such non-compliance on reported values of assets, liabilities and
retained earnings of earlier period which is not in compliance with requirements of Ind AS 8
– Acounting Policies, Changes in Accounting Estimates and errors as the same are not
computed.

b. Note no. 8 of the result related to non- recognition of additional provident fund liability on
revised basic wages. This practice followed is not in compliance with ruling of Honourable
Supreme Court dated 28th February 2019 wherein definition of “wages” was clarified to be
inclusive of “Other allowances”. As the Company has not determined this liability from date
 of ruling up to 31st March 2024, we are unable to ascertain the impact of the same on profit
for the year and earlier period and its consequential impact on retained earnings and
liabilities.

c. Gratuity expenses and related liability accounted by the Company is not on the basis of an
Actuarial Valuation report by an Actuary which is not in compliance with the requirement of
Ind AS 19 – Employee benefit. We are unable to comment on the impact of such compliances
on results for the period and related assets and liabilities.

d. During FY 2023-2024, the Company acquired an associate company – Evershine Petroleum.

In the absence of valuation report of the associate company from the registered valuer on
acquisition date, the fair value of identifiable assets and liabilities cannot be identified, and
goodwill or capital reserve is not recognized in the consolidated financial statement of the
Company.

This is in contravention to the Ind AS 28 Investment in Associates and Joint Ventures.

e. Note no. 9 indicating delay in compliance with regulation 33 of SEBI LODR.

f. Note no 13 related to non-reporting of respective Segment Asset and liabilities which is not
in compliance with requirement of SEBI LODR Regulations.

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under
Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under
those Standards are further described in the “Auditor’s Responsibilities for the Audit of the
Consolidated Financial Results” section of our report. We are independent of the Group 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 financial result under the
provisions of the Act and the Rules 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
obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph
below, is sufficient and appropriate to provide a basis for our qualified opinion.

Management’s Responsibilities for the Consolidated Financial Results

The Result has been prepared on the basis of the consolidated annual financial statements. The
Holding Company’s Board of Directors are responsible for the preparation and presentation of the
Statement that give a true and fair view of the net profit and other comprehensive income and other
financial information of the Group including its subsidiaries in accordance with the applicable
accounting standards prescribed under section 133 of the Act read with relevant rules issued
thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations.
The respective Board of Directors of the companies included in the Group are responsible for
maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Group 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 the 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
Statement that give a true and fair view and are free from material misstatement, whether due to
fraud or error, which have been used for the purpose of preparation of the Statement by the Directors
of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group
are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless
the respective Board of Directors either intends to liquidate the Group or to cease operations, or has
no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its subsidiaries are
also responsible for overseeing the financial reporting process of the Group and of its subsidiaries.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 scepticism 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 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 made by the Board of Directors.
• Conclude on the appropriateness of the 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 ability of the Group and its
subsidiaries 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 Statement
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 Group and its subsidiaries to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in a
manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information
of the entities within the Group and its subsidiaries of which we are the independent auditors and
whose financial information we have audited, to express an opinion on the Statement. We are
responsible for the direction, supervision and performance of the audit of the financial information
of such entities included in the Statement of which we are the independent auditors. For the other
entities included in the Statement, which have been audited by other auditors, such other auditors
remain responsible for the direction, supervision and performance of the audits carried out by
them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user
of the Financial Results 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 Financial Results.

We communicate with those charged with governance of the Holding Company and such other
entities included in the Statement of which we are the independent auditors 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.

We also performed procedures in accordance with the Circular issued by the Securities Exchange
Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Emphasis of Matter
Attention is invited to note no 11 regarding restatement made in the results in accordance with Ind
AS 8– Acounting Policies, Changes in Accounting Estimates and errors.
Our opinion is not modified in respect of this matter.

Other Matters
1. The accompanying Statement includes the audited financial statements and other financial
information, in respect of
• 21 subsidiaries whose financial statements include total assets of Rs. 44397 Lakhs as of
March 31, 2024, total revenue of Rs. 12004 lakhs and Rs. 34574 Lakhs, total net Profit after
tax of Rs. 342 Lakhs and Rs. 1012 Lakhs, total comprehensive Income of Rs. 342 Lakhs
and Rs. 1012 Lakhs for the quarter and year ended March 31, 2024, respectively and net
cash inflow of Rs. 209 Lakhs for the year ended March 31, 2024, as considered in the
Statement. These Financial Statement has been audited by other auditor whose report has
been furnished to us by the Management.
• 1 joint ventures whose financial statements and other information include the Group’s share
of net profits loss of Rs. 1.35 lakhs and Rs. 1.35 lakhs for the quarter and year ended March
31, 2024, respectively as considered in the statement whose financial statements and other
information have been audited by their respective Independent Auditor.
Our opinion on the consolidated financial statements, in so far as it relates to the amounts
and disclosures included in respect of these subsidiaries, associates and joint venture is
based solely on the reports of such other auditors and the procedure performed by us as
stated in paragraph above.

2. The accompanying statement includes unaudited financial information in respect of:

• 2 subsidiaries whose financial informaion reflects total Asset of Rs. 3296 lakhs as at
March 31, 2024, total revenue of Rs. 343 lakhs and Rs. 1447 lakhs, net profit after tax
of Rs. 99 lakhs and Rs. 199 lakhs, total comprehensive income of Rs. 99 lakhs and
Rs.199 lakhs for the quarter and year ended March 31, 2024, respectively and net cash
outflow of Rs. 27 lakhs for the year ended March 31, 2024, whose financial statements
and other financial information have not been audited by their auditors.
• 11 joint ventures and 2 associates whose financials statements and other financial
information include Groups share of net profit of Rs. 223 lakhs and Groups share of Total
Comprehensive Income of Rs. 223 lakhs respectively, as considered in the Statements
and other financial information have not been audited by their auditors.
 These unaudited financial information have been approved and furnished to us by the
Management and our opinion on the statement, in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries and joint ventures is based solely
on such unaudited financial information. In our opinion and according to the information
and explanations given to us by the Management. These financial information is not
material to the Group.

3. The Statement includes the results for the quarter ended March 31, 2024 being the balancing
figures between the audited figures in respect of the full financial year ended March 31, 2024
and the published unaudited year-to-date figures up to the end of the third quarter of the current
financial year, which were subjected to a limited review by us, as required under the Listing
Regulations.

Our opinion on the Statement is not modified in respect of the above matters.

For L N J & Associates For Singhi & Co.

