State-owned upstream major Oil India Limited reported a sharp 34% year-on-year decline in standalone net profit to Rs 808 crore for the December quarter, weighed down by a steep fall in crude oil realisations amid a softer global price environment. Crude price realisation — the key profitability driver for exploration and production companies — dropped around 15% on-year to $62.84 per barrel during the quarter, reflecting the broader downturn in global oil markets. The weaker pricing translated into slower topline growth, with revenue from operations slipping 6.2% to Rs 4,916.10 crore compared with the year-ago period.