Oil India Q4 Results: Profit Drops On Lower Sales, Operating Costs

Oil India Ltd. reported a drop in profit for the fourth quarter of fiscal 2023, on account of higher operational costs and lower income from sales.

For FY23 the excise duty included the Special Additional Excise Duty of around Rs 1,906.4 crore, that was introduced by the government in July 2022, to safeguard against windfall profit made by companies.

Shares of Oil India closed 0.06% up on Wednesday, as compared with a 0.34% fall in the benchmark Sensex.