Chartered Accountants Chartered Accountants
Firm Reg. No. 135772W Firm Reg. No. 302049E
Digitally signed by
SUMIT VIJAY Sameer Suhas Sameer Suhas Mahajan
Digitally signed by SUMIT
VIJAY LAHOTI

LAHOTI Date: 2024.06.02 03:23:59

+05'30'
Mahajan Date: 2024.06.02
03:27:29 +05'30'

Sumit V Lahoti Sameer Mahajan

Partner Partner
Membership no. 138908 Membership no. 123266
Date : June 2, 2024 Date : June 2, 2024
Place: Nagpur Place: Mumbai
UDIN: 24138908BKHKAV3754 UDIN: 24123266BKEXGS7608
Annexure 1: The Statement includes the results of the following entities:
Sr.
Name Of Company Nature Of Company
No.
1 Hemkunt Petroleum Ltd Subsidiary Company
2 Taraa Lpg Bottling Pvt Ltd Subsidiary Company
3 Agwan Coach Pvt Ltd Subsidiary Company
4 Confidence Go Gas Ltd Subsidiary Company
5 Keppy Infrastructure Developers Pvt Ltd Subsidiary Company
6 Unity Cylinders& Equipment Pvt Ltd Subsidiary Company
7 Confidence Technologies Pvt Ltd Subsidiary Company
8 Sv Engineering Equipments Pvt Ltd Subsidiary Company
9 Chhattisgarh Gaspoint Bottling Pvt Ltd Subsidiary Company
10 Nine Infra Projects Pvt Ltd Subsidiary Company
11 Blueflame Industries Pvt Ltd Subsidiary Company
12 Papusha Gases Pvt Ltd Subsidiary Company
13 Jaypore Blueflames Pvt. Ltd Subsidiary Company
14 Uma Gaspoint Bottling Pvt Ltd Subsidiary Company
15 Suraj Cylinder Pvt Ltd. Subsidiary Company
16 M/S Sneha Petroleum Subsidiary Company
17 M/S North East Cylinders Subsidiary Company
18 Bw Confidence Enterprises Pvt Ltd Joint Venture
19 Pt Surya Go Gas Indonesia Subsidiary Company
20 Gbc Lpg Private Limited Joint Venture
21 Confidence Enterprises Private Ltd Step down Subsidiary
22 Confidence Green Fuels Private Ltd Step down Subsidiary
23 Sarju Impex Ltd Step down Subsidiary
24 Banglore Go Gas Step Down Joint Venture
25 K R Go Gas Step Down Joint Venture
26 Mahalsa Go Gas Step Down Joint Venture
27 Mahendra Go Gas Step Down Joint Venture
28 Neha Go Gas Step Down Joint Venture
29 Sri Go Gas Step Down Joint Venture
30 Sai Balaji Step Down Joint Venture
31 Shivdan Go Gas Step Down Joint Venture
32 Smart Go Gas Step Down Joint Venture
33 Gurunanak Go Gas Step Down Joint Venture
34 Confidence Futuristic Energtech Ltd. Subsidiary Company
35 Evershine Petroleum Ltd Associate
36 Maruti Koatsu Private Ltd Step Down Associate
37 Confidence Futuristic Fuels Private Limited Step down Subsidiary
 CONFIDENCE PETROLEUM INDIA LIMITED
CIN: L40200MH1994PLC079766
Registered office : 701, Shivai Plaza Premises Chs. Ltd, Plot No. 79, Marol Industrial Estate, Near Mahalaxmi Hotel,
Andheri East, Mumbai, Maharashtra, 400059
Statement of Standalone Audited Financial Results for the Quarter and Year Ended 31st March 2024
Tel : Ph. 8956276739 / Email: [email protected] website: www.confidencegroup.co

Rs, in Lacs
QUARTER ENDED ON YEAR ENDED ON
Particulars
31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023

UN- AUDITED AUDITED

AUDITED AUDITED
AUDITED /RESTATED /RESTATED
I. Revenue from operations 58,718 53,100 61,496 252,157 204,416
II. Other Income 608 786 564 1,867 746
III. Total Revenue (I +II) 59,326 53,886 62,060 254,023 205,162
IV. Expenses:
Cost of materials consumed 2,167 787 5,851 6,538 14,320
Purchase of Stock-in-Trade 45,943 32,037 52,780 185,074 162,769
Changes in inventories of finished goods, work-in-progress and
819 6,822 5,981 -11,492
Stock-in-Trade (7,860)
Employee benefit expense 593 2,064 409 2,022 4,452
Financial costs 2,519 1,688 983 6,544 2,017
Depreciation and amortisation Expenses 6,562 3,581 2,388 14,413 7,128
Other expenses - ( Refer Note No. 10) -681 4,018 5,408 20,689 15,784
Total Expenses (IV) 57,923 50,996 59,960 241,260 194,979
V. Profit / Loss before tax (III - IV) 1,403 2,889 2,100 12,763 10,183
VI. Tax expense:
(1) Current tax 1,011 514 256 3,897 2,618
(2) Earlier Year Adjustments in tax 147 0 - 147 0
(3) Deferred tax -692 -116 499 -619 253
Total Tax Expenses 466 398 755 3,425 2,870
VII. Profit(Loss) for the period (V – VI) 937 2,492 1,345 9,338 7,313
VIII. Other comprehensive income /(loss) 0 0 0 0 0
A. (i) Items that will not be reclassified to profit and loss 0 0 0 0 0
Re-measurement of defined employee benefit plan 0 0 0 0 0
(ii) Income Tax Relating to Items that will not be reclassified to
0 0 0 0 0
profit and loss
B (i) Items that will be reclassified to profit and loss 0 0 0 0 0
(ii) Income Tax Relating to Items that will be reclassified to
0 0 0
profit and loss
Total other comprehensive income (loss) net of taxes 0 0 0 0 0
Total comprehensive income (loss) net of taxes 937 2,492 1,345 9,338 7,313
Face value of equity share capital 3,175 2,892 2,840 3,175 2,840
Other Equity 102,709 NA 66,514 102,709 66,514
IX. Earnings per share (in Rs.) Face value of Rs.1/- each fully
paid up
(1) Basic 0.36 0.87 1.12 3.22 2.57
(2) Diluted 0.34 0.82 1.04 3.04 2.53
Total Final Dividend 0 0 0 285 284
Total Final Dividend per share 0 0 0 0.10 0.10
Total Equity Dividend % 0 0 0 10.00% 10.00%

