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G. S. MATHUR & CO . Chartered Accountants A - 160 , Ground Floor Defence Colony , New Delhi - 110024 K. C. MEHTA & CO . Chartered Accountants Meghdhanush , Race Course Circle , Vadodara 390007 SINGHI & CO . Chartered Accountants 161 , Sarat Bose Road , West Bengal , Kolkata - 700026 V. SINGHI & ASSOCIATES Chartered Accountants Four Mangoe Lane , Surendra Mohan Ghosh Sarani , Kolkata - 700001 INDEPENDENT AUDITORS ' REVIEW REPORT ON THE STANDALONE UNAUDITED FINANCIAL RESULTS FOR QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2020 . 3 . 1 . Review Report to The Board of Directors Indian Oil Corporation Limited New Delhi We have reviewed the accompanying statement of Standalone Unaudited Financial Results of Indian Oil Corporation Limited ( " the Company " ) for the quarter and nine months ended 31st December , 2020 ( " the Statement " ) except for the disclosures regarding ( i ) Physicals ( in MMT ) stated in the Statement ( ii ) Average Gross Refinery Margin stated in note no . 4 to the Statement and ( iii ) under - realization as appearing in note no . 5 to the Statement , all of which have been traced from the representation made by the management . 2. This Statement , which is the responsibility of the Company's Management and approved by the Company's Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 ( " Ind AS 34 " ) " Interim Financial Reporting " prescribed under Section 133 of the Companies Act , 2013 as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India . Our responsibility is to express a conclusion on the Statement based on our review . We conducted our review of the Statement in accordance with the Standard on Review Engagements ( SRE ) 2410 " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " , issued by the Institute of Chartered Accountants of India . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement . A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit . We have not performed an audit and accordingly , we do not express an audit opinion . 4. Based on our review conducted as above , nothing has come to our attention that causes us to believe that the accompanying statement of standalone unaudited financial results prepared in accordance with applicable Indian Accounting Standards ( Ind AS ) and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended , including the manner in which it is to be disclosed , or that it contains any material misstatement . Mathur .S . M G .. A - 160 & Co Defence Colony New Delhi 24 Chartered untants C. MEHTA VADODARA • CHARTERED A & CO . • INVI SINCHI & CO suy Charter ccountants ঙ