NITIN PUNAMCHAND Digitally signed by NITIN

PUNAMCHAND KHARA
KHARA Date: 2024.06.02 03:16:14 +05'30'
 CONFIDENCE PETROLEUM INDIA LIMITED
CIN: L40200MH1994PLC079766

Registered office : 701, Shivai Plaza Premises Chs. Ltd, Plot No. 79, Marol Industrial Estate, Near Mahalaxmi Hotel,
Andheri East, Mumbai, Maharashtra, 400059
Statement of Standalone Audited Financial Results for the Quarter and Year Ended 31st March 2024
Tel : Ph. 8956276739 / Email: [email protected] website: www.confidencegroup.co
Audited Standalone Balance sheet
Figures in INR Lacs
AS AT AS AT AS AT
Particulars
31.03.2024 31.03.2023 01.04.2022
AUDITED
AUDITED AUDITED /RESTATED
/RESTATED
ASSETS
Non-current assets
Property, plant and equipment 56,078 46,408 36,749
Right-of-use-Assets 20,326 0 0
Capital work-in-progress 2,148 3,620 1,227
Financial Assets
Investments 12,920 12,425 12,534
Loans 0 14,191 8,334
Other financial Assets 4,701 2,332 0
Other non-current assets 1,054 16,596 1,352
Sub-total - Non-Current Assets 97,227 95,572 60,196
Current assets
Inventories 11,472 19,475 6,178
Financial assets
Trade receivables 12,675 7,740 5,308
Cash and cash equivalents 11,835 771 450
Bank balances other than cash and cash equivalents 13,047 5,753 955
Loans 15,405 0 1,668
Other financial assets 4,748 12,158 3,966
Other current assets 19,200 10,935 3,372
Sub-total - Current Assets 88,382 56,832 21,897
TOTAL – ASSETS 185,610 152,404 82,093
EQUITY AND LIABILITIES
Equity
Equity Share capital 3,175 2,840 2,840
Other equity 102,709 66,514 56,310
Sub-total 105,884 69,354 59,150
LIABILITIES
Non-current liabilities
Financial Liabilities
Borrowings 12,404 45,086 2,032
Lease Liabilities 17,567 694 0
Other financial liabilities 1 0 0
Provisions 193 0 0
Deferred Tax Liability (Net) 829 1,448 1,196
Sub-total - Non-current Liabilities 30,993 47,228 3,228
Current liabilities
Financial Liabilities
Borrowings 18,404 7,818 3,319
Lease Liabilities 3,092 0 0
Trade payables
- dues of micro and small Enterprises
- dues of creditors other than micro and small Enterprises 5,737 11,353 1,592
Other Financial Liabilities 18,685 14,365 13,778
Other current liabilities 1,139 252 271
Current Tax Liabilities (Net) 1,676 2,034 754
Sub-total - Current liabilities 48,732 35,822 19,715
TOTAL - EQUITY AND LIABILITIES 185,610 152,404 82,093
 CONFIDENCE PETROLEUM INDIA LIMITED
STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH, 2024
Rs. In Lacs

PARTICULARS AS AT 31.03.2024 AS AT 31.03.2023

AUDITED
AUDITED
/RESTATED
CASH FLOW FROM OPERATING ACTIVITIES
Profit (Loss) for the year before taxation 12,763 10,183
Depreciation 14,413 7,128
Provision for Doubtful Debts 1,011 -
Interest On Lease Liabities 2,021 -
Interest Expenses 4,523 2,017
Gratuity Remeasurement - -
Dividend & Interest Received (1,867) (746)
Operating Profit before Working Capital Changes 32,864 18,582
Decrease / (Increase)in Trade receivables (5,946) (2,432)
Decrease / (Increase)in Loans/ (15,405) 1,668
Decrease / (Increase)in Other financial assets/ 7,409 (8,192)
Decrease / (Increase)in Other Current assets/ (8,265) (7,563)
Decrease / (Increase) in Inventories 8,003 (13,297)
Increase / (Decrease) in Trade Payables (5,617) 9,761
Increase / (Decrease) in Other financial liabilities 4,320 587
Increase / (Decrease) in Provisions 193 -
Increase / (Decrease) in Other Current liabilities 887 (19)
Current Tax Liablites (358) 1,280
Cash Generated from Operations 18,085 375
Income Tax Paid (net) 4,044 2,870
Net Cash Generated from Operating Activities 14,041 (2,495)
B CASH FLOW FROM INVESTING ACTIVITIES
Payments for property plant & equipments (22,611) (19,180)
Investment in Subsidiaries during the year (495) 109
Movement in Loans given 11,821 (8,189)
Movement in Other Non- Current Assets 15,543 (15,244)
Movement in Balance Other than Cash Cash Equivalent (7,294) (4,798)
Dividend & Interest Received 1,867 746
Net Cash Used in Investing Activities (1,169) (46,556)
C CASH FLOW FROM FINANCING ACTIVITIES
Fresh Equity Shares / Warrant Raised 2,466 3,175
Preferntial allotment of equity shares 25,011 -
Lease Rent Payment (4,707) -
Fresh Borrowings raised (19,771) 48,498
Dividend / CSR Expenses (285) (284)
Interest Expenses (4,523) (2,017)
Net Cash Used in Financing Activities (1,808) 49,372
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 11,064 321
CASH & CASH EQUIVALENTS AS AT THE BEGINNING OF YEAR 771 450
CASH & CASH EQUIVALENTS AS AT END OF THE YEAR 11,835 771
 CONFIDENCE PETROLEUM INDIA LIMITED
CIN: L40200MH1994PLC079766
Registered office : 701, Shivai Plaza Premises Chs. Ltd, Plot No. 79, Marol Industrial Estate, Near Mahalaxmi Hotel,
Andheri East, Mumbai, Maharashtra, 400059
Statement of Consolidated Audited Financial Results for the Quarter and Year Ended 31st March 2024
Tel : Ph. 8956276739 / Email: [email protected] website: www.confidencegroup.co

Rs in Lakhs
QUARTER ENDED ON YEAR ENDED ON

Particulars 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023

AUDITED/ AUDITED
AUDITED UN-AUDITED AUDITED
RESTATED /RESTATED
I. Revenue from operations 63,054 55,429 66,858 269,847 220,466
II. Other Income 113 851 40 1,503 912
III. Total Income (I +II) 63,167 56,281 66,898 271,350 221,378
IV. Expenses:
Cost of materials consumed 9,703 5,497 6,888 18,542 20,664
Purchase of Stock-in-Trade 39,554 30,712 56,612 181,954 167,992
Changes in inventories of finished goods, work-in-progress and
917 4,141 -7,113 6,338 -14,848
Stock-in-Trade
Employee benefit expense 821 2,337 479 3,086 5,529
Financial costs 2,611 1,934 1,124 7,380 2,736
Depreciation and amortisation Expenses 6,770 4,172 2,685 16,030 8,408
Other expenses - Refer Note No. 10 1,019 4,356 3,679 23,992 19,512
Total Expenses (IV) 61,396 53,149 64,353 257,323 209,994
V Profit / Loss before share of profit / (loss) of an associate /
1,771 3,131 2,545 14,027 11,385
joint venture and tax (III - IV)
VI. Share of profit (loss) of associates and joint ventures
124 81 133 230 97
accounted for using equity method
VII Profit / Loss before tax (V + VI) 1,895 3,212 2,678 14,257 11,482
VIII. Tax expense:
(1) Current tax 1,171 554 154 4,280 2,854
(2) Earlier Year Adjustments in tax 164 0 1 164 1
(3) Deferred tax -833 -85 432 -714 217
Total Tax Expenses 502 469 587 3,730 3,071
IX. Profit(Loss) for the period (VII – VIII) 1,393 2,744 2,092 10,527 8,411
X. Other comprehensive income /(loss) 0 0 0 0 0
A. (i) Items that will not be reclassified to profit and loss 0 0 0 0 0
Re-measurement of defined employee benefit plan 0 0 0 0 0
(ii) Income Tax Relating to Items that will not be reclassified to
0 0 0 0 0
profit and loss
B (i) Items that will be reclassified to profit and loss 0 0 0 0 0
(ii) Income Tax Relating to Items that will be reclassified to profit
0 0 0 0 0
and loss
Total other comprehensive income (loss) net of taxes 0 0 0 0 0
XI. Total comprehensive income (loss) net of taxes (IX + X) 1,393 2,744 2,092 10,527 8,411
Total comprehensive income attributable to: 1,393 2,744 2,092 10,527 8,411
Owners of the Parent 992 2,708 1,921 10,137 8,095
Non-controlling interests 401 36 171 390 316
Profit / (Loss) for the period attributable to: 1,393 2,744 2,092 10,527 8,411
Owners of the Parent 992 2,708 1,921 10,137 8,095
Non-controlling interests 401 36 171 390 316
Total other comprehensive income (loss) net of taxes for the
0 0 0 0 0
period attributable to:
Owners of the Parent 0 0 0 0 0
Non-controlling interests 0 0 0 0 0
Face value of equity share capital 3,175 2,892 2,840 3,175 2,840
Other Equity 114,990 NA 77,826 114,990 77,826
Total Equity attributable to owners of the parent 118,165 NA 80,666 118,165 80,666
XII. Earnings per share (in Rs.) Face value of Rs.1/- each fully
paid up
(1) Basic 0.33 0.95 0.68 3.50 2.85
(2) Diluted 0.31 0.89 0.63 3.30 2.80
Total Final Dividend 0 0 0 285 284
Total Final Dividend per share 0 0 0 0.10 0.10
Total Equity Dividend % 0 0 0 10.00% 10.00%
 CONFIDENCE PETROLEUM INDIA LIMITED
CIN: L40200MH1994PLC079766

Registered office : 701, Shivai Plaza Premises Chs. Ltd, Plot No. 79, Marol Industrial Estate, Near
Mahalaxmi Hotel, Andheri East, Mumbai, Maharashtra, 400059
Statement of Consolidated Statement of Assets & Labilities at 31st March 2024
Tel : Ph. 8956276739 / Email: [email protected] website: www.confidencegroup.co

Audited Consolidated Balance Sheet

Rs. in Lacs
AS AT AS AT AS AT
31.03.2024 31.03.2023 01.04.2022
Particulars
AUDITED/ AUDITED/
AUDITED
RESTATED RESTATED
ASSETS
Non-current assets
Property, plant and equipment 69,871 59,957 44,540
Right-of-Use Assets 20,326 0 -
Capital work-in Progress 2,308 3,740 6,262
Goodwill 10,746 10,746 10,854
Other Intangible Assets 90 97 104
Investments accounted for using the equity method 3,518 3,046
2,949
Financial assets
Investments
Loans 2,221 2,936 8,566
Other financial Assets 4,701 2,332 -
Other non-current assets 1,451 2,506 2,630
Sub-total - Non-Current Assets 115234 85360 75,904
Current assets
Inventories 20,269 29,133 11,147
Financial assets 0 -
Trade receivables 15,787 12,627 6,797
Cash and cash equivalents 12,089 1,095 1,036
Bank balances other than cash and cash equivalents 13,797 6,264 1,027
Loans 6,144 0 1,668
Other financial assets 7,358 22,535 4,100
Other current assets 29,572 6,978 3,483
Sub-total - Current Assets 105,016 78,631 29,259
TOTAL – ASSETS 220,250 163,991 105,163
EQUITY AND LIABILITIES
Equity
Equity Share capital 3,175 2,840 2,840
Other equity 114,990 77,826 66,749
Sub-total – attributable to owners of parent 118,165 80,666 69,589
Non Controlling Interest 8,582 8,070 7,898
Sub-total - Total Equity 126,748 88,736 77,487
LIABILITIES
Non-current liabilities
Financial Liabilities
Borrowings 21,017 28,698 2,450
Lease Liabilities 17,569 697 2
Other financial liabilities 1,766 1,382 442
Provisions 193 0 -
Deferred Tax Liabilities (Net) 711 1,425 1,214
Sub-total - Non-current Liabilities 41,256 32,202 4,108
Current liabilities
Financial liabilities
Borrowings 21,582 11,813 6,211
Lease Liabilities 3,092 0 -
Trade payables 0 0 -
- dues of micro and small Enterprises 0 0 -
- dues of creditors other than micro and small Enterprises 5,044 13,484
1,790
Other Financial liabilities 19,243 14,365 14,336
Other Current liabilities 1,202 823 357
Provisions 164 436 875
Current tax liabilities (Net) 1,919 2,133 -
Sub-total - Current liabilities 52,246 43,053 23,569
TOTAL - EQUITY AND LIABILITIES 220,250 163,991 105,163
 CONFIDENCE PETROLEUM INDIA LIMITED
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2024
Rs. In Lacs
PARTICULARS AS AT 31.03.2024 AS AT 31.03.2023
AUDITED AUDITED/RESTATED
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation 14,027 11,385
Less : Minority Interest in Profits (390) (316)
13,637 11,069
Depreciation 16,030 8,408
Other non-cash items (0) (6)
Interest Expenses 7,380 2,736
Interest Received (1,503) (912)
35,544 21,294
Operating Profit before Working Capital Changes - -
Decrease / (Increase)in Trade Receivable (3,161) (5,830)
Decrease / (Increase)in Other Financial Assets 15,177 (18,435)
Decrease / (Increase)in Other Current Assets (22,594) (3,494)
Decrease / (Increase) in Inventories 8,864 (17,985)
Increase / (Decrease) in Trade Payables (8,440) 11,694
Increase / (Decrease) in Other Financial Liabilities 4,878 29
Increase / (Decrease) in Other Current Liabilities 380 466
Increase / (Decrease) in Other non current financial liability 383 941
Increase / (Decrease) in Other Current tax liabilities (213) 2,133
Increase / (Decrease) in Provisions (78) (439)
Cash Generated from Operations 30,739 (9,626)
Less : Income Tax Paid 4,444 2,854
Net Cash Generated from Operating Activities 26,295 (12,481)
B CASH FLOW FROM INVESTING ACTIVITIES - -
Purchase of Assets (24,505) (21,296)
Goodwill - 107
Investment in new subsidiaries (net impact) (242) 0
Movement in Loans Given (5,429) 7,298
Movement in Other Financial Assets (2,369) (2,332)
Movement in Other Non Current Assets 1,055 123
Movement in Balances other than bank (7,533) (5,237)
Interest Received 1,503 912
Net Cash Used in Investing Activities (37,521) (20,424)
C CASH FLOW FROM FINANCING ACTIVITIES - -
Fresh Secured /Unsecured Loans raised 2,087 31,851
Change in minority interest 122 (144)
Decrease / (Increase) in Lease Liabilities (362) 694
Others 551 501
Fresh Equity Shares Raised/ Warrant 2,511 3,175
Preferntial allotment of equity shares 25,011 -
Dividend Paid (321) (378)
Interest Expenses (7,380) (2,736)
Net Cash Used in Financing Activities 22,220 32,964
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 10,994 59
CASH & CASH EQUIVALENTS AS AT THE BEGINNING OF YEAR 1,095 1,036
CASH & CASH EQUIVALENTS AS AT END OF THE YEAR 12,089 1,095
 CONFIDENCE PETROLEUM INDIA LIMITED
CONSOLIDATED SEGMENTWISE REPORT FOR THE QUARTER ENDED 31TH MARCH 2024
Rs in Lacs

Year ended
Quarter ended on Year ended on
PARTICULARS on

31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023

AUDITED AUDITED
AUDITED UN-AUDITED AUDITED
/RESTATED /RESTATED

REVENUE
- Cylinder Division 9,859 1,544 4,912 20,148 25,674
- LPG Division 53,194 53,885 61,946 249,699 194,792
63,054 55,429 66,858 269,847 220,466

SEGMENT WISE RESULT

- Cylinder Division 386 189 441 1,209 1,998
- LPG Division 10,654 8,197 5,873 34,725 19,619
11,040 8,386 6,314 35,934 21,617
a. Less : Depreciation 6,770 4,172 2,685 16,030 8,408
b. Less : Finance Cost 2,611 1,934 1,124 7,380 2,736
c. Add : Other Income (113) (851) (40) (1,503) (912)
Profit Before Tax 1,771 3,131 2,545 14,027 11,385
Tax expense:
(1) Current tax 1,171 554 154 4,280 2,854
(2) Earlier Year Adjustments in tax 164 - 1 164 1
(3) Deferred tax Charges / (Credit) (833) (85) 432 (714) 217
Total Tax Expenses 502 469 587 3,730 3,071
Profit After Tax 1,269 2,663 1,958 10,297 8,314
d. Add : Share of Profit and Loss from
Associate and Joint Venture 124 81 133 230 97

Profit After Tax Including Share of Profit

and Loss from Associate and Joint Venture 1,393 2,744 2,092 10,527 8,411
Notes

1. The above Audited standalone and consolidated financial results for the quarter and year
ended on March 31st, 2024 were reviewed and recommended by the Audit Committee and
approved by the Board of Directors at their respective meetings held on 30th May,2024 and
concluded on 31st May 2024. The Statutory Auditors of the Company have conducted Audit
of these results in terms of Regulation 33 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from
time to time and have issued a qualified opinion on both standalone and consolidated
results.

2. The standalone and consolidated financial results have been prepared in accordance with
the Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies
Act, 2013 read with Companies (Indian Accounting Standards) Rules, as amended from time
to time.

3. The certificate of CFO in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 in respect of the above results has been placed before the
Board of Directors.

4. The figures of the quarter ended 31st March, 2024 and 31st March 2023 are the balancing
figures between Audited figures for the Year ended 31st March, 2024 and 31 st March 2023
and the figures up to Nine Month ended 31st December,2023 and 31st December 2022
respectively.

5. In terms of amended clause 13 of the listing agreement, the status of investor complaints for
the quarter/ year ended on March 31st , 2024 is `1’.
6. The figures of previous year/quarter have been regrouped or reclassified wherever
necessary.

7. The Company had created Right of Use Assets (“ROU”) and Lease Liabilities for leased
premises. Similarly for some leases such ROU Assets and related liabilities was not
recognized. Company re-computed such Right of Use Assets and related lease liabilities and
consequential impact on security deposit during the year with effect from 1st April’2023,
recognizing ROU of INR 16777 Lakhs, Lease Liabilities of INR 15909 Lakhs and
consequential reduction in security deposits by INR 869 Lakhs.

Consequent to the above the profit for the year is lower by Rs. 1384 lakhs

As total number of premises taken on lease is high and considering the volume and
complexities involved such re-computation was not done from 1st April 2019 being the date
from which the Ind AS 116 has become operational.
8. By virtue of Hon’ble Supreme Court ruling dated 28th February 2019, basic wages will
include other allowances also for the purpose of calculation of provident fund liability. As
per management’s assessment such liability is not required to be recognized since The
Employees Provident Fund and Miscellaneous Provision Act 1952 Act is not amended
updating the definition of wages. Further, assessment has been done for the period April
2018 to March 2022.

9. The Board Meeting was held on 30th May 2024 however it is concluded on 31st May 2024
which is in deviation from regulation 33 of SEBI LODR Regulation.

10. The company had recomputed Right of Use Assets (ROU) and lease liabilities on certain
assets taken on lease wef 1st April 2023, impact of which inform of depreciation of ROU
Assets and interest on lease liabilities is accounted in quarter ended March 2024. Due to
such re-computation entire rent expenses of the year was reversed in quarter ended March
2024 thus resulting in other expenses turning negative in the results.

11. The comparative information of standalone and consolidated results for the quarter and
year ended March 31, 2023 and opening retained earnings on 1 st April 2022 have been
restated to correct the errors in accounting of the earlier periods as detailed herein below:

In the retained earnings as at 1st April 2022

Other Expenses – Rs. 46 lakhs
Reduction in Deferred Tax Liability – Rs. 153 lakhs
With consequential impact on net retained earnings on 1st April 2022 of Rs. 107 lakhs
credit

In the year 2022-23

Employee benefits expenses – Rs. 391 lakhs
Finance cost – Rs. 33 lakhs
Other Expenses – Rs. 356 lakhs in year
Other income – Rs. 173 lakhs
Reduction in Revenue from operations – Rs. 394 lakhs
Reduction in Deferred Tax Liability – Rs. 142 lakhs

With consequential impact on net retained earnings on 1st April 2023 Rs. 859 lakhs debit.

The assets of Sarju Impex Limited have been revalued from date of take over i.e,
20/04/2021. Land & building & Plant & Machinery have been revalued and previous year
figures have been modified/ revised as per Ind As – 8 and figures of previous years have
been shown for comparison purpose in compliance with IND AS.

12. Company has entered into multiple definitive agreements with BW LPG Limited and Ganesh
Benzoplast Limited on 30th November 2023 for transaction of capital subscription and
formation of joint venture for various business expansion projects proposed
 to be undertaken. Accordingly the Company has allotted on preferential basis 2,82,29,120
shares to BW VLGS Pte. Ltd (Ultimate Beneficial owner is BW LPG Limited) at issue price of
Rs 88.60 per share including share premium of Rs 87.60 per share aggregating to total
consideration of Rs 25,011 lakhs.

13. Notes to Segment Information for the quarter ended 31st March, 2024.
As per Accounting Standard 108 on Segment Reporting (AS 108), the Company has
reported
"Segment Information", as described below:
a) The Cylinder Division includes production and marketing operations of LPG /CNG
cylinders.
b) The LPG Division includes LPG marketing and bottling business & Others.

The result does not include segment information related to its respective assets and
liabilities which is in deviation from regulation 33 of SEBI LODR Regulation..

Date:02.06.2024
Place:Nagpur

For Confidence Petroleum India Limited

NITIN Digitally signed by NITIN
PUNAMCHAND KHARA
PUNAMCHAND Date: 2024.06.02 03:16:38
KHARA +05'30'

Mr. Nitin Khara

Chairman & Managing Director
 ANNEXURE I
Statement on Impact of Audit Qualifications (for audit report with modified
opinion) submitted along-with Annual Audited Financial Results -
(Standalone separately)

Statement on Impact of Audit Qualifications for the Quarter ended

March 31st 2024
[See Regulation 33 / 52 of the SEBI (LODR) (Amendment)
Regulations, 2016]

Audited Figures - Adjusted Figures -

(Rs. Lacs) (Rs. Lacs)
(as reported before (audited figures
Sl. after adjusting for
adjusting for
I. No. Particulars qualifications)
qualifications)

1 Turnover / Total income 63167 63167

2 Total Expenditure 61396 61396

3 Net Profit/(Loss) PAT 1393 1396

0.33 Basic 0.33 Basic

4 Earnings Per Share
0.31 Diluted 0.31 Diluted

5 Total Assets 220250 220250

6 Total Liabilities 220250 220250

7 Net Worth 118165 118,165

Any other financial item(s) (as felt appropriate

8 by the management) No No

II. Audit Qualification (each audit qualification separately):

a. Details of Audit Qualification :

a. As detailed in note no. 07 the profit for the quarter and year ended March 31, 2024, is lower
by Rs. 1384 lakhs as a result of re-computation and recognition of Right of Use Asset (“ROU”)
of Rs. 16777 lakhs, lease liabilities of Rs. 15909 lakhs and reduction in security deposit by Rs.
869 lakhs. Such re-computation is done prospectively w.e.f. 1st April 2023 as against 1st April
2019 which is deviation from requirement of Ind AS 116 – Lease. Further, we are unable to
comment on impact of such non-compliance on reported values of assets, liabilities and
retained earnings of earlier period which is not in compliance with requirements of Ind AS 8 –
Accounting Policies, Changes in Accounting Estimates and errors as the same are not
computed.

b. Note no. 08 of the result related to non- recognition of additional provident fund liability on
revised basic wages. This practice followed is not in compliance with ruling of Honorable
Supreme Court dated 28th February 2019 wherein definition of “wages” was clarified to be
inclusive of “Other allowances”. As the Company has not determined this liability from date of
ruling up to 31st March 2024 we are unable to ascertain the impact of the same on profit for the
year and earlier period and its consequential impact on retained earnings and liabilities.

c. Gratuity expenses and related liability accounted by the Company is not on the basis of an
Actuarial Valuation report by an Actuary which is not in compliance with requirement of Ind AS
19 – Employee benefit. We are unable to comment on the impact of such compliances on
 results for the period and related assets and liabilities.

d. During FY 2023-2024, the Company acquired an associate company – Evershine Petroleum.

In the absence of valuation report of the associate company from the registered valuer on
acquisition date, the fair value of identifiable assets and liabilities cannot be identified, and
goodwill or capital reserve is not recognized in the consolidated financial statement of the
Company.

This is in contravention to the Ind AS 28 Investment in Associates and Joint Ventures.

e. Note no. 09 indicating delay in compliance with regulation 33 of SEBI LODR.

f. Note no 13related to non-reporting of respective Segment Asset and liabilities which is not in
compliance with requirement of SEBI LODR Regulations

b. Type of Audit Qualification : Qualified Opinion / Disclaimer of Opinion/ Adverse Opinion -

Qualified Opinion

c. Frequency of qualification : Whether appearing for the first time / Repetitive / Since how
long Continuing - First Time

d. For Audit Qualification(s) where the impact is quantified by the auditors – For 1st Para the
auditor has quantified the impact whereas for rest three para, the auditor is unable to
ascertain the impact.

e. For Audit Qualification(s) where the impact is not quantified by the auditors Managements
estimation on the impact of audit qualification:

(i) If the management is unable to estimate the impact, reason for the same:

Para a related to right to use assets & its associated liabilities: As total number of premises
taken on lease is high and considering the volume and complexities involved such re-
computation was not done from 1st April 2019 being the date from which the Ind AS 116 has
become operational. However, the management has recognized right to use asset on entire
lease assets with effect from 1st Arill’223

Para b related to supreme court ruling on provident fund: As per management’s

assessment such liability is not required to be recognized since The Employees Provident Fund
and Miscellaneous Provision Act 1952 Act is not amended updating the definition of wages.
Further, assessment has been done for the period April 2018 to March 2022 and assessing
officer has given clean opinion on the PF compliances.

Para c related to Actuarial valuation: The management is awaiting report from registered
actuary. The same shall be incorporated in upcoming financial in quarter ended 30 th June’24.

Para d related to Valuation report: The management is awaiting report from Valuation report.
The same shall be incorporated in upcoming financial in quarter ended 30 th June’24.
Para e related to Delay in filling : The same is due to delay in conclusion of board meeting.

Para f related to Segment Assets and Liabilities : Considering the volume and complexities
involved in identification of respective segmental division, allocation of such assets and liabilities
 is not practicable and any forced allocation would not result in any meaningful segregation.
Hence, assets and liabilities have not been identified to any of the reportable segments.

(ii) Auditors Comment on the above : Refer our independent auditors report. The impact needs to be
ascertained and necessary correction should be incorporated in the financial results.

III. Signatories

NITIN Digitally signed by NITIN

PUNAMCHAND PUNAMCHAND
Date: 2024.06.02
KHARA

 CEO / Managing Director KHARA 03:16:55 +05'30'

 CFO
ELESH Digitally signed by
ELESH KHARA

KHARA Date: 2024.06.02

03:20:47 +05'30'

 Audit Committee Chairman

ELESH Digitally signed by

ELESH KHARA

KHARA Date: 2024.06.02

03:21:08 +05'30'

For Singhi & Co.

 Statutory Auditors Chartered Accountants
Digitally signed by
Sameer Suhas Sameer Suhas Mahajan
Mahajan Date: 2024.06.02
03:28:30 +05'30'
Sameer Mahajan
Partner
Membership no: 123266

L N J & Associates
Chartered Accountants
Digitally signed by SUMIT VIJAY
SUMIT VIJAY LAHOTI LAHOTI
Date: 2024.06.02 03:21:40 +05'30'

Sunil Lahoti
Partner
Membership no: 138908
 ANNEXURE I
Statement on Impact of Audit Qualifications (for audit report with modified
opinion) submitted along-with Annual Audited Financial Results -
(Standalone separately)

Statement on Impact of Audit Qualifications for the Quarter ended

March 31st 2024
[See Regulation 33 / 52 of the SEBI (LODR) (Amendment)
Regulations, 2016]

Audited Figures – Adjusted Figures –

Rs. Lac Rs. Lacs
Sl. (as reported (audited figures
before adjusting after adjusting for
I. No. Particulars for qualifications) qualifications)

1 Turnover / Total income 59326 59326

2 Total Expenditure 57923 57923

3 Net Profit/(Loss) PAT 937 937

0.36 Basic 0.36 Basic

4 Earnings Per Share
0.34 Diluted 0.34 Diluted

5 Total Assets 185610 185610

6 Total Liabilities 185610 185610

7 Net Worth 105884 105884

Any other financial item(s) (as felt appropriate by

8 the management) No No

II. Audit Qualification (each audit qualification separately):

a. Details of Audit Qualification :

a. As detailed in note no. 07 the profit for the quarter and year ended March 31, 2024, is lower
by Rs. 1384 lakhs as a result of re-computation and recognition of Right of Use Asset (“ROU”)
of Rs. 16777 lakhs, lease liabilities of Rs. 15909 lakhs and reduction in security deposit by Rs.
869 lakhs. Such re-computation is done prospectively w.e.f. 1st April 2023 as against 1st April
2019 which is deviation from requirement of Ind AS 116 – Lease. Further, we are unable to
comment on impact of such non-compliance on reported values of assets, liabilities and
retained earnings of earlier period which is not in compliance with requirements of Ind AS 8 –
Accounting Policies, Changes in Accounting Estimates and errors as the same are not
computed.

b. Note no. 8 of the result related to non- recognition of additional provident fund liability on
revised basic wages. This practice followed is not in compliance with ruling of Honorable
Supreme Court dated 28th February 2019 wherein definition of “wages” was clarified to be
inclusive of “Other allowances”. As the Company has not determined this liability from date of
ruling up to 31st March 2024 we are unable to ascertain the impact of the same on profit for the
year and earlier period and its consequential impact on retained earnings and liabilities.

c. Gratuity expenses and related liability accounted by the Company is not on the basis of an
Actuarial Valuation report by an Actuary which is not in compliance with requirement of Ind AS
19 – Employee benefit. We are unable to comment on the impact of such compliances on
 results for the period and related assets and liabilities.

d. Note no. 9 indicating delay in compliance with regulation 33 of SEBI LODR.

b. Type of Audit Qualification : Qualified Opinion / Disclaimer of Opinion/ Adverse Opinion -

Qualified Opinion

c. Frequency of qualification : Whether appearing for the first time / Repetitive / Since how
long Continuing - First Time

d. For Audit Qualification(s) where the impact is quantified by the auditors – For 1st Para the
auditor has quantified the impact whereas for rest three para, the audior is unable to
ascertain the impact.

e. For Audit Qualification(s) where the impact is not quantified by the auditors Managements
estimation on the impact of audit qualification :

(i) If the management is unable to estimate the impact, reason for the same:
Para a related to right to use assets & its associated liabilities: As total number of premises
taken on lease is high and considering the volume and complexities involved such re-
computation was not done from 1st April 2019 being the date from which the Ind AS 116 has
become operational. However, the management has recognized right to use asset on entire
lease assets with effect from 1st Arill’223
Para b related to supreme court ruling on provident fund: As per management’s
assessment such liability is not required to be recognized since The Employees Provident Fund
and Miscellaneous Provision Act 1952 Act is not amended updating the definition of wages.
Further, assessment has been done for the period April 2018 to March 2022 and assessing
officer has given clean opinion on the PF compliances.
Para c related to Actuarial valuation: The management is awaiting report from registered
actuary. The same shall be incorporated in upcoming financial in quarter ended 30 th June’24.
Para d related to Delay in filling : The same is due to delay in conclusion of board meeting.

Para e related to Segment Assets and Liabilities : Considering the volume and complexities
involved in identification of respective segmental division, allocation of such assets and liabilities
is not practicable and any forced allocation would not result in any meaningful segregation.
Hence, assets and liabilities have not been identified to any of the reportable segments.
 (ii) Auditors Comment on the above : Refer our independent auditors report. The impact needs to be
ascertained and necessary correction should be incorporated in the financial results.

III. Signatories

NITIN Digitally signed by

NITIN PUNAMCHAND
PUNAMCHA KHARA
Date: 2024.06.02
 CEO / Managing Director ND KHARA 03:17:14 +05'30'

 CFO ELESH Digitally signed by

ELESH KHARA

KHARA Date: 2024.06.02

03:19:11 +05'30'

 Audit Committee Chairman

ELESH KHARA Digitally signed by ELESH KHARA

Date: 2024.06.02 03:19:31 +05'30'

For Singhi & Co.

 Statutory Auditors Chartered Accountants
Digitally signed by
Sameer Suhas Sameer Suhas Mahajan
Mahajan Date: 2024.06.02
03:29:10 +05'30'
Sameer Mahajan
Partner
Membership no: 123266

L N J & Associates
Chartered Accountants
SUMIT VIJAY Digitally signed by SUMIT
VIJAY LAHOTI

LAHOTI Date: 2024.06.02 03:20:00

+05'30'

Sunil Lahoti
Partner
Membership no: 138908
 CONFIDENCE PETROLEUM INDIA LTD.
REG OFF: 701, Shivai Plaza Premises Chs Ltd, Plot No. 79, Marol Industrial Estate,
Nr. Mahalaxmi Hotel, Andheri East, Mumbai, Maharashtra, 400059
Corp. Off: Confidence Tower, 34A, Central Bazar Road, Ramdaspeth, Nagpur-440010
Ph. 8956276739
Email: [email protected] website: www.confidencegroup.co
CIN: L40200MH1994PLC079766

Date: 02/06/2024
To,
National Stock Exchange of India Limited The Bombay Stock Exchange,
Listing Department, Department of Corporate Services
Exchange Plaza, Bandra Kurla Complex, 25th Floor, P.J. Towers,
Bandra (E) Mumbai-400051 Dalal Street, Mumbai- 400001

Subject: Statement of deviation(s) or variation(s) under regulation 32 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 for the Quarter ended March 31, 2024.

Dear Sir,
With reference to the captioned subject, please find enclosed herewith the Statement of Deviation(s) or
Variation(s) for the quarter ended March 31, 2024, in respect of preferential issue made by the Company.

Kindly take the same on record and facilitate.

Yours truly,
For Confidence Petroleum India Limited
NITIN Digitally signed by NITIN
PUNAMCHAND KHARA
PUNAMCHAND Date: 2024.06.02 03:17:31
KHARA +05'30'

Nitin Khara
Managing Director
DIN-01670977
 Statement of Deviation / Variation in utilization of funds raised

Name of listed entity Confidence Petroleum India Limited

Mode of Fund Raising Preferential Issue- Allotment of shares
Date of Raising Funds 15th February, 2024 (Date of Receipt of Fund/allotment Date)
Amount Raised 250,11,00,032
Report filed for Quarter ended March 31, 2024
Monitoring Agency Yes
Monitoring Agency Name, if Care Ratings Ltd
applicable
Is there a Deviation / Variation in No
use of funds raised
If yes, whether the same is Not Applicable
pursuant to change in terms of a
contract or objects, which was
approved by the shareholders
If Yes, Date of shareholder Not Applicable
Approval
Explanation for the Deviation / Not Applicable
Variation
Comments of the Audit Committee No
after review
Comments of the auditors, if any No
Objects for which funds have been raised and where there has been a deviation, in the following table:
Original Modified Original Modified Funds Amount of Remarks if
Object Object, if Allocation allocation, Utilized* Deviation/Variation any
Any (INR) (Rs. if any (INR) on for the quarter
In Crs) according to
applicable object
Capex of Not 75.00 0.00 7.67 0.00 The funds
Auto LPG Applicable have been
Segment utilized for
the Capex
requirement.
Capex of Not 75.00 0.00 7.51 0.00 The funds
Pack LPG Applicable have been
Cylinder utilized for
Segment, the Capex
requirement.
Capex of Not 75.00 0.00 6.27 0.00 The funds
CNG Applicable have been
segment utilized for
the Capex
requirement.
For general Not 25.11 0.00 0.00 0.00 The funds
corporate Applicable have been
purposes utilized for
the Capex
requirement.
Total 250.11 21.45 0.00
 Deviation or variation could mean:
a) Deviation in the objects or purposes for which the funds have been raised or
b) Deviation in the amount of funds actually utilized as against what was originally disclosed or
c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer etc.
For Confidence Petroleum India Limited
NITIN PUNAMCHAND Digitally signed by NITIN
PUNAMCHAND KHARA
KHARA Date: 2024.06.02 03:17:51 +05'30'

Nitin Khara
Managing Director
DIN-01670977
Date : 02/06/2024
Place : Nagpur
 Statement of Deviation / Variation in utilization of funds raised
Name of listed entity Confidence Petroleum India Limited
Mode of Fund Raising Preferential Issue- Allotment of shares on conversion of
warrant
Date of Raising Funds 27th March,2024 (Date of Receipt of Fund/allotment Date)
Amount Raised 8,67,750
Report filed for Quarter ended March 31, 2024
Monitoring Agency Not Applicable
Monitoring Agency Name, if applicable Not Applicable
Is there a Deviation / Variation in use No
of funds raised
If yes, whether the same is pursuant to Not Applicable
change in terms of a contract or
objects, which was approved by the
shareholders
If Yes, Date of shareholder Approval Not Applicable
Explanation for the Deviation / Not Applicable
Variation
Comments of the Audit Committee No
after review
Comments of the auditors, if any No
Objects for which funds have been raised and where there has been a deviation, in the following table:
Original Modified Original Modified Funds Amount of Remarks if
Object Object, if Allocation allocation, Utilized* Deviation/Variati any
Any (INR) if any (INR) on for the
quarter
according to
applicable object
For the Not 8,67,750.00 0 8,67,750.00 0 The funds
working Applicable have been
capital utilized for
requirement the working
and support capital
the requirement
expansion of as well as for
the business Expansion of
and for the business.
general
corporate
purposes.
Deviation or variation could mean:
a) Deviation in the objects or purposes for which the funds have been raised or
b) Deviation in the amount of funds actually utilized as against what was originally disclosed or
c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer etc.
For Confidence Petroleum India Limited
NITIN PUNAMCHAND Digitally signed by NITIN
PUNAMCHAND KHARA
KHARA Date: 2024.06.02 03:18:11 +05'30'

Nitin Khara
Managing Director
DIN-01670977
Date : 02/06/2024
Place : Nagpur
 CONFIDENCE PETROLEUM INDIA LTD.
REG OFF: 701, Shivai Plaza Premises Chs Ltd, Plot No. 79, Marol Industrial Estate,
Nr. Mahalaxmi Hotel, Andheri East, Mumbai, Maharashtra, 400059
Corp. Off: Confidence Tower, 34A, Central Bazar Road, Ramdaspeth, Nagpur-440010
Ph. 0712-6606492, Fax-6612083
Email: [email protected] website: www.confidencegroup.co
CIN: L40200MH1994PLC079766

Date: 02/06/2024
To,
National Stock Exchange of India Limited The Bombay Stock Exchange,
Listing Department, Department of Corporate Services
Exchange Plaza, Bandra Kurla Complex, 25th Floor, P.J. Towers,
Bandra (E) Mumbai-400051 Dalal Street, Mumbai- 400001

Subject: Submission of details of Outstanding Qualified Borrowings and Incremental Qualified

Borrowings with reference to SEBI Circular No. SEBI/HO/DDHS/DDHSRACPOD1 /P/CIRJ2023/172
dated October 19, 2023

Dear Sir,

With reference to captioned subject, as required we are providing the following details of Outstanding
Qualified Borrowings and Incremental Qualified Borrowings along with the Annual Financial Results
being filed with Stock Exchange for the Financial Year ending 31st March, 2024.

Sr. No. Particulars Amount (Rs. in Crores)

1 Outstanding Qualified Borrowings at the start of the 165.90
financial year (Rs. In Crores)
2 Outstanding Qualified Borrowings at the end of the 232.19
financial year (Rs. In Crores)
3 Highest credit rating of the company relating to the A (Single A)
unsupported bank borrowings or plain vanilla bonds, Acuite Rating and Research
which have no structuring/support built in.
4 Incremental borrowing done during the year (qualified 66.28
borrowing) (Rs. In Crores)
5 Borrowings by way of issuance of debt securities NIL
during the year (Rs. In Crores)

Yours truly,
For Confidence Petroleum India Limited
Digitally signed by NITIN
NITIN PUNAMCHAND PUNAMCHAND KHARA
KHARA Date: 2024.06.02 03:18:30
+05'30'

Nitin Khara
Managing Director
DIN-01